NOORDERMAN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
NOORDERMAN
Largest movements
- Current investments +€997,674
new in 2025: €997,674
- Tangible fixed assets +€119,584
up €119,584 (+9.1%), from €1.3m to €1.4m
- Cash +€81,309
up €81,309 (+1227.9%), from €6,622 to €87,931
mainly Net result for the year (+€1.7m) and Provisions (+€168,231)
- Financial fixed assets -€68,195
down €68,195 (-2.6%), from €2.6m to €2.5m
- Reserves +€1.7m
up €1.7m (+76.2%), from €2.2m to €3.8m
of which Distributable reserves: +€1.2m
- Other debts -€709,339
down €709,339 (-59.9%), from €1.2m to €475,813
- Provisions +€168,231
new in 2025: €168,231
- Financial income +€972,999
up €972,999 (+475.8%), from €204,500 to €1.2m
- Gross operating margin +€958,669
up €958,669 (+1006.8%), from €95,219 to €1.1m
- Financial charges +€43,352
up €43,352 (+1015.3%), from €4,270 to €47,622
- Depreciation -€19,173
down €19,173 (-32.1%), from €59,776 to €40,603
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,996,758 | €5,115,249 | +€1.1m | +28.0% |
| Fixed assets | 21/28 | €3,924,560 | €3,975,949 | +€51,389 | +1.3% |
| Tangible fixed assets | 22/27 | €1,315,361 | €1,434,945 | +€119,584 | +9.1% |
| Land and buildings | 22 | €1,315,361 | €1,434,945 | +€119,584 | +9.1% |
| Financial fixed assets | 28 | €2,609,198 | €2,541,003 | -€68,195 | -2.6% |
| Current assets | 29/58 | €72,198 | €1,139,300 | +€1.1m | +1478.0% |
| Amounts receivable within one year | 40/41 | €61,350 | €50,634 | -€10,716 | -17.5% |
| Other amounts receivable | 41 | €61,350 | €50,634 | -€10,716 | -17.5% |
| Current investments | 50/53 | - | €997,674 | +€997,674 | |
| Cash at bank and in hand | 54/58 | €6,622 | €87,931 | +€81,309 | +1227.9% |
| Deferred charges and accrued income | 490/1 | €4,226 | €3,060 | -€1,166 | -27.6% |
| Total equity and liabilities | 10/49 | €3,996,758 | €5,115,249 | +€1.1m | +28.0% |
| Equity | 10/15 | €2,811,436 | €4,470,933 | +€1.7m | +59.0% |
| Contributions | 10/11 | €633,100 | €633,100 | = | 0.0% |
| Reserves | 13 | €2,178,336 | €3,837,833 | +€1.7m | +76.2% |
| Tax-exempt reserves | 132 | - | €504,694 | +€504,694 | |
| Distributable reserves | 133 | €2,178,336 | €3,333,139 | +€1.2m | +53.0% |
| Provisions and deferred taxes | 16 | - | €168,231 | +€168,231 | |
| Deferred taxes | 168 | - | €168,231 | +€168,231 | |
| Amounts payable | 17/49 | €1,185,322 | €476,084 | -€709,238 | -59.8% |
| Amounts payable within one year | 42/48 | €1,185,322 | €476,084 | -€709,238 | -59.8% |
| Trade debts | 44 | €169 | €271 | +€102 | +60.0% |
| Suppliers | 440/4 | €169 | €271 | +€102 | +60.0% |
| Advances received on contracts in progress | 46 | €0 | - | -€0 | |
| Other amounts payable | 47/48 | €1,185,152 | €475,813 | -€709,339 | -59.9% |
| Non-recurring operating income | 76A | - | €973,405 | +€973,405 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,776 | €40,603 | -€19,173 | -32.1% |
| Other operating charges | 640/8 | €14,566 | €13,650 | -€916 | -6.3% |
| Non-recurring operating charges | 66A | - | €296,951 | +€296,951 | |
| Gross operating margin | 9900 | €95,219 | €1,053,888 | +€958,669 | +1006.8% |
| Operating profit (loss) | 9901 | €20,877 | €702,685 | +€681,807 | +3265.8% |
| Financial income | 75/76B | €204,500 | €1,177,499 | +€972,999 | +475.8% |
| Recurring financial income | 75 | €204,500 | €1,177,499 | +€972,999 | +475.8% |
| Financial charges | 65/66B | €4,270 | €47,622 | +€43,352 | +1015.3% |
| Recurring financial charges | 65 | €4,270 | €47,622 | +€43,352 | +1015.3% |
| Profit (loss) for the period before taxes | 9903 | €221,107 | €1,832,561 | +€1.6m | +728.8% |
| Transfer from deferred taxes | 780 | - | €882 | +€882 | |
| Transfer to deferred taxes | 680 | - | €169,114 | +€169,114 | |
| Income taxes | 67/77 | - | €4,833 | +€4,833 | |
| Profit (loss) for the period | 9904 | €221,107 | €1,659,497 | +€1.4m | +650.5% |
| Transfer from tax-exempt reserves | 789 | - | €2,647 | +€2,647 | |
| Transfer to tax-exempt reserves | 689 | - | €507,341 | +€507,341 | |
| Profit (loss) for the period to be appropriated | 9905 | €221,107 | €1,154,803 | +€933,696 | +422.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.