NORDAU: 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.
NORDAU
Largest movements
- Tangible fixed assets +€28,595
new in 2025: €28,595
- Deferred charges and accrued income -€3,237
down €3,237 (-16.7%), from €19,420 to €16,183
- Debts after one year +€21,147
new in 2025: €21,147
- Tax, wage and social debts -€10,182
down €10,182 (-100%), from €10,182 to €0
- Other debts +€7,154
up €7,154 (+238%), from €3,006 to €10,160
- Reserves +€6,645
up €6,645 (+11.9%), from €55,697 to €62,342
- Current portion of long-term debt +€3,230
up €3,230 (+86.1%), from €3,750 to €6,980
- Gross operating margin +€15,408
up €15,408 (+191%), from €8,050 to €23,458
- Depreciation +€7,825
up €7,825, from €0 to €7,825
- Financial charges +€5,153
up €5,153 (+942%), from €547 to €5,700
- Taxes +€2,658
up €2,658 (+552%), from €481 to €3,140
- Financial income +€1,973
up €1,973 (+1,002%), from €197 to €2,170
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 | €103,228 | €129,222 | +€25,994 | +25.2% |
| Fixed assets | 21/28 | - | €28,595 | +€28,595 | |
| Tangible fixed assets | 22/27 | - | €28,595 | +€28,595 | |
| Furniture and vehicles | 24 | - | €28,595 | +€28,595 | |
| Current assets | 29/58 | €103,228 | €100,627 | -€2,601 | -2.5% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,398 | €23,386 | -€12 | -0.1% |
| Trade receivables | 40 | €11,519 | €17,259 | +€5,740 | +49.8% |
| Other amounts receivable | 41 | €11,879 | €6,127 | -€5,752 | -48.4% |
| Cash at bank and in hand | 54/58 | €410 | €1,058 | +€648 | +158% |
| Deferred charges and accrued income | 490/1 | €19,420 | €16,183 | -€3,237 | -16.7% |
| Total equity and liabilities | 10/49 | €103,228 | €129,222 | +€25,994 | +25.2% |
| Equity | 10/15 | €61,897 | €68,542 | +€6,645 | +10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €55,697 | €62,342 | +€6,645 | +11.9% |
| Distributable reserves | 133 | €55,697 | €62,342 | +€6,645 | +11.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €41,331 | €60,681 | +€19,349 | +46.8% |
| Amounts payable after more than one year | 17 | - | €21,147 | +€21,147 | |
| Financial debts | 170/4 | - | €21,147 | +€21,147 | |
| Amounts payable within one year | 42/48 | €41,331 | €39,533 | -€1,798 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €3,750 | €6,980 | +€3,230 | +86.1% |
| Financial debts | 43 | €1,616 | €0 | -€1,616 | -100% |
| Other loans | 439 | €1,616 | €0 | -€1,616 | -100% |
| Trade debts | 44 | €22,778 | €22,394 | -€384 | -1.7% |
| Suppliers | 440/4 | €22,778 | €22,394 | -€384 | -1.7% |
| Taxes, remuneration and social security | 45 | €10,182 | €0 | -€10,182 | -100% |
| Taxes | 450/3 | €10,182 | €0 | -€10,182 | -100% |
| Other amounts payable | 47/48 | €3,006 | €10,160 | +€7,154 | +238% |
| Non-recurring operating income | 76A | €7,500 | €0 | -€7,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €7,825 | +€7,825 | |
| Other operating charges | 640/8 | €4,213 | €2,318 | -€1,895 | -45.0% |
| Gross operating margin | 9900 | €8,050 | €23,458 | +€15,408 | +191% |
| Operating profit (loss) | 9901 | €3,837 | €13,315 | +€9,478 | +247% |
| Financial income | 75/76B | €197 | €2,170 | +€1,973 | +1,002% |
| Recurring financial income | 75 | €197 | €2,170 | +€1,973 | +1,002% |
| Financial charges | 65/66B | €547 | €5,700 | +€5,153 | +942% |
| Recurring financial charges | 65 | €547 | €5,700 | +€5,153 | +942% |
| Profit (loss) for the period before taxes | 9903 | €3,487 | €9,785 | +€6,298 | +181% |
| Income taxes | 67/77 | €481 | €3,140 | +€2,658 | +552% |
| Profit (loss) for the period | 9904 | €3,006 | €6,645 | +€3,639 | +121% |
| Profit (loss) for the period to be appropriated | 9905 | €3,006 | €6,645 | +€3,639 | +121% |
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 14 October 2026 via checked.be.