NORTHER
ActiveNORTHER has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €133.77M and a net result of €46.18M. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 33% of 268 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
76
/ 100
Excellent▲ +3 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency24▲+2
Growth73▼-3
Stability100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity tight (current ratio 1.07 against 1.05 in 2024), and 83.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Sector 35
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
16.4%
Return on assets
5.7%
Age of the figures
8 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-04-2026, 92 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
92 d early
2024
86 d early
2023
65 d early
2022
90 d early
2021
73 d early
2020
36 d early
2019
81 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
12-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€170.80M▼ 4.0%
2024 · €177.83M
2019: €99.55M
2020: €197.55M
2021: €160.32M
2022: €159.24M
2023: €262.49M
2024: €177.83M
2019 → 2025
EBIT margin
43.2%▼ 3.1pp
2024 · 46.3%
2019: 53.0%
2020: 58.3%
2021: 48.6%
2022: 45.8%
2023: 57.1%
2024: 46.3%
2019 → 2025
Net result
€46.18M▼ 13.4%
2024 · €53.29M
2018: €-428k
2019: €33.15M
2020: €69.08M
2021: €45.91M
2022: €42.78M
2023: €103.13M
2024: €53.29M
2018 → 2025
Working capital
€7.39M▲ 21.6%
2024 · €6.08M
2018: €128.66M
2019: €46.09M
2020: €43.11M
2021: €40.49M
2022: €23.46M
2023: €25.23M
2024: €6.08M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€160.32M-€159.24M▼ 0.7%€262.49M▲ 64.8%€177.83M▼ 32.3%€170.80M▼ 4.0%
Equity€141.48M-€132.62M▼ 6.3%€141.02M▲ 6.3%€129.56M▼ 8.1%€133.77M▲ 3.3%
Operating result€77.86M-€72.89M▼ 6.4%€149.90M▲ 106%€82.37M▼ 45.1%€73.78M▼ 10.4%
Net result€45.91M-€42.78M▼ 6.8%€103.13M▲ 141%€53.29M▼ 48.3%€46.18M▼ 13.4%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 10% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €816.68M
Fixed assets
€696.63M▼ 6.9%
Current assets
€120.05M▲ 0.9%
Equity and liabilities €816.68M
Equity
€133.77M▲ 3.3%
Provisions
€25.10M▲ 15.9%
Debt
€657.80M▼ 8.1%
The debt ratio falls from 82.6% to 80.5%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€125.65M▼
2024 · €134.24M
Cash flow
€98.05M▼
2024 · €105.17M
Solvency
16.4%▲
2024 · 14.9%
Current ratio
1.07▲
2024 · 1.05
Quick ratio
1.07▲
2024 · 1.05
Debt / equity
4.92▼
2024 · 5.53
ROE
34.5%▼
2024 · 41.1%
ROA
5.7%▼
2024 · 6.1%
Interest coverage
7.43▲
2024 · 6.98
Debt
€657.80M▼
2024 · €716.15M
Debt ≤ 1 year
€112.66M▼
2024 · €112.86M
Debt > 1 year
€543.47M▼
2024 · €602.90M
Income taxes
€13.63M▼
2024 · €15.67M
Staff costs
€2.77M▼
2024 · €2.87M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€867.37M€816.68M▼
Fixed assets21/28€748.44M€696.63M▼
Intangible fixed assets21€20.10M€18.71M▼
Tangible fixed assets22/27€728.33M€677.92M▼
Plant, machinery and equipment23€728.29M€677.90M▼
Furniture and vehicles24€2k€11k▲
Other tangible fixed assets26€66-
Assets under construction and advance payments27€43k-
Financial fixed assets28€3k€3k=
Other financial fixed assets284/8€3k€3k=
Amounts receivable and cash guarantees285/8€3k€3k=
Current assets29/58€118.94M€120.05M▲
Amounts receivable within one year40/41€28.65M€35.16M▲
Trade receivables40€28.56M€35.12M▲
Other amounts receivable41€83k€42k▼
Cash at bank and in hand54/58€84.92M€80.19M▼
Deferred charges and accrued income490/1€5.37M€4.69M▼
Equity and liabilities
Total equity and liabilities10/49€867.37M€816.68M▼
Equity10/15€129.56M€133.77M▲
Contributions10/11€81.03M€81.03M=
Capital10€81.03M€81.03M=
Issued capital100€81.03M€81.03M=
Reserves13€8.10M€8.10M=
Non-distributable reserves130/1€8.10M€8.10M=
Legal reserve130€8.10M€8.10M=
Profit (loss) carried forward14€26.93M€32.08M▲
Investment grants15€13.50M€12.56M▼
Provisions and deferred taxes16€21.66M€25.10M▲
Provisions for liabilities and charges160/5€17.13M€20.88M▲
Environmental obligations163€17.13M€20.88M▲
Deferred taxes168€4.53M€4.22M▼
Amounts payable17/49€716.15M€657.80M▼
Amounts payable after more than one year17€602.90M€543.47M▼
Financial debts170/4€602.90M€543.47M▼
Credit institutions173€602.90M€543.47M▼
Amounts payable within one year42/48€112.86M€112.66M▼
Current portion of amounts payable after more than one year42€62.16M€59.42M▼
Trade debts44€14.38M€12.64M▼
Suppliers440/4€14.38M€12.64M▼
Taxes, remuneration and social security45€6.01M€8.57M▲
Taxes450/3€5.50M€8.13M▲
Remuneration and social security454/9€505k€442k▼
Other amounts payable47/48€30.31M€32.03M▲
Accrued charges and deferred income492/3€390k€1.67M▲
Income statement
Code20242025
Operating income70/76A€180.00M€175.96M▼
Turnover70€177.83M€170.80M▼
Other operating income74€2.17M€5.16M▲
Operating charges60/66A€97.64M€102.18M▲
Services and other goods61€38.90M€43.78M▲
Remuneration, social security and pensions62€2.87M€2.77M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€51.88M€51.88M=
Provisions for liabilities and charges: additions (uses and reversals)635/8€3.98M€3.75M▼
Other operating charges640/8€8k€10k▲
Operating profit (loss)9901€82.37M€73.78M▼
Financial income75/76B€5.51M€2.62M▼
Recurring financial income75€5.51M€2.62M▼
Income from current assets751€4.58M€1.69M▼
Other financial income752/9€936k€936k=
Financial charges65/66B€19.24M€16.91M▼
Recurring financial charges65€19.24M€16.91M▼
Debt charges650€19.22M€16.90M▼
Other financial charges652/9€12k€3k▼
Profit (loss) for the period before taxes9903€68.64M€59.49M▼
Transfer from deferred taxes780€314k€314k=
Income taxes67/77€15.67M€13.63M▼
Taxes670/3€15.67M€13.66M▼
Tax adjustments and reversals of tax provisions77-€28k
Profit (loss) for the period9904€53.29M€46.18M▼
Profit (loss) for the period to be appropriated9905€53.29M€46.18M▼
Appropriation of the result
Profit (loss) to be appropriated9906€90.74M€73.10M▼
Profit (loss) brought forward from the previous period14P€37.45M€26.93M▼
Profit to be distributed694/7€63.81M€41.03M▼
Return on contributions (dividend)694€63.70M€40.90M▼
Employees696€110k€126k▲
Social balance
Average headcount (FTE)908717.016.6▼
The notes to these accounts (61 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
06-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
27-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €103.13M ▲141%
Operating result €149.90M, net result €103.13M, both a record.
02-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
19-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
11-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €33.15M
Net result €33.15M after one loss-making year.
31-12
Financial
Equity above €100MEq €131.11M ▲33.1%
Equity rises from €98.50M to €131.11M.
06-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
18-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
19-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
02-09
State Gazette act
General meeting · Permanent representative
Director resignation · Director appointment
2015
23-12
State Gazette act
General meeting · Director appointment
Permanent representative · Director resignation
2012
07-08
State Gazette act
General meeting · Director resignation
Director appointment · Permanent representative
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
39 directors, no change since 2025
Andries Teerlynck
CurrentDirector · since 17-04-2025
Ellen Deprez
CurrentDirector · since 17-04-2025
Vanessa Vanleene
CurrentDirector · since 06-12-2024
Björn Reynaert
CurrentTechnisch directeur · since 26-06-2024
Ralf Bauer
CurrentFinancieel directeur · since 26-06-2024
Boreas Wind Offshore NV
CurrentDirector · since 17-06-2022 · Legal entity
+ 13 not shown in this overview
17-04-2025
Andries Teerlynck: Appointed as Director
17-04-2025
Ellen Deprez: Appointed as Director
17-04-2025
JANSSENS Alain: Resigned as Director
17-04-2025
PE BV: Resigned as Director
17-04-2025
Peter Goderis: Appointed as Vaste vertegenwoordiger
06-12-2024
Vanessa Vanleene: Appointed as Director
06-12-2024
Frederic Teerlynck: Resigned as Director
22-07-2024
Patrick Daoust: Appointed as Vaste vertegenwoordiger belast met de uitvoering van het bestuursmandaat
26-06-2024
Björn Reynaert: Appointed as Technisch directeur
26-06-2024
Ralf Bauer: Appointed as Financieel directeur
26-06-2024
Christophe De Schryver: Appointed as Uitvoerend manager
16-11-2023
Stijn Delauré: Appointed as Vaste vertegenwoordiger belast met de uitvoering van het bestuursmandaat
08-08-2023
Boreas Wind Offshore NV: Appointed as Director
08-08-2023
Adrianus van der Wijst: Resigned as Director
17-06-2022
Boreas Wind Offshore NV: Appointed as Director
17-06-2022
Eneco B.V.: Appointed as Director
17-06-2022
Eneco Wind Belgium NV: Appointed as Director
17-06-2022
Adrianus van der Wijst: Resigned as Director
17-06-2022
Jonathan Couvreur: Appointed as Vertegenwoordiger
17-06-2022
Remco Streppel: Appointed as Vertegenwoordiger
17-06-2022
Cornelis de Haan: Resigned as Vertegenwoordiger
17-06-2022
Ruben Dijkstra: Resigned as Vertegenwoordiger
28-02-2022
Christophe De Schryver: Appointed as Vast vertegenwoordiger / afgevaardigde ter zake van het dagelijks bestuur
28-02-2022
Thierry Aelens: Resigned as Vast vertegenwoordiger / afgevaardigde ter zake van het dagelijks bestuur
+ 52 not shown in this overview
Location & real-estate footprint
Registered office, Oostende · 1 establishment unit since 2018
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Esplanadestraat 148400 OostendeGround area
9.7 ha
Building footprint
2,207 m²
Volume, LiDAR
17,601 m³
Parcel 35382D0839/00S000, Flanders · tallest building 8.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Esplanadestraat 14, 8400 Oostende
since 20182.281.572.236
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35382D0839/00S000 | Flanders | 9.7 ha | 1 · 2,207 m² | 8.8 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
4 auditors| Brecht DeketeleCurrent Statutory auditor | 08-08-2023 → present |
Show 3 earlier auditors
| EY Bedrijfsrevisoren BV Statutory auditor succeeded by Brecht Deketele in 2023 | 19-05-2021 → 08-08-2023 |
| Francis Boelens Statutory auditor | - → 08-08-2023 |
| PwC Bedrijfsrevisoren Statutory auditor succeeded by EY Bedrijfsrevisoren BV in 2021 | 24-07-2015 → 19-05-2021 |
Similar companies · same sector, comparable size
Eneco Belgium
BE 0683.948.879
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BE-NUC
BE 1009.228.976
Brussel · Eq €148.19M
ASPIRAVI OFFSHORE
BE 0477.948.593
Kortrijk · Eq €113.50M
ASPIRAVI
BE 0477.518.825
Kortrijk · Eq €108.52M
Eol'Wapi
BE 0758.786.260
Tournai · Eq €86.65M
Of 816 companies in sector 35110 we hold annual accounts for 632. 56 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded27-02-2008
Fiscal year end31-12
Activities, NACEBEL
35110Production of electricity from non-renewable sources
Sources
Crossroads Bank for EnterprisesNational Bank · 17 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.