Normo: 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.
Normo
Largest movements
- Receivables within one year +€48,389
up €48,389 (+59.5%), from €81,309 to €129,698
of which Trade receivables: +€55,822
- Tangible fixed assets -€27,090
down €27,090 (-21.2%), from €127,837 to €100,748
of which Plant, machinery and equipment: -€25,280
- Intangible fixed assets -€7,423
down €7,423 (-100.0%), from €7,423 to €0
- Cash +€4,833
up €4,833 (+34.9%), from €13,839 to €18,672
mainly Net result for the year (+€41,211) and Depreciation (+€38,180)
- Stocks and contracts -€3,259
down €3,259 (-18.0%), from €18,105 to €14,846
- Reserves +€41,211
up €41,211 (+24.9%), from €165,612 to €206,823
- Trade debts -€22,412
down €22,412 (-66.9%), from €33,511 to €11,100
- Current portion of long-term debt -€13,498
down €13,498 (-100.0%), from €13,498 to €0
- Debts after one year +€10,000
up €10,000 (+61.7%), from €16,200 to €26,200
of which Other amounts payable: +€10,000
- Other debts +€4,566
up €4,566 (+3021.2%), from €151 to €4,717
- Depreciation -€44,146
down €44,146 (-53.6%), from €82,326 to €38,180
- Taxes +€10,737
up €10,737 (+357.2%), from €3,006 to €13,743
- Gross operating margin -€8,619
down €8,619 (-7.4%), from €116,325 to €107,706
- Staff costs -€1,429
down €1,429 (-9.9%), from €14,430 to €13,001
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 | €248,513 | €263,964 | +€15,451 | +6.2% |
| Fixed assets | 21/28 | €135,260 | €100,748 | -€34,512 | -25.5% |
| Intangible fixed assets | 21 | €7,423 | €0 | -€7,423 | -100.0% |
| Tangible fixed assets | 22/27 | €127,837 | €100,748 | -€27,090 | -21.2% |
| Plant, machinery and equipment | 23 | €125,912 | €100,632 | -€25,280 | -20.1% |
| Furniture and vehicles | 24 | €1,926 | €116 | -€1,810 | -94.0% |
| Current assets | 29/58 | €113,253 | €163,217 | +€49,963 | +44.1% |
| Stocks and contracts in progress | 3 | €18,105 | €14,846 | -€3,259 | -18.0% |
| Stocks | 30/36 | €18,105 | €14,846 | -€3,259 | -18.0% |
| Amounts receivable within one year | 40/41 | €81,309 | €129,698 | +€48,389 | +59.5% |
| Trade receivables | 40 | €65,882 | €121,705 | +€55,822 | +84.7% |
| Other amounts receivable | 41 | €15,426 | €7,994 | -€7,433 | -48.2% |
| Cash at bank and in hand | 54/58 | €13,839 | €18,672 | +€4,833 | +34.9% |
| Total equity and liabilities | 10/49 | €248,513 | €263,964 | +€15,451 | +6.2% |
| Equity | 10/15 | €175,612 | €216,823 | +€41,211 | +23.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €165,612 | €206,823 | +€41,211 | +24.9% |
| Distributable reserves | 133 | €165,612 | €206,823 | +€41,211 | +24.9% |
| Amounts payable | 17/49 | €72,901 | €47,141 | -€25,760 | -35.3% |
| Amounts payable after more than one year | 17 | €16,200 | €26,200 | +€10,000 | +61.7% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €16,200 | €26,200 | +€10,000 | +61.7% |
| Amounts payable within one year | 42/48 | €56,701 | €20,941 | -€35,760 | -63.1% |
| Current portion of amounts payable after more than one year | 42 | €13,498 | €0 | -€13,498 | -100.0% |
| Trade debts | 44 | €33,511 | €11,100 | -€22,412 | -66.9% |
| Suppliers | 440/4 | €33,511 | €11,100 | -€22,412 | -66.9% |
| Taxes, remuneration and social security | 45 | €9,541 | €5,124 | -€4,417 | -46.3% |
| Taxes | 450/3 | €6,848 | €3,760 | -€3,088 | -45.1% |
| Remuneration and social security | 454/9 | €2,694 | €1,364 | -€1,329 | -49.4% |
| Other amounts payable | 47/48 | €151 | €4,717 | +€4,566 | +3021.2% |
| Remuneration, social security and pensions | 62 | €14,430 | €13,001 | -€1,429 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,326 | €38,180 | -€44,146 | -53.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €816 | €1,011 | +€195 | +23.9% |
| Gross operating margin | 9900 | €116,325 | €107,706 | -€8,619 | -7.4% |
| Operating profit (loss) | 9901 | €18,753 | €55,514 | +€36,761 | +196.0% |
| Financial income | 75/76B | - | €160 | +€160 | |
| Recurring financial income | 75 | - | €160 | +€160 | |
| Financial charges | 65/66B | €1,470 | €719 | -€751 | -51.1% |
| Recurring financial charges | 65 | €1,470 | €719 | -€751 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €17,283 | €54,955 | +€37,671 | +218.0% |
| Income taxes | 67/77 | €3,006 | €13,743 | +€10,737 | +357.2% |
| Profit (loss) for the period | 9904 | €14,277 | €41,211 | +€26,934 | +188.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,277 | €41,211 | +€26,934 | +188.6% |
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 7 October 2026 via checked.be.