NORAH: 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.
NORAH
Largest movements
- Tangible fixed assets +€29,089
up €29,089 (+7582.6%), from €384 to €29,472
- Receivables within one year +€9,447
up €9,447 (+9.6%), from €98,125 to €107,572
of which Trade receivables: +€19,331
- Cash -€4,114
down €4,114 (-44.8%), from €9,182 to €5,068
mainly Investment in fixed assets (net) (-€32,345) and Receivables within one year (-€9,447)
- Deferred charges and accrued income +€1,616
new in 2025: €1,616
- Debts after one year +€23,888
new in 2025: €23,888
- Trade debts +€8,387
up €8,387 (+39.5%), from €21,245 to €29,632
- Profit (loss) carried forward +€2,663
up €2,663 (+60.4%), from -€4,406 to -€1,744
- Current portion of long-term debt +€2,339
up €2,339 (+63.5%), from €3,685 to €6,024
- Gross operating margin -€32,022
down €32,022 (-78.1%), from €40,999 to €8,978
- Depreciation +€3,022
up €3,022 (+1288.7%), from €234 to €3,256
- Other operating charges +€988
up €988 (+105.6%), from €936 to €1,923
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 | €111,086 | €147,122 | +€36,036 | +32.4% |
| Fixed assets | 21/28 | €3,779 | €32,867 | +€29,089 | +769.8% |
| Tangible fixed assets | 22/27 | €384 | €29,472 | +€29,089 | +7582.6% |
| Furniture and vehicles | 24 | €384 | €29,472 | +€29,089 | +7582.6% |
| Financial fixed assets | 28 | €3,395 | €3,395 | = | 0.0% |
| Current assets | 29/58 | €107,307 | €114,255 | +€6,948 | +6.5% |
| Amounts receivable within one year | 40/41 | €98,125 | €107,572 | +€9,447 | +9.6% |
| Trade receivables | 40 | €37,997 | €57,327 | +€19,331 | +50.9% |
| Other amounts receivable | 41 | €60,128 | €50,244 | -€9,884 | -16.4% |
| Cash at bank and in hand | 54/58 | €9,182 | €5,068 | -€4,114 | -44.8% |
| Deferred charges and accrued income | 490/1 | - | €1,616 | +€1,616 | |
| Total equity and liabilities | 10/49 | €111,086 | €147,122 | +€36,036 | +32.4% |
| Equity | 10/15 | €84,069 | €86,731 | +€2,663 | +3.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Contributions outside capital | 11 | €25,000 | - | -€25,000 | |
| Other | 1109/19 | €25,000 | - | -€25,000 | |
| Reserves | 13 | €63,475 | €63,475 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,975 | €50,975 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,406 | -€1,744 | +€2,663 | +60.4% |
| Amounts payable | 17/49 | €27,017 | €60,391 | +€33,374 | +123.5% |
| Amounts payable after more than one year | 17 | - | €23,888 | +€23,888 | |
| Financial debts | 170/4 | - | €23,888 | +€23,888 | |
| Amounts payable within one year | 42/48 | €27,017 | €36,503 | +€9,486 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | €3,685 | €6,024 | +€2,339 | +63.5% |
| Trade debts | 44 | €21,245 | €29,632 | +€8,387 | +39.5% |
| Suppliers | 440/4 | €21,245 | €29,632 | +€8,387 | +39.5% |
| Taxes, remuneration and social security | 45 | €2,087 | €847 | -€1,240 | -59.4% |
| Taxes | 450/3 | €2,087 | €847 | -€1,240 | -59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234 | €3,256 | +€3,022 | +1288.7% |
| Other operating charges | 640/8 | €936 | €1,923 | +€988 | +105.6% |
| Gross operating margin | 9900 | €40,999 | €8,978 | -€32,022 | -78.1% |
| Operating profit (loss) | 9901 | €39,829 | €3,798 | -€36,031 | -90.5% |
| Financial income | 75/76B | €3 | €1 | -€2 | -60.6% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -60.6% |
| Financial charges | 65/66B | €1,219 | €1,136 | -€83 | -6.8% |
| Recurring financial charges | 65 | €1,219 | €1,136 | -€83 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €38,613 | €2,663 | -€35,950 | -93.1% |
| Income taxes | 67/77 | €197 | - | -€197 | |
| Profit (loss) for the period | 9904 | €38,416 | €2,663 | -€35,754 | -93.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,416 | €2,663 | -€35,754 | -93.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.