Normec ISEC: 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.
Normec ISEC
Largest movements
- Financial fixed assets -€1.1m
down €1.1m (-99.9%), from €1.1m to €1,331
- Tangible fixed assets +€512,050
up €512,050 (+128%), from €400,356 to €912,406
of which Assets under construction and advance payments: +€610,750
- Receivables within one year +€95,365
up €95,365 (+22.3%), from €427,361 to €522,726
of which Trade receivables: +€110,739
- Reserves -€763,270
down €763,270 (-41.7%), from €1.8m to €1.1m
of which Distributable reserves: -€763,270
- Other debts +€108,193
up €108,193 (+1,302%), from €8,311 to €116,504
- Trade debts +€107,259
up €107,259 (+61.1%), from €175,642 to €282,901
- Tax, wage and social debts +€34,850
up €34,850 (+21.8%), from €159,805 to €194,654
of which Taxes: +€18,986
- Staff costs -€235,128
down €235,128 (-20.1%), from €1.2m to €932,696
- Gross operating margin -€125,870
down €125,870 (-6.9%), from €1.8m to €1.7m
- Depreciation -€76,590
down €76,590 (-35.5%), from €216,034 to €139,444
- Financial income -€46,698
down €46,698 (-88.3%), from €52,889 to €6,191
- Taxes +€44,304
up €44,304 (+41.3%), from €107,185 to €151,489
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 | €2,209,634 | €1,682,308 | -€527,326 | -23.9% |
| Fixed assets | 21/28 | €1,543,448 | €935,994 | -€607,455 | -39.4% |
| Intangible fixed assets | 21 | €18,251 | €22,257 | +€4,006 | +21.9% |
| Tangible fixed assets | 22/27 | €400,356 | €912,406 | +€512,050 | +128% |
| Land and buildings | 22 | €106,662 | €80,440 | -€26,221 | -24.6% |
| Plant, machinery and equipment | 23 | €251,678 | €202,934 | -€48,744 | -19.4% |
| Furniture and vehicles | 24 | €42,017 | €18,282 | -€23,735 | -56.5% |
| Assets under construction and advance payments | 27 | €0 | €610,750 | +€610,750 | |
| Financial fixed assets | 28 | €1,124,841 | €1,331 | -€1.1m | -99.9% |
| Current assets | 29/58 | €666,186 | €746,314 | +€80,129 | +12.0% |
| Amounts receivable within one year | 40/41 | €427,361 | €522,726 | +€95,365 | +22.3% |
| Trade receivables | 40 | €404,715 | €515,454 | +€110,739 | +27.4% |
| Other amounts receivable | 41 | €22,646 | €7,272 | -€15,374 | -67.9% |
| Cash at bank and in hand | 54/58 | €222,217 | €203,984 | -€18,233 | -8.2% |
| Deferred charges and accrued income | 490/1 | €16,608 | €19,605 | +€2,996 | +18.0% |
| Total equity and liabilities | 10/49 | €2,209,634 | €1,682,308 | -€527,326 | -23.9% |
| Equity | 10/15 | €1,847,885 | €1,084,615 | -€763,270 | -41.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,829,285 | €1,066,015 | -€763,270 | -41.7% |
| Tax-exempt reserves | 132 | €35,757 | €35,757 | = | 0.0% |
| Distributable reserves | 133 | €1,793,529 | €1,030,258 | -€763,270 | -42.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €361,749 | €597,693 | +€235,944 | +65.2% |
| Amounts payable within one year | 42/48 | €343,758 | €594,059 | +€250,302 | +72.8% |
| Trade debts | 44 | €175,642 | €282,901 | +€107,259 | +61.1% |
| Suppliers | 440/4 | €175,642 | €282,901 | +€107,259 | +61.1% |
| Taxes, remuneration and social security | 45 | €159,805 | €194,654 | +€34,850 | +21.8% |
| Taxes | 450/3 | €66,887 | €85,873 | +€18,986 | +28.4% |
| Remuneration and social security | 454/9 | €92,918 | €108,782 | +€15,864 | +17.1% |
| Other amounts payable | 47/48 | €8,311 | €116,504 | +€108,193 | +1,302% |
| Accrued charges and deferred income | 492/3 | €17,991 | €3,633 | -€14,358 | -79.8% |
| Non-recurring operating income | 76A | €3,365 | €0 | -€3,365 | -100% |
| Remuneration, social security and pensions | 62 | €1,167,824 | €932,696 | -€235,128 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,034 | €139,444 | -€76,590 | -35.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,190 | €0 | +€1,190 | |
| Other operating charges | 640/8 | €19,126 | €18,439 | -€687 | -3.6% |
| Non-recurring operating charges | 66A | €57,677 | €75,067 | +€17,390 | +30.1% |
| Gross operating margin | 9900 | €1,815,922 | €1,690,052 | -€125,870 | -6.9% |
| Operating profit (loss) | 9901 | €356,450 | €524,406 | +€167,956 | +47.1% |
| Financial income | 75/76B | €52,889 | €6,191 | -€46,698 | -88.3% |
| Recurring financial income | 75 | €52,889 | €6,191 | -€46,698 | -88.3% |
| Financial charges | 65/66B | €16,709 | €27,939 | +€11,230 | +67.2% |
| Recurring financial charges | 65 | €16,709 | €27,939 | +€11,230 | +67.2% |
| Profit (loss) for the period before taxes | 9903 | €392,630 | €502,658 | +€110,028 | +28.0% |
| Income taxes | 67/77 | €107,185 | €151,489 | +€44,304 | +41.3% |
| Profit (loss) for the period | 9904 | €285,445 | €351,169 | +€65,724 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €285,445 | €351,169 | +€65,724 | +23.0% |
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.