NORDIC-MANIC: 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.
NORDIC-MANIC
Largest movements
- Cash +€16,267
up €16,267 (+17.1%), from €94,990 to €111,257
mainly Net result for the year (+€77,491) and Receivables within one year (+€14,498)
- Receivables within one year -€14,498
down €14,498 (-100%), from €14,498 to €0
- Tangible fixed assets +€9,971
up €9,971 (+2.8%), from €353,985 to €363,955
- Reserves +€21,821
up €21,821 (+6.3%), from €345,110 to €366,931
of which Distributable reserves: +€21,821
- Tax, wage and social debts -€6,178
down €6,178 (-18.9%), from €32,730 to €26,552
- Current portion of long-term debt -€4,963
down €4,963 (-100%), from €4,963 to €0
- Taxes -€4,509
down €4,509 (-11.1%), from €40,752 to €36,243
- Gross operating margin -€4,347
down €4,347 (-3.2%), from €137,186 to €132,840
- Depreciation -€4,272
down €4,272 (-63.2%), from €6,758 to €2,486
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 | €463,473 | €475,212 | +€11,740 | +2.5% |
| Fixed assets | 21/28 | €353,985 | €363,955 | +€9,971 | +2.8% |
| Tangible fixed assets | 22/27 | €353,985 | €363,955 | +€9,971 | +2.8% |
| Land and buildings | 22 | €353,985 | €363,955 | +€9,971 | +2.8% |
| Current assets | 29/58 | €109,488 | €111,257 | +€1,769 | +1.6% |
| Amounts receivable within one year | 40/41 | €14,498 | €0 | -€14,498 | -100% |
| Other amounts receivable | 41 | €14,498 | €0 | -€14,498 | -100% |
| Cash at bank and in hand | 54/58 | €94,990 | €111,257 | +€16,267 | +17.1% |
| Total equity and liabilities | 10/49 | €463,473 | €475,212 | +€11,740 | +2.5% |
| Equity | 10/15 | €406,910 | €428,731 | +€21,821 | +5.4% |
| Contributions | 10/11 | €61,800 | €61,800 | = | 0.0% |
| Contributions outside capital | 11 | €61,800 | €61,800 | = | 0.0% |
| Other | 1109/19 | €61,800 | €61,800 | = | 0.0% |
| Reserves | 13 | €345,110 | €366,931 | +€21,821 | +6.3% |
| Non-distributable reserves | 130/1 | €15,380 | €15,380 | = | 0.0% |
| Legal reserve | 130 | €15,380 | €15,380 | = | 0.0% |
| Distributable reserves | 133 | €329,730 | €351,551 | +€21,821 | +6.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €56,563 | €46,481 | -€10,082 | -17.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €45,638 | €35,152 | -€10,486 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €4,963 | €0 | -€4,963 | -100% |
| Financial debts | 43 | €7,944 | €7,750 | -€194 | -2.4% |
| Credit institutions | 430/8 | €7,944 | €7,750 | -€194 | -2.4% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €32,730 | €26,552 | -€6,178 | -18.9% |
| Taxes | 450/3 | €32,730 | €26,552 | -€6,178 | -18.9% |
| Other amounts payable | 47/48 | - | €850 | +€850 | |
| Accrued charges and deferred income | 492/3 | €10,925 | €11,329 | +€404 | +3.7% |
| Non-recurring operating income | 76A | €8,282 | €0 | -€8,282 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,758 | €2,486 | -€4,272 | -63.2% |
| Other operating charges | 640/8 | €15,534 | €16,104 | +€570 | +3.7% |
| Gross operating margin | 9900 | €137,186 | €132,840 | -€4,347 | -3.2% |
| Operating profit (loss) | 9901 | €114,894 | €114,250 | -€644 | -0.6% |
| Financial income | 75/76B | €1,252 | €0 | -€1,252 | -100% |
| Recurring financial income | 75 | €1,252 | €0 | -€1,252 | -100% |
| Financial charges | 65/66B | €297 | €516 | +€219 | +73.6% |
| Recurring financial charges | 65 | €297 | €516 | +€219 | +73.6% |
| Profit (loss) for the period before taxes | 9903 | €115,850 | €113,734 | -€2,115 | -1.8% |
| Income taxes | 67/77 | €40,752 | €36,243 | -€4,509 | -11.1% |
| Profit (loss) for the period | 9904 | €75,097 | €77,491 | +€2,394 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €75,097 | €77,491 | +€2,394 | +3.2% |
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 13 October 2026 via checked.be.