Norma Hendy: 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.
Norma Hendy
Largest movements
- Tangible fixed assets +€167,184
up €167,184 (+382%), from €43,748 to €210,932
of which Land and buildings: +€175,898
- Intangible fixed assets -€93,403
down €93,403 (-100%), from €93,403 to €0
- Receivables within one year +€16,220
up €16,220 (+93.8%), from €17,299 to €33,519
of which Other amounts receivable: +€8,704
- Cash -€7,812
down €7,812 (-60.9%), from €12,826 to €5,014
mainly Debts after one year (-€137,871) and Net result for the year (-€111,556)
- Other debts +€337,500
up €337,500 (+307%), from €110,000 to €447,500
- Debts after one year -€137,871
down €137,871 (-100%), from €137,871 to €0
- Profit (loss) carried forward -€111,556
down €111,556 (-73.4%), from -€151,921 to -€263,477
- Current portion of long-term debt -€15,612
down €15,612 (-100%), from €15,612 to €0
- Tax, wage and social debts +€9,050
up €9,050 (+595%), from €1,522 to €10,571
of which Taxes: +€9,050
- Financial charges -€10,846
down €10,846 (-58.9%), from €18,405 to €7,559
- Gross operating margin +€5,234
up €5,234 (+264%), from €1,982 to €7,215
- Depreciation +€4,759
up €4,759 (+42.3%), from €11,247 to €16,006
- Financial income +€358
up €358 (+129%), from €277 to €635
- Other operating charges -€300
down €300 (-12.0%), from €2,498 to €2,198
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 | €167,351 | €249,465 | +€82,114 | +49.1% |
| Fixed assets | 21/28 | €137,151 | €210,932 | +€73,781 | +53.8% |
| Intangible fixed assets | 21 | €93,403 | €0 | -€93,403 | -100% |
| Tangible fixed assets | 22/27 | €43,748 | €210,932 | +€167,184 | +382% |
| Land and buildings | 22 | €35,034 | €210,932 | +€175,898 | +502% |
| Plant, machinery and equipment | 23 | €8,714 | €0 | -€8,714 | -100% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €30,199 | €38,533 | +€8,334 | +27.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €17,299 | €33,519 | +€16,220 | +93.8% |
| Trade receivables | 40 | - | €7,516 | +€7,516 | |
| Other amounts receivable | 41 | €17,299 | €26,003 | +€8,704 | +50.3% |
| Cash at bank and in hand | 54/58 | €12,826 | €5,014 | -€7,812 | -60.9% |
| Deferred charges and accrued income | 490/1 | €74 | €0 | -€74 | -100% |
| Total equity and liabilities | 10/49 | €167,351 | €249,465 | +€82,114 | +49.1% |
| Equity | 10/15 | -€98,357 | -€209,913 | -€111,556 | -113% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €33,564 | €33,564 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €31,564 | €31,564 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€151,921 | -€263,477 | -€111,556 | -73.4% |
| Amounts payable | 17/49 | €265,707 | €459,378 | +€193,670 | +72.9% |
| Amounts payable after more than one year | 17 | €137,871 | €0 | -€137,871 | -100% |
| Financial debts | 170/4 | €137,871 | €0 | -€137,871 | -100% |
| Amounts payable within one year | 42/48 | €127,837 | €459,378 | +€331,541 | +259% |
| Current portion of amounts payable after more than one year | 42 | €15,612 | €0 | -€15,612 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €703 | €1,307 | +€603 | +85.7% |
| Suppliers | 440/4 | €703 | €1,307 | +€603 | +85.7% |
| Taxes, remuneration and social security | 45 | €1,522 | €10,571 | +€9,050 | +595% |
| Taxes | 450/3 | €1,522 | €10,571 | +€9,050 | +595% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €110,000 | €447,500 | +€337,500 | +307% |
| Non-recurring operating income | 76A | €1,047 | €7,440 | +€6,394 | +611% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,247 | €16,006 | +€4,759 | +42.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,498 | €2,198 | -€300 | -12.0% |
| Non-recurring operating charges | 66A | €45,196 | €93,643 | +€48,448 | +107% |
| Gross operating margin | 9900 | €1,982 | €7,215 | +€5,234 | +264% |
| Operating profit (loss) | 9901 | -€56,959 | -€104,632 | -€47,673 | -83.7% |
| Financial income | 75/76B | €277 | €635 | +€358 | +129% |
| Recurring financial income | 75 | €277 | €635 | +€358 | +129% |
| Financial charges | 65/66B | €18,405 | €7,559 | -€10,846 | -58.9% |
| Recurring financial charges | 65 | €18,405 | €7,559 | -€10,846 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | -€75,087 | -€111,556 | -€36,469 | -48.6% |
| Income taxes | 67/77 | €1 | €0 | -€1 | -100% |
| Profit (loss) for the period | 9904 | -€75,087 | -€111,556 | -€36,469 | -48.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,087 | -€111,556 | -€36,469 | -48.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.