NORO PROJECT: 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.
NORO PROJECT
Largest movements
- Tangible fixed assets -€10,880
down €10,880 (-3.6%), from €302,443 to €291,563
- Receivables within one year +€4,144
new in 2025: €4,144
- Cash -€3,083
no longer reported in 2025 (was €3,083)
mainly Debts after one year (-€17,390) and Net result for the year (-€11,114)
- Other debts +€20,130
up €20,130 (+27.3%), from €73,750 to €93,880
- Debts after one year -€17,390
down €17,390 (-6.4%), from €273,126 to €255,736
- Profit (loss) carried forward -€11,114
down €11,114 (-16.7%), from -€66,609 to -€77,723
- Trade debts -€3,902
down €3,902 (-88.7%), from €4,399 to €497
- Financial charges +€3,028
up €3,028 (+28.2%), from €10,748 to €13,776
- Gross operating margin +€727
up €727 (+4.1%), from €17,634 to €18,362
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 | €306,383 | €296,288 | -€10,095 | -3.3% |
| Formation expenses | 20 | €857 | €581 | -€276 | -32.2% |
| Fixed assets | 21/28 | €302,443 | €291,563 | -€10,880 | -3.6% |
| Tangible fixed assets | 22/27 | €302,443 | €291,563 | -€10,880 | -3.6% |
| Land and buildings | 22 | €302,443 | €291,563 | -€10,880 | -3.6% |
| Current assets | 29/58 | €3,083 | €4,144 | +€1,061 | +34.4% |
| Amounts receivable within one year | 40/41 | - | €4,144 | +€4,144 | |
| Trade receivables | 40 | - | €4,144 | +€4,144 | |
| Cash at bank and in hand | 54/58 | €3,083 | - | -€3,083 | |
| Total equity and liabilities | 10/49 | €306,383 | €296,288 | -€10,095 | -3.3% |
| Equity | 10/15 | -€61,609 | -€72,723 | -€11,114 | -18.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,609 | -€77,723 | -€11,114 | -16.7% |
| Amounts payable | 17/49 | €367,992 | €369,011 | +€1,019 | +0.3% |
| Amounts payable after more than one year | 17 | €273,126 | €255,736 | -€17,390 | -6.4% |
| Financial debts | 170/4 | €273,126 | €255,736 | -€17,390 | -6.4% |
| Amounts payable within one year | 42/48 | €94,867 | €113,275 | +€18,409 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €16,717 | €17,390 | +€672 | +4.0% |
| Financial debts | 43 | - | €1,508 | +€1,508 | |
| Credit institutions | 430/8 | - | €1,508 | +€1,508 | |
| Trade debts | 44 | €4,399 | €497 | -€3,902 | -88.7% |
| Suppliers | 440/4 | €4,399 | €497 | -€3,902 | -88.7% |
| Other amounts payable | 47/48 | €73,750 | €93,880 | +€20,130 | +27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,156 | €11,156 | = | 0.0% |
| Other operating charges | 640/8 | €4,405 | €4,544 | +€139 | +3.2% |
| Gross operating margin | 9900 | €17,634 | €18,362 | +€727 | +4.1% |
| Operating profit (loss) | 9901 | €2,073 | €2,662 | +€589 | +28.4% |
| Financial charges | 65/66B | €10,748 | €13,776 | +€3,028 | +28.2% |
| Recurring financial charges | 65 | €10,748 | €13,776 | +€3,028 | +28.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,675 | -€11,114 | -€2,439 | -28.1% |
| Profit (loss) for the period | 9904 | -€8,675 | -€11,114 | -€2,439 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,675 | -€11,114 | -€2,439 | -28.1% |
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 3 October 2026 via checked.be.