Noruco: 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.
Noruco
Largest movements
- Cash +€19,485
up €19,485 (+98.7%), from €19,749 to €39,233
mainly Net result for the year (+€81,523) and Other debts (+€47,600)
- Other debts +€47,600
up €47,600 (+93.0%), from €51,188 to €98,787
- Debts after one year -€20,566
down €20,566 (-9.9%), from €206,834 to €186,268
- Reserves -€8,100
down €8,100 (-99.1%), from €8,174 to €74
- Tax, wage and social debts -€4,577
down €4,577 (-28.8%), from €15,877 to €11,300
- Gross operating margin +€41,178
up €41,178 (+55.5%), from €74,204 to €115,382
- Taxes +€7,154
up €7,154 (+46.4%), from €15,412 to €22,567
- Financial charges +€6,216
up €6,216 (+277%), from €2,247 to €8,463
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 | €306,900 | €322,570 | +€15,670 | +5.1% |
| Fixed assets | 21/28 | €10,275 | €7,990 | -€2,285 | -22.2% |
| Tangible fixed assets | 22/27 | €10,275 | €7,990 | -€2,285 | -22.2% |
| Furniture and vehicles | 24 | €10,275 | €7,990 | -€2,285 | -22.2% |
| Current assets | 29/58 | €296,625 | €314,581 | +€17,955 | +6.1% |
| Stocks and contracts in progress | 3 | €273,708 | €273,708 | = | 0.0% |
| Stocks | 30/36 | €273,708 | €273,708 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,749 | €39,233 | +€19,485 | +98.7% |
| Deferred charges and accrued income | 490/1 | €3,168 | €1,639 | -€1,529 | -48.3% |
| Total equity and liabilities | 10/49 | €306,900 | €322,570 | +€15,670 | +5.1% |
| Equity | 10/15 | €9,674 | €1,574 | -€8,100 | -83.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €8,174 | €74 | -€8,100 | -99.1% |
| Distributable reserves | 133 | €8,174 | €74 | -€8,100 | -99.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €297,227 | €320,997 | +€23,770 | +8.0% |
| Amounts payable after more than one year | 17 | €206,834 | €186,268 | -€20,566 | -9.9% |
| Financial debts | 170/4 | €206,834 | €186,268 | -€20,566 | -9.9% |
| Amounts payable within one year | 42/48 | €90,392 | €134,729 | +€44,336 | +49.0% |
| Current portion of amounts payable after more than one year | 42 | €19,913 | €20,566 | +€654 | +3.3% |
| Financial debts | 43 | - | €150 | +€150 | |
| Credit institutions | 430/8 | - | €150 | +€150 | |
| Trade debts | 44 | €3,415 | €3,925 | +€510 | +14.9% |
| Suppliers | 440/4 | €3,415 | €3,925 | +€510 | +14.9% |
| Taxes, remuneration and social security | 45 | €15,877 | €11,300 | -€4,577 | -28.8% |
| Taxes | 450/3 | €15,877 | €11,300 | -€4,577 | -28.8% |
| Other amounts payable | 47/48 | €51,188 | €98,787 | +€47,600 | +93.0% |
| Non-recurring operating income | 76A | - | €9,228 | +€9,228 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,385 | €2,285 | -€100 | -4.2% |
| Other operating charges | 640/8 | €530 | €544 | +€14 | +2.7% |
| Gross operating margin | 9900 | €74,204 | €115,382 | +€41,178 | +55.5% |
| Operating profit (loss) | 9901 | €71,289 | €112,553 | +€41,264 | +57.9% |
| Financial income | 75/76B | €329 | €0 | -€329 | -100% |
| Recurring financial income | 75 | €329 | €0 | -€329 | -100% |
| Financial charges | 65/66B | €2,247 | €8,463 | +€6,216 | +277% |
| Recurring financial charges | 65 | €2,247 | €8,463 | +€6,216 | +277% |
| Profit (loss) for the period before taxes | 9903 | €69,371 | €104,090 | +€34,719 | +50.0% |
| Income taxes | 67/77 | €15,412 | €22,567 | +€7,154 | +46.4% |
| Profit (loss) for the period | 9904 | €53,959 | €81,523 | +€27,565 | +51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,959 | €81,523 | +€27,565 | +51.1% |
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 14 October 2026 via checked.be.