NORMED BELGIUM: 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.
NORMED BELGIUM
Largest movements
- Receivables within one year -€257,315
down €257,315 (-15.1%), from €1.7m to €1.5m
of which Trade receivables: -€264,933
- Cash +€224,441
up €224,441 (+22.4%), from €1.0m to €1.2m
mainly Accrued charges and deferred income (+€546,279) and Receivables within one year (+€257,315)
- Deferred charges and accrued income +€49,312
up €49,312 (+792%), from €6,223 to €55,535
- Tangible fixed assets -€33,577
down €33,577 (-24.6%), from €136,574 to €102,997
of which Furniture and vehicles: -€21,626
- Intangible fixed assets -€30,000
down €30,000 (-25.3%), from €118,602 to €88,602
- Accrued charges and deferred income +€546,279
up €546,279 (+4,125%), from €13,244 to €559,523
- Trade debts -€456,946
down €456,946 (-53.3%), from €857,086 to €400,140
- Profit (loss) carried forward -€96,942
down €96,942 (-4.9%), from €2.0m to €1.9m
- Gross operating margin -€322,264
down €322,264 (-38.4%), from €839,054 to €516,790
- Taxes -€96,270
down €96,270 (-83.1%), from €115,885 to €19,615
- Staff costs +€59,288
up €59,288 (+19.0%), from €312,307 to €371,595
- Depreciation +€10,755
up €10,755 (+18.6%), from €57,711 to €68,466
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 | €2,977,339 | €2,930,200 | -€47,139 | -1.6% |
| Fixed assets | 21/28 | €261,018 | €197,441 | -€63,577 | -24.4% |
| Intangible fixed assets | 21 | €118,602 | €88,602 | -€30,000 | -25.3% |
| Tangible fixed assets | 22/27 | €136,574 | €102,997 | -€33,577 | -24.6% |
| Plant, machinery and equipment | 23 | €31,064 | €19,728 | -€11,336 | -36.5% |
| Furniture and vehicles | 24 | €101,363 | €79,737 | -€21,626 | -21.3% |
| Other tangible fixed assets | 26 | €4,147 | €3,532 | -€615 | -14.8% |
| Financial fixed assets | 28 | €5,842 | €5,842 | = | 0.0% |
| Current assets | 29/58 | €2,716,321 | €2,732,759 | +€16,438 | +0.6% |
| Amounts receivable within one year | 40/41 | €1,708,341 | €1,451,026 | -€257,315 | -15.1% |
| Trade receivables | 40 | €1,692,602 | €1,427,669 | -€264,933 | -15.7% |
| Other amounts receivable | 41 | €15,739 | €23,357 | +€7,618 | +48.4% |
| Cash at bank and in hand | 54/58 | €1,001,757 | €1,226,198 | +€224,441 | +22.4% |
| Deferred charges and accrued income | 490/1 | €6,223 | €55,535 | +€49,312 | +792% |
| Total equity and liabilities | 10/49 | €2,977,339 | €2,930,200 | -€47,139 | -1.6% |
| Equity | 10/15 | €2,007,830 | €1,910,888 | -€96,942 | -4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,750 | €18,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,970,480 | €1,873,538 | -€96,942 | -4.9% |
| Amounts payable | 17/49 | €969,509 | €1,019,312 | +€49,803 | +5.1% |
| Amounts payable after more than one year | 17 | - | €12,704 | +€12,704 | |
| Financial debts | 170/4 | - | €12,704 | +€12,704 | |
| Amounts payable within one year | 42/48 | €956,265 | €447,085 | -€509,180 | -53.2% |
| Current portion of amounts payable after more than one year | 42 | €38,948 | €13,369 | -€25,579 | -65.7% |
| Trade debts | 44 | €857,086 | €400,140 | -€456,946 | -53.3% |
| Suppliers | 440/4 | €857,086 | €400,140 | -€456,946 | -53.3% |
| Taxes, remuneration and social security | 45 | €60,231 | €33,576 | -€26,655 | -44.3% |
| Taxes | 450/3 | €15,829 | - | -€15,829 | |
| Remuneration and social security | 454/9 | €44,402 | €33,576 | -€10,826 | -24.4% |
| Accrued charges and deferred income | 492/3 | €13,244 | €559,523 | +€546,279 | +4,125% |
| Non-recurring operating income | 76A | €8,500 | - | -€8,500 | |
| Remuneration, social security and pensions | 62 | €312,307 | €371,595 | +€59,288 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,711 | €68,466 | +€10,755 | +18.6% |
| Other operating charges | 640/8 | €4,530 | €1,633 | -€2,897 | -64.0% |
| Gross operating margin | 9900 | €839,054 | €516,790 | -€322,264 | -38.4% |
| Operating profit (loss) | 9901 | €464,506 | €75,096 | -€389,410 | -83.8% |
| Financial income | 75/76B | €2,309 | €1,664 | -€645 | -27.9% |
| Recurring financial income | 75 | €2,309 | €1,664 | -€645 | -27.9% |
| Financial charges | 65/66B | €8,151 | €4,087 | -€4,064 | -49.9% |
| Recurring financial charges | 65 | €8,151 | €4,087 | -€4,064 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €458,664 | €72,673 | -€385,991 | -84.2% |
| Income taxes | 67/77 | €115,885 | €19,615 | -€96,270 | -83.1% |
| Profit (loss) for the period | 9904 | €342,779 | €53,058 | -€289,721 | -84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €342,779 | €53,058 | -€289,721 | -84.5% |
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 24 October 2026 via checked.be.