NORMANN ROY: 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.
NORMANN ROY
Largest movements
- Cash -€2.0m
down €2.0m (-90.0%), from €2.3m to €225,822
mainly Stocks and contracts (-€1.7m) and Short-term financial debts (-€212,024)
- Stocks and contracts +€1.7m
up €1.7m (+74.2%), from €2.2m to €3.9m
- Receivables within one year -€144,681
down €144,681 (-37.2%), from €388,700 to €244,018
of which Trade receivables: -€96,765
- Short-term financial debts -€212,024
down €212,024 (-5.7%), from €3.7m to €3.5m
- Profit (loss) carried forward -€199,477
down €199,477 (-291%), from -€68,437 to -€267,914
- Trade debts -€98,632
down €98,632 (-24.6%), from €401,616 to €302,984
- Tax, wage and social debts -€82,113
down €82,113 (-100%), from €82,113 to €0
- Other debts +€59,571
up €59,571 (+8.2%), from €730,777 to €790,349
- Gross operating margin -€623,072
down €623,072 (-87.1%), from €715,302 to €92,230
- Financial charges +€105,428
up €105,428 (+56.9%), from €185,280 to €290,708
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.
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 | €4,890,049 | €4,357,374 | -€532,675 | -10.9% |
| Fixed assets | 21/28 | €900 | €900 | = | 0.0% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €4,889,149 | €4,356,474 | -€532,675 | -10.9% |
| Stocks and contracts in progress | 3 | €2,231,092 | €3,886,634 | +€1.7m | +74.2% |
| Stocks | 30/36 | €2,231,092 | €3,886,634 | +€1.7m | +74.2% |
| Amounts receivable within one year | 40/41 | €388,700 | €244,018 | -€144,681 | -37.2% |
| Trade receivables | 40 | €249,206 | €152,440 | -€96,765 | -38.8% |
| Other amounts receivable | 41 | €139,494 | €91,578 | -€47,916 | -34.3% |
| Cash at bank and in hand | 54/58 | €2,269,358 | €225,822 | -€2.0m | -90.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,890,049 | €4,357,374 | -€532,675 | -10.9% |
| Equity | 10/15 | -€49,837 | -€249,314 | -€199,477 | -400% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,437 | -€267,914 | -€199,477 | -291% |
| Amounts payable | 17/49 | €4,939,887 | €4,606,688 | -€333,199 | -6.7% |
| Amounts payable within one year | 42/48 | €4,939,887 | €4,606,688 | -€333,199 | -6.7% |
| Financial debts | 43 | €3,725,380 | €3,513,356 | -€212,024 | -5.7% |
| Credit institutions | 430/8 | €3,725,380 | €3,513,356 | -€212,024 | -5.7% |
| Trade debts | 44 | €401,616 | €302,984 | -€98,632 | -24.6% |
| Suppliers | 440/4 | €401,616 | €302,984 | -€98,632 | -24.6% |
| Taxes, remuneration and social security | 45 | €82,113 | €0 | -€82,113 | -100% |
| Taxes | 450/3 | €82,113 | €0 | -€82,113 | -100% |
| Other amounts payable | 47/48 | €730,777 | €790,349 | +€59,571 | +8.2% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €715,302 | €92,230 | -€623,072 | -87.1% |
| Operating profit (loss) | 9901 | €714,334 | €91,231 | -€623,103 | -87.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €185,280 | €290,708 | +€105,428 | +56.9% |
| Recurring financial charges | 65 | €185,280 | €290,708 | +€105,428 | +56.9% |
| Profit (loss) for the period before taxes | 9903 | €529,054 | -€199,477 | -€728,531 | |
| Profit (loss) for the period | 9904 | €529,054 | -€199,477 | -€728,531 | |
| Profit (loss) for the period to be appropriated | 9905 | €529,054 | -€199,477 | -€728,531 |
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 14 October 2026 via checked.be.