NORBERT PICEU: 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 PICEU
Largest movements
- Cash +€169,332
up €169,332 (+40.3%), from €419,684 to €589,017
mainly Net result for the year (+€151,474) and Current investments (+€148,430)
- Current investments -€148,430
down €148,430 (-49.5%), from €300,000 to €151,570
- Receivables within one year -€42,728
down €42,728 (-22.8%), from €187,229 to €144,501
of which Other amounts receivable: -€46,020
- Stocks and contracts +€18,670
up €18,670 (+11.6%), from €160,595 to €179,265
- Other debts -€154,391
down €154,391 (-63.1%), from €244,525 to €90,135
- Accrued charges and deferred income +€98,816
new in 2025: €98,816
- Reserves +€36,939
up €36,939 (+7.8%), from €474,212 to €511,151
of which Distributable reserves: +€36,939
- Debts after one year -€20,862
down €20,862 (-74.9%), from €27,853 to €6,991
- Trade debts +€17,769
up €17,769 (+5.3%), from €334,325 to €352,094
- Depreciation -€56,681
down €56,681 (-60.3%), from €94,028 to €37,347
- Gross operating margin -€22,023
down €22,023 (-5.9%), from €370,945 to €348,923
- Financial charges -€12,337
down €12,337 (-58.0%), from €21,276 to €8,939
- Staff costs +€9,498
up €9,498 (+8.0%), from €118,215 to €127,713
- Taxes +€5,441
up €5,441 (+23.3%), from €23,354 to €28,795
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 | €1,214,224 | €1,200,555 | -€13,669 | -1.1% |
| Fixed assets | 21/28 | €146,715 | €136,203 | -€10,513 | -7.2% |
| Tangible fixed assets | 22/27 | €146,715 | €136,203 | -€10,513 | -7.2% |
| Plant, machinery and equipment | 23 | €143,921 | €114,611 | -€29,310 | -20.4% |
| Furniture and vehicles | 24 | €2,794 | €21,591 | +€18,797 | +673% |
| Current assets | 29/58 | €1,067,509 | €1,064,353 | -€3,156 | -0.3% |
| Stocks and contracts in progress | 3 | €160,595 | €179,265 | +€18,670 | +11.6% |
| Stocks | 30/36 | €160,595 | €179,265 | +€18,670 | +11.6% |
| Amounts receivable within one year | 40/41 | €187,229 | €144,501 | -€42,728 | -22.8% |
| Trade receivables | 40 | €88,615 | €91,908 | +€3,293 | +3.7% |
| Other amounts receivable | 41 | €98,614 | €52,593 | -€46,020 | -46.7% |
| Current investments | 50/53 | €300,000 | €151,570 | -€148,430 | -49.5% |
| Cash at bank and in hand | 54/58 | €419,684 | €589,017 | +€169,332 | +40.3% |
| Total equity and liabilities | 10/49 | €1,214,224 | €1,200,555 | -€13,669 | -1.1% |
| Equity | 10/15 | €535,712 | €572,651 | +€36,939 | +6.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €474,212 | €511,151 | +€36,939 | +7.8% |
| Non-distributable reserves | 130/1 | €3,750 | €3,750 | = | 0.0% |
| Legal reserve | 130 | €3,750 | €3,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,176 | €35,176 | = | 0.0% |
| Distributable reserves | 133 | €435,286 | €472,225 | +€36,939 | +8.5% |
| Amounts payable | 17/49 | €678,512 | €627,905 | -€50,608 | -7.5% |
| Amounts payable after more than one year | 17 | €27,853 | €6,991 | -€20,862 | -74.9% |
| Financial debts | 170/4 | €27,853 | €6,991 | -€20,862 | -74.9% |
| Amounts payable within one year | 42/48 | €650,660 | €522,097 | -€128,562 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €20,600 | €20,862 | +€262 | +1.3% |
| Trade debts | 44 | €334,325 | €352,094 | +€17,769 | +5.3% |
| Suppliers | 440/4 | €334,325 | €352,094 | +€17,769 | +5.3% |
| Taxes, remuneration and social security | 45 | €51,210 | €59,008 | +€7,798 | +15.2% |
| Taxes | 450/3 | €25,919 | €32,811 | +€6,892 | +26.6% |
| Remuneration and social security | 454/9 | €25,291 | €26,197 | +€905 | +3.6% |
| Other amounts payable | 47/48 | €244,525 | €90,135 | -€154,391 | -63.1% |
| Accrued charges and deferred income | 492/3 | - | €98,816 | +€98,816 | |
| Remuneration, social security and pensions | 62 | €118,215 | €127,713 | +€9,498 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,028 | €37,347 | -€56,681 | -60.3% |
| Other operating charges | 640/8 | €664 | €3,474 | +€2,809 | +423% |
| Gross operating margin | 9900 | €370,945 | €348,923 | -€22,023 | -5.9% |
| Operating profit (loss) | 9901 | €158,039 | €180,389 | +€22,350 | +14.1% |
| Financial income | 75/76B | €5,113 | €8,819 | +€3,706 | +72.5% |
| Recurring financial income | 75 | €5,113 | €8,819 | +€3,706 | +72.5% |
| Financial charges | 65/66B | €21,276 | €8,939 | -€12,337 | -58.0% |
| Recurring financial charges | 65 | €21,276 | €8,939 | -€12,337 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €141,876 | €180,269 | +€38,393 | +27.1% |
| Income taxes | 67/77 | €23,354 | €28,795 | +€5,441 | +23.3% |
| Profit (loss) for the period | 9904 | €118,522 | €151,474 | +€32,952 | +27.8% |
| Transfer from tax-exempt reserves | 789 | €4,297 | - | -€4,297 | |
| Profit (loss) for the period to be appropriated | 9905 | €122,818 | €151,474 | +€28,656 | +23.3% |
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 15 October 2026 via checked.be.