NORAX: 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.
NORAX
Largest movements
- Deferred charges and accrued income +€2,667
new in 2025: €2,667
- Receivables within one year -€1,884
down €1,884 (-32.7%), from €5,770 to €3,886
- Cash -€269
down €269 (-3.7%), from €7,172 to €6,903
mainly Deferred charges and accrued income (-€2,667) and Other debts (-€444)
- Tangible fixed assets -€182
down €182 (-11.3%), from €1,608 to €1,426
- Profit (loss) carried forward +€540
up €540 (+365.1%), from €148 to €688
- Other debts -€444
down €444 (-10.6%), from €4,175 to €3,731
- Gross operating margin -€6,739
down €6,739 (-68.1%), from €9,895 to €3,156
- Taxes -€1,551
down €1,551 (-59.3%), from €2,615 to €1,064
- Financial charges +€732
up €732 (+600.9%), from €122 to €854
- Other operating charges +€300
up €300 (+77.4%), from €387 to €687
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 | €14,550 | €14,882 | +€332 | +2.3% |
| Fixed assets | 21/28 | €1,608 | €1,426 | -€182 | -11.3% |
| Tangible fixed assets | 22/27 | €1,608 | €1,426 | -€182 | -11.3% |
| Plant, machinery and equipment | 23 | €1,608 | €1,426 | -€182 | -11.3% |
| Current assets | 29/58 | €12,942 | €13,456 | +€514 | +4.0% |
| Amounts receivable within one year | 40/41 | €5,770 | €3,886 | -€1,884 | -32.7% |
| Other amounts receivable | 41 | €5,770 | €3,886 | -€1,884 | -32.7% |
| Cash at bank and in hand | 54/58 | €7,172 | €6,903 | -€269 | -3.7% |
| Deferred charges and accrued income | 490/1 | - | €2,667 | +€2,667 | |
| Total equity and liabilities | 10/49 | €14,550 | €14,882 | +€332 | +2.3% |
| Equity | 10/15 | €3,148 | €3,688 | +€540 | +17.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €148 | €688 | +€540 | +365.1% |
| Amounts payable | 17/49 | €11,402 | €11,194 | -€208 | -1.8% |
| Amounts payable within one year | 42/48 | €11,402 | €11,194 | -€208 | -1.8% |
| Trade debts | 44 | €1,759 | €1,890 | +€131 | +7.4% |
| Suppliers | 440/4 | €1,759 | €1,890 | +€131 | +7.4% |
| Taxes, remuneration and social security | 45 | €5,468 | €5,573 | +€105 | +1.9% |
| Taxes | 450/3 | €5,468 | €5,573 | +€105 | +1.9% |
| Other amounts payable | 47/48 | €4,175 | €3,731 | -€444 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182 | €182 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €687 | +€300 | +77.4% |
| Gross operating margin | 9900 | €9,895 | €3,156 | -€6,739 | -68.1% |
| Operating profit (loss) | 9901 | €9,326 | €2,287 | -€7,039 | -75.5% |
| Financial income | 75/76B | €227 | €171 | -€56 | -24.8% |
| Recurring financial income | 75 | €227 | €171 | -€56 | -24.8% |
| Financial charges | 65/66B | €122 | €854 | +€732 | +600.9% |
| Recurring financial charges | 65 | €122 | €854 | +€732 | +600.9% |
| Profit (loss) for the period before taxes | 9903 | €9,431 | €1,604 | -€7,827 | -83.0% |
| Income taxes | 67/77 | €2,615 | €1,064 | -€1,551 | -59.3% |
| Profit (loss) for the period | 9904 | €6,816 | €540 | -€6,277 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,816 | €540 | -€6,277 | -92.1% |
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 7 October 2026 via checked.be.