NORA: 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.
NORA
Largest movements
- Receivables within one year -€36,814
down €36,814 (-60.4%), from €60,930 to €24,116
of which Other amounts receivable: -€35,677
- Cash -€9,607
down €9,607 (-40.8%), from €23,552 to €13,945
mainly Trade debts (-€50,777) and Debts after one year (-€12,959)
- Tangible fixed assets -€5,092
down €5,092 (-12.8%), from €39,887 to €34,795
of which Plant, machinery and equipment: -€4,460
- Stocks and contracts -€3,020
down €3,020 (-3.4%), from €89,758 to €86,738
- Trade debts -€50,777
down €50,777 (-63.7%), from €79,769 to €28,992
- Debts after one year -€12,959
down €12,959 (-56.1%), from €23,114 to €10,155
- Reserves +€10,000
up €10,000 (+27.1%), from €36,859 to €46,859
of which Distributable reserves: +€10,000
- Tax, wage and social debts -€5,827
down €5,827 (-31.6%), from €18,414 to €12,587
- Profit (loss) carried forward +€4,461
up €4,461 (+18.8%), from €23,689 to €28,150
- Gross operating margin -€40,268
down €40,268 (-53.2%), from €75,674 to €35,406
- Taxes -€14,766
down €14,766 (-74.3%), from €19,884 to €5,119
- Other operating charges +€4,397
up €4,397 (+201%), from €2,189 to €6,585
- Financial income -€1,447
down €1,447 (-41.4%), from €3,493 to €2,046
- Financial charges -€1,378
down €1,378 (-18.2%), from €7,574 to €6,195
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.
Derived cash bridge
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 | €216,512 | €162,044 | -€54,468 | -25.2% |
| Fixed assets | 21/28 | €42,029 | €36,937 | -€5,092 | -12.1% |
| Tangible fixed assets | 22/27 | €39,887 | €34,795 | -€5,092 | -12.8% |
| Plant, machinery and equipment | 23 | €38,799 | €34,338 | -€4,460 | -11.5% |
| Furniture and vehicles | 24 | €1,089 | €457 | -€632 | -58.0% |
| Financial fixed assets | 28 | €2,141 | €2,141 | = | 0.0% |
| Current assets | 29/58 | €174,483 | €125,107 | -€49,376 | -28.3% |
| Stocks and contracts in progress | 3 | €89,758 | €86,738 | -€3,020 | -3.4% |
| Stocks | 30/36 | €89,758 | €86,738 | -€3,020 | -3.4% |
| Amounts receivable within one year | 40/41 | €60,930 | €24,116 | -€36,814 | -60.4% |
| Trade receivables | 40 | €3,019 | €1,882 | -€1,137 | -37.7% |
| Other amounts receivable | 41 | €57,912 | €22,235 | -€35,677 | -61.6% |
| Cash at bank and in hand | 54/58 | €23,552 | €13,945 | -€9,607 | -40.8% |
| Deferred charges and accrued income | 490/1 | €243 | €309 | +€65 | +26.8% |
| Total equity and liabilities | 10/49 | €216,512 | €162,044 | -€54,468 | -25.2% |
| Equity | 10/15 | €79,140 | €93,601 | +€14,461 | +18.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €36,859 | €46,859 | +€10,000 | +27.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €35,000 | €45,000 | +€10,000 | +28.6% |
| Profit (loss) carried forward | 14 | €23,689 | €28,150 | +€4,461 | +18.8% |
| Amounts payable | 17/49 | €137,372 | €68,443 | -€68,929 | -50.2% |
| Amounts payable after more than one year | 17 | €23,114 | €10,155 | -€12,959 | -56.1% |
| Financial debts | 170/4 | €23,114 | €10,155 | -€12,959 | -56.1% |
| Amounts payable within one year | 42/48 | €114,258 | €58,288 | -€55,970 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €16,075 | €16,709 | +€634 | +3.9% |
| Trade debts | 44 | €79,769 | €28,992 | -€50,777 | -63.7% |
| Suppliers | 440/4 | €79,769 | €28,992 | -€50,777 | -63.7% |
| Taxes, remuneration and social security | 45 | €18,414 | €12,587 | -€5,827 | -31.6% |
| Taxes | 450/3 | €18,414 | €12,587 | -€5,827 | -31.6% |
| Non-recurring operating income | 76A | €7,561 | - | -€7,561 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,044 | €5,092 | +€48 | +1.0% |
| Other operating charges | 640/8 | €2,189 | €6,585 | +€4,397 | +201% |
| Gross operating margin | 9900 | €75,674 | €35,406 | -€40,268 | -53.2% |
| Operating profit (loss) | 9901 | €68,441 | €23,729 | -€44,712 | -65.3% |
| Financial income | 75/76B | €3,493 | €2,046 | -€1,447 | -41.4% |
| Recurring financial income | 75 | €3,493 | €2,046 | -€1,447 | -41.4% |
| Financial charges | 65/66B | €7,574 | €6,195 | -€1,378 | -18.2% |
| Recurring financial charges | 65 | €7,574 | €6,195 | -€1,378 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €64,361 | €19,580 | -€44,781 | -69.6% |
| Income taxes | 67/77 | €19,884 | €5,119 | -€14,766 | -74.3% |
| Profit (loss) for the period | 9904 | €44,476 | €14,461 | -€30,015 | -67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,476 | €14,461 | -€30,015 | -67.5% |
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 16 October 2026 via checked.be.