50° North: 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.
50° North
Largest movements
- Tangible fixed assets +€425,183
up €425,183 (+107%), from €399,030 to €824,214
of which Other tangible fixed assets: +€420,206
- Receivables within one year +€281,894
up €281,894 (+107%), from €262,340 to €544,234
of which Other amounts receivable: +€265,175
- Cash -€234,972
down €234,972 (-88.4%), from €265,817 to €30,845
mainly Investment in fixed assets (net) (-€575,143) and Receivables within one year (-€281,894)
- Financial fixed assets +€30,150
up €30,150 (+49.3%), from €61,200 to €91,350
- Debts after one year +€621,729
up €621,729 (+7,303%), from €8,513 to €630,242
- Trade debts -€116,063
down €116,063 (-39.2%), from €296,118 to €180,055
- Tax, wage and social debts -€70,249
down €70,249 (-54.1%), from €129,795 to €59,546
of which Taxes: -€53,550
- Other debts -€60,323
down €60,323 (-100%), from €60,323 to €0
- Current portion of long-term debt +€58,218
up €58,218 (+570%), from €10,216 to €68,434
- Gross operating margin -€69,655
down €69,655 (-21.2%), from €328,909 to €259,254
- Depreciation +€37,794
up €37,794 (+45.9%), from €82,267 to €120,061
- Taxes -€30,706
down €30,706 (-100%), from €30,706 to €0
- Financial charges +€29,112
up €29,112 (+345%), from €8,438 to €37,550
- Staff costs -€25,025
down €25,025 (-21.0%), from €119,422 to €94,397
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 | €1,046,860 | €1,549,383 | +€502,522 | +48.0% |
| Fixed assets | 21/28 | €499,844 | €954,927 | +€455,082 | +91.0% |
| Intangible fixed assets | 21 | €39,614 | €39,363 | -€251 | -0.6% |
| Tangible fixed assets | 22/27 | €399,030 | €824,214 | +€425,183 | +107% |
| Plant, machinery and equipment | 23 | €15,562 | €16,259 | +€697 | +4.5% |
| Furniture and vehicles | 24 | €972 | €5,252 | +€4,281 | +441% |
| Other tangible fixed assets | 26 | €382,496 | €802,702 | +€420,206 | +110% |
| Financial fixed assets | 28 | €61,200 | €91,350 | +€30,150 | +49.3% |
| Current assets | 29/58 | €547,016 | €594,456 | +€47,440 | +8.7% |
| Stocks and contracts in progress | 3 | €18,859 | €16,251 | -€2,608 | -13.8% |
| Stocks | 30/36 | €18,859 | €16,251 | -€2,608 | -13.8% |
| Amounts receivable within one year | 40/41 | €262,340 | €544,234 | +€281,894 | +107% |
| Trade receivables | 40 | €262,340 | €279,059 | +€16,719 | +6.4% |
| Other amounts receivable | 41 | €0 | €265,175 | +€265,175 | |
| Cash at bank and in hand | 54/58 | €265,817 | €30,845 | -€234,972 | -88.4% |
| Deferred charges and accrued income | 490/1 | €0 | €3,127 | +€3,127 | |
| Total equity and liabilities | 10/49 | €1,046,860 | €1,549,383 | +€502,522 | +48.0% |
| Equity | 10/15 | €541,895 | €561,426 | +€19,532 | +3.6% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €519,895 | €539,426 | +€19,532 | +3.8% |
| Amounts payable | 17/49 | €504,965 | €987,956 | +€482,991 | +95.6% |
| Amounts payable after more than one year | 17 | €8,513 | €630,242 | +€621,729 | +7,303% |
| Financial debts | 170/4 | €8,513 | €630,242 | +€621,729 | +7,303% |
| Amounts payable within one year | 42/48 | €496,452 | €357,714 | -€138,738 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €10,216 | €68,434 | +€58,218 | +570% |
| Financial debts | 43 | €0 | €49,679 | +€49,679 | |
| Credit institutions | 430/8 | €0 | €49,679 | +€49,679 | |
| Trade debts | 44 | €296,118 | €180,055 | -€116,063 | -39.2% |
| Suppliers | 440/4 | €296,118 | €180,055 | -€116,063 | -39.2% |
| Taxes, remuneration and social security | 45 | €129,795 | €59,546 | -€70,249 | -54.1% |
| Taxes | 450/3 | €88,292 | €34,742 | -€53,550 | -60.7% |
| Remuneration and social security | 454/9 | €41,504 | €24,804 | -€16,699 | -40.2% |
| Other amounts payable | 47/48 | €60,323 | €0 | -€60,323 | -100% |
| Remuneration, social security and pensions | 62 | €119,422 | €94,397 | -€25,025 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,267 | €120,061 | +€37,794 | +45.9% |
| Other operating charges | 640/8 | €7,619 | €2,103 | -€5,516 | -72.4% |
| Non-recurring operating charges | 66A | €1,737 | €0 | -€1,737 | -100% |
| Gross operating margin | 9900 | €328,909 | €259,254 | -€69,655 | -21.2% |
| Operating profit (loss) | 9901 | €117,865 | €42,693 | -€75,171 | -63.8% |
| Financial income | 75/76B | €1,512 | €14,388 | +€12,877 | +852% |
| Recurring financial income | 75 | €1,512 | €14,388 | +€12,877 | +852% |
| Financial charges | 65/66B | €8,438 | €37,550 | +€29,112 | +345% |
| Recurring financial charges | 65 | €8,438 | €37,550 | +€29,112 | +345% |
| Profit (loss) for the period before taxes | 9903 | €110,938 | €19,532 | -€91,406 | -82.4% |
| Income taxes | 67/77 | €30,706 | €0 | -€30,706 | -100% |
| Profit (loss) for the period | 9904 | €80,232 | €19,532 | -€60,700 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,232 | €19,532 | -€60,700 | -75.7% |
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 21 October 2026 via checked.be.