Norro: 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.
What changed
Norro
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,203
2024 · €6,677-€2,474
Equity
€59,866
2024 · €55,663+€4,203
Cash
€7,926
2024 · €4,638+€3,289
Balance sheet total
€1.2m
2024 · €1.2m+€22,780
Largest movements
Assets
- Tangible fixed assets +€20,840
up €20,840 (+1.8%), from €1.2m to €1.2m
of which Other tangible fixed assets: +€44,751
Equity and liabilities
- Other debts +€51,564
up €51,564 (+7.1%), from €723,741 to €775,306
- Debts after one year -€29,861
down €29,861 (-8.6%), from €346,999 to €317,139
Income statement
- Other operating charges -€9,089
down €9,089 (-41.3%), from €22,001 to €12,912
- Gross operating margin -€7,831
down €7,831 (-12.1%), from €64,470 to €56,639
- Depreciation +€4,126
up €4,126 (+13.3%), from €31,134 to €35,260
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.
Result 2024
€6,677
Gross operating margin
-€7,831
Depreciation
-€4,126
Other operating charges
+€9,089
Financial income
-€0
Financial charges
+€394
Result 2025
€4,203
raises the resultlowers the result
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.
From operations
+€91,653
Investment
-€56,100
Financing
-€32,265
Cash 2024
€4,638
From operations (derived)
+€91,653
Net result for the year
+€4,203
Depreciation
+€35,260
Receivables within one year
-€849
Deferred charges and accrued income
+€2,198
Trade debts
-€641
Tax, wage and social debts
+€342
Advances received
-€424
Other debts
+€51,564
Investment (derived)
-€56,100
Investment in fixed assets (net)
-€56,100
Financing
-€32,265
Debts after one year
-€29,861
Current portion of long-term debt
-€2,404
Cash 2025
€7,926
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,166,581 | €1,189,361 | +€22,780 | +2.0% |
| Fixed assets | 21/28 | €1,155,707 | €1,176,547 | +€20,840 | +1.8% |
| Tangible fixed assets | 22/27 | €1,155,707 | €1,176,547 | +€20,840 | +1.8% |
| Land and buildings | 22 | €990,362 | €967,110 | -€23,252 | -2.3% |
| Plant, machinery and equipment | 23 | €1,368 | €709 | -€659 | -48.1% |
| Other tangible fixed assets | 26 | €163,977 | €208,728 | +€44,751 | +27.3% |
| Current assets | 29/58 | €10,874 | €12,814 | +€1,940 | +17.8% |
| Amounts receivable within one year | 40/41 | €2,234 | €3,083 | +€849 | +38.0% |
| Trade receivables | 40 | €278 | €1,221 | +€942 | +338% |
| Other amounts receivable | 41 | €1,955 | €1,863 | -€93 | -4.7% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,638 | €7,926 | +€3,289 | +70.9% |
| Deferred charges and accrued income | 490/1 | €3,753 | €1,555 | -€2,198 | -58.6% |
| Total equity and liabilities | 10/49 | €1,166,581 | €1,189,361 | +€22,780 | +2.0% |
| Equity | 10/15 | €55,663 | €59,866 | +€4,203 | +7.6% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €19,000 | €19,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,337 | -€24,134 | +€4,203 | +14.8% |
| Amounts payable | 17/49 | €1,110,918 | €1,129,495 | +€18,577 | +1.7% |
| Amounts payable after more than one year | 17 | €346,999 | €317,139 | -€29,861 | -8.6% |
| Financial debts | 170/4 | €346,999 | €317,139 | -€29,861 | -8.6% |
| Amounts payable within one year | 42/48 | €763,373 | €811,811 | +€48,438 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €35,257 | €32,853 | -€2,404 | -6.8% |
| Trade debts | 44 | €1,530 | €888 | -€641 | -41.9% |
| Suppliers | 440/4 | €1,530 | €888 | -€641 | -41.9% |
| Advances received on contracts in progress | 46 | €424 | - | -€424 | |
| Taxes, remuneration and social security | 45 | €2,421 | €2,764 | +€342 | +14.1% |
| Taxes | 450/3 | €2,421 | €2,764 | +€342 | +14.1% |
| Other amounts payable | 47/48 | €723,741 | €775,306 | +€51,564 | +7.1% |
| Accrued charges and deferred income | 492/3 | €545 | €545 | = | 0.0% |
| Non-recurring operating income | 76A | €25,127 | - | -€25,127 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,134 | €35,260 | +€4,126 | +13.3% |
| Other operating charges | 640/8 | €22,001 | €12,912 | -€9,089 | -41.3% |
| Gross operating margin | 9900 | €64,470 | €56,639 | -€7,831 | -12.1% |
| Operating profit (loss) | 9901 | €11,335 | €8,467 | -€2,868 | -25.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,658 | €4,264 | -€394 | -8.5% |
| Recurring financial charges | 65 | €4,658 | €4,264 | -€394 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €6,677 | €4,203 | -€2,474 | -37.1% |
| Profit (loss) for the period | 9904 | €6,677 | €4,203 | -€2,474 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,677 | €4,203 | -€2,474 | -37.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.