NORM ADREM: 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.
NORM ADREM
Largest movements
- Receivables within one year +€144,476
up €144,476 (+59.8%), from €241,413 to €385,889
of which Trade receivables: +€180,866
- Cash +€56,635
up €56,635 (+77.0%), from €73,519 to €130,154
mainly Net result for the year (+€294,941) and Other debts (+€200,000)
- Tangible fixed assets +€30,190
up €30,190 (+35.7%), from €84,509 to €114,699
of which Land and buildings: +€19,817
- Other debts +€200,000
new in 2025: €200,000
- Tax, wage and social debts +€84,601
up €84,601 (+104%), from €81,539 to €166,140
of which Taxes: +€48,819
- Reserves -€60,096
down €60,096 (-20.3%), from €295,449 to €235,353
- Trade debts +€14,489
up €14,489 (+263%), from €5,501 to €19,990
- Gross operating margin +€328,348
up €328,348 (+76.1%), from €431,288 to €759,636
- Staff costs +€77,913
up €77,913 (+30.8%), from €252,998 to €330,911
- Taxes +€64,097
up €64,097 (+154%), from €41,703 to €105,800
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 | €401,089 | €640,083 | +€238,995 | +59.6% |
| Fixed assets | 21/28 | €84,509 | €120,699 | +€36,190 | +42.8% |
| Tangible fixed assets | 22/27 | €84,509 | €114,699 | +€30,190 | +35.7% |
| Land and buildings | 22 | €63,000 | €82,817 | +€19,817 | +31.5% |
| Plant, machinery and equipment | 23 | €6,765 | €5,034 | -€1,731 | -25.6% |
| Furniture and vehicles | 24 | €14,744 | €26,848 | +€12,103 | +82.1% |
| Financial fixed assets | 28 | - | €6,000 | +€6,000 | |
| Current assets | 29/58 | €316,579 | €519,384 | +€202,805 | +64.1% |
| Amounts receivable within one year | 40/41 | €241,413 | €385,889 | +€144,476 | +59.8% |
| Trade receivables | 40 | €191,583 | €372,449 | +€180,866 | +94.4% |
| Other amounts receivable | 41 | €49,830 | €13,440 | -€36,390 | -73.0% |
| Cash at bank and in hand | 54/58 | €73,519 | €130,154 | +€56,635 | +77.0% |
| Deferred charges and accrued income | 490/1 | €1,648 | €3,341 | +€1,694 | +103% |
| Total equity and liabilities | 10/49 | €401,089 | €640,083 | +€238,995 | +59.6% |
| Equity | 10/15 | €314,049 | €253,953 | -€60,096 | -19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €295,449 | €235,353 | -€60,096 | -20.3% |
| Distributable reserves | 133 | €295,449 | €235,353 | -€60,096 | -20.3% |
| Amounts payable | 17/49 | €87,040 | €386,130 | +€299,090 | +344% |
| Amounts payable within one year | 42/48 | €87,040 | €386,130 | +€299,090 | +344% |
| Trade debts | 44 | €5,501 | €19,990 | +€14,489 | +263% |
| Suppliers | 440/4 | €5,501 | €19,990 | +€14,489 | +263% |
| Taxes, remuneration and social security | 45 | €81,539 | €166,140 | +€84,601 | +104% |
| Taxes | 450/3 | €38,684 | €87,503 | +€48,819 | +126% |
| Remuneration and social security | 454/9 | €42,855 | €78,637 | +€35,782 | +83.5% |
| Other amounts payable | 47/48 | - | €200,000 | +€200,000 | |
| Remuneration, social security and pensions | 62 | €252,998 | €330,911 | +€77,913 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,753 | €23,683 | +€4,930 | +26.3% |
| Other operating charges | 640/8 | €2,973 | €3,909 | +€936 | +31.5% |
| Gross operating margin | 9900 | €431,288 | €759,636 | +€328,348 | +76.1% |
| Operating profit (loss) | 9901 | €156,564 | €401,133 | +€244,569 | +156% |
| Financial charges | 65/66B | €514 | €392 | -€122 | -23.7% |
| Recurring financial charges | 65 | €514 | €392 | -€122 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €156,051 | €400,741 | +€244,690 | +157% |
| Income taxes | 67/77 | €41,703 | €105,800 | +€64,097 | +154% |
| Profit (loss) for the period | 9904 | €114,348 | €294,941 | +€180,593 | +158% |
| Profit (loss) for the period to be appropriated | 9905 | €114,348 | €294,941 | +€180,593 | +158% |
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 16 October 2026 via checked.be.