NoRo: 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.
NoRo
Largest movements
- Cash +€60,322
up €60,322 (+65.2%), from €92,543 to €152,865
mainly Net result for the year (+€54,406) and Depreciation (+€36,105)
- Deferred charges and accrued income -€25,196
down €25,196 (-57.4%), from €43,884 to €18,688
- Receivables within one year -€8,959
down €8,959 (-25.1%), from €35,698 to €26,739
of which Trade receivables: -€9,925
- Reserves +€46,540
up €46,540 (+29.1%), from €159,760 to €206,300
of which Distributable reserves: +€48,400
- Profit (loss) carried forward -€42,473
down €42,473 (-99.7%), from €42,598 to €125
- Other debts +€30,000
new in 2025: €30,000
- Debts after one year -€8,751
down €8,751 (-2.4%), from €362,055 to €353,304
- Tax, wage and social debts -€7,208
down €7,208 (-15.1%), from €47,601 to €40,392
of which Remuneration and social security: -€15,066
- Staff costs -€10,239
down €10,239 (-3.2%), from €320,943 to €310,704
- Taxes +€8,027
up €8,027 (+54.1%), from €14,831 to €22,858
- Other operating charges +€6,445
up €6,445 (+230%), from €2,797 to €9,241
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 | €656,649 | €680,222 | +€23,572 | +3.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €484,524 | €481,930 | -€2,594 | -0.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €484,524 | €481,930 | -€2,594 | -0.5% |
| Land and buildings | 22 | €459,199 | €465,295 | +€6,096 | +1.3% |
| Plant, machinery and equipment | 23 | €0 | €1,659 | +€1,659 | |
| Furniture and vehicles | 24 | €21,160 | €14,976 | -€6,184 | -29.2% |
| Other tangible fixed assets | 26 | €4,165 | - | -€4,165 | |
| Current assets | 29/58 | €172,125 | €198,292 | +€26,167 | +15.2% |
| Amounts receivable within one year | 40/41 | €35,698 | €26,739 | -€8,959 | -25.1% |
| Trade receivables | 40 | €31,379 | €21,454 | -€9,925 | -31.6% |
| Other amounts receivable | 41 | €4,319 | €5,285 | +€966 | +22.4% |
| Cash at bank and in hand | 54/58 | €92,543 | €152,865 | +€60,322 | +65.2% |
| Deferred charges and accrued income | 490/1 | €43,884 | €18,688 | -€25,196 | -57.4% |
| Total equity and liabilities | 10/49 | €656,649 | €680,222 | +€23,572 | +3.6% |
| Equity | 10/15 | €208,558 | €212,625 | +€4,067 | +2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €159,760 | €206,300 | +€46,540 | +29.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €157,900 | €206,300 | +€48,400 | +30.7% |
| Profit (loss) carried forward | 14 | €42,598 | €125 | -€42,473 | -99.7% |
| Amounts payable | 17/49 | €448,091 | €467,597 | +€19,505 | +4.4% |
| Amounts payable after more than one year | 17 | €362,055 | €353,304 | -€8,751 | -2.4% |
| Financial debts | 170/4 | €362,055 | €353,304 | -€8,751 | -2.4% |
| Amounts payable within one year | 42/48 | €84,354 | €112,611 | +€28,257 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €35,670 | €40,925 | +€5,255 | +14.7% |
| Trade debts | 44 | €1,083 | €1,294 | +€210 | +19.4% |
| Suppliers | 440/4 | €1,083 | €1,294 | +€210 | +19.4% |
| Taxes, remuneration and social security | 45 | €47,601 | €40,392 | -€7,208 | -15.1% |
| Taxes | 450/3 | €5,331 | €13,188 | +€7,858 | +147% |
| Remuneration and social security | 454/9 | €42,270 | €27,204 | -€15,066 | -35.6% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Accrued charges and deferred income | 492/3 | €1,682 | €1,682 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €320,943 | €310,704 | -€10,239 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,498 | €36,105 | +€1,607 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €118 | - | -€118 | |
| Other operating charges | 640/8 | €2,797 | €9,241 | +€6,445 | +230% |
| Gross operating margin | 9900 | €458,547 | €454,729 | -€3,819 | -0.8% |
| Operating profit (loss) | 9901 | €100,191 | €98,679 | -€1,513 | -1.5% |
| Financial income | 75/76B | €137 | €372 | +€235 | +171% |
| Recurring financial income | 75 | €137 | €372 | +€235 | +171% |
| Financial charges | 65/66B | €17,572 | €21,786 | +€4,215 | +24.0% |
| Recurring financial charges | 65 | €17,572 | €21,786 | +€4,215 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €82,757 | €77,264 | -€5,493 | -6.6% |
| Income taxes | 67/77 | €14,831 | €22,858 | +€8,027 | +54.1% |
| Profit (loss) for the period | 9904 | €67,926 | €54,406 | -€13,520 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,926 | €54,406 | -€13,520 | -19.9% |
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 15 October 2026 via checked.be.