Norma Management: 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 Management
Largest movements
- Cash -€102,507
down €102,507 (-24.1%), from €425,341 to €322,834
mainly Contributions, distributions and other (-€114,356) and Receivables within one year (-€21,874)
- Receivables within one year +€21,874
up €21,874 (+115%), from €18,944 to €40,819
of which Trade receivables: +€27,520
- Tangible fixed assets +€6,931
up €6,931 (+26.9%), from €25,765 to €32,696
of which Furniture and vehicles: +€13,333
- Reserves -€88,009
down €88,009 (-21.0%), from €418,865 to €330,856
of which Distributable reserves: -€86,149
- Other debts +€16,034
up €16,034 (+59.8%), from €26,802 to €42,836
- Gross operating margin -€261,974
down €261,974 (-82.7%), from €316,752 to €54,778
- Taxes -€82,509
down €82,509 (-82.4%), from €100,115 to €17,606
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 | €470,050 | €396,413 | -€73,637 | -15.7% |
| Fixed assets | 21/28 | €25,765 | €32,696 | +€6,931 | +26.9% |
| Tangible fixed assets | 22/27 | €25,765 | €32,696 | +€6,931 | +26.9% |
| Land and buildings | 22 | €9,195 | €7,112 | -€2,084 | -22.7% |
| Plant, machinery and equipment | 23 | €16,570 | €12,252 | -€4,318 | -26.1% |
| Furniture and vehicles | 24 | - | €13,333 | +€13,333 | |
| Current assets | 29/58 | €444,285 | €363,717 | -€80,568 | -18.1% |
| Amounts receivable within one year | 40/41 | €18,944 | €40,819 | +€21,874 | +115% |
| Trade receivables | 40 | €5,328 | €32,848 | +€27,520 | +516% |
| Other amounts receivable | 41 | €13,616 | €7,971 | -€5,645 | -41.5% |
| Cash at bank and in hand | 54/58 | €425,341 | €322,834 | -€102,507 | -24.1% |
| Deferred charges and accrued income | 490/1 | - | €65 | +€65 | |
| Total equity and liabilities | 10/49 | €470,050 | €396,413 | -€73,637 | -15.7% |
| Equity | 10/15 | €437,465 | €349,456 | -€88,009 | -20.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €418,865 | €330,856 | -€88,009 | -21.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €417,005 | €330,856 | -€86,149 | -20.7% |
| Amounts payable | 17/49 | €32,585 | €46,957 | +€14,373 | +44.1% |
| Amounts payable within one year | 42/48 | €32,585 | €46,957 | +€14,373 | +44.1% |
| Trade debts | 44 | €1,112 | €3,005 | +€1,894 | +170% |
| Suppliers | 440/4 | €1,112 | €3,005 | +€1,894 | +170% |
| Taxes, remuneration and social security | 45 | €4,671 | €1,116 | -€3,555 | -76.1% |
| Taxes | 450/3 | €4,671 | €1,116 | -€3,555 | -76.1% |
| Other amounts payable | 47/48 | €26,802 | €42,836 | +€16,034 | +59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,702 | €7,779 | +€3,077 | +65.4% |
| Other operating charges | 640/8 | €249 | €255 | +€6 | +2.5% |
| Gross operating margin | 9900 | €316,752 | €54,778 | -€261,974 | -82.7% |
| Operating profit (loss) | 9901 | €311,802 | €46,745 | -€265,057 | -85.0% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €2,292 | €2,795 | +€503 | +21.9% |
| Recurring financial charges | 65 | €2,292 | €2,795 | +€503 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €309,510 | €43,953 | -€265,557 | -85.8% |
| Income taxes | 67/77 | €100,115 | €17,606 | -€82,509 | -82.4% |
| Profit (loss) for the period | 9904 | €209,394 | €26,347 | -€183,048 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €209,394 | €26,347 | -€183,048 | -87.4% |
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 23 October 2026 via checked.be.