NORVIGO: 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.
NORVIGO
Largest movements
- Cash +€16,812
up €16,812 (+23.6%), from €71,235 to €88,047
mainly Other debts (+€59,545) and Net result for the year (+€49,622)
- Tangible fixed assets -€14,395
down €14,395 (-3.0%), from €481,979 to €467,585
of which Land and buildings: -€14,209
- Profit (loss) carried forward -€70,901
down €70,901 (-100.0%), from €70,901 to €0
- Other debts +€59,545
up €59,545 (+611.1%), from €9,744 to €69,289
- Reserves +€49,622
up €49,622 (+26.9%), from €184,771 to €234,392
of which Distributable reserves: +€49,622
- Debts after one year -€28,725
down €28,725 (-11.5%), from €249,822 to €221,097
- Gross operating margin -€27,956
down €27,956 (-21.9%), from €127,718 to €99,761
- Taxes -€7,636
down €7,636 (-28.4%), from €26,928 to €19,293
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 | €595,805 | €600,618 | +€4,813 | +0.8% |
| Fixed assets | 21/28 | €483,634 | €469,240 | -€14,395 | -3.0% |
| Tangible fixed assets | 22/27 | €481,979 | €467,585 | -€14,395 | -3.0% |
| Land and buildings | 22 | €436,701 | €422,491 | -€14,209 | -3.3% |
| Furniture and vehicles | 24 | €1,379 | €2,637 | +€1,257 | +91.1% |
| Other tangible fixed assets | 26 | €43,899 | €42,457 | -€1,442 | -3.3% |
| Financial fixed assets | 28 | €1,655 | €1,655 | = | 0.0% |
| Current assets | 29/58 | €112,171 | €131,378 | +€19,207 | +17.1% |
| Stocks and contracts in progress | 3 | €4,654 | €4,867 | +€213 | +4.6% |
| Stocks | 30/36 | €4,654 | €4,867 | +€213 | +4.6% |
| Amounts receivable within one year | 40/41 | €34,937 | €37,153 | +€2,215 | +6.3% |
| Trade receivables | 40 | €34,937 | €32,445 | -€2,492 | -7.1% |
| Other amounts receivable | 41 | €0 | €4,708 | +€4,708 | |
| Cash at bank and in hand | 54/58 | €71,235 | €88,047 | +€16,812 | +23.6% |
| Deferred charges and accrued income | 490/1 | €1,344 | €1,311 | -€33 | -2.4% |
| Total equity and liabilities | 10/49 | €595,805 | €600,618 | +€4,813 | +0.8% |
| Equity | 10/15 | €274,271 | €252,992 | -€21,279 | -7.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €184,771 | €234,392 | +€49,622 | +26.9% |
| 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 | €182,911 | €232,532 | +€49,622 | +27.1% |
| Profit (loss) carried forward | 14 | €70,901 | €0 | -€70,901 | -100.0% |
| Amounts payable | 17/49 | €321,534 | €347,625 | +€26,092 | +8.1% |
| Amounts payable after more than one year | 17 | €249,822 | €221,097 | -€28,725 | -11.5% |
| Financial debts | 170/4 | €249,822 | €221,097 | -€28,725 | -11.5% |
| Amounts payable within one year | 42/48 | €71,711 | €126,528 | +€54,817 | +76.4% |
| Current portion of amounts payable after more than one year | 42 | €28,095 | €28,725 | +€630 | +2.2% |
| Trade debts | 44 | €6,293 | €6,518 | +€225 | +3.6% |
| Suppliers | 440/4 | €6,293 | €6,518 | +€225 | +3.6% |
| Taxes, remuneration and social security | 45 | €27,580 | €21,996 | -€5,584 | -20.2% |
| Taxes | 450/3 | €27,580 | €21,996 | -€5,584 | -20.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €9,744 | €69,289 | +€59,545 | +611.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,301 | €20,057 | +€756 | +3.9% |
| Other operating charges | 640/8 | €4,040 | €4,174 | +€134 | +3.3% |
| Gross operating margin | 9900 | €127,718 | €99,761 | -€27,956 | -21.9% |
| Operating profit (loss) | 9901 | €104,376 | €75,531 | -€28,846 | -27.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €7,247 | €6,617 | -€630 | -8.7% |
| Recurring financial charges | 65 | €7,247 | €6,617 | -€630 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €97,130 | €68,914 | -€28,215 | -29.0% |
| Income taxes | 67/77 | €26,928 | €19,293 | -€7,636 | -28.4% |
| Profit (loss) for the period | 9904 | €70,201 | €49,622 | -€20,580 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,201 | €49,622 | -€20,580 | -29.3% |
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 10 October 2026 via checked.be.