NORO DESIGN: 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 DESIGN
Largest movements
- Cash -€70,344
down €70,344 (-43.1%), from €163,243 to €92,900
mainly Investment in fixed assets (net) (-€86,527) and Current investments (-€50,000)
- Current investments +€50,000
up €50,000 (+97.4%), from €51,318 to €101,318
- Tangible fixed assets +€39,510
up €39,510 (+33.0%), from €119,907 to €159,418
of which Plant, machinery and equipment: +€45,133
- Receivables within one year +€9,848
up €9,848 (+71.4%), from €13,803 to €23,651
of which Trade receivables: +€12,764
- Stocks and contracts +€8,002
up €8,002 (+53.7%), from €14,892 to €22,894
- Reserves +€41,000
up €41,000 (+14.3%), from €286,769 to €327,769
- Advances received -€10,000
no longer reported in 2025 (was €10,000)
- Trade debts +€7,540
up €7,540 (+145%), from €5,196 to €12,736
- Debts after one year -€5,000
down €5,000 (-14.3%), from €35,000 to €30,000
- Gross operating margin +€27,243
up €27,243 (+35.5%), from €76,730 to €103,972
- Depreciation +€13,713
up €13,713 (+41.2%), from €33,304 to €47,017
- Taxes +€2,915
up €2,915 (+26.3%), from €11,065 to €13,981
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 | €363,263 | €400,648 | +€37,385 | +10.3% |
| Fixed assets | 21/28 | €120,007 | €159,518 | +€39,510 | +32.9% |
| Tangible fixed assets | 22/27 | €119,907 | €159,418 | +€39,510 | +33.0% |
| Plant, machinery and equipment | 23 | €75,053 | €120,187 | +€45,133 | +60.1% |
| Furniture and vehicles | 24 | €3,461 | €2,956 | -€505 | -14.6% |
| Other tangible fixed assets | 26 | €41,393 | €36,275 | -€5,118 | -12.4% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €243,256 | €241,130 | -€2,126 | -0.9% |
| Stocks and contracts in progress | 3 | €14,892 | €22,894 | +€8,002 | +53.7% |
| Stocks | 30/36 | €14,892 | €22,894 | +€8,002 | +53.7% |
| Amounts receivable within one year | 40/41 | €13,803 | €23,651 | +€9,848 | +71.4% |
| Trade receivables | 40 | €8,138 | €20,902 | +€12,764 | +157% |
| Other amounts receivable | 41 | €5,665 | €2,749 | -€2,915 | -51.5% |
| Current investments | 50/53 | €51,318 | €101,318 | +€50,000 | +97.4% |
| Cash at bank and in hand | 54/58 | €163,243 | €92,900 | -€70,344 | -43.1% |
| Deferred charges and accrued income | 490/1 | - | €368 | +€368 | |
| Total equity and liabilities | 10/49 | €363,263 | €400,648 | +€37,385 | +10.3% |
| Equity | 10/15 | €306,782 | €347,874 | +€41,092 | +13.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €286,769 | €327,769 | +€41,000 | +14.3% |
| Distributable reserves | 133 | €286,769 | €327,769 | +€41,000 | +14.3% |
| Profit (loss) carried forward | 14 | €13 | €105 | +€92 | +703% |
| Amounts payable | 17/49 | €56,480 | €52,773 | -€3,707 | -6.6% |
| Amounts payable after more than one year | 17 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Financial debts | 170/4 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Amounts payable within one year | 42/48 | €18,673 | €20,649 | +€1,976 | +10.6% |
| Trade debts | 44 | €5,196 | €12,736 | +€7,540 | +145% |
| Suppliers | 440/4 | €5,196 | €12,736 | +€7,540 | +145% |
| Advances received on contracts in progress | 46 | €10,000 | - | -€10,000 | |
| Taxes, remuneration and social security | 45 | - | €1,875 | +€1,875 | |
| Taxes | 450/3 | - | €1,875 | +€1,875 | |
| Other amounts payable | 47/48 | €3,478 | €6,038 | +€2,561 | +73.6% |
| Accrued charges and deferred income | 492/3 | €2,807 | €2,124 | -€683 | -24.3% |
| Non-recurring operating income | 76A | - | €24,671 | +€24,671 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,304 | €47,017 | +€13,713 | +41.2% |
| Other operating charges | 640/8 | €613 | €591 | -€22 | -3.6% |
| Gross operating margin | 9900 | €76,730 | €103,972 | +€27,243 | +35.5% |
| Operating profit (loss) | 9901 | €42,813 | €56,364 | +€13,552 | +31.7% |
| Financial income | 75/76B | €1,779 | €893 | -€886 | -49.8% |
| Recurring financial income | 75 | €1,779 | €893 | -€886 | -49.8% |
| Financial charges | 65/66B | €3,123 | €2,185 | -€938 | -30.0% |
| Recurring financial charges | 65 | €2,873 | €2,185 | -€688 | -24.0% |
| Non-recurring financial charges | 66B | €250 | - | -€250 | |
| Profit (loss) for the period before taxes | 9903 | €41,468 | €55,073 | +€13,604 | +32.8% |
| Income taxes | 67/77 | €11,065 | €13,981 | +€2,915 | +26.3% |
| Profit (loss) for the period | 9904 | €30,403 | €41,092 | +€10,689 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,403 | €41,092 | +€10,689 | +35.2% |
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 22 October 2026 via checked.be.