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
- Tangible fixed assets +€783,463
up €783,463 (+127%), from €617,404 to €1.4m
of which Land and buildings: +€735,449
- Cash -€238,594
down €238,594 (-95.6%), from €249,662 to €11,068
mainly Investment in fixed assets (net) (-€836,750) and Net result for the year (-€72,558)
- Receivables within one year -€20,192
down €20,192 (-98.0%), from €20,601 to €409
of which Trade receivables: -€20,128
- Debts after one year +€553,259
up €553,259 (+68.5%), from €808,159 to €1.4m
of which Financial debts: +€383,044
- Profit (loss) carried forward -€72,558
down €72,558 (-162%), from -€44,655 to -€117,214
- Current portion of long-term debt +€37,023
up €37,023 (+234%), from €15,834 to €52,857
- Depreciation +€38,380
up €38,380 (+257%), from €14,906 to €53,286
- Gross operating margin +€25,580
up €25,580, from -€21,975 to €3,606
- Financial charges +€13,835
up €13,835 (+191%), from €7,261 to €21,096
- Other operating charges +€1,268
up €1,268 (+247%), from €513 to €1,782
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 | €887,831 | €1,412,509 | +€524,678 | +59.1% |
| Fixed assets | 21/28 | €617,404 | €1,400,868 | +€783,463 | +127% |
| Tangible fixed assets | 22/27 | €617,404 | €1,400,868 | +€783,463 | +127% |
| Land and buildings | 22 | €617,404 | €1,352,854 | +€735,449 | +119% |
| Furniture and vehicles | 24 | - | €48,014 | +€48,014 | |
| Current assets | 29/58 | €270,427 | €11,641 | -€258,786 | -95.7% |
| Amounts receivable within one year | 40/41 | €20,601 | €409 | -€20,192 | -98.0% |
| Trade receivables | 40 | €20,538 | €409 | -€20,128 | -98.0% |
| Other amounts receivable | 41 | €63 | €0 | -€63 | -100% |
| Cash at bank and in hand | 54/58 | €249,662 | €11,068 | -€238,594 | -95.6% |
| Deferred charges and accrued income | 490/1 | €164 | €164 | = | 0.0% |
| Total equity and liabilities | 10/49 | €887,831 | €1,412,509 | +€524,678 | +59.1% |
| Equity | 10/15 | €60,582 | -€11,976 | -€72,558 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €5,238 | €5,238 | = | 0.0% |
| Distributable reserves | 133 | €5,238 | €5,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,655 | -€117,214 | -€72,558 | -162% |
| Amounts payable | 17/49 | €827,249 | €1,424,485 | +€597,236 | +72.2% |
| Amounts payable after more than one year | 17 | €808,159 | €1,361,418 | +€553,259 | +68.5% |
| Financial debts | 170/4 | €381,666 | €764,710 | +€383,044 | +100% |
| Other amounts payable | 178/9 | €426,493 | €596,708 | +€170,215 | +39.9% |
| Amounts payable within one year | 42/48 | €15,875 | €57,628 | +€41,753 | +263% |
| Current portion of amounts payable after more than one year | 42 | €15,834 | €52,857 | +€37,023 | +234% |
| Trade debts | 44 | €0 | €1,771 | +€1,771 | |
| Suppliers | 440/4 | €0 | €1,771 | +€1,771 | |
| Taxes, remuneration and social security | 45 | €41 | €3,000 | +€2,959 | +7,211% |
| Taxes | 450/3 | €41 | €3,000 | +€2,959 | +7,211% |
| Accrued charges and deferred income | 492/3 | €3,215 | €5,439 | +€2,224 | +69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,906 | €53,286 | +€38,380 | +257% |
| Other operating charges | 640/8 | €513 | €1,782 | +€1,268 | +247% |
| Gross operating margin | 9900 | -€21,975 | €3,606 | +€25,580 | |
| Operating profit (loss) | 9901 | -€37,394 | -€51,462 | -€14,068 | -37.6% |
| Financial charges | 65/66B | €7,261 | €21,096 | +€13,835 | +191% |
| Recurring financial charges | 65 | €7,261 | €21,096 | +€13,835 | +191% |
| Profit (loss) for the period before taxes | 9903 | -€44,655 | -€72,558 | -€27,903 | -62.5% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€44,655 | -€72,558 | -€27,903 | -62.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,655 | -€72,558 | -€27,903 | -62.5% |
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 13 October 2026 via checked.be.