NORREC: 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.
NORREC
Largest movements
- Receivables after one year +€116,710
up €116,710 (+61.9%), from €188,531 to €305,242
- Receivables within one year +€52,238
up €52,238 (+45.8%), from €114,049 to €166,286
of which Trade receivables: +€117,746
- Tangible fixed assets -€9,200
down €9,200 (-8.9%), from €102,800 to €93,600
- Trade debts +€120,824
up €120,824 (+78.1%), from €154,707 to €275,530
- Short-term financial debts +€38,651
up €38,651 (+60.2%), from €64,161 to €102,813
of which Other loans: +€58,671
- Debts after one year -€26,853
down €26,853 (-17.9%), from €149,982 to €123,129
- Reserves +€14,392
up €14,392 (+115.2%), from €12,490 to €26,881
of which Distributable reserves: +€14,392
- Current portion of long-term debt +€7,244
up €7,244 (+36.9%), from €19,609 to €26,853
- Gross operating margin -€13,179
down €13,179 (-20.3%), from €64,767 to €51,588
- Financial charges -€10,329
down €10,329 (-33.5%), from €30,868 to €20,539
- Taxes +€1,483
up €1,483 (+33.7%), from €4,401 to €5,884
From the 2023 result to the 2024 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €433,556 | €593,591 | +€160,035 | +36.9% |
| Fixed assets | 21/28 | €102,800 | €93,600 | -€9,200 | -8.9% |
| Tangible fixed assets | 22/27 | €102,800 | €93,600 | -€9,200 | -8.9% |
| Land and buildings | 22 | €102,800 | €93,600 | -€9,200 | -8.9% |
| Current assets | 29/58 | €330,756 | €499,991 | +€169,235 | +51.2% |
| Amounts receivable after more than one year | 29 | €188,531 | €305,242 | +€116,710 | +61.9% |
| Other amounts receivable | 291 | €188,531 | €305,242 | +€116,710 | +61.9% |
| Amounts receivable within one year | 40/41 | €114,049 | €166,286 | +€52,238 | +45.8% |
| Trade receivables | 40 | €47,625 | €165,371 | +€117,746 | +247.2% |
| Other amounts receivable | 41 | €66,424 | €916 | -€65,508 | -98.6% |
| Deferred charges and accrued income | 490/1 | €28,176 | €28,463 | +€287 | +1.0% |
| Total equity and liabilities | 10/49 | €433,556 | €593,591 | +€160,035 | +36.9% |
| Equity | 10/15 | €31,090 | €45,481 | +€14,392 | +46.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,490 | €26,881 | +€14,392 | +115.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €10,630 | €25,021 | +€14,392 | +135.4% |
| Amounts payable | 17/49 | €402,466 | €548,110 | +€145,644 | +36.2% |
| Amounts payable after more than one year | 17 | €149,982 | €123,129 | -€26,853 | -17.9% |
| Financial debts | 170/4 | €149,982 | €123,129 | -€26,853 | -17.9% |
| Amounts payable within one year | 42/48 | €252,484 | €424,980 | +€172,497 | +68.3% |
| Current portion of amounts payable after more than one year | 42 | €19,609 | €26,853 | +€7,244 | +36.9% |
| Financial debts | 43 | €64,161 | €102,813 | +€38,651 | +60.2% |
| Credit institutions | 430/8 | €64,161 | €44,142 | -€20,020 | -31.2% |
| Other loans | 439 | - | €58,671 | +€58,671 | |
| Trade debts | 44 | €154,707 | €275,530 | +€120,824 | +78.1% |
| Suppliers | 440/4 | €154,707 | €275,530 | +€120,824 | +78.1% |
| Advances received on contracts in progress | 46 | €4,500 | €4,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,507 | €10,284 | +€5,777 | +128.2% |
| Taxes | 450/3 | €4,507 | €10,284 | +€5,777 | +128.2% |
| Other amounts payable | 47/48 | €5,000 | €5,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,200 | €9,200 | = | 0.0% |
| Other operating charges | 640/8 | €1,449 | €1,492 | +€43 | +2.9% |
| Non-recurring operating charges | 66A | - | €81 | +€81 | |
| Gross operating margin | 9900 | €64,767 | €51,588 | -€13,179 | -20.3% |
| Operating profit (loss) | 9901 | €54,117 | €40,815 | -€13,303 | -24.6% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €30,868 | €20,539 | -€10,329 | -33.5% |
| Recurring financial charges | 65 | €30,868 | €20,539 | -€10,329 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €23,251 | €20,275 | -€2,975 | -12.8% |
| Income taxes | 67/77 | €4,401 | €5,884 | +€1,483 | +33.7% |
| Profit (loss) for the period | 9904 | €18,850 | €14,392 | -€4,458 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,850 | €14,392 | -€4,458 | -23.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.