NOREAS: 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.
NOREAS
Largest movements
- Receivables within one year +€51,063
up €51,063 (+35.9%), from €142,285 to €193,348
of which Trade receivables: +€35,501
- Cash -€18,260
down €18,260 (-20.0%), from €91,276 to €73,015
mainly Net result for the year (-€52,720) and Receivables within one year (-€51,063)
- Deferred charges and accrued income -€7,153
down €7,153 (-56.3%), from €12,703 to €5,550
- Tangible fixed assets +€4,551
up €4,551 (+81.2%), from €5,603 to €10,154
of which Furniture and vehicles: +€5,486
- Trade debts +€84,272
up €84,272 (+95.9%), from €87,920 to €172,192
- Profit (loss) carried forward -€52,720
down €52,720 (-44.9%), from €117,308 to €64,588
- Tax, wage and social debts -€6,305
down €6,305 (-21.0%), from €30,015 to €23,710
of which Taxes: -€11,326
- Other debts +€3,630
new in 2025: €3,630
- Gross operating margin -€76,703
down €76,703 (-39.2%), from €195,771 to €119,067
- Staff costs +€38,410
up €38,410 (+30.3%), from €126,719 to €165,129
- Taxes -€14,240
down €14,240 (-99.6%), from €14,301 to €61
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 | €251,866 | €282,067 | +€30,201 | +12.0% |
| Fixed assets | 21/28 | €5,603 | €10,154 | +€4,551 | +81.2% |
| Tangible fixed assets | 22/27 | €5,603 | €10,154 | +€4,551 | +81.2% |
| Furniture and vehicles | 24 | €1,949 | €7,435 | +€5,486 | +281% |
| Other tangible fixed assets | 26 | €3,654 | €2,719 | -€935 | -25.6% |
| Current assets | 29/58 | €246,263 | €271,913 | +€25,650 | +10.4% |
| Amounts receivable within one year | 40/41 | €142,285 | €193,348 | +€51,063 | +35.9% |
| Trade receivables | 40 | €15,441 | €50,943 | +€35,501 | +230% |
| Other amounts receivable | 41 | €126,844 | €142,405 | +€15,562 | +12.3% |
| Cash at bank and in hand | 54/58 | €91,276 | €73,015 | -€18,260 | -20.0% |
| Deferred charges and accrued income | 490/1 | €12,703 | €5,550 | -€7,153 | -56.3% |
| Total equity and liabilities | 10/49 | €251,866 | €282,067 | +€30,201 | +12.0% |
| Equity | 10/15 | €122,308 | €69,588 | -€52,720 | -43.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,308 | €64,588 | -€52,720 | -44.9% |
| Amounts payable | 17/49 | €129,558 | €212,479 | +€82,921 | +64.0% |
| Amounts payable after more than one year | 17 | €7,264 | €7,265 | +€1 | 0.0% |
| Financial debts | 170/4 | €7,264 | €7,265 | +€1 | 0.0% |
| Amounts payable within one year | 42/48 | €122,294 | €205,214 | +€82,920 | +67.8% |
| Current portion of amounts payable after more than one year | 42 | €4,360 | €5,682 | +€1,322 | +30.3% |
| Trade debts | 44 | €87,920 | €172,192 | +€84,272 | +95.9% |
| Suppliers | 440/4 | €87,920 | €172,192 | +€84,272 | +95.9% |
| Taxes, remuneration and social security | 45 | €30,015 | €23,710 | -€6,305 | -21.0% |
| Taxes | 450/3 | €14,301 | €2,975 | -€11,326 | -79.2% |
| Remuneration and social security | 454/9 | €15,714 | €20,735 | +€5,021 | +31.9% |
| Other amounts payable | 47/48 | - | €3,630 | +€3,630 | |
| Remuneration, social security and pensions | 62 | €126,719 | €165,129 | +€38,410 | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,154 | €1,399 | +€245 | +21.2% |
| Other operating charges | 640/8 | €509 | €2,424 | +€1,915 | +376% |
| Gross operating margin | 9900 | €195,771 | €119,067 | -€76,703 | -39.2% |
| Operating profit (loss) | 9901 | €67,388 | -€49,885 | -€117,273 | |
| Financial income | 75/76B | €4 | €5 | +€1 | +22.2% |
| Recurring financial income | 75 | €4 | €5 | +€1 | +22.2% |
| Financial charges | 65/66B | €998 | €2,779 | +€1,781 | +178% |
| Recurring financial charges | 65 | €998 | €2,779 | +€1,781 | +178% |
| Profit (loss) for the period before taxes | 9903 | €66,395 | -€52,659 | -€119,053 | |
| Income taxes | 67/77 | €14,301 | €61 | -€14,240 | -99.6% |
| Profit (loss) for the period | 9904 | €52,094 | -€52,720 | -€104,813 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,094 | -€52,720 | -€104,813 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.