NORYEL: 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.
NORYEL
Largest movements
- Receivables within one year +€25,200
up €25,200 (+10.4%), from €241,872 to €267,072
of which Other amounts receivable: +€26,290
- Cash -€16,615
down €16,615 (-16.4%), from €101,259 to €84,644
mainly Investment in fixed assets (net) (-€34,165) and Receivables within one year (-€25,200)
- Stocks and contracts +€6,728
up €6,728 (+18.8%), from €35,717 to €42,445
- Trade debts +€9,403
up €9,403 (+37.1%), from €25,361 to €34,764
- Staff costs +€63,156
up €63,156 (+17.2%), from €367,913 to €431,069
- Gross operating margin +€24,162
up €24,162 (+5.3%), from €453,168 to €477,331
- Other operating charges -€10,152
down €10,152 (-93.5%), from €10,862 to €710
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 | €524,513 | €539,653 | +€15,140 | +2.9% |
| Fixed assets | 21/28 | €126,341 | €129,735 | +€3,394 | +2.7% |
| Intangible fixed assets | 21 | €2,849 | €2,194 | -€655 | -23.0% |
| Tangible fixed assets | 22/27 | €107,355 | €111,404 | +€4,049 | +3.8% |
| Plant, machinery and equipment | 23 | €43,410 | €35,872 | -€7,538 | -17.4% |
| Furniture and vehicles | 24 | €29,192 | €47,183 | +€17,991 | +61.6% |
| Other tangible fixed assets | 26 | €34,753 | €28,348 | -€6,405 | -18.4% |
| Financial fixed assets | 28 | €16,137 | €16,137 | = | 0.0% |
| Current assets | 29/58 | €398,172 | €409,918 | +€11,746 | +3.0% |
| Stocks and contracts in progress | 3 | €35,717 | €42,445 | +€6,728 | +18.8% |
| Stocks | 30/36 | €35,717 | €42,445 | +€6,728 | +18.8% |
| Amounts receivable within one year | 40/41 | €241,872 | €267,072 | +€25,200 | +10.4% |
| Trade receivables | 40 | €5,106 | €4,016 | -€1,090 | -21.3% |
| Other amounts receivable | 41 | €236,766 | €263,056 | +€26,290 | +11.1% |
| Cash at bank and in hand | 54/58 | €101,259 | €84,644 | -€16,615 | -16.4% |
| Deferred charges and accrued income | 490/1 | €19,325 | €15,758 | -€3,567 | -18.5% |
| Total equity and liabilities | 10/49 | €524,513 | €539,653 | +€15,140 | +2.9% |
| Equity | 10/15 | €438,691 | €440,601 | +€1,910 | +0.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | - | -€18,592 | |
| Issued capital | 100 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €38,649 | €38,649 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €36,789 | €38,649 | +€1,860 | +5.1% |
| Profit (loss) carried forward | 14 | €381,450 | €383,360 | +€1,910 | +0.5% |
| Amounts payable | 17/49 | €85,822 | €99,052 | +€13,230 | +15.4% |
| Amounts payable within one year | 42/48 | €85,822 | €99,052 | +€13,230 | +15.4% |
| Trade debts | 44 | €25,361 | €34,764 | +€9,403 | +37.1% |
| Suppliers | 440/4 | €25,361 | €34,764 | +€9,403 | +37.1% |
| Taxes, remuneration and social security | 45 | €60,207 | €64,289 | +€4,081 | +6.8% |
| Taxes | 450/3 | €23,651 | €24,460 | +€809 | +3.4% |
| Remuneration and social security | 454/9 | €36,557 | €39,829 | +€3,273 | +9.0% |
| Other amounts payable | 47/48 | €254 | - | -€254 | |
| Remuneration, social security and pensions | 62 | €367,913 | €431,069 | +€63,156 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,615 | €30,771 | -€1,844 | -5.7% |
| Other operating charges | 640/8 | €10,862 | €710 | -€10,152 | -93.5% |
| Gross operating margin | 9900 | €453,168 | €477,331 | +€24,162 | +5.3% |
| Operating profit (loss) | 9901 | €41,778 | €14,781 | -€26,998 | -64.6% |
| Financial income | 75/76B | €931 | €2,130 | +€1,199 | +129% |
| Recurring financial income | 75 | €931 | €2,130 | +€1,199 | +129% |
| Financial charges | 65/66B | €11,739 | €12,275 | +€537 | +4.6% |
| Recurring financial charges | 65 | €11,739 | €12,275 | +€537 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €30,970 | €4,635 | -€26,335 | -85.0% |
| Income taxes | 67/77 | €2,182 | €2,725 | +€543 | +24.9% |
| Profit (loss) for the period | 9904 | €28,788 | €1,910 | -€26,878 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,788 | €1,910 | -€26,878 | -93.4% |
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 19 October 2026 via checked.be.