Norwin Invest: 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.
Norwin Invest
Largest movements
- Receivables within one year -€172,246
down €172,246 (-93.2%), from €184,865 to €12,619
of which Trade receivables: -€175,137
- Tangible fixed assets +€89,187
up €89,187 (+42.7%), from €208,765 to €297,951
- Intangible fixed assets -€20,000
down €20,000 (-25.2%), from €79,399 to €59,399
- Deferred charges and accrued income -€5,000
down €5,000 (-100%), from €5,000 to €0
- Profit (loss) carried forward -€226,782
down €226,782 (-683%), from -€33,225 to -€260,007
- Debts after one year +€170,000
up €170,000 (+37.2%), from €457,000 to €627,000
- Trade debts -€52,236
down €52,236 (-96.9%), from €53,899 to €1,663
- Write-downs +€194,908
new in 2025: €194,908
- Gross operating margin +€31,512
up €31,512 (+109%), from €28,984 to €60,496
- Depreciation +€31,170
up €31,170 (+60.6%), from €51,427 to €82,597
- Financial charges -€9,322
down €9,322 (-25.9%), from €35,925 to €26,603
- Financial income -€8,618
down €8,618 (-33.0%), from €26,078 to €17,461
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 | €482,026 | €370,656 | -€111,370 | -23.1% |
| Fixed assets | 21/28 | €288,164 | €357,350 | +€69,187 | +24.0% |
| Intangible fixed assets | 21 | €79,399 | €59,399 | -€20,000 | -25.2% |
| Tangible fixed assets | 22/27 | €208,765 | €297,951 | +€89,187 | +42.7% |
| Plant, machinery and equipment | 23 | €208,765 | €297,951 | +€89,187 | +42.7% |
| Current assets | 29/58 | €193,863 | €13,306 | -€180,557 | -93.1% |
| Amounts receivable after more than one year | 29 | €3,947 | €0 | -€3,947 | -100% |
| Other amounts receivable | 291 | €3,947 | €0 | -€3,947 | -100% |
| Amounts receivable within one year | 40/41 | €184,865 | €12,619 | -€172,246 | -93.2% |
| Trade receivables | 40 | €175,137 | €0 | -€175,137 | -100% |
| Other amounts receivable | 41 | €9,729 | €12,619 | +€2,891 | +29.7% |
| Cash at bank and in hand | 54/58 | €50 | €687 | +€636 | +1,267% |
| Deferred charges and accrued income | 490/1 | €5,000 | €0 | -€5,000 | -100% |
| Total equity and liabilities | 10/49 | €482,026 | €370,656 | -€111,370 | -23.1% |
| Equity | 10/15 | -€31,225 | -€258,007 | -€226,782 | -726% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,225 | -€260,007 | -€226,782 | -683% |
| Amounts payable | 17/49 | €513,251 | €628,663 | +€115,411 | +22.5% |
| Amounts payable after more than one year | 17 | €457,000 | €627,000 | +€170,000 | +37.2% |
| Financial debts | 170/4 | €457,000 | €627,000 | +€170,000 | +37.2% |
| Amounts payable within one year | 42/48 | €56,251 | €1,663 | -€54,589 | -97.0% |
| Trade debts | 44 | €53,899 | €1,663 | -€52,236 | -96.9% |
| Suppliers | 440/4 | €53,899 | €1,663 | -€52,236 | -96.9% |
| Taxes, remuneration and social security | 45 | €1,300 | €0 | -€1,300 | -100% |
| Taxes | 450/3 | €1,300 | €0 | -€1,300 | -100% |
| Other amounts payable | 47/48 | €1,053 | €0 | -€1,053 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,427 | €82,597 | +€31,170 | +60.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €194,908 | +€194,908 | |
| Other operating charges | 640/8 | €935 | €630 | -€304 | -32.6% |
| Gross operating margin | 9900 | €28,984 | €60,496 | +€31,512 | +109% |
| Operating profit (loss) | 9901 | -€23,378 | -€217,639 | -€194,261 | -831% |
| Financial income | 75/76B | €26,078 | €17,461 | -€8,618 | -33.0% |
| Recurring financial income | 75 | €26,078 | €17,461 | -€8,618 | -33.0% |
| Financial charges | 65/66B | €35,925 | €26,603 | -€9,322 | -25.9% |
| Recurring financial charges | 65 | €35,925 | €26,603 | -€9,322 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | -€33,225 | -€226,782 | -€193,557 | -583% |
| Profit (loss) for the period | 9904 | -€33,225 | -€226,782 | -€193,557 | -583% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,225 | -€226,782 | -€193,557 | -583% |
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 28 October 2026 via checked.be.