NORAM: 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.
NORAM
Largest movements
- Cash +€49,555
up €49,555 (+53.2%), from €93,229 to €142,783
mainly Depreciation (+€18,155) and Receivables within one year (+€14,194)
- Tangible fixed assets -€18,155
down €18,155 (-49.3%), from €36,845 to €18,690
of which Furniture and vehicles: -€13,277
- Receivables within one year -€14,194
down €14,194 (-78.6%), from €18,049 to €3,855
of which Trade receivables: -€12,279
- Current investments +€7,994
new in 2025: €7,994
- Stocks and contracts -€7,778
down €7,778 (-8.6%), from €90,663 to €82,885
of which Stocks: -€13,258
- Reserves +€13,195
up €13,195 (+7.2%), from €184,203 to €197,399
of which Distributable reserves: +€13,195
- Current portion of long-term debt -€8,921
down €8,921 (-63.3%), from €14,092 to €5,171
- Advances received +€8,533
up €8,533 (+104%), from €8,237 to €16,770
- Tax, wage and social debts +€6,480
up €6,480 (+34.8%), from €18,636 to €25,116
of which Taxes: +€4,583
- Debts after one year -€5,171
down €5,171 (-100%), from €5,171 to €0
- Depreciation -€9,728
down €9,728 (-34.9%), from €27,883 to €18,155
- Staff costs +€7,272
up €7,272 (+10.8%), from €67,331 to €74,603
- Gross operating margin +€6,421
up €6,421 (+5.9%), from €108,606 to €115,027
- Taxes +€3,844
up €3,844 (+182%), from €2,109 to €5,953
- Other operating charges +€1,157
up €1,157 (+53.9%), from €2,148 to €3,305
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 | €246,692 | €263,823 | +€17,131 | +6.9% |
| Fixed assets | 21/28 | €42,073 | €23,937 | -€18,135 | -43.1% |
| Tangible fixed assets | 22/27 | €36,845 | €18,690 | -€18,155 | -49.3% |
| Plant, machinery and equipment | 23 | €10,610 | €5,731 | -€4,878 | -46.0% |
| Furniture and vehicles | 24 | €26,235 | €12,959 | -€13,277 | -50.6% |
| Financial fixed assets | 28 | €5,228 | €5,247 | +€19 | +0.4% |
| Current assets | 29/58 | €204,619 | €239,886 | +€35,266 | +17.2% |
| Stocks and contracts in progress | 3 | €90,663 | €82,885 | -€7,778 | -8.6% |
| Stocks | 30/36 | €80,914 | €67,656 | -€13,258 | -16.4% |
| Contracts in progress | 37 | €9,749 | €15,229 | +€5,480 | +56.2% |
| Amounts receivable within one year | 40/41 | €18,049 | €3,855 | -€14,194 | -78.6% |
| Trade receivables | 40 | €12,660 | €381 | -€12,279 | -97.0% |
| Other amounts receivable | 41 | €5,389 | €3,474 | -€1,915 | -35.5% |
| Current investments | 50/53 | - | €7,994 | +€7,994 | |
| Cash at bank and in hand | 54/58 | €93,229 | €142,783 | +€49,555 | +53.2% |
| Deferred charges and accrued income | 490/1 | €2,678 | €2,369 | -€309 | -11.6% |
| Total equity and liabilities | 10/49 | €246,692 | €263,823 | +€17,131 | +6.9% |
| Equity | 10/15 | €190,403 | €203,599 | +€13,195 | +6.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €184,203 | €197,399 | +€13,195 | +7.2% |
| Tax-exempt reserves | 132 | €2,065 | €2,065 | = | 0.0% |
| Distributable reserves | 133 | €182,138 | €195,333 | +€13,195 | +7.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €56,289 | €60,224 | +€3,936 | +7.0% |
| Amounts payable after more than one year | 17 | €5,171 | €0 | -€5,171 | -100% |
| Financial debts | 170/4 | €5,171 | €0 | -€5,171 | -100% |
| Amounts payable within one year | 42/48 | €50,732 | €60,224 | +€9,493 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €14,092 | €5,171 | -€8,921 | -63.3% |
| Trade debts | 44 | €9,768 | €13,168 | +€3,400 | +34.8% |
| Suppliers | 440/4 | €9,768 | €13,168 | +€3,400 | +34.8% |
| Advances received on contracts in progress | 46 | €8,237 | €16,770 | +€8,533 | +104% |
| Taxes, remuneration and social security | 45 | €18,636 | €25,116 | +€6,480 | +34.8% |
| Taxes | 450/3 | €4,793 | €9,376 | +€4,583 | +95.6% |
| Remuneration and social security | 454/9 | €13,843 | €15,740 | +€1,897 | +13.7% |
| Accrued charges and deferred income | 492/3 | €386 | €0 | -€386 | -100% |
| Non-recurring operating income | 76A | €0 | €744 | +€744 | |
| Remuneration, social security and pensions | 62 | €67,331 | €74,603 | +€7,272 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,883 | €18,155 | -€9,728 | -34.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,148 | €3,305 | +€1,157 | +53.9% |
| Gross operating margin | 9900 | €108,606 | €115,027 | +€6,421 | +5.9% |
| Operating profit (loss) | 9901 | €11,243 | €18,963 | +€7,720 | +68.7% |
| Financial income | 75/76B | €614 | €698 | +€84 | +13.8% |
| Recurring financial income | 75 | €614 | €698 | +€84 | +13.8% |
| Financial charges | 65/66B | €632 | €513 | -€118 | -18.8% |
| Recurring financial charges | 65 | €632 | €513 | -€118 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €11,225 | €19,148 | +€7,923 | +70.6% |
| Income taxes | 67/77 | €2,109 | €5,953 | +€3,844 | +182% |
| Profit (loss) for the period | 9904 | €9,116 | €13,195 | +€4,079 | +44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,116 | €13,195 | +€4,079 | +44.7% |
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 27 October 2026 via checked.be.