NORDAL: 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.
NORDAL
Largest movements
- Receivables within one year -€85,437
down €85,437 (-30.6%), from €279,484 to €194,047
of which Trade receivables: -€67,394
- Tangible fixed assets -€7,084
down €7,084 (-11.3%), from €62,528 to €55,444
of which Leasing and similar rights: -€6,844
- Trade debts -€41,057
down €41,057 (-85.5%), from €48,007 to €6,950
- Other debts -€36,756
down €36,756 (-47.7%), from €77,113 to €40,357
- Profit (loss) carried forward -€7,566
down €7,566 (-5.2%), from -€145,910 to -€153,476
- Tax, wage and social debts -€7,260
down €7,260 (-67.5%), from €10,748 to €3,488
- Staff costs -€168,221
down €168,221 (-66.9%), from €251,380 to €83,159
- Gross operating margin -€160,473
down €160,473 (-61.2%), from €262,425 to €101,952
- Depreciation +€6,845
new in 2025: €6,845
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 | €342,223 | €249,584 | -€92,639 | -27.1% |
| Fixed assets | 21/28 | €62,528 | €55,444 | -€7,084 | -11.3% |
| Tangible fixed assets | 22/27 | €62,528 | €55,444 | -€7,084 | -11.3% |
| Plant, machinery and equipment | 23 | €55,444 | €55,444 | = | 0.0% |
| Furniture and vehicles | 24 | €240 | - | -€240 | |
| Leasing and similar rights | 25 | €6,844 | - | -€6,844 | |
| Current assets | 29/58 | €279,695 | €194,140 | -€85,555 | -30.6% |
| Amounts receivable within one year | 40/41 | €279,484 | €194,047 | -€85,437 | -30.6% |
| Trade receivables | 40 | €260,617 | €193,223 | -€67,394 | -25.9% |
| Other amounts receivable | 41 | €18,867 | €824 | -€18,043 | -95.6% |
| Cash at bank and in hand | 54/58 | €211 | €93 | -€118 | -55.9% |
| Total equity and liabilities | 10/49 | €342,223 | €249,584 | -€92,639 | -27.1% |
| Equity | 10/15 | €54,090 | €46,524 | -€7,566 | -14.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,910 | -€153,476 | -€7,566 | -5.2% |
| Amounts payable | 17/49 | €288,133 | €203,060 | -€85,073 | -29.5% |
| Amounts payable after more than one year | 17 | €128,265 | €128,265 | = | 0.0% |
| Financial debts | 170/4 | €128,265 | €128,265 | = | 0.0% |
| Amounts payable within one year | 42/48 | €159,868 | €74,795 | -€85,073 | -53.2% |
| Current portion of amounts payable after more than one year | 42 | €24,000 | €24,000 | = | 0.0% |
| Trade debts | 44 | €48,007 | €6,950 | -€41,057 | -85.5% |
| Suppliers | 440/4 | €48,007 | €6,950 | -€41,057 | -85.5% |
| Taxes, remuneration and social security | 45 | €10,748 | €3,488 | -€7,260 | -67.5% |
| Remuneration and social security | 454/9 | €10,748 | €3,488 | -€7,260 | -67.5% |
| Other amounts payable | 47/48 | €77,113 | €40,357 | -€36,756 | -47.7% |
| Remuneration, social security and pensions | 62 | €251,380 | €83,159 | -€168,221 | -66.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,845 | +€6,845 | |
| Other operating charges | 640/8 | €960 | €1,462 | +€502 | +52.3% |
| Non-recurring operating charges | 66A | €786 | €1,762 | +€976 | +124% |
| Gross operating margin | 9900 | €262,425 | €101,952 | -€160,473 | -61.2% |
| Operating profit (loss) | 9901 | €9,299 | €8,724 | -€575 | -6.2% |
| Financial income | 75/76B | €527 | - | -€527 | |
| Recurring financial income | 75 | €527 | - | -€527 | |
| Financial charges | 65/66B | €9,542 | €8,452 | -€1,090 | -11.4% |
| Recurring financial charges | 65 | €9,542 | €8,452 | -€1,090 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €284 | €272 | -€12 | -4.2% |
| Profit (loss) for the period | 9904 | €284 | €272 | -€12 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €284 | €272 | -€12 | -4.2% |
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 28 October 2026 via checked.be.