NORAH+BIRG: what changed
NORAH+BIRG
Largest movements
- Receivables within one year -€28,409
down €28,409 (-69.8%), from €40,715 to €12,305
of which Trade receivables: -€21,611
- Tangible fixed assets +€6,391
up €6,391 (+607%), from €1,053 to €7,444
- Cash -€3,372
down €3,372 (-17.3%), from €19,509 to €16,137
mainly Net result for the year (-€17,782) and Trade debts (-€8,962)
- Trade debts -€8,962
down €8,962 (-88.9%), from €10,080 to €1,118
- Profit (loss) carried forward -€8,922
down €8,922 (-96.8%), from -€9,214 to -€18,136
- Reserves -€8,860
down €8,860 (-20.0%), from €44,394 to €35,534
- Tax, wage and social debts -€3,464
down €3,464 (-36.3%), from €9,553 to €6,090
- Short-term financial debts +€2,726
new in 2025: €2,726
- Gross operating margin -€5,941
down €5,941 (-88.5%), from -€6,716 to -€12,657
- Depreciation +€1,168
up €1,168 (+153%), from €764 to €1,932
- Financial charges -€452
down €452 (-45.6%), from €992 to €540
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €61,276 | €35,887 | -€25,389 | -41.4% |
| Fixed assets | 21/28 | €1,053 | €7,444 | +€6,391 | +607% |
| Tangible fixed assets | 22/27 | €1,053 | €7,444 | +€6,391 | +607% |
| Plant, machinery and equipment | 23 | €1,053 | €7,444 | +€6,391 | +607% |
| Current assets | 29/58 | €60,223 | €28,443 | -€31,781 | -52.8% |
| Amounts receivable within one year | 40/41 | €40,715 | €12,305 | -€28,409 | -69.8% |
| Trade receivables | 40 | €31,448 | €9,837 | -€21,611 | -68.7% |
| Other amounts receivable | 41 | €9,267 | €2,468 | -€6,798 | -73.4% |
| Cash at bank and in hand | 54/58 | €19,509 | €16,137 | -€3,372 | -17.3% |
| Total equity and liabilities | 10/49 | €61,276 | €35,887 | -€25,389 | -41.4% |
| Equity | 10/15 | €41,380 | €23,598 | -€17,782 | -43.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €44,394 | €35,534 | -€8,860 | -20.0% |
| Distributable reserves | 133 | €44,394 | €35,534 | -€8,860 | -20.0% |
| Profit (loss) carried forward | 14 | -€9,214 | -€18,136 | -€8,922 | -96.8% |
| Amounts payable | 17/49 | €19,896 | €12,289 | -€7,607 | -38.2% |
| Amounts payable after more than one year | 17 | - | €2,356 | +€2,356 | |
| Financial debts | 170/4 | - | €2,356 | +€2,356 | |
| Amounts payable within one year | 42/48 | €19,633 | €9,933 | -€9,700 | -49.4% |
| Financial debts | 43 | - | €2,726 | +€2,726 | |
| Credit institutions | 430/8 | - | €2,726 | +€2,726 | |
| Trade debts | 44 | €10,080 | €1,118 | -€8,962 | -88.9% |
| Suppliers | 440/4 | €10,080 | €1,118 | -€8,962 | -88.9% |
| Taxes, remuneration and social security | 45 | €9,553 | €6,090 | -€3,464 | -36.3% |
| Taxes | 450/3 | €9,553 | €6,090 | -€3,464 | -36.3% |
| Accrued charges and deferred income | 492/3 | €262 | - | -€262 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €764 | €1,932 | +€1,168 | +153% |
| Other operating charges | 640/8 | €1,158 | €1,275 | +€118 | +10.2% |
| Non-recurring operating charges | 66A | €126 | €1,233 | +€1,107 | +877% |
| Gross operating margin | 9900 | -€6,716 | -€12,657 | -€5,941 | -88.5% |
| Operating profit (loss) | 9901 | -€8,764 | -€17,097 | -€8,333 | -95.1% |
| Financial income | 75/76B | €0 | €5 | +€5 | +11,425% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +11,425% |
| Financial charges | 65/66B | €992 | €540 | -€452 | -45.6% |
| Recurring financial charges | 65 | €992 | €540 | -€452 | -45.6% |
| Profit (loss) for the period before taxes | 9903 | -€9,756 | -€17,632 | -€7,876 | -80.7% |
| Income taxes | 67/77 | €168 | €150 | -€18 | -10.6% |
| Profit (loss) for the period | 9904 | -€9,924 | -€17,782 | -€7,859 | -79.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,924 | -€17,782 | -€7,859 | -79.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.