Norelis: 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.
Norelis
Largest movements
- Current investments -€360,000
down €360,000 (-100%), from €360,000 to €0
- Cash +€262,654
up €262,654 (+505%), from €52,039 to €314,693
mainly Net result for the year (+€398,646) and Current investments (+€360,000)
- Other debts -€115,100
down €115,100 (-14.1%), from €814,687 to €699,587
- Financial income +€394,006
up €394,006 (+3,815%), from €10,329 to €404,335
- Gross operating margin -€40,414
down €40,414 (-49.7%), from €81,317 to €40,904
- Taxes -€10,983
down €10,983 (-91.5%), from €12,001 to €1,018
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 | €5,768,350 | €5,651,308 | -€117,042 | -2.0% |
| Fixed assets | 21/28 | €5,207,126 | €5,172,953 | -€34,173 | -0.7% |
| Tangible fixed assets | 22/27 | €836,885 | €802,711 | -€34,173 | -4.1% |
| Land and buildings | 22 | €810,417 | €789,281 | -€21,136 | -2.6% |
| Furniture and vehicles | 24 | €26,468 | €13,431 | -€13,038 | -49.3% |
| Financial fixed assets | 28 | €4,370,242 | €4,370,242 | = | 0.0% |
| Current assets | 29/58 | €561,223 | €478,355 | -€82,868 | -14.8% |
| Amounts receivable within one year | 40/41 | €149,185 | €163,662 | +€14,477 | +9.7% |
| Trade receivables | 40 | €13,008 | €14,045 | +€1,038 | +8.0% |
| Other amounts receivable | 41 | €136,177 | €149,617 | +€13,440 | +9.9% |
| Current investments | 50/53 | €360,000 | €0 | -€360,000 | -100% |
| Cash at bank and in hand | 54/58 | €52,039 | €314,693 | +€262,654 | +505% |
| Total equity and liabilities | 10/49 | €5,768,350 | €5,651,308 | -€117,042 | -2.0% |
| Equity | 10/15 | €4,935,172 | €4,938,817 | +€3,646 | +0.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €4,916,622 | €4,920,267 | +€3,646 | +0.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €4,916,622 | €4,920,267 | +€3,646 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €833,178 | €712,490 | -€120,687 | -14.5% |
| Amounts payable within one year | 42/48 | €828,100 | €707,884 | -€120,217 | -14.5% |
| Trade debts | 44 | €8,332 | €1,690 | -€6,641 | -79.7% |
| Suppliers | 440/4 | €8,332 | €1,690 | -€6,641 | -79.7% |
| Taxes, remuneration and social security | 45 | €5,081 | €6,607 | +€1,525 | +30.0% |
| Taxes | 450/3 | €5,081 | €6,607 | +€1,525 | +30.0% |
| Other amounts payable | 47/48 | €814,687 | €699,587 | -€115,100 | -14.1% |
| Accrued charges and deferred income | 492/3 | €5,077 | €4,607 | -€471 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,173 | €34,173 | +€0 | 0.0% |
| Other operating charges | 640/8 | €4,497 | €4,306 | -€191 | -4.2% |
| Gross operating margin | 9900 | €81,317 | €40,904 | -€40,414 | -49.7% |
| Operating profit (loss) | 9901 | €42,647 | €2,425 | -€40,223 | -94.3% |
| Financial income | 75/76B | €10,329 | €404,335 | +€394,006 | +3,815% |
| Recurring financial income | 75 | €10,329 | €404,335 | +€394,006 | +3,815% |
| Financial charges | 65/66B | €6,414 | €7,096 | +€683 | +10.6% |
| Recurring financial charges | 65 | €6,414 | €7,096 | +€683 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €46,563 | €399,663 | +€353,101 | +758% |
| Income taxes | 67/77 | €12,001 | €1,018 | -€10,983 | -91.5% |
| Profit (loss) for the period | 9904 | €34,562 | €398,646 | +€364,084 | +1,053% |
| Profit (loss) for the period to be appropriated | 9905 | €34,562 | €398,646 | +€364,084 | +1,053% |
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 25 October 2026 via checked.be.