NORM: 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.
What changed
NORM
NACE 31.009, Manufacture of furniture
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23,362
2024 · €303,554-€326,917
Equity
-€1.7m
2024 · -€1.6m-€23,362
Cash
€61,587
2024 · €10,041+€51,546
Balance sheet total
€1.6m
2024 · €1.4m+€173,529
Largest movements
Assets
- Receivables within one year +€133,680
up €133,680 (+137%), from €97,232 to €230,912
of which Trade receivables: +€130,026
- Intangible fixed assets +€129,963
up €129,963 (+255%), from €50,964 to €180,928
- Tangible fixed assets -€67,775
down €67,775 (-18.1%), from €374,726 to €306,951
of which Assets under construction and advance payments: -€92,856
- Stocks and contracts -€63,577
down €63,577 (-7.3%), from €870,216 to €806,639
- Cash +€51,546
up €51,546 (+513%), from €10,041 to €61,587
mainly Other debts (+€1.6m) and Depreciation (+€97,462)
Equity and liabilities
- Other debts +€1.6m
up €1.6m (+1,276%), from €128,952 to €1.8m
- Short-term financial debts -€944,500
down €944,500 (-54.9%), from €1.7m to €775,000
- Trade debts -€445,233
down €445,233 (-52.4%), from €849,111 to €403,878
- Debts after one year -€57,161
down €57,161 (-32.8%), from €174,520 to €117,359
- Profit (loss) carried forward -€23,362
down €23,362 (-1.0%), from -€2.3m to -€2.3m
Income statement
- Turnover -€263,630
down €263,630 (-7.8%), from €3.4m to €3.1m
- Goods and materials +€53,715
up €53,715 (+4.5%), from €1.2m to €1.2m
of which Change in stocks: decrease (increase): +€180,134
- Staff costs -€46,281
down €46,281 (-4.6%), from €1.0m to €961,515
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.
Result 2024
€303,554
Turnover
-€263,630
Other operating income
-€188
Goods and materials
-€53,715
Services and other goods
-€9,550
Staff costs
+€46,281
Depreciation
-€29,935
Write-downs
-€1,304
Other operating charges
+€860
Other operating items
+€9,896
Financial income
-€4,194
Financial charges
-€21,428
Taxes
-€10
Result 2025
-€23,362
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.2m
Investment
-€159,651
Financing
-€1.0m
Cash 2024
€10,041
From operations (derived)
+€1.2m
Net result for the year
-€23,362
Depreciation
+€97,462
Stocks and contracts
+€63,577
Receivables within one year
-€133,680
Deferred charges and accrued income
+€10,309
Trade debts
-€445,233
Tax, wage and social debts
+€11,285
Other debts
+€1.6m
Accrued charges and deferred income
-€13,368
Investment (derived)
-€159,651
Investment in fixed assets (net)
-€159,651
Financing
-€1.0m
Debts after one year
-€57,161
Current portion of long-term debt
+€927
Short-term financial debts
-€944,500
Cash 2025
€61,587
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,417,432 | €1,590,961 | +€173,529 | +12.2% |
| Fixed assets | 21/28 | €425,715 | €487,904 | +€62,189 | +14.6% |
| Intangible fixed assets | 21 | €50,964 | €180,928 | +€129,963 | +255% |
| Tangible fixed assets | 22/27 | €374,726 | €306,951 | -€67,775 | -18.1% |
| Plant, machinery and equipment | 23 | €39,979 | €112,042 | +€72,063 | +180% |
| Furniture and vehicles | 24 | €0 | €0 | -€0 | -100% |
| Leasing and similar rights | 25 | €95,114 | €70,735 | -€24,379 | -25.6% |
| Other tangible fixed assets | 26 | €146,777 | €124,174 | -€22,603 | -15.4% |
| Assets under construction and advance payments | 27 | €92,856 | €0 | -€92,856 | -100% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Other financial fixed assets | 284/8 | €25 | €25 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €991,717 | €1,103,057 | +€111,340 | +11.2% |
| Stocks and contracts in progress | 3 | €870,216 | €806,639 | -€63,577 | -7.3% |
| Stocks | 30/36 | €870,216 | €806,639 | -€63,577 | -7.3% |
| Raw materials and consumables | 30/31 | €825,470 | €736,717 | -€88,753 | -10.8% |
| Work in progress | 32 | €31,716 | €41,414 | +€9,698 | +30.6% |
| Finished goods | 33 | €13,029 | €28,507 | +€15,478 | +119% |
| Amounts receivable within one year | 40/41 | €97,232 | €230,912 | +€133,680 | +137% |
| Trade receivables | 40 | €83,215 | €213,241 | +€130,026 | +156% |
| Other amounts receivable | 41 | €14,017 | €17,671 | +€3,654 | +26.1% |
| Cash at bank and in hand | 54/58 | €10,041 | €61,587 | +€51,546 | +513% |
| Deferred charges and accrued income | 490/1 | €14,228 | €3,919 | -€10,309 | -72.5% |
| Total equity and liabilities | 10/49 | €1,417,432 | €1,590,961 | +€173,529 | +12.2% |
| Equity | 10/15 | -€1,640,828 | -€1,664,190 | -€23,362 | -1.4% |
| Contributions | 10/11 | €474,927 | €474,927 | = | 0.0% |
| Capital | 10 | €474,927 | €474,927 | = | 0.0% |
| Issued capital | 100 | €474,927 | €474,927 | = | 0.0% |
| Reserves | 13 | €187,302 | €187,302 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,615 | €2,615 | = | 0.0% |
| Distributable reserves | 133 | €178,487 | €178,487 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,303,057 | -€2,326,420 | -€23,362 | -1.0% |
| Amounts payable | 17/49 | €3,058,260 | €3,255,151 | +€196,891 | +6.4% |
| Amounts payable after more than one year | 17 | €174,520 | €117,359 | -€57,161 | -32.8% |
| Financial debts | 170/4 | €174,520 | €117,359 | -€57,161 | -32.8% |
| Leasing and similar obligations | 172 | €80,453 | €56,493 | -€23,960 | -29.8% |
| Credit institutions | 173 | €94,067 | €60,867 | -€33,200 | -35.3% |
| Amounts payable within one year | 42/48 | €2,869,787 | €3,137,207 | +€267,420 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €56,234 | €57,161 | +€927 | +1.6% |
| Financial debts | 43 | €1,719,500 | €775,000 | -€944,500 | -54.9% |
| Credit institutions | 430/8 | €1,719,500 | €775,000 | -€944,500 | -54.9% |
| Trade debts | 44 | €849,111 | €403,878 | -€445,233 | -52.4% |
| Suppliers | 440/4 | €849,111 | €403,878 | -€445,233 | -52.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €115,991 | €127,275 | +€11,285 | +9.7% |
| Taxes | 450/3 | €12,684 | €16,080 | +€3,396 | +26.8% |
| Remuneration and social security | 454/9 | €103,307 | €111,195 | +€7,889 | +7.6% |
| Other amounts payable | 47/48 | €128,952 | €1,773,894 | +€1.6m | +1,276% |
| Accrued charges and deferred income | 492/3 | €13,953 | €584 | -€13,368 | -95.8% |
| Operating income | 70/76A | €3,410,382 | €3,157,837 | -€252,545 | -7.4% |
| Turnover | 70 | €3,394,632 | €3,131,002 | -€263,630 | -7.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €15,524 | €25,176 | +€9,652 | +62.2% |
| Other operating income | 74 | €226 | €38 | -€188 | -83.0% |
| Non-recurring operating income | 76A | €0 | €1,621 | +€1,621 | |
| Operating charges | 60/66A | €3,067,459 | €3,116,198 | +€48,740 | +1.6% |
| Goods for resale, raw materials and consumables | 60 | €1,185,570 | €1,239,285 | +€53,715 | +4.5% |
| Purchases | 600/8 | €1,276,951 | €1,150,532 | -€126,419 | -9.9% |
| Change in stocks: decrease (increase) | 609 | -€91,381 | €88,753 | +€180,134 | |
| Services and other goods | 61 | €784,197 | €793,747 | +€9,550 | +1.2% |
| Remuneration, social security and pensions | 62 | €1,007,796 | €961,515 | -€46,281 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,528 | €97,462 | +€29,935 | +44.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,608 | €8,912 | +€1,304 | +17.1% |
| Other operating charges | 640/8 | €4,607 | €3,747 | -€860 | -18.7% |
| Non-recurring operating charges | 66A | €10,153 | €11,530 | +€1,376 | +13.6% |
| Operating profit (loss) | 9901 | €342,924 | €41,639 | -€301,285 | -87.9% |
| Financial income | 75/76B | €34,282 | €30,088 | -€4,194 | -12.2% |
| Recurring financial income | 75 | €27,874 | €16,135 | -€11,738 | -42.1% |
| Income from current assets | 751 | €73 | €294 | +€220 | +301% |
| Other financial income | 752/9 | €27,800 | €15,842 | -€11,959 | -43.0% |
| Non-recurring financial income | 76B | €6,408 | €13,953 | +€7,544 | +118% |
| Financial charges | 65/66B | €73,487 | €94,915 | +€21,428 | +29.2% |
| Recurring financial charges | 65 | €73,487 | €90,998 | +€17,511 | +23.8% |
| Debt charges | 650 | €52,411 | €83,196 | +€30,786 | +58.7% |
| Other financial charges | 652/9 | €21,076 | €7,801 | -€13,275 | -63.0% |
| Non-recurring financial charges | 66B | - | €3,917 | +€3,917 | |
| Profit (loss) for the period before taxes | 9903 | €303,719 | -€23,188 | -€326,907 | |
| Income taxes | 67/77 | €164 | €174 | +€10 | +6.1% |
| Taxes | 670/3 | €164 | €174 | +€10 | +6.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €303,554 | -€23,362 | -€326,917 | |
| Profit (loss) for the period to be appropriated | 9905 | €303,554 | -€23,362 | -€326,917 |
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 15 October 2026 via checked.be.