NORVIC: 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.
NORVIC
Largest movements
- Cash -€74,005
down €74,005 (-97.1%), from €76,190 to €2,186
mainly Net result for the year (-€50,490) and Receivables within one year (-€45,646)
- Receivables within one year +€45,646
up €45,646 (+120.3%), from €37,942 to €83,588
of which Other amounts receivable: +€44,022
- Receivables after one year -€18,483
down €18,483 (-45.2%), from €40,878 to €22,395
- Deferred charges and accrued income -€4,624
down €4,624 (-92.3%), from €5,009 to €385
- Reserves -€50,490
down €50,490 (-40.9%), from €123,563 to €73,073
- Tax, wage and social debts -€8,173
down €8,173 (-52.5%), from €15,563 to €7,390
- Other debts +€3,270
up €3,270 (+37.7%), from €8,671 to €11,942
- Trade debts +€2,907
up €2,907 (+40.6%), from €7,153 to €10,060
- Gross operating margin -€69,390
down €69,390, from €29,472 to -€39,919
- Taxes -€6,198
down €6,198 (-96.1%), from €6,453 to €255
- Other operating charges +€5,880
up €5,880 (+282.4%), from €2,082 to €7,963
- Financial charges +€1,645
up €1,645 (+111.1%), from €1,481 to €3,126
- Financial income +€585
up €585 (+36.7%), from €1,591 to €2,176
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 | €173,935 | €121,065 | -€52,871 | -30.4% |
| Fixed assets | 21/28 | €12,416 | €11,012 | -€1,405 | -11.3% |
| Tangible fixed assets | 22/27 | €7,416 | €6,012 | -€1,405 | -18.9% |
| Furniture and vehicles | 24 | €1,178 | €682 | -€496 | -42.1% |
| Other tangible fixed assets | 26 | €6,238 | €5,329 | -€909 | -14.6% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €161,519 | €110,053 | -€51,466 | -31.9% |
| Amounts receivable after more than one year | 29 | €40,878 | €22,395 | -€18,483 | -45.2% |
| Other amounts receivable | 291 | €40,878 | €22,395 | -€18,483 | -45.2% |
| Amounts receivable within one year | 40/41 | €37,942 | €83,588 | +€45,646 | +120.3% |
| Trade receivables | 40 | €18,286 | €19,910 | +€1,624 | +8.9% |
| Other amounts receivable | 41 | €19,656 | €63,678 | +€44,022 | +224.0% |
| Current investments | 50/53 | €1,500 | €1,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €76,190 | €2,186 | -€74,005 | -97.1% |
| Deferred charges and accrued income | 490/1 | €5,009 | €385 | -€4,624 | -92.3% |
| Total equity and liabilities | 10/49 | €173,935 | €121,065 | -€52,871 | -30.4% |
| Equity | 10/15 | €142,163 | €91,673 | -€50,490 | -35.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,563 | €73,073 | -€50,490 | -40.9% |
| Distributable reserves | 133 | €123,563 | €73,073 | -€50,490 | -40.9% |
| Amounts payable | 17/49 | €31,772 | €29,392 | -€2,380 | -7.5% |
| Amounts payable within one year | 42/48 | €31,387 | €29,392 | -€1,995 | -6.4% |
| Trade debts | 44 | €7,153 | €10,060 | +€2,907 | +40.6% |
| Suppliers | 440/4 | €7,153 | €10,060 | +€2,907 | +40.6% |
| Taxes, remuneration and social security | 45 | €15,563 | €7,390 | -€8,173 | -52.5% |
| Taxes | 450/3 | €15,563 | €7,390 | -€8,173 | -52.5% |
| Other amounts payable | 47/48 | €8,671 | €11,942 | +€3,270 | +37.7% |
| Accrued charges and deferred income | 492/3 | €385 | - | -€385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,791 | €1,405 | -€386 | -21.6% |
| Other operating charges | 640/8 | €2,082 | €7,963 | +€5,880 | +282.4% |
| Gross operating margin | 9900 | €29,472 | -€39,919 | -€69,390 | |
| Operating profit (loss) | 9901 | €25,599 | -€49,286 | -€74,885 | |
| Financial income | 75/76B | €1,591 | €2,176 | +€585 | +36.7% |
| Recurring financial income | 75 | €1,591 | €2,176 | +€585 | +36.7% |
| Financial charges | 65/66B | €1,481 | €3,126 | +€1,645 | +111.1% |
| Recurring financial charges | 65 | €1,481 | €3,126 | +€1,645 | +111.1% |
| Profit (loss) for the period before taxes | 9903 | €25,709 | -€50,236 | -€75,945 | |
| Income taxes | 67/77 | €6,453 | €255 | -€6,198 | -96.1% |
| Profit (loss) for the period | 9904 | €19,256 | -€50,490 | -€69,746 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,256 | -€50,490 | -€69,746 |
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 7 October 2026 via checked.be.