NOREL: what changed
Two fiscal 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.
NOREL
Largest movements
- Cash -€90,069
down €90,069 (-64.7%), from €139,163 to €49,094
mainly Investment in fixed assets (net) (-€77,348) and Contributions, distributions and other (-€75,000)
- Tangible fixed assets +€61,786
up €61,786 (+362.1%), from €17,065 to €78,851
of which Furniture and vehicles: +€45,316
- Stocks and contracts -€33,023
down €33,023 (-77.3%), from €42,738 to €9,715
of which Contracts in progress: -€22,084
- Receivables within one year +€32,589
up €32,589 (+23.1%), from €140,914 to €173,504
of which Trade receivables: +€32,592
- Current investments -€25,000
no longer reported in 2025 (was €25,000)
- Profit (loss) carried forward -€61,174
down €61,174 (-23.9%), from €255,558 to €194,385
- Debts after one year +€40,672
new in 2025: €40,672
- Trade debts -€35,321
down €35,321 (-45.0%), from €78,423 to €43,102
- Other debts -€11,726
down €11,726 (-97.3%), from €12,050 to €323
- Current portion of long-term debt +€11,051
new in 2025: €11,051
- Gross operating margin +€19,687
up €19,687 (+13.2%), from €148,615 to €168,302
- Staff costs +€5,999
up €5,999 (+4.8%), from €125,737 to €131,736
- Depreciation +€5,748
up €5,748 (+46.7%), from €12,302 to €18,050
- Financial income +€4,224
up €4,224 (+1288.3%), from €328 to €4,552
- Taxes +€2,946
up €2,946 (+92.0%), from €3,201 to €6,146
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 | €411,675 | €355,083 | -€56,592 | -13.7% |
| Fixed assets | 21/28 | €23,765 | €83,062 | +€59,297 | +249.5% |
| Intangible fixed assets | 21 | €6,365 | €3,876 | -€2,489 | -39.1% |
| Tangible fixed assets | 22/27 | €17,065 | €78,851 | +€61,786 | +362.1% |
| Land and buildings | 22 | €1,959 | - | -€1,959 | |
| Plant, machinery and equipment | 23 | - | €12,504 | +€12,504 | |
| Furniture and vehicles | 24 | €192 | €45,508 | +€45,316 | +23560.2% |
| Other tangible fixed assets | 26 | €14,913 | €20,838 | +€5,925 | +39.7% |
| Financial fixed assets | 28 | €335 | €335 | = | 0.0% |
| Current assets | 29/58 | €387,910 | €272,021 | -€115,890 | -29.9% |
| Stocks and contracts in progress | 3 | €42,738 | €9,715 | -€33,023 | -77.3% |
| Stocks | 30/36 | €20,654 | €9,715 | -€10,939 | -53.0% |
| Contracts in progress | 37 | €22,084 | - | -€22,084 | |
| Amounts receivable within one year | 40/41 | €140,914 | €173,504 | +€32,589 | +23.1% |
| Trade receivables | 40 | €140,814 | €173,406 | +€32,592 | +23.1% |
| Other amounts receivable | 41 | €100 | €98 | -€3 | -2.5% |
| Current investments | 50/53 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €139,163 | €49,094 | -€90,069 | -64.7% |
| Deferred charges and accrued income | 490/1 | €40,095 | €39,708 | -€387 | -1.0% |
| Total equity and liabilities | 10/49 | €411,675 | €355,083 | -€56,592 | -13.7% |
| Equity | 10/15 | €294,548 | €233,374 | -€61,174 | -20.8% |
| Contributions | 10/11 | €34,085 | €34,085 | = | 0.0% |
| Reserves | 13 | €4,904 | €4,904 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,904 | €4,904 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255,558 | €194,385 | -€61,174 | -23.9% |
| Amounts payable | 17/49 | €117,127 | €121,709 | +€4,582 | +3.9% |
| Amounts payable after more than one year | 17 | - | €40,672 | +€40,672 | |
| Financial debts | 170/4 | - | €40,672 | +€40,672 | |
| Amounts payable within one year | 42/48 | €116,544 | €81,037 | -€35,506 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | - | €11,051 | +€11,051 | |
| Trade debts | 44 | €78,423 | €43,102 | -€35,321 | -45.0% |
| Suppliers | 440/4 | €78,423 | €43,102 | -€35,321 | -45.0% |
| Taxes, remuneration and social security | 45 | €26,071 | €26,561 | +€491 | +1.9% |
| Taxes | 450/3 | €14,453 | €17,209 | +€2,756 | +19.1% |
| Remuneration and social security | 454/9 | €11,617 | €9,352 | -€2,265 | -19.5% |
| Other amounts payable | 47/48 | €12,050 | €323 | -€11,726 | -97.3% |
| Accrued charges and deferred income | 492/3 | €584 | - | -€584 | |
| Remuneration, social security and pensions | 62 | €125,737 | €131,736 | +€5,999 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,302 | €18,050 | +€5,748 | +46.7% |
| Other operating charges | 640/8 | €845 | €502 | -€343 | -40.6% |
| Gross operating margin | 9900 | €148,615 | €168,302 | +€19,687 | +13.2% |
| Operating profit (loss) | 9901 | €9,730 | €18,014 | +€8,284 | +85.1% |
| Financial income | 75/76B | €328 | €4,552 | +€4,224 | +1288.3% |
| Recurring financial income | 75 | €328 | €4,552 | +€4,224 | +1288.3% |
| Financial charges | 65/66B | €1,216 | €2,593 | +€1,377 | +113.3% |
| Recurring financial charges | 65 | €1,216 | €2,593 | +€1,377 | +113.3% |
| Profit (loss) for the period before taxes | 9903 | €8,842 | €19,973 | +€11,131 | +125.9% |
| Income taxes | 67/77 | €3,201 | €6,146 | +€2,946 | +92.0% |
| Profit (loss) for the period | 9904 | €5,641 | €13,826 | +€8,185 | +145.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,641 | €13,826 | +€8,185 | +145.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.