NORMBEL: what changed
Two fiscal 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.
NORMBEL
Largest movements
- Cash +€121,753
up €121,753 (+38.5%), from €316,329 to €438,082
mainly Net result for the year (+€178,520) and Trade debts (+€43,163)
- Receivables within one year +€19,447
up €19,447 (+5.2%), from €372,712 to €392,159
of which Trade receivables: +€18,110
- Reserves +€90,000
up €90,000 (+3156.8%), from €2,851 to €92,851
of which Distributable reserves: +€90,000
- Trade debts +€43,163
up €43,163 (+258.8%), from €16,679 to €59,842
- Profit (loss) carried forward +€9,234
up €9,234 (+1.7%), from €540,632 to €549,866
- Gross operating margin -€28,126
down €28,126 (-7.7%), from €366,384 to €338,258
- Financial income +€6,272
up €6,272 (+897.3%), from €699 to €6,971
- Taxes -€5,943
down €5,943 (-6.6%), from €90,582 to €84,639
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.
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 | €707,315 | €841,262 | +€133,947 | +18.9% |
| Fixed assets | 21/28 | €12,412 | €7,946 | -€4,466 | -36.0% |
| Tangible fixed assets | 22/27 | €7,282 | €2,816 | -€4,466 | -61.3% |
| Plant, machinery and equipment | 23 | €1,512 | €756 | -€756 | -50.0% |
| Furniture and vehicles | 24 | €5,770 | €2,060 | -€3,710 | -64.3% |
| Financial fixed assets | 28 | €5,130 | €5,130 | = | 0.0% |
| Current assets | 29/58 | €694,903 | €833,316 | +€138,413 | +19.9% |
| Amounts receivable within one year | 40/41 | €372,712 | €392,159 | +€19,447 | +5.2% |
| Trade receivables | 40 | €188,852 | €206,962 | +€18,110 | +9.6% |
| Other amounts receivable | 41 | €183,860 | €185,197 | +€1,337 | +0.7% |
| Cash at bank and in hand | 54/58 | €316,329 | €438,082 | +€121,753 | +38.5% |
| Deferred charges and accrued income | 490/1 | €5,862 | €3,075 | -€2,787 | -47.5% |
| Total equity and liabilities | 10/49 | €707,315 | €841,262 | +€133,947 | +18.9% |
| Equity | 10/15 | €562,083 | €661,317 | +€99,234 | +17.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,851 | €92,851 | +€90,000 | +3156.8% |
| Non-distributable reserves | 130/1 | €2,851 | €2,851 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,851 | €2,851 | = | 0.0% |
| Distributable reserves | 133 | - | €90,000 | +€90,000 | |
| Profit (loss) carried forward | 14 | €540,632 | €549,866 | +€9,234 | +1.7% |
| Amounts payable | 17/49 | €145,232 | €179,945 | +€34,713 | +23.9% |
| Amounts payable within one year | 42/48 | €145,232 | €179,945 | +€34,713 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €16,931 | €13,475 | -€3,456 | -20.4% |
| Trade debts | 44 | €16,679 | €59,842 | +€43,163 | +258.8% |
| Suppliers | 440/4 | €16,679 | €59,842 | +€43,163 | +258.8% |
| Taxes, remuneration and social security | 45 | €51,622 | €46,050 | -€5,572 | -10.8% |
| Taxes | 450/3 | €41,839 | €32,526 | -€9,313 | -22.3% |
| Remuneration and social security | 454/9 | €9,783 | €13,524 | +€3,741 | +38.2% |
| Other amounts payable | 47/48 | €60,000 | €60,578 | +€578 | +1.0% |
| Remuneration, social security and pensions | 62 | €73,852 | €73,653 | -€199 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,327 | €5,647 | +€320 | +6.0% |
| Other operating charges | 640/8 | €865 | €1,897 | +€1,032 | +119.3% |
| Gross operating margin | 9900 | €366,384 | €338,258 | -€28,126 | -7.7% |
| Operating profit (loss) | 9901 | €286,340 | €257,061 | -€29,279 | -10.2% |
| Financial income | 75/76B | €699 | €6,971 | +€6,272 | +897.3% |
| Recurring financial income | 75 | €699 | €6,971 | +€6,272 | +897.3% |
| Financial charges | 65/66B | €1,832 | €873 | -€959 | -52.3% |
| Recurring financial charges | 65 | €1,832 | €873 | -€959 | -52.3% |
| Profit (loss) for the period before taxes | 9903 | €285,207 | €263,159 | -€22,048 | -7.7% |
| Income taxes | 67/77 | €90,582 | €84,639 | -€5,943 | -6.6% |
| Profit (loss) for the period | 9904 | €194,625 | €178,520 | -€16,105 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €194,625 | €178,520 | -€16,105 | -8.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.