NORBA: 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.
NORBA
Largest movements
- Receivables within one year +€29,690
up €29,690 (+27.2%), from €109,039 to €138,729
of which Other amounts receivable: +€32,154
- Cash -€9,220
down €9,220 (-39.6%), from €23,296 to €14,076
mainly Receivables within one year (-€29,690) and Investment in fixed assets (net) (-€9,098)
- Other debts +€17,500
new in 2025: €17,500
- Debts after one year -€7,126
down €7,126 (-37.2%), from €19,142 to €12,016
- Reserves +€6,719
up €6,719 (+5.9%), from €114,456 to €121,175
of which Distributable reserves: +€6,719
- Tax, wage and social debts +€2,192
up €2,192 (+13.6%), from €16,085 to €18,277
- Gross operating margin -€13,828
down €13,828 (-37.5%), from €36,876 to €23,049
- Taxes -€3,106
down €3,106 (-44.6%), from €6,962 to €3,855
- Financial income +€1,292
up €1,292 (+2487.0%), from €52 to €1,344
- Financial charges +€1,244
up €1,244 (+37.9%), from €3,281 to €4,525
- Other operating charges -€383
down €383 (-33.5%), from €1,144 to €761
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 | €178,231 | €199,367 | +€21,136 | +11.9% |
| Fixed assets | 21/28 | €43,731 | €44,297 | +€566 | +1.3% |
| Tangible fixed assets | 22/27 | €43,731 | €44,297 | +€566 | +1.3% |
| Plant, machinery and equipment | 23 | €2,897 | €5,921 | +€3,024 | +104.4% |
| Furniture and vehicles | 24 | €4,680 | €6,521 | +€1,842 | +39.4% |
| Other tangible fixed assets | 26 | €36,154 | €31,854 | -€4,300 | -11.9% |
| Current assets | 29/58 | €134,500 | €155,070 | +€20,570 | +15.3% |
| Amounts receivable within one year | 40/41 | €109,039 | €138,729 | +€29,690 | +27.2% |
| Trade receivables | 40 | €43,403 | €40,939 | -€2,464 | -5.7% |
| Other amounts receivable | 41 | €65,636 | €97,790 | +€32,154 | +49.0% |
| Cash at bank and in hand | 54/58 | €23,296 | €14,076 | -€9,220 | -39.6% |
| Deferred charges and accrued income | 490/1 | €2,165 | €2,265 | +€100 | +4.6% |
| Total equity and liabilities | 10/49 | €178,231 | €199,367 | +€21,136 | +11.9% |
| Equity | 10/15 | €133,056 | €139,775 | +€6,719 | +5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €114,456 | €121,175 | +€6,719 | +5.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €112,596 | €119,315 | +€6,719 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €45,175 | €59,592 | +€14,416 | +31.9% |
| Amounts payable after more than one year | 17 | €19,142 | €12,016 | -€7,126 | -37.2% |
| Financial debts | 170/4 | €19,142 | €12,016 | -€7,126 | -37.2% |
| Amounts payable within one year | 42/48 | €26,033 | €47,576 | +€21,543 | +82.7% |
| Current portion of amounts payable after more than one year | 42 | €6,788 | €7,126 | +€338 | +5.0% |
| Trade debts | 44 | €3,160 | €4,673 | +€1,513 | +47.9% |
| Suppliers | 440/4 | €3,160 | €4,673 | +€1,513 | +47.9% |
| Taxes, remuneration and social security | 45 | €16,085 | €18,277 | +€2,192 | +13.6% |
| Taxes | 450/3 | €16,085 | €18,277 | +€2,192 | +13.6% |
| Other amounts payable | 47/48 | - | €17,500 | +€17,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,328 | €8,532 | +€204 | +2.4% |
| Other operating charges | 640/8 | €1,144 | €761 | -€383 | -33.5% |
| Gross operating margin | 9900 | €36,876 | €23,049 | -€13,828 | -37.5% |
| Operating profit (loss) | 9901 | €27,404 | €13,756 | -€13,648 | -49.8% |
| Financial income | 75/76B | €52 | €1,344 | +€1,292 | +2487.0% |
| Recurring financial income | 75 | €52 | €1,344 | +€1,292 | +2487.0% |
| Financial charges | 65/66B | €3,281 | €4,525 | +€1,244 | +37.9% |
| Recurring financial charges | 65 | €3,281 | €4,525 | +€1,244 | +37.9% |
| Profit (loss) for the period before taxes | 9903 | €24,174 | €10,575 | -€13,600 | -56.3% |
| Income taxes | 67/77 | €6,962 | €3,855 | -€3,106 | -44.6% |
| Profit (loss) for the period | 9904 | €17,213 | €6,719 | -€10,493 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,213 | €6,719 | -€10,493 | -61.0% |
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 10 October 2026 via checked.be.