NORMAN: 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.
NORMAN
Largest movements
- Receivables within one year +€47,529
up €47,529 (+71.0%), from €66,958 to €114,488
of which Trade receivables: +€47,529
- Cash -€42,534
down €42,534 (-61.5%), from €69,170 to €26,636
mainly Other debts (-€207,039) and Receivables within one year (-€47,529)
- Stocks and contracts +€7,903
up €7,903 (+78.2%), from €10,110 to €18,014
- Tangible fixed assets +€7,708
up €7,708 (+51.8%), from €14,890 to €22,597
of which Furniture and vehicles: +€7,708
- Other debts -€207,039
down €207,039 (-52.3%), from €396,186 to €189,146
- Reserves +€111,262
up €111,262 (+483.5%), from €23,010 to €134,273
- Debts after one year +€102,903
up €102,903 (+125.5%), from €82,017 to €184,920
- Current portion of long-term debt +€50,650
up €50,650 (+127.1%), from €39,846 to €90,496
- Tax, wage and social debts -€41,595
down €41,595 (-46.8%), from €88,920 to €47,325
- Gross operating margin +€26,728
up €26,728 (+18.3%), from €145,757 to €172,486
- Taxes +€4,366
up €4,366 (+31.1%), from €14,037 to €18,403
- Financial income -€2,988
down €2,988 (-10.5%), from €28,464 to €25,476
- Depreciation +€2,312
up €2,312 (+24.9%), from €9,287 to €11,599
- Financial charges -€2,058
down €2,058 (-14.9%), from €13,805 to €11,747
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 | €652,698 | €668,293 | +€15,595 | +2.4% |
| Fixed assets | 21/28 | €434,086 | €436,039 | +€1,953 | +0.4% |
| Intangible fixed assets | 21 | €40,042 | €34,287 | -€5,755 | -14.4% |
| Tangible fixed assets | 22/27 | €14,890 | €22,597 | +€7,708 | +51.8% |
| Plant, machinery and equipment | 23 | €2,736 | €2,736 | = | 0.0% |
| Furniture and vehicles | 24 | €12,154 | €19,861 | +€7,708 | +63.4% |
| Financial fixed assets | 28 | €379,155 | €379,155 | = | 0.0% |
| Current assets | 29/58 | €218,612 | €232,254 | +€13,642 | +6.2% |
| Stocks and contracts in progress | 3 | €10,110 | €18,014 | +€7,903 | +78.2% |
| Stocks | 30/36 | €10,110 | €18,014 | +€7,903 | +78.2% |
| Amounts receivable within one year | 40/41 | €66,958 | €114,488 | +€47,529 | +71.0% |
| Trade receivables | 40 | €66,415 | €113,944 | +€47,529 | +71.6% |
| Other amounts receivable | 41 | €543 | €543 | = | 0.0% |
| Current investments | 50/53 | €67,855 | €70,858 | +€3,002 | +4.4% |
| Cash at bank and in hand | 54/58 | €69,170 | €26,636 | -€42,534 | -61.5% |
| Deferred charges and accrued income | 490/1 | €4,518 | €2,259 | -€2,259 | -50.0% |
| Total equity and liabilities | 10/49 | €652,698 | €668,293 | +€15,595 | +2.4% |
| Equity | 10/15 | €33,010 | €144,273 | +€111,262 | +337.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €23,010 | €134,273 | +€111,262 | +483.5% |
| Distributable reserves | 133 | €23,010 | €134,273 | +€111,262 | +483.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €619,687 | €524,020 | -€95,667 | -15.4% |
| Amounts payable after more than one year | 17 | €82,017 | €184,920 | +€102,903 | +125.5% |
| Financial debts | 170/4 | €82,017 | €184,920 | +€102,903 | +125.5% |
| Amounts payable within one year | 42/48 | €537,671 | €339,101 | -€198,570 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €39,846 | €90,496 | +€50,650 | +127.1% |
| Trade debts | 44 | €12,718 | €12,133 | -€585 | -4.6% |
| Suppliers | 440/4 | €12,718 | €12,133 | -€585 | -4.6% |
| Taxes, remuneration and social security | 45 | €88,920 | €47,325 | -€41,595 | -46.8% |
| Taxes | 450/3 | €88,920 | €47,325 | -€41,595 | -46.8% |
| Other amounts payable | 47/48 | €396,186 | €189,146 | -€207,039 | -52.3% |
| Remuneration, social security and pensions | 62 | €615 | €137 | -€478 | -77.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,287 | €11,599 | +€2,312 | +24.9% |
| Other operating charges | 640/8 | €1,868 | €2,814 | +€945 | +50.6% |
| Gross operating margin | 9900 | €145,757 | €172,486 | +€26,728 | +18.3% |
| Operating profit (loss) | 9901 | €133,987 | €157,937 | +€23,950 | +17.9% |
| Financial income | 75/76B | €28,464 | €25,476 | -€2,988 | -10.5% |
| Recurring financial income | 75 | €28,464 | €25,476 | -€2,988 | -10.5% |
| Financial charges | 65/66B | €13,805 | €11,747 | -€2,058 | -14.9% |
| Recurring financial charges | 65 | €13,805 | €11,747 | -€2,058 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €148,645 | €171,666 | +€23,020 | +15.5% |
| Income taxes | 67/77 | €14,037 | €18,403 | +€4,366 | +31.1% |
| Profit (loss) for the period | 9904 | €134,608 | €153,262 | +€18,654 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €134,608 | €153,262 | +€18,654 | +13.9% |
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 12 October 2026 via checked.be.