NORMADEX: 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.
NORMADEX
Largest movements
- Cash -€10,940
down €10,940 (-56.9%), from €19,223 to €8,283
mainly Net result for the year (-€9,392) and Receivables within one year (-€6,854)
- Receivables within one year +€6,854
up €6,854 (+40.7%), from €16,853 to €23,707
of which Trade receivables: +€4,358
- Tangible fixed assets -€2,342
down €2,342 (-64.1%), from €3,656 to €1,314
of which Furniture and vehicles: -€1,761
- Profit (loss) carried forward -€9,392
down €9,392 (-33.4%), from €28,144 to €18,752
- Tax, wage and social debts +€2,708
up €2,708 (+61.2%), from €4,422 to €7,130
- Gross operating margin -€7,418
down €7,418, from €974 to -€6,444
- Depreciation -€1,198
down €1,198 (-37.5%), from €3,191 to €1,993
- Other operating charges +€318
up €318 (+59.7%), from €533 to €851
- Taxes -€129
down €129 (-99.2%), from €130 to €1
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 | €39,732 | €33,304 | -€6,428 | -16.2% |
| Fixed assets | 21/28 | €3,656 | €1,314 | -€2,342 | -64.1% |
| Tangible fixed assets | 22/27 | €3,656 | €1,314 | -€2,342 | -64.1% |
| Plant, machinery and equipment | 23 | €1,087 | €506 | -€581 | -53.4% |
| Furniture and vehicles | 24 | €2,569 | €808 | -€1,761 | -68.5% |
| Current assets | 29/58 | €36,076 | €31,990 | -€4,086 | -11.3% |
| Amounts receivable within one year | 40/41 | €16,853 | €23,707 | +€6,854 | +40.7% |
| Trade receivables | 40 | €15,262 | €19,620 | +€4,358 | +28.6% |
| Other amounts receivable | 41 | €1,591 | €4,087 | +€2,496 | +156.9% |
| Cash at bank and in hand | 54/58 | €19,223 | €8,283 | -€10,940 | -56.9% |
| Total equity and liabilities | 10/49 | €39,732 | €33,304 | -€6,428 | -16.2% |
| Equity | 10/15 | €34,344 | €24,952 | -€9,392 | -27.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,144 | €18,752 | -€9,392 | -33.4% |
| Amounts payable | 17/49 | €5,388 | €8,352 | +€2,964 | +55.0% |
| Amounts payable within one year | 42/48 | €5,388 | €8,352 | +€2,964 | +55.0% |
| Trade debts | 44 | €740 | €863 | +€123 | +16.6% |
| Suppliers | 440/4 | €740 | €863 | +€123 | +16.6% |
| Taxes, remuneration and social security | 45 | €4,422 | €7,130 | +€2,708 | +61.2% |
| Taxes | 450/3 | €4,422 | €7,130 | +€2,708 | +61.2% |
| Other amounts payable | 47/48 | €226 | €359 | +€133 | +58.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,191 | €1,993 | -€1,198 | -37.5% |
| Other operating charges | 640/8 | €533 | €851 | +€318 | +59.7% |
| Gross operating margin | 9900 | €974 | -€6,444 | -€7,418 | |
| Operating profit (loss) | 9901 | -€2,750 | -€9,288 | -€6,538 | -237.7% |
| Financial charges | 65/66B | €39 | €103 | +€64 | +164.1% |
| Recurring financial charges | 65 | €39 | €103 | +€64 | +164.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,789 | -€9,391 | -€6,602 | -236.7% |
| Income taxes | 67/77 | €130 | €1 | -€129 | -99.2% |
| Profit (loss) for the period | 9904 | -€2,919 | -€9,392 | -€6,473 | -221.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,919 | -€9,392 | -€6,473 | -221.8% |
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 9 October 2026 via checked.be.