NORGREN: 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.
NORGREN
Largest movements
- Cash +€314,211
up €314,211 (+5972.8%), from €5,261 to €319,472
mainly Trade debts (+€447,589) and Net result for the year (+€364,509)
- Deferred charges and accrued income +€88,357
up €88,357 (+3114.5%), from €2,837 to €91,194
- Tangible fixed assets -€41,960
down €41,960 (-6.2%), from €675,781 to €633,821
of which Land and buildings: -€32,444
- Trade debts +€447,589
up €447,589 (+494.2%), from €90,564 to €538,153
- Tax, wage and social debts -€366,188
down €366,188 (-46.0%), from €795,831 to €429,643
of which Remuneration and social security: -€232,141
- Reserves +€245,502
up €245,502 (+107.1%), from €229,176 to €474,678
of which Distributable reserves: +€245,502
- Turnover -€722,219
down €722,219 (-6.9%), from €10.5m to €9.8m
- Goods and materials -€479,282
down €479,282 (-8.6%), from €5.6m to €5.1m
- Staff costs -€232,566
down €232,566 (-8.3%), from €2.8m to €2.6m
- Write-downs -€171,982
no longer reported in 2025 (was €171,982)
- Services and other goods -€139,046
down €139,046 (-7.9%), from €1.8m to €1.6m
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 | €3,348,360 | €3,679,990 | +€331,630 | +9.9% |
| Fixed assets | 21/28 | €687,491 | €645,531 | -€41,960 | -6.1% |
| Tangible fixed assets | 22/27 | €675,781 | €633,821 | -€41,960 | -6.2% |
| Land and buildings | 22 | €642,955 | €610,511 | -€32,444 | -5.0% |
| Plant, machinery and equipment | 23 | €6,770 | €4,578 | -€2,192 | -32.4% |
| Furniture and vehicles | 24 | €26,056 | €18,732 | -€7,324 | -28.1% |
| Financial fixed assets | 28 | €11,710 | €11,710 | = | 0.0% |
| Other financial fixed assets | 284/8 | €11,710 | €11,710 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €11,710 | €11,710 | = | 0.0% |
| Current assets | 29/58 | €2,660,869 | €3,034,460 | +€373,590 | +14.0% |
| Amounts receivable within one year | 40/41 | €2,652,772 | €2,623,794 | -€28,977 | -1.1% |
| Trade receivables | 40 | €2,652,772 | €2,596,786 | -€55,985 | -2.1% |
| Other amounts receivable | 41 | - | €27,008 | +€27,008 | |
| Cash at bank and in hand | 54/58 | €5,261 | €319,472 | +€314,211 | +5972.8% |
| Deferred charges and accrued income | 490/1 | €2,837 | €91,194 | +€88,357 | +3114.5% |
| Total equity and liabilities | 10/49 | €3,348,360 | €3,679,990 | +€331,630 | +9.9% |
| Equity | 10/15 | €2,393,546 | €2,639,048 | +€245,502 | +10.3% |
| Contributions | 10/11 | €2,164,370 | €2,164,370 | = | 0.0% |
| Capital | 10 | €620,000 | €620,000 | = | 0.0% |
| Issued capital | 100 | €620,000 | €620,000 | = | 0.0% |
| Outside capital | 11 | €1,544,370 | €1,544,370 | = | 0.0% |
| Share premium | 1100/10 | €1,544,370 | €1,544,370 | = | 0.0% |
| Reserves | 13 | €229,176 | €474,678 | +€245,502 | +107.1% |
| Non-distributable reserves | 130/1 | €68,569 | €68,569 | = | 0.0% |
| Legal reserve | 130 | €62,000 | €62,000 | = | 0.0% |
| Other | 1319 | €6,569 | €6,569 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,377 | €28,377 | = | 0.0% |
| Distributable reserves | 133 | €132,230 | €377,732 | +€245,502 | +185.7% |
| Amounts payable | 17/49 | €954,814 | €1,040,942 | +€86,128 | +9.0% |
| Amounts payable within one year | 42/48 | €886,395 | €967,796 | +€81,402 | +9.2% |
| Trade debts | 44 | €90,564 | €538,153 | +€447,589 | +494.2% |
| Suppliers | 440/4 | €90,564 | €538,153 | +€447,589 | +494.2% |
| Taxes, remuneration and social security | 45 | €795,831 | €429,643 | -€366,188 | -46.0% |
| Taxes | 450/3 | €324,282 | €190,235 | -€134,047 | -41.3% |
| Remuneration and social security | 454/9 | €471,549 | €239,408 | -€232,141 | -49.2% |
| Accrued charges and deferred income | 492/3 | €68,420 | €73,146 | +€4,727 | +6.9% |
| Operating income | 70/76A | €10,633,885 | €9,818,260 | -€815,626 | -7.7% |
| Turnover | 70 | €10,540,479 | €9,818,260 | -€722,219 | -6.9% |
| Other operating income | 74 | €93,406 | - | -€93,406 | |
| Operating charges | 60/66A | €10,391,964 | €9,376,270 | -€1.0m | -9.8% |
| Goods for resale, raw materials and consumables | 60 | €5,583,199 | €5,103,917 | -€479,282 | -8.6% |
| Purchases | 600/8 | €5,583,199 | €5,103,917 | -€479,282 | -8.6% |
| Services and other goods | 61 | €1,753,792 | €1,614,746 | -€139,046 | -7.9% |
| Remuneration, social security and pensions | 62 | €2,795,294 | €2,562,728 | -€232,566 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,477 | €43,240 | -€237 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €171,982 | - | -€171,982 | |
| Other operating charges | 640/8 | €44,220 | €51,638 | +€7,418 | +16.8% |
| Operating profit (loss) | 9901 | €241,921 | €441,990 | +€200,069 | +82.7% |
| Financial income | 75/76B | €3,905 | - | -€3,905 | |
| Recurring financial income | 75 | €3,905 | - | -€3,905 | |
| Other financial income | 752/9 | €3,905 | - | -€3,905 | |
| Financial charges | 65/66B | €30,756 | €22,653 | -€8,103 | -26.3% |
| Recurring financial charges | 65 | €30,756 | €22,653 | -€8,103 | -26.3% |
| Debt charges | 650 | €19 | - | -€19 | |
| Other financial charges | 652/9 | €30,737 | €22,653 | -€8,084 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €215,070 | €419,337 | +€204,267 | +95.0% |
| Income taxes | 67/77 | €119,999 | €54,828 | -€65,171 | -54.3% |
| Taxes | 670/3 | €119,999 | €81,835 | -€38,164 | -31.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €27,007 | +€27,007 | |
| Profit (loss) for the period | 9904 | €95,071 | €364,509 | +€269,438 | +283.4% |
| Profit (loss) for the period to be appropriated | 9905 | €95,071 | €364,509 | +€269,438 | +283.4% |
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 8 October 2026 via checked.be.