Normas: 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.
Normas
Largest movements
- Cash -€44,969
down €44,969 (-25.8%), from €174,622 to €129,652
mainly Other debts (-€52,761) and Contributions, distributions and other (-€22,926)
- Receivables within one year +€12,758
up €12,758 (+89.0%), from €14,335 to €27,093
of which Trade receivables: +€12,987
- Other debts -€52,761
down €52,761 (-65.5%), from €80,553 to €27,793
- Reserves +€17,088
up €17,088 (+10.8%), from €158,874 to €175,962
of which Distributable reserves: +€18,943
- Tax, wage and social debts +€4,311
up €4,311 (+42.9%), from €10,042 to €14,353
of which Taxes: +€4,307
- Taxes +€8,161
up €8,161 (+62.9%), from €12,983 to €21,144
- Gross operating margin +€5,317
up €5,317 (+9.3%), from €56,923 to €62,240
- Financial charges +€1,402
up €1,402 (+249%), from €564 to €1,967
- Financial income +€664
up €664 (+33.6%), from €1,976 to €2,639
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 | €264,566 | €232,022 | -€32,544 | -12.3% |
| Fixed assets | 21/28 | €34,893 | €33,953 | -€940 | -2.7% |
| Tangible fixed assets | 22/27 | €34,893 | €33,953 | -€940 | -2.7% |
| Land and buildings | 22 | €33,827 | €32,748 | -€1,079 | -3.2% |
| Furniture and vehicles | 24 | €1,066 | €1,205 | +€139 | +13.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €229,673 | €198,069 | -€31,604 | -13.8% |
| Amounts receivable within one year | 40/41 | €14,335 | €27,093 | +€12,758 | +89.0% |
| Trade receivables | 40 | €11,808 | €24,795 | +€12,987 | +110% |
| Other amounts receivable | 41 | €2,527 | €2,298 | -€229 | -9.1% |
| Current investments | 50/53 | €38,367 | €38,176 | -€191 | -0.5% |
| Cash at bank and in hand | 54/58 | €174,622 | €129,652 | -€44,969 | -25.8% |
| Deferred charges and accrued income | 490/1 | €2,349 | €3,148 | +€799 | +34.0% |
| Total equity and liabilities | 10/49 | €264,566 | €232,022 | -€32,544 | -12.3% |
| Equity | 10/15 | €172,062 | €188,362 | +€16,300 | +9.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €158,874 | €175,962 | +€17,088 | +10.8% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100% |
| Distributable reserves | 133 | €157,019 | €175,962 | +€18,943 | +12.1% |
| Profit (loss) carried forward | 14 | €788 | €0 | -€788 | -100% |
| Amounts payable | 17/49 | €92,504 | €43,660 | -€48,844 | -52.8% |
| Amounts payable within one year | 42/48 | €92,504 | €43,660 | -€48,844 | -52.8% |
| Financial debts | 43 | €0 | €11 | +€11 | |
| Credit institutions | 430/8 | €0 | €11 | +€11 | |
| Trade debts | 44 | €1,909 | €1,504 | -€405 | -21.2% |
| Suppliers | 440/4 | €1,909 | €1,504 | -€405 | -21.2% |
| Taxes, remuneration and social security | 45 | €10,042 | €14,353 | +€4,311 | +42.9% |
| Taxes | 450/3 | €7,437 | €11,744 | +€4,307 | +57.9% |
| Remuneration and social security | 454/9 | €2,605 | €2,609 | +€4 | +0.1% |
| Other amounts payable | 47/48 | €80,553 | €27,793 | -€52,761 | -65.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,952 | €1,462 | -€491 | -25.1% |
| Other operating charges | 640/8 | €1,297 | €1,082 | -€215 | -16.6% |
| Non-recurring operating charges | 66A | €2,808 | €0 | -€2,808 | -100% |
| Gross operating margin | 9900 | €56,923 | €62,240 | +€5,317 | +9.3% |
| Operating profit (loss) | 9901 | €50,865 | €59,697 | +€8,832 | +17.4% |
| Financial income | 75/76B | €1,976 | €2,639 | +€664 | +33.6% |
| Recurring financial income | 75 | €1,976 | €2,639 | +€664 | +33.6% |
| Financial charges | 65/66B | €564 | €1,967 | +€1,402 | +249% |
| Recurring financial charges | 65 | €564 | €1,967 | +€1,402 | +249% |
| Profit (loss) for the period before taxes | 9903 | €52,277 | €60,370 | +€8,093 | +15.5% |
| Income taxes | 67/77 | €12,983 | €21,144 | +€8,161 | +62.9% |
| Profit (loss) for the period | 9904 | €39,294 | €39,225 | -€68 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,294 | €39,225 | -€68 | -0.2% |
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 13 October 2026 via checked.be.