Financials
- Financial year
- 2025
- Turnover
- €170.8m
- Profit
- €46.2m
- Solvency
- 16.4%
Turnover▼ 4.0%
Net result
20192025
NORTHER
ActiveSummary
NORTHER has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €133.8m and a net result of €46.2m. Equity remains stable across the filed financial years (±0.7% per year). Its solvency ranks better than 33% of 349 sector peers (NACE 35, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Activity
Electricity, gas, steam and air conditioning supply
NACE 35120
2nd largest company by total assets in Ostend, Energy sector1 site
Size
€170.8mturnover 2025
- Staff
- 16.6 FTE
- Equity
- €133.8m
- Profit
- €46.2m
Structure
- Parent
- ENODIA scrl
- Board
- 4 members
Auditor: EY Bedrijfsrevisoren BV2025 accounts 92 days early8 of 46 deeds summarised
Why 94raises riskEquity €133.8m (16.4% of total assets)lowers riskSize: turnover €170.8m, 16.6 FTE, total assets €816.7mFounded in 2008Figures for financial year 2025 (filed 30-04-2026)Show the evidence
Checked score
Score 2025
94
/ 100
Excellent
Probability in this band: under 0.55%
Financially better than 57% of its sector peers (NACE 35, small)
Financial strength · tick = 2024
Strong
Solvency
41+1
equity 16.4% of total assets
Liquidity
60=
short-term debt 13.8% · cash 9.8%
Profitability
84=
return on assets 5.7%
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.1%
12-2024: 0.1%● unchanged vs 11-2024
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026highest value
03-2026: 0.1%● unchanged vs 02-2026highest value
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026lowest value
06-2026: 0.1%● unchanged vs 05-2026lowest value
07-2026: 0.1%● unchanged vs 06-2026lowest value
08-2026: 0.1%● unchanged vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026lowest value
Credit of up to €12,550,000 on 30-day terms is acceptable
Liquidity tight (current ratio 1.07, compared with 1.05 in 2024, below the usual 1.5; short-term debt: 13.8% and cash: 9.8% of total assets), and 83.6% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 35, small): better than 32% on solvency, 72% on liquidity, 84% on profitability and 37% on growth.
The bankruptcy probability was computed on 27-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
Five signals.
lowers riskraises riskneutral
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 days early
2024
86 days early
2023
65 days early
2022
90 days early
2021
73 days early
2020
36 days early
2019
81 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 75 days before the deadline; the sector median (NACE 35) for financial year 2024 is 22 days before the deadline, and 27% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
28-10-2026 today31-12-2026 year end31-07-2027 deadline
- Permanent representatives: Stijn Delauré, Remco Streppel…Gazette deed
- Annual accounts filedfinancial year 2025 · full…
- Annual accounts filedfinancial year 2024 · full…
Key points
- Positive: Among the best 5% on net resultsector median €165,934 · 348 companies €46.2m View
- Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
- Controlled by ENODIA scrlknown shareholders 100% parent View
- Positive: 7 profitable years in a rowprofit 2025: €46.2m 7 years View
- Flemish supportawarded from 2022 to 2025 €416,737 View
By topic
Board & ownership
- Board
- 4 members
- Parent
- ENODIA scrl
- Known shareholders
- 100%
- Auditor
- EY Bedrijfsrevisoren BV
- Vanessa VanleeneDirector
- Andries TeerlynckDirector
- Ellen DeprezDirector
- Boreas Wind Offshore NVDirector
Network & group
- Group
- Mitsubishi Corporation
- Connected companies
- 2
Timeline
- Events
- 28
- Since
- 2010
- Next accounts
- by 31-07-2027
- 17-04-2025Permanent representative: Peter Goderis
- 12-03-2025Appointment: EY Bedrijfsrevisoren BV (statutory auditor)
- 06-12-2024Resignation: Frederic Teerlynck (director)
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Electricity, gas, steam and air conditioning supplyNACE 35120
- Founded
- 27-02-2008
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 1
See the provisions in the deeds
Go to Articles of associationKey facts about NORTHER
- What is the company number of NORTHER?
- 0896.052.742. In Belgium the VAT number is the company number with BE in front: BE 0896.052.742.
- Where is NORTHER based?
- The registered office is at Esplanadestraat 14, 8400 Oostende.Company details
- What does NORTHER do?
- According to the KBO register, the main activity is electricity, gas, steam and air conditioning supply (NACE 35120).
- What is the legal form of NORTHER?
- Public limited company (NV).
- When was NORTHER founded?
- On 27-02-2008.
- Is NORTHER still active?
- Yes, NORTHER is an active enterprise in the KBO register.
- How many employees does NORTHER have?
- On average 16.6 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of NORTHER?
- €170.8m in financial year 2025, according to the filed annual accounts.
- Is NORTHER profitable?
- In financial year 2025, NORTHER made a profit of €46.2m.
- Where can I find the annual accounts of NORTHER?
- NORTHER filed 17 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of NORTHER due?
- By 31-07-2027, for financial year 2026.Timeline
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