NORMANDIE: 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.
NORMANDIE
Largest movements
- Cash -€54,868
down €54,868 (-30.9%), from €177,694 to €122,826
mainly Investment in fixed assets (net) (-€94,395) and Other debts (-€18,070)
- Tangible fixed assets +€31,235
up €31,235 (+19.6%), from €159,240 to €190,475
of which Other tangible fixed assets: +€38,566
- Receivables within one year -€18,726
down €18,726 (-61.4%), from €30,504 to €11,778
of which Other amounts receivable: -€11,608
- Receivables after one year -€7,500
down €7,500 (-14.3%), from €52,500 to €45,000
- Other debts -€18,070
down €18,070 (-72.3%), from €25,000 to €6,930
- Debts after one year -€16,770
down €16,770 (-25.6%), from €65,584 to €48,814
- Current portion of long-term debt -€15,872
down €15,872 (-17.8%), from €89,404 to €73,532
- Trade debts +€10,045
up €10,045 (+13.1%), from €76,482 to €86,527
- Tax, wage and social debts -€8,424
down €8,424 (-9.5%), from €88,550 to €80,125
of which Taxes: -€12,521
- Staff costs +€139,844
up €139,844 (+25.2%), from €555,673 to €695,517
- Gross operating margin +€81,280
up €81,280 (+11.8%), from €690,543 to €771,822
- Taxes -€15,356
down €15,356 (-85.6%), from €17,937 to €2,581
- Depreciation +€8,350
up €8,350 (+15.2%), from €54,810 to €63,161
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 | €438,371 | €390,677 | -€47,694 | -10.9% |
| Fixed assets | 21/28 | €159,965 | €191,199 | +€31,235 | +19.5% |
| Tangible fixed assets | 22/27 | €159,240 | €190,475 | +€31,235 | +19.6% |
| Plant, machinery and equipment | 23 | €53,108 | €55,090 | +€1,982 | +3.7% |
| Furniture and vehicles | 24 | €21,746 | €12,433 | -€9,313 | -42.8% |
| Other tangible fixed assets | 26 | €84,386 | €122,952 | +€38,566 | +45.7% |
| Financial fixed assets | 28 | €725 | €725 | = | 0.0% |
| Current assets | 29/58 | €278,406 | €199,478 | -€78,929 | -28.4% |
| Amounts receivable after more than one year | 29 | €52,500 | €45,000 | -€7,500 | -14.3% |
| Other amounts receivable | 291 | €52,500 | €45,000 | -€7,500 | -14.3% |
| Stocks and contracts in progress | 3 | €16,772 | €18,901 | +€2,129 | +12.7% |
| Stocks | 30/36 | €10,322 | €12,059 | +€1,737 | +16.8% |
| Contracts in progress | 37 | €6,451 | €6,842 | +€391 | +6.1% |
| Amounts receivable within one year | 40/41 | €30,504 | €11,778 | -€18,726 | -61.4% |
| Trade receivables | 40 | €12,212 | €5,094 | -€7,118 | -58.3% |
| Other amounts receivable | 41 | €18,292 | €6,684 | -€11,608 | -63.5% |
| Cash at bank and in hand | 54/58 | €177,694 | €122,826 | -€54,868 | -30.9% |
| Deferred charges and accrued income | 490/1 | €936 | €973 | +€37 | +3.9% |
| Total equity and liabilities | 10/49 | €438,371 | €390,677 | -€47,694 | -10.9% |
| Equity | 10/15 | €93,351 | €94,749 | +€1,398 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €74,751 | €76,149 | +€1,398 | +1.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,207 | €16,207 | = | 0.0% |
| Distributable reserves | 133 | €56,685 | €58,083 | +€1,398 | +2.5% |
| Amounts payable | 17/49 | €345,020 | €295,928 | -€49,092 | -14.2% |
| Amounts payable after more than one year | 17 | €65,584 | €48,814 | -€16,770 | -25.6% |
| Financial debts | 170/4 | €65,584 | €48,814 | -€16,770 | -25.6% |
| Amounts payable within one year | 42/48 | €279,436 | €247,114 | -€32,322 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €89,404 | €73,532 | -€15,872 | -17.8% |
| Trade debts | 44 | €76,482 | €86,527 | +€10,045 | +13.1% |
| Suppliers | 440/4 | €76,482 | €86,527 | +€10,045 | +13.1% |
| Taxes, remuneration and social security | 45 | €88,550 | €80,125 | -€8,424 | -9.5% |
| Taxes | 450/3 | €17,926 | €5,404 | -€12,521 | -69.9% |
| Remuneration and social security | 454/9 | €70,624 | €74,721 | +€4,097 | +5.8% |
| Other amounts payable | 47/48 | €25,000 | €6,930 | -€18,070 | -72.3% |
| Remuneration, social security and pensions | 62 | €555,673 | €695,517 | +€139,844 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,810 | €63,161 | +€8,350 | +15.2% |
| Other operating charges | 640/8 | €2,408 | €2,102 | -€306 | -12.7% |
| Gross operating margin | 9900 | €690,543 | €771,822 | +€81,280 | +11.8% |
| Operating profit (loss) | 9901 | €77,652 | €11,042 | -€66,609 | -85.8% |
| Financial income | 75/76B | €1,419 | €1,696 | +€277 | +19.5% |
| Recurring financial income | 75 | €1,419 | €1,696 | +€277 | +19.5% |
| Financial charges | 65/66B | €9,333 | €8,760 | -€573 | -6.1% |
| Recurring financial charges | 65 | €9,224 | €8,682 | -€542 | -5.9% |
| Non-recurring financial charges | 66B | €109 | €78 | -€31 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €69,738 | €3,979 | -€65,759 | -94.3% |
| Income taxes | 67/77 | €17,937 | €2,581 | -€15,356 | -85.6% |
| Profit (loss) for the period | 9904 | €51,801 | €1,398 | -€50,403 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,801 | €1,398 | -€50,403 | -97.3% |
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 27 October 2026 via checked.be.