NORGAD: 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.
NORGAD
Largest movements
- Receivables within one year -€2.0m
down €2.0m (-83.0%), from €2.4m to €401,032
of which Trade receivables: -€2.0m
- Stocks and contracts +€150,269
up €150,269 (+72.7%), from €206,741 to €357,010
- Cash -€43,327
down €43,327 (-99.4%), from €43,592 to €265
mainly Trade debts (-€1.9m) and Stocks and contracts (-€150,269)
- Trade debts -€1.9m
no longer reported in 2024 (was €1.9m)
- Financial charges -€101,895
down €101,895 (-79.8%), from €127,683 to €25,788
of which Financial charges: -€101,775
- Financial income -€68,194
down €68,194 (-59.8%), from €114,049 to €45,855
- Gross operating margin -€34,873
down €34,873, from €31,092 to -€3,781
- Taxes -€710
down €710 (-17.5%), from €4,049 to €3,339
- Other operating charges +€583
up €583 (+151.7%), from €384 to €968
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,614,819 | €758,307 | -€1.9m | -71.0% |
| Current assets | 29/58 | €2,614,819 | €758,307 | -€1.9m | -71.0% |
| Stocks and contracts in progress | 3 | €206,741 | €357,010 | +€150,269 | +72.7% |
| Stocks | 30/36 | €206,741 | €357,010 | +€150,269 | +72.7% |
| Amounts receivable within one year | 40/41 | €2,364,398 | €401,032 | -€2.0m | -83.0% |
| Trade receivables | 40 | €2,358,774 | €401,032 | -€2.0m | -83.0% |
| Other amounts receivable | 41 | €5,624 | - | -€5,624 | |
| Cash at bank and in hand | 54/58 | €43,592 | €265 | -€43,327 | -99.4% |
| Deferred charges and accrued income | 490/1 | €88 | - | -€88 | |
| Total equity and liabilities | 10/49 | €2,614,819 | €758,307 | -€1.9m | -71.0% |
| Equity | 10/15 | €67,261 | €79,239 | +€11,979 | +17.8% |
| Contributions | 10/11 | €20,900 | €20,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,361 | €58,339 | +€11,979 | +25.8% |
| Amounts payable | 17/49 | €2,547,558 | €679,067 | -€1.9m | -73.3% |
| Amounts payable after more than one year | 17 | €646,970 | €671,665 | +€24,695 | +3.8% |
| Other amounts payable | 178/9 | €646,970 | €671,665 | +€24,695 | +3.8% |
| Amounts payable within one year | 42/48 | €1,900,588 | €7,402 | -€1.9m | -99.6% |
| Trade debts | 44 | €1,878,539 | - | -€1.9m | |
| Suppliers | 440/4 | €1,878,539 | - | -€1.9m | |
| Taxes, remuneration and social security | 45 | €22,049 | €7,402 | -€14,647 | -66.4% |
| Taxes | 450/3 | €4,049 | €7,402 | +€3,353 | +82.8% |
| Remuneration and social security | 454/9 | €18,000 | - | -€18,000 | |
| Non-recurring operating income | 76A | - | €310,420 | +€310,420 | |
| Other operating charges | 640/8 | €384 | €968 | +€583 | +151.7% |
| Gross operating margin | 9900 | €31,092 | -€3,781 | -€34,873 | |
| Operating profit (loss) | 9901 | €30,707 | -€4,748 | -€35,456 | |
| Financial income | 75/76B | €114,049 | €45,855 | -€68,194 | -59.8% |
| Recurring financial income | 75 | €114,049 | €45,855 | -€68,194 | -59.8% |
| Financial charges | 65/66B | €127,683 | €25,788 | -€101,895 | -79.8% |
| Recurring financial charges | 65 | €127,563 | €25,788 | -€101,775 | -79.8% |
| Non-recurring financial charges | 66B | €120 | - | -€120 | |
| Profit (loss) for the period before taxes | 9903 | €17,073 | €15,318 | -€1,755 | -10.3% |
| Income taxes | 67/77 | €4,049 | €3,339 | -€710 | -17.5% |
| Profit (loss) for the period | 9904 | €13,024 | €11,979 | -€1,045 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,024 | €11,979 | -€1,045 | -8.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.