NORMINVEST: 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.
NORMINVEST
Largest movements
- Tangible fixed assets -€87,819
down €87,819 (-5.3%), from €1.7m to €1.6m
of which Land and buildings: -€73,779
- Receivables within one year +€75,998
up €75,998 (+63.6%), from €119,467 to €195,465
of which Other amounts receivable: +€54,498
- Debts after one year -€31,225
down €31,225 (-8.1%), from €386,941 to €355,715
- Gross operating margin +€21,398
up €21,398 (+24.8%), from €86,132 to €107,530
- Taxes +€3,550
new in 2025: €3,550
- Financial income +€1,808
up €1,808 (+415%), from €436 to €2,244
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 | €1,796,359 | €1,769,196 | -€27,163 | -1.5% |
| Fixed assets | 21/28 | €1,652,088 | €1,564,269 | -€87,819 | -5.3% |
| Tangible fixed assets | 22/27 | €1,652,088 | €1,564,269 | -€87,819 | -5.3% |
| Land and buildings | 22 | €1,613,841 | €1,540,062 | -€73,779 | -4.6% |
| Furniture and vehicles | 24 | €38,247 | €24,207 | -€14,040 | -36.7% |
| Current assets | 29/58 | €144,271 | €204,927 | +€60,656 | +42.0% |
| Amounts receivable within one year | 40/41 | €119,467 | €195,465 | +€75,998 | +63.6% |
| Trade receivables | 40 | €88,163 | €109,663 | +€21,500 | +24.4% |
| Other amounts receivable | 41 | €31,304 | €85,802 | +€54,498 | +174% |
| Cash at bank and in hand | 54/58 | €24,421 | €9,463 | -€14,958 | -61.3% |
| Deferred charges and accrued income | 490/1 | €383 | - | -€383 | |
| Total equity and liabilities | 10/49 | €1,796,359 | €1,769,196 | -€27,163 | -1.5% |
| Equity | 10/15 | €1,377,367 | €1,378,455 | +€1,088 | +0.1% |
| Contributions | 10/11 | €1,459,973 | €1,459,973 | = | 0.0% |
| Capital | 10 | €1,459,973 | €1,459,973 | = | 0.0% |
| Issued capital | 100 | €1,459,973 | €1,459,973 | = | 0.0% |
| Reserves | 13 | €2,550 | €2,550 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,550 | €2,550 | = | 0.0% |
| Legal reserve | 130 | €2,550 | €2,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,157 | -€84,068 | +€1,088 | +1.3% |
| Amounts payable | 17/49 | €418,992 | €390,741 | -€28,251 | -6.7% |
| Amounts payable after more than one year | 17 | €386,941 | €355,715 | -€31,225 | -8.1% |
| Financial debts | 170/4 | €386,941 | €355,715 | -€31,225 | -8.1% |
| Amounts payable within one year | 42/48 | €32,051 | €35,025 | +€2,974 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €30,720 | €33,822 | +€3,102 | +10.1% |
| Trade debts | 44 | €1,331 | €1,203 | -€128 | -9.6% |
| Suppliers | 440/4 | €1,331 | €1,203 | -€128 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,819 | €87,819 | = | 0.0% |
| Other operating charges | 640/8 | €8,933 | €8,879 | -€55 | -0.6% |
| Gross operating margin | 9900 | €86,132 | €107,530 | +€21,398 | +24.8% |
| Operating profit (loss) | 9901 | -€10,620 | €10,832 | +€21,452 | |
| Financial income | 75/76B | €436 | €2,244 | +€1,808 | +415% |
| Recurring financial income | 75 | €436 | €2,244 | +€1,808 | +415% |
| Financial charges | 65/66B | €8,076 | €8,438 | +€361 | +4.5% |
| Recurring financial charges | 65 | €8,076 | €8,438 | +€361 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,261 | €4,638 | +€22,899 | |
| Income taxes | 67/77 | - | €3,550 | +€3,550 | |
| Profit (loss) for the period | 9904 | -€18,261 | €1,088 | +€19,349 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,261 | €1,088 | +€19,349 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.