NOREMI: 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.
NOREMI
Largest movements
- Cash -€28,546
down €28,546 (-29.9%), from €95,580 to €67,034
mainly Net result for the year (-€38,977) and Trade debts (-€18,884)
- Tangible fixed assets -€21,532
down €21,532 (-32.8%), from €65,618 to €44,086
- Receivables within one year -€7,929
down €7,929 (-9.6%), from €82,272 to €74,343
of which Trade receivables: -€19,849
- Intangible fixed assets -€5,178
down €5,178 (-71.5%), from €7,241 to €2,064
- Reserves -€38,977
down €38,977 (-46.8%), from €83,363 to €44,387
- Trade debts -€18,884
down €18,884 (-35.9%), from €52,556 to €33,672
- Debts after one year -€14,040
down €14,040 (-20.4%), from €68,746 to €54,706
- Tax, wage and social debts +€8,526
up €8,526 (+101.1%), from €8,431 to €16,957
of which Taxes: +€9,065
- Gross operating margin -€110,005
down €110,005 (-54.4%), from €202,233 to €92,229
- Staff costs -€30,280
down €30,280 (-25.0%), from €120,927 to €90,647
- Taxes -€8,393
down €8,393 (-96.2%), from €8,721 to €328
- Other operating charges +€4,204
up €4,204 (+187.1%), from €2,247 to €6,451
- Financial charges -€3,982
down €3,982 (-29.1%), from €13,671 to €9,689
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 | €256,597 | €193,762 | -€62,835 | -24.5% |
| Fixed assets | 21/28 | €73,174 | €46,779 | -€26,395 | -36.1% |
| Intangible fixed assets | 21 | €7,241 | €2,064 | -€5,178 | -71.5% |
| Tangible fixed assets | 22/27 | €65,618 | €44,086 | -€21,532 | -32.8% |
| Land and buildings | 22 | €16,475 | €14,251 | -€2,223 | -13.5% |
| Plant, machinery and equipment | 23 | €13,515 | €5,711 | -€7,805 | -57.7% |
| Furniture and vehicles | 24 | €8,156 | €3,293 | -€4,863 | -59.6% |
| Leasing and similar rights | 25 | €27,472 | €20,831 | -€6,641 | -24.2% |
| Financial fixed assets | 28 | €315 | €630 | +€315 | +100.0% |
| Current assets | 29/58 | €183,422 | €146,982 | -€36,440 | -19.9% |
| Amounts receivable within one year | 40/41 | €82,272 | €74,343 | -€7,929 | -9.6% |
| Trade receivables | 40 | €19,849 | €0 | -€19,849 | -100.0% |
| Other amounts receivable | 41 | €62,423 | €74,343 | +€11,920 | +19.1% |
| Cash at bank and in hand | 54/58 | €95,580 | €67,034 | -€28,546 | -29.9% |
| Deferred charges and accrued income | 490/1 | €5,571 | €5,606 | +€35 | +0.6% |
| Total equity and liabilities | 10/49 | €256,597 | €193,762 | -€62,835 | -24.5% |
| Equity | 10/15 | €113,363 | €74,387 | -€38,977 | -34.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €83,363 | €44,387 | -€38,977 | -46.8% |
| Distributable reserves | 133 | €83,363 | €44,387 | -€38,977 | -46.8% |
| Amounts payable | 17/49 | €143,233 | €119,375 | -€23,858 | -16.7% |
| Amounts payable after more than one year | 17 | €68,746 | €54,706 | -€14,040 | -20.4% |
| Financial debts | 170/4 | €68,746 | €54,706 | -€14,040 | -20.4% |
| Amounts payable within one year | 42/48 | €74,487 | €64,669 | -€9,818 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €13,500 | €14,040 | +€541 | +4.0% |
| Trade debts | 44 | €52,556 | €33,672 | -€18,884 | -35.9% |
| Suppliers | 440/4 | €52,556 | €33,672 | -€18,884 | -35.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €8,431 | €16,957 | +€8,526 | +101.1% |
| Taxes | 450/3 | €717 | €9,783 | +€9,065 | +1263.8% |
| Remuneration and social security | 454/9 | €7,714 | €7,174 | -€540 | -7.0% |
| Remuneration, social security and pensions | 62 | €120,927 | €90,647 | -€30,280 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,793 | €27,753 | +€960 | +3.6% |
| Other operating charges | 640/8 | €2,247 | €6,451 | +€4,204 | +187.1% |
| Non-recurring operating charges | 66A | €5,506 | €0 | -€5,506 | -100.0% |
| Gross operating margin | 9900 | €202,233 | €92,229 | -€110,005 | -54.4% |
| Operating profit (loss) | 9901 | €46,761 | -€32,622 | -€79,383 | |
| Financial income | 75/76B | €1,966 | €3,662 | +€1,697 | +86.3% |
| Recurring financial income | 75 | €1,966 | €3,662 | +€1,697 | +86.3% |
| Financial charges | 65/66B | €13,671 | €9,689 | -€3,982 | -29.1% |
| Recurring financial charges | 65 | €13,671 | €9,689 | -€3,982 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €35,056 | -€38,649 | -€73,705 | |
| Income taxes | 67/77 | €8,721 | €328 | -€8,393 | -96.2% |
| Profit (loss) for the period | 9904 | €26,335 | -€38,977 | -€65,312 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,335 | -€38,977 | -€65,312 |
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 5 October 2026 via checked.be.