Norbert: 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.
Norbert
Largest movements
- Receivables within one year +€32,550
up €32,550 (+3,399%), from €958 to €33,507
of which Trade receivables: +€31,477
- Cash +€17,555
up €17,555 (+789%), from €2,225 to €19,780
mainly Other debts (+€33,130) and Depreciation (+€25,507)
- Tangible fixed assets -€16,407
down €16,407 (-3.1%), from €530,853 to €514,446
of which Land and buildings: -€15,365
- Other debts +€33,130
up €33,130 (+1,727%), from €1,918 to €35,048
- Profit (loss) carried forward -€21,699
down €21,699 (-22.6%), from -€96,100 to -€117,799
- Current portion of long-term debt +€12,187
new in 2025: €12,187
- Debts after one year +€11,111
up €11,111 (+3.3%), from €337,905 to €349,016
- Gross operating margin +€69,517
up €69,517, from -€46,916 to €22,601
- Financial charges -€4,670
down €4,670 (-24.5%), from €19,052 to €14,382
of which Financial charges: -€4,645
- Depreciation -€3,322
down €3,322 (-11.5%), from €28,829 to €25,507
- Other operating charges +€3,095
up €3,095 (+235%), from €1,318 to €4,414
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 | €534,036 | €568,002 | +€33,966 | +6.4% |
| Fixed assets | 21/28 | €530,853 | €514,446 | -€16,407 | -3.1% |
| Tangible fixed assets | 22/27 | €530,853 | €514,446 | -€16,407 | -3.1% |
| Land and buildings | 22 | €472,033 | €456,668 | -€15,365 | -3.3% |
| Plant, machinery and equipment | 23 | €43,772 | €38,586 | -€5,186 | -11.8% |
| Furniture and vehicles | 24 | €15,048 | €15,493 | +€445 | +3.0% |
| Assets under construction and advance payments | 27 | - | €3,700 | +€3,700 | |
| Current assets | 29/58 | €3,183 | €53,556 | +€50,373 | +1,583% |
| Amounts receivable within one year | 40/41 | €958 | €33,507 | +€32,550 | +3,399% |
| Trade receivables | 40 | €346 | €31,823 | +€31,477 | +9,097% |
| Other amounts receivable | 41 | €612 | €1,685 | +€1,073 | +175% |
| Cash at bank and in hand | 54/58 | €2,225 | €19,780 | +€17,555 | +789% |
| Deferred charges and accrued income | 490/1 | - | €269 | +€269 | |
| Total equity and liabilities | 10/49 | €534,036 | €568,002 | +€33,966 | +6.4% |
| Equity | 10/15 | €188,900 | €167,201 | -€21,699 | -11.5% |
| Contributions | 10/11 | €285,000 | €285,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,100 | -€117,799 | -€21,699 | -22.6% |
| Amounts payable | 17/49 | €345,136 | €400,801 | +€55,665 | +16.1% |
| Amounts payable after more than one year | 17 | €337,905 | €349,016 | +€11,111 | +3.3% |
| Financial debts | 170/4 | €337,905 | €349,016 | +€11,111 | +3.3% |
| Amounts payable within one year | 42/48 | €7,230 | €51,785 | +€44,555 | +616% |
| Current portion of amounts payable after more than one year | 42 | - | €12,187 | +€12,187 | |
| Trade debts | 44 | €5,130 | €3,891 | -€1,238 | -24.1% |
| Suppliers | 440/4 | €5,130 | €3,891 | -€1,238 | -24.1% |
| Advances received on contracts in progress | 46 | - | €472 | +€472 | |
| Taxes, remuneration and social security | 45 | €183 | €186 | +€4 | +2.0% |
| Taxes | 450/3 | €183 | €186 | +€4 | +2.0% |
| Other amounts payable | 47/48 | €1,918 | €35,048 | +€33,130 | +1,727% |
| Non-recurring operating income | 76A | €1,463 | €0 | -€1,463 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,829 | €25,507 | -€3,322 | -11.5% |
| Other operating charges | 640/8 | €1,318 | €4,414 | +€3,095 | +235% |
| Gross operating margin | 9900 | -€46,916 | €22,601 | +€69,517 | |
| Operating profit (loss) | 9901 | -€77,064 | -€7,320 | +€69,743 | +90.5% |
| Financial income | 75/76B | €16 | €3 | -€13 | -80.0% |
| Recurring financial income | 75 | €16 | €3 | -€13 | -80.0% |
| Financial charges | 65/66B | €19,052 | €14,382 | -€4,670 | -24.5% |
| Recurring financial charges | 65 | €19,027 | €14,382 | -€4,645 | -24.4% |
| Non-recurring financial charges | 66B | €25 | €0 | -€25 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€96,100 | -€21,699 | +€74,400 | +77.4% |
| Profit (loss) for the period | 9904 | -€96,100 | -€21,699 | +€74,400 | +77.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,100 | -€21,699 | +€74,400 | +77.4% |
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 13 October 2026 via checked.be.