NORANNE: what changed
Two fiscal 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.
NORANNE
Largest movements
- Tangible fixed assets +€293,931
up €293,931 (+25.1%), from €1.2m to €1.5m
of which Land and buildings: +€290,037
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Receivables within one year -€83,566
down €83,566 (-60.4%), from €138,315 to €54,750
of which Trade receivables: -€83,884
- Cash +€30,389
up €30,389 (+21.7%), from €140,352 to €170,741
mainly Net result for the year (+€257,725) and Current investments (+€200,000)
- Other debts +€117,252
up €117,252 (+1428.9%), from €8,206 to €125,458
- Reserves -€81,760
down €81,760 (-6.5%), from €1.3m to €1.2m
of which Distributable reserves: -€79,060
- Tax, wage and social debts +€58,971
up €58,971 (+124.1%), from €47,505 to €106,476
of which Taxes: +€53,841
- Trade debts -€52,339
down €52,339 (-81.1%), from €64,539 to €12,200
- Gross operating margin +€42,996
up €42,996 (+8.4%), from €512,051 to €555,047
- Depreciation +€32,332
up €32,332 (+48.4%), from €66,833 to €99,165
- Taxes +€7,842
up €7,842 (+7.0%), from €112,080 to €119,922
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 | €1,655,426 | €1,696,391 | +€40,965 | +2.5% |
| Fixed assets | 21/28 | €1,169,330 | €1,463,261 | +€293,931 | +25.1% |
| Tangible fixed assets | 22/27 | €1,169,330 | €1,463,261 | +€293,931 | +25.1% |
| Land and buildings | 22 | €1,161,811 | €1,451,848 | +€290,037 | +25.0% |
| Plant, machinery and equipment | 23 | €3,709 | €5,503 | +€1,794 | +48.4% |
| Furniture and vehicles | 24 | €3,810 | €5,911 | +€2,100 | +55.1% |
| Current assets | 29/58 | €486,096 | €233,129 | -€252,966 | -52.0% |
| Amounts receivable within one year | 40/41 | €138,315 | €54,750 | -€83,566 | -60.4% |
| Trade receivables | 40 | €137,256 | €53,373 | -€83,884 | -61.1% |
| Other amounts receivable | 41 | €1,059 | €1,377 | +€318 | +30.0% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €140,352 | €170,741 | +€30,389 | +21.7% |
| Deferred charges and accrued income | 490/1 | €7,428 | €7,638 | +€210 | +2.8% |
| Total equity and liabilities | 10/49 | €1,655,426 | €1,696,391 | +€40,965 | +2.5% |
| Equity | 10/15 | €1,485,883 | €1,404,123 | -€81,760 | -5.5% |
| Contributions | 10/11 | €229,400 | €229,400 | = | 0.0% |
| Capital | 10 | €229,400 | €229,400 | = | 0.0% |
| Issued capital | 100 | €229,400 | €229,400 | = | 0.0% |
| Reserves | 13 | €1,256,483 | €1,174,723 | -€81,760 | -6.5% |
| Non-distributable reserves | 130/1 | €22,940 | €22,940 | = | 0.0% |
| Legal reserve | 130 | €22,940 | €22,940 | = | 0.0% |
| Tax-exempt reserves | 132 | €129,626 | €126,926 | -€2,700 | -2.1% |
| Distributable reserves | 133 | €1,103,917 | €1,024,856 | -€79,060 | -7.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €22,159 | €21,259 | -€900 | -4.1% |
| Deferred taxes | 168 | €22,159 | €21,259 | -€900 | -4.1% |
| Amounts payable | 17/49 | €147,384 | €271,009 | +€123,625 | +83.9% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €121,090 | €244,264 | +€123,175 | +101.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €839 | €131 | -€709 | -84.4% |
| Credit institutions | 430/8 | €839 | €131 | -€709 | -84.4% |
| Trade debts | 44 | €64,539 | €12,200 | -€52,339 | -81.1% |
| Suppliers | 440/4 | €64,539 | €12,200 | -€52,339 | -81.1% |
| Taxes, remuneration and social security | 45 | €47,505 | €106,476 | +€58,971 | +124.1% |
| Taxes | 450/3 | €40,094 | €93,936 | +€53,841 | +134.3% |
| Remuneration and social security | 454/9 | €7,411 | €12,540 | +€5,129 | +69.2% |
| Other amounts payable | 47/48 | €8,206 | €125,458 | +€117,252 | +1428.9% |
| Accrued charges and deferred income | 492/3 | €1,295 | €1,745 | +€450 | +34.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €58,157 | €57,189 | -€968 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,833 | €99,165 | +€32,332 | +48.4% |
| Other operating charges | 640/8 | €12,032 | €9,655 | -€2,377 | -19.8% |
| Non-recurring operating charges | 66A | - | €2,954 | +€2,954 | |
| Gross operating margin | 9900 | €512,051 | €555,047 | +€42,996 | +8.4% |
| Operating profit (loss) | 9901 | €375,028 | €386,084 | +€11,055 | +2.9% |
| Financial income | 75/76B | €2,211 | €1,692 | -€519 | -23.5% |
| Recurring financial income | 75 | €2,211 | €1,692 | -€519 | -23.5% |
| Financial charges | 65/66B | €7,782 | €11,029 | +€3,247 | +41.7% |
| Recurring financial charges | 65 | €7,782 | €11,029 | +€3,247 | +41.7% |
| Profit (loss) for the period before taxes | 9903 | €369,457 | €376,747 | +€7,289 | +2.0% |
| Transfer from deferred taxes | 780 | €900 | €900 | = | 0.0% |
| Income taxes | 67/77 | €112,080 | €119,922 | +€7,842 | +7.0% |
| Profit (loss) for the period | 9904 | €258,277 | €257,725 | -€552 | -0.2% |
| Transfer from tax-exempt reserves | 789 | €2,700 | €2,700 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €197,827 | €260,424 | +€62,598 | +31.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.