NORABO: 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.
NORABO
Largest movements
- Tangible fixed assets +€84,092
up €84,092 (+16.1%), from €522,905 to €606,997
- Cash -€23,414
down €23,414 (-84.3%), from €27,762 to €4,348
mainly Investment in fixed assets (net) (-€101,272) and Debts after one year (-€22,249)
- Other debts +€56,500
new in 2025: €56,500
- Trade debts +€31,065
up €31,065 (+8427.0%), from €369 to €31,434
- Debts after one year -€22,249
down €22,249 (-4.2%), from €528,346 to €506,098
- Gross operating margin +€20,459
up €20,459 (+120.8%), from €16,942 to €37,401
- Financial charges +€7,611
up €7,611 (+91.4%), from €8,327 to €15,938
- Depreciation +€6,975
up €6,975 (+68.4%), from €10,205 to €17,180
- Other operating charges +€1,745
up €1,745 (+450.6%), from €387 to €2,133
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 | €550,667 | €617,464 | +€66,797 | +12.1% |
| Fixed assets | 21/28 | €522,905 | €606,997 | +€84,092 | +16.1% |
| Tangible fixed assets | 22/27 | €522,905 | €606,997 | +€84,092 | +16.1% |
| Land and buildings | 22 | €522,905 | €606,997 | +€84,092 | +16.1% |
| Current assets | 29/58 | €27,762 | €10,467 | -€17,295 | -62.3% |
| Amounts receivable within one year | 40/41 | - | €5,274 | +€5,274 | |
| Trade receivables | 40 | - | €2,946 | +€2,946 | |
| Other amounts receivable | 41 | - | €2,328 | +€2,328 | |
| Cash at bank and in hand | 54/58 | €27,762 | €4,348 | -€23,414 | -84.3% |
| Deferred charges and accrued income | 490/1 | - | €845 | +€845 | |
| Total equity and liabilities | 10/49 | €550,667 | €617,464 | +€66,797 | +12.1% |
| Equity | 10/15 | -€977 | €1,138 | +€2,115 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,977 | €138 | +€2,115 | |
| Amounts payable | 17/49 | €551,644 | €616,326 | +€64,683 | +11.7% |
| Amounts payable after more than one year | 17 | €528,346 | €506,098 | -€22,249 | -4.2% |
| Financial debts | 170/4 | €528,346 | €506,098 | -€22,249 | -4.2% |
| Amounts payable within one year | 42/48 | €23,297 | €110,229 | +€86,931 | +373.1% |
| Current portion of amounts payable after more than one year | 42 | €21,311 | €22,249 | +€937 | +4.4% |
| Trade debts | 44 | €369 | €31,434 | +€31,065 | +8427.0% |
| Suppliers | 440/4 | €369 | €31,434 | +€31,065 | +8427.0% |
| Taxes, remuneration and social security | 45 | €1,617 | €46 | -€1,571 | -97.2% |
| Taxes | 450/3 | €1,617 | €46 | -€1,571 | -97.2% |
| Other amounts payable | 47/48 | - | €56,500 | +€56,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,205 | €17,180 | +€6,975 | +68.4% |
| Other operating charges | 640/8 | €387 | €2,133 | +€1,745 | +450.6% |
| Gross operating margin | 9900 | €16,942 | €37,401 | +€20,459 | +120.8% |
| Operating profit (loss) | 9901 | €6,350 | €18,089 | +€11,739 | +184.9% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €8,327 | €15,938 | +€7,611 | +91.4% |
| Recurring financial charges | 65 | €8,327 | €15,938 | +€7,611 | +91.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,977 | €2,161 | +€4,138 | |
| Income taxes | 67/77 | - | €46 | +€46 | |
| Profit (loss) for the period | 9904 | -€1,977 | €2,115 | +€4,092 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,977 | €2,115 | +€4,092 |
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 12 October 2026 via checked.be.