NORCAM: 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.
NORCAM
Largest movements
- Cash -€89,968
down €89,968 (-25.1%), from €357,764 to €267,796
mainly Trade debts (-€67,612) and Tax, wage and social debts (-€47,872)
- Tangible fixed assets +€28,892
up €28,892 (+710.8%), from €4,065 to €32,957
of which Furniture and vehicles: +€29,594
- Receivables within one year +€19,406
up €19,406 (+38.0%), from €51,042 to €70,448
of which Trade receivables: +€13,711
- Trade debts -€67,612
down €67,612 (-58.3%), from €115,906 to €48,294
- Tax, wage and social debts -€47,872
no longer reported in 2025 (was €47,872)
- Profit (loss) carried forward +€47,500
up €47,500 (+13.0%), from €364,694 to €412,194
- Current portion of long-term debt +€26,230
new in 2025: €26,230
- Gross operating margin -€38,902
down €38,902 (-32.1%), from €121,051 to €82,149
- Taxes +€34,923
new in 2025: €34,923
- Other operating charges -€8,999
down €8,999 (-51.8%), from €17,357 to €8,358
- Financial income +€8,179
up €8,179 (+253.2%), from €3,230 to €11,409
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 | €737,871 | €696,201 | -€41,670 | -5.6% |
| Fixed assets | 21/28 | €329,065 | €357,957 | +€28,892 | +8.8% |
| Tangible fixed assets | 22/27 | €4,065 | €32,957 | +€28,892 | +710.8% |
| Land and buildings | 22 | €1,253 | €1,054 | -€199 | -15.9% |
| Plant, machinery and equipment | 23 | €1,839 | €1,336 | -€503 | -27.4% |
| Furniture and vehicles | 24 | €973 | €30,567 | +€29,594 | +3041.5% |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Current assets | 29/58 | €408,806 | €338,244 | -€70,562 | -17.3% |
| Amounts receivable within one year | 40/41 | €51,042 | €70,448 | +€19,406 | +38.0% |
| Trade receivables | 40 | €31,042 | €44,753 | +€13,711 | +44.2% |
| Other amounts receivable | 41 | €20,000 | €25,695 | +€5,695 | +28.5% |
| Cash at bank and in hand | 54/58 | €357,764 | €267,796 | -€89,968 | -25.1% |
| Total equity and liabilities | 10/49 | €737,871 | €696,201 | -€41,670 | -5.6% |
| Equity | 10/15 | €572,139 | €619,639 | +€47,500 | +8.3% |
| Contributions | 10/11 | €7,445 | €7,445 | = | 0.0% |
| Capital | 10 | €7,445 | €7,445 | = | 0.0% |
| Issued capital | 100 | €7,445 | €7,445 | = | 0.0% |
| Reserves | 13 | €200,000 | €200,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Legal reserve | 130 | €0 | - | = | |
| Distributable reserves | 133 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €364,694 | €412,194 | +€47,500 | +13.0% |
| Amounts payable | 17/49 | €165,732 | €76,562 | -€89,170 | -53.8% |
| Amounts payable within one year | 42/48 | €165,732 | €74,524 | -€91,208 | -55.0% |
| Current portion of amounts payable after more than one year | 42 | - | €26,230 | +€26,230 | |
| Trade debts | 44 | €115,906 | €48,294 | -€67,612 | -58.3% |
| Suppliers | 440/4 | €115,906 | €48,294 | -€67,612 | -58.3% |
| Taxes, remuneration and social security | 45 | €47,872 | - | -€47,872 | |
| Taxes | 450/3 | €47,872 | - | -€47,872 | |
| Other amounts payable | 47/48 | €1,954 | - | -€1,954 | |
| Accrued charges and deferred income | 492/3 | - | €2,038 | +€2,038 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €753 | €1,405 | +€652 | +86.6% |
| Other operating charges | 640/8 | €17,357 | €8,358 | -€8,999 | -51.8% |
| Gross operating margin | 9900 | €121,051 | €82,149 | -€38,902 | -32.1% |
| Operating profit (loss) | 9901 | €102,941 | €72,386 | -€30,555 | -29.7% |
| Financial income | 75/76B | €3,230 | €11,409 | +€8,179 | +253.2% |
| Recurring financial income | 75 | €3,230 | €11,409 | +€8,179 | +253.2% |
| Financial charges | 65/66B | €654 | €1,372 | +€718 | +109.8% |
| Recurring financial charges | 65 | €654 | €1,372 | +€718 | +109.8% |
| Profit (loss) for the period before taxes | 9903 | €105,517 | €82,423 | -€23,094 | -21.9% |
| Income taxes | 67/77 | - | €34,923 | +€34,923 | |
| Profit (loss) for the period | 9904 | €105,517 | €47,500 | -€58,017 | -55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,517 | €47,500 | -€58,017 | -55.0% |
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 11 October 2026 via checked.be.