Normaal: 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.
Normaal
Largest movements
- Cash +€78,341
up €78,341 (+128.2%), from €61,094 to €139,435
mainly Net result for the year (+€170,256) and Deferred charges and accrued income (+€50,000)
- Deferred charges and accrued income -€50,000
no longer reported in 2025 (was €50,000)
- Current investments -€41,409
down €41,409 (-69.9%), from €59,234 to €17,825
- Receivables within one year +€33,178
up €33,178 (+14322.9%), from €232 to €33,409
of which Trade receivables: +€25,991
- Tangible fixed assets -€5,950
down €5,950 (-52.9%), from €11,252 to €5,301
of which Furniture and vehicles: -€8,090
- Trade debts -€58,770
down €58,770 (-97.9%), from €60,019 to €1,249
of which Bills of exchange payable: -€59,800
- Reserves +€52,605
up €52,605 (+45.0%), from €116,792 to €169,397
- Tax, wage and social debts +€20,323
new in 2025: €20,323
- Gross operating margin +€87,261
up €87,261 (+57.2%), from €152,635 to €239,896
- Taxes +€27,742
up €27,742 (+92.3%), from €30,057 to €57,799
- Depreciation -€2,540
down €2,540 (-19.2%), from €13,248 to €10,708
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 | €181,811 | €195,970 | +€14,159 | +7.8% |
| Fixed assets | 21/28 | €11,252 | €5,301 | -€5,950 | -52.9% |
| Tangible fixed assets | 22/27 | €11,252 | €5,301 | -€5,950 | -52.9% |
| Plant, machinery and equipment | 23 | €3,161 | €5,301 | +€2,140 | +67.7% |
| Furniture and vehicles | 24 | €8,090 | - | -€8,090 | |
| Current assets | 29/58 | €170,559 | €190,669 | +€20,110 | +11.8% |
| Amounts receivable within one year | 40/41 | €232 | €33,409 | +€33,178 | +14322.9% |
| Trade receivables | 40 | - | €25,991 | +€25,991 | |
| Other amounts receivable | 41 | €232 | €7,418 | +€7,187 | +3102.6% |
| Current investments | 50/53 | €59,234 | €17,825 | -€41,409 | -69.9% |
| Cash at bank and in hand | 54/58 | €61,094 | €139,435 | +€78,341 | +128.2% |
| Deferred charges and accrued income | 490/1 | €50,000 | - | -€50,000 | |
| Total equity and liabilities | 10/49 | €181,811 | €195,970 | +€14,159 | +7.8% |
| Equity | 10/15 | €121,792 | €174,397 | +€52,605 | +43.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €116,792 | €169,397 | +€52,605 | +45.0% |
| Distributable reserves | 133 | €116,792 | €169,397 | +€52,605 | +45.0% |
| Amounts payable | 17/49 | €60,019 | €21,573 | -€38,446 | -64.1% |
| Amounts payable within one year | 42/48 | €60,019 | €21,573 | -€38,446 | -64.1% |
| Trade debts | 44 | €60,019 | €1,249 | -€58,770 | -97.9% |
| Suppliers | 440/4 | €219 | €1,249 | +€1,030 | +470.7% |
| Bills of exchange payable | 441 | €59,800 | - | -€59,800 | |
| Taxes, remuneration and social security | 45 | - | €20,323 | +€20,323 | |
| Taxes | 450/3 | - | €20,323 | +€20,323 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,248 | €10,708 | -€2,540 | -19.2% |
| Other operating charges | 640/8 | €928 | €967 | +€39 | +4.2% |
| Gross operating margin | 9900 | €152,635 | €239,896 | +€87,261 | +57.2% |
| Operating profit (loss) | 9901 | €138,459 | €228,221 | +€89,762 | +64.8% |
| Financial charges | 65/66B | €271 | €165 | -€106 | -39.1% |
| Recurring financial charges | 65 | €271 | €165 | -€106 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €138,187 | €228,055 | +€89,868 | +65.0% |
| Income taxes | 67/77 | €30,057 | €57,799 | +€27,742 | +92.3% |
| Profit (loss) for the period | 9904 | €108,130 | €170,256 | +€62,126 | +57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €108,130 | €170,256 | +€62,126 | +57.5% |
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 11 October 2026 via checked.be.