NORADIN: 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.
NORADIN
Largest movements
- Stocks and contracts +€371,884
up €371,884 (+1,658%), from €22,430 to €394,314
- Cash -€231,847
down €231,847 (-21.4%), from €1.1m to €849,564
mainly Stocks and contracts (-€371,884) and Tax, wage and social debts (-€74,174)
- Tangible fixed assets -€35,535
down €35,535 (-11.0%), from €321,624 to €286,089
- Reserves +€245,000
up €245,000 (+22.8%), from €1.1m to €1.3m
- Tax, wage and social debts -€74,174
down €74,174 (-51.4%), from €144,232 to €70,058
of which Taxes: -€82,984
- Trade debts -€56,468
down €56,468 (-6.3%), from €893,494 to €837,026
- Gross operating margin -€187,370
down €187,370 (-20.1%), from €929,914 to €742,544
- Taxes -€79,422
down €79,422 (-44.0%), from €180,698 to €101,276
- Staff costs +€39,324
up €39,324 (+17.0%), from €231,762 to €271,086
- Depreciation +€28,456
up €28,456 (+41.0%), from €69,421 to €97,877
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 | €2,455,130 | €2,570,974 | +€115,844 | +4.7% |
| Fixed assets | 21/28 | €344,188 | €306,153 | -€38,035 | -11.1% |
| Intangible fixed assets | 21 | €21,829 | €19,329 | -€2,500 | -11.5% |
| Tangible fixed assets | 22/27 | €321,624 | €286,089 | -€35,535 | -11.0% |
| Plant, machinery and equipment | 23 | €62,107 | €49,798 | -€12,309 | -19.8% |
| Furniture and vehicles | 24 | €206,533 | €192,957 | -€13,576 | -6.6% |
| Other tangible fixed assets | 26 | €52,984 | €43,334 | -€9,650 | -18.2% |
| Financial fixed assets | 28 | €735 | €735 | = | 0.0% |
| Current assets | 29/58 | €2,110,942 | €2,264,821 | +€153,879 | +7.3% |
| Stocks and contracts in progress | 3 | €22,430 | €394,314 | +€371,884 | +1,658% |
| Stocks | 30/36 | €22,430 | €394,314 | +€371,884 | +1,658% |
| Amounts receivable within one year | 40/41 | €998,065 | €1,009,798 | +€11,733 | +1.2% |
| Trade receivables | 40 | €970,310 | €878,513 | -€91,797 | -9.5% |
| Other amounts receivable | 41 | €27,755 | €131,285 | +€103,530 | +373% |
| Cash at bank and in hand | 54/58 | €1,081,411 | €849,564 | -€231,847 | -21.4% |
| Deferred charges and accrued income | 490/1 | €9,036 | €11,145 | +€2,109 | +23.3% |
| Total equity and liabilities | 10/49 | €2,455,130 | €2,570,974 | +€115,844 | +4.7% |
| Equity | 10/15 | €1,416,129 | €1,662,614 | +€246,485 | +17.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,076,855 | €1,321,855 | +€245,000 | +22.8% |
| Distributable reserves | 133 | €1,076,855 | €1,321,855 | +€245,000 | +22.8% |
| Profit (loss) carried forward | 14 | €320,724 | €322,209 | +€1,485 | +0.5% |
| Amounts payable | 17/49 | €1,039,001 | €908,360 | -€130,641 | -12.6% |
| Amounts payable within one year | 42/48 | €1,039,001 | €908,360 | -€130,641 | -12.6% |
| Trade debts | 44 | €893,494 | €837,026 | -€56,468 | -6.3% |
| Suppliers | 440/4 | €893,494 | €837,026 | -€56,468 | -6.3% |
| Taxes, remuneration and social security | 45 | €144,232 | €70,058 | -€74,174 | -51.4% |
| Taxes | 450/3 | €87,882 | €4,898 | -€82,984 | -94.4% |
| Remuneration and social security | 454/9 | €56,350 | €65,160 | +€8,810 | +15.6% |
| Other amounts payable | 47/48 | €1,275 | €1,276 | +€1 | +0.1% |
| Remuneration, social security and pensions | 62 | €231,762 | €271,086 | +€39,324 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,421 | €97,877 | +€28,456 | +41.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,915 | €3,185 | +€6,100 | |
| Other operating charges | 640/8 | €21,575 | €18,602 | -€2,973 | -13.8% |
| Non-recurring operating charges | 66A | €28,260 | - | -€28,260 | |
| Gross operating margin | 9900 | €929,914 | €742,544 | -€187,370 | -20.1% |
| Operating profit (loss) | 9901 | €581,811 | €351,794 | -€230,017 | -39.5% |
| Financial income | 75/76B | €756 | €109 | -€647 | -85.6% |
| Recurring financial income | 75 | €756 | €109 | -€647 | -85.6% |
| Financial charges | 65/66B | €2,051 | €4,142 | +€2,091 | +102% |
| Recurring financial charges | 65 | €2,051 | €4,142 | +€2,091 | +102% |
| Profit (loss) for the period before taxes | 9903 | €580,516 | €347,761 | -€232,755 | -40.1% |
| Income taxes | 67/77 | €180,698 | €101,276 | -€79,422 | -44.0% |
| Profit (loss) for the period | 9904 | €399,818 | €246,485 | -€153,333 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €399,818 | €246,485 | -€153,333 | -38.4% |
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 17 October 2026 via checked.be.