44 North: what changed
Two fiscal 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.
44 North
Largest movements
- Tangible fixed assets -€13,629
down €13,629 (-19.6%), from €69,612 to €55,984
of which Land and buildings: -€13,534
- Receivables within one year +€5,737
up €5,737 (+9.1%), from €63,038 to €68,775
- Cash +€1,931
up €1,931 (+67.1%), from €2,878 to €4,809
mainly Depreciation (+€13,629) and Net result for the year (+€8,893)
- Debts after one year -€14,007
down €14,007 (-20.3%), from €68,868 to €54,861
- Reserves +€8,900
up €8,900 (+22.4%), from €39,660 to €48,560
- Accrued charges and deferred income -€2,400
down €2,400 (-100.0%), from €2,400 to €0
- Tax, wage and social debts +€2,347
up €2,347 (+262.7%), from €893 to €3,240
- Trade debts -€1,591
down €1,591 (-51.5%), from €3,091 to €1,500
- Taxes +€2,494
up €2,494 (+334.8%), from €745 to €3,239
- Gross operating margin -€1,886
down €1,886 (-6.9%), from €27,216 to €25,330
- Other operating charges -€1,768
down €1,768 (-57.5%), from €3,074 to €1,305
- Depreciation -€1,098
down €1,098 (-7.5%), from €14,727 to €13,629
- Financial charges -€426
down €426 (-18.8%), from €2,262 to €1,836
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 | €136,325 | €129,568 | -€6,758 | -5.0% |
| Fixed assets | 21/28 | €69,612 | €55,984 | -€13,629 | -19.6% |
| Tangible fixed assets | 22/27 | €69,612 | €55,984 | -€13,629 | -19.6% |
| Land and buildings | 22 | €69,518 | €55,984 | -€13,534 | -19.5% |
| Furniture and vehicles | 24 | €94 | €0 | -€94 | -100.0% |
| Current assets | 29/58 | €66,713 | €73,584 | +€6,871 | +10.3% |
| Amounts receivable within one year | 40/41 | €63,038 | €68,775 | +€5,737 | +9.1% |
| Other amounts receivable | 41 | €63,038 | €68,775 | +€5,737 | +9.1% |
| Cash at bank and in hand | 54/58 | €2,878 | €4,809 | +€1,931 | +67.1% |
| Deferred charges and accrued income | 490/1 | €797 | €0 | -€797 | -100.0% |
| Total equity and liabilities | 10/49 | €136,325 | €129,568 | -€6,758 | -5.0% |
| Equity | 10/15 | €45,899 | €54,793 | +€8,893 | +19.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €39,660 | €48,560 | +€8,900 | +22.4% |
| Distributable reserves | 133 | €39,660 | €48,560 | +€8,900 | +22.4% |
| Profit (loss) carried forward | 14 | €39 | €33 | -€7 | -17.0% |
| Amounts payable | 17/49 | €90,426 | €74,775 | -€15,651 | -17.3% |
| Amounts payable after more than one year | 17 | €68,868 | €54,861 | -€14,007 | -20.3% |
| Financial debts | 170/4 | €68,868 | €54,861 | -€14,007 | -20.3% |
| Amounts payable within one year | 42/48 | €19,158 | €19,914 | +€756 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €15,174 | €15,174 | = | 0.0% |
| Trade debts | 44 | €3,091 | €1,500 | -€1,591 | -51.5% |
| Suppliers | 440/4 | €3,091 | €1,500 | -€1,591 | -51.5% |
| Taxes, remuneration and social security | 45 | €893 | €3,240 | +€2,347 | +262.7% |
| Taxes | 450/3 | €893 | €3,240 | +€2,347 | +262.7% |
| Accrued charges and deferred income | 492/3 | €2,400 | €0 | -€2,400 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,727 | €13,629 | -€1,098 | -7.5% |
| Other operating charges | 640/8 | €3,074 | €1,305 | -€1,768 | -57.5% |
| Gross operating margin | 9900 | €27,216 | €25,330 | -€1,886 | -6.9% |
| Operating profit (loss) | 9901 | €9,416 | €10,396 | +€980 | +10.4% |
| Financial income | 75/76B | €3,558 | €3,572 | +€15 | +0.4% |
| Recurring financial income | 75 | €3,558 | €3,572 | +€15 | +0.4% |
| Financial charges | 65/66B | €2,262 | €1,836 | -€426 | -18.8% |
| Recurring financial charges | 65 | €2,262 | €1,836 | -€426 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €10,712 | €12,132 | +€1,421 | +13.3% |
| Income taxes | 67/77 | €745 | €3,239 | +€2,494 | +334.8% |
| Profit (loss) for the period | 9904 | €9,967 | €8,893 | -€1,073 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,967 | €8,893 | -€1,073 | -10.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.