Het Noorderlicht: 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.
Het Noorderlicht
Largest movements
- Tangible fixed assets +€745,863
up €745,863 (+33.0%), from €2.3m to €3.0m
of which Plant, machinery and equipment: +€847,414
- Trade debts +€386,339
up €386,339 (+772%), from €50,066 to €436,405
- Debts after one year +€246,800
up €246,800 (+13.1%), from €1.9m to €2.1m
- Other debts +€52,475
up €52,475 (+102%), from €51,678 to €104,152
- Reserves +€31,276
new in 2025: €31,276
- Depreciation +€29,441
up €29,441 (+27.6%), from €106,491 to €135,932
- Gross operating margin +€25,404
up €25,404 (+11.7%), from €216,314 to €241,718
- Financial charges +€6,897
up €6,897 (+17.7%), from €39,063 to €45,959
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 | €2,330,412 | €3,092,721 | +€762,309 | +32.7% |
| Fixed assets | 21/28 | €2,257,829 | €3,003,692 | +€745,863 | +33.0% |
| Tangible fixed assets | 22/27 | €2,257,829 | €3,003,692 | +€745,863 | +33.0% |
| Land and buildings | 22 | €2,241,998 | €2,142,688 | -€99,311 | -4.4% |
| Plant, machinery and equipment | 23 | €8,767 | €856,181 | +€847,414 | +9,666% |
| Furniture and vehicles | 24 | €7,063 | €4,823 | -€2,240 | -31.7% |
| Current assets | 29/58 | €72,584 | €89,030 | +€16,446 | +22.7% |
| Amounts receivable within one year | 40/41 | €65,940 | €73,847 | +€7,906 | +12.0% |
| Trade receivables | 40 | €63,670 | €73,847 | +€10,177 | +16.0% |
| Other amounts receivable | 41 | €2,270 | - | -€2,270 | |
| Cash at bank and in hand | 54/58 | €6,220 | €14,660 | +€8,440 | +136% |
| Deferred charges and accrued income | 490/1 | €423 | €523 | +€100 | +23.5% |
| Total equity and liabilities | 10/49 | €2,330,412 | €3,092,721 | +€762,309 | +32.7% |
| Equity | 10/15 | €196,118 | €231,276 | +€35,158 | +17.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | - | €31,276 | +€31,276 | |
| Distributable reserves | 133 | - | €31,276 | +€31,276 | |
| Profit (loss) carried forward | 14 | -€3,882 | - | +€3,882 | |
| Amounts payable | 17/49 | €2,134,294 | €2,861,445 | +€727,152 | +34.1% |
| Amounts payable after more than one year | 17 | €1,890,055 | €2,136,856 | +€246,800 | +13.1% |
| Financial debts | 170/4 | €1,890,055 | €2,136,856 | +€246,800 | +13.1% |
| Amounts payable within one year | 42/48 | €244,238 | €723,591 | +€479,353 | +196% |
| Current portion of amounts payable after more than one year | 42 | €135,783 | €161,401 | +€25,617 | +18.9% |
| Financial debts | 43 | - | €338 | +€338 | |
| Credit institutions | 430/8 | - | €338 | +€338 | |
| Trade debts | 44 | €50,066 | €436,405 | +€386,339 | +772% |
| Suppliers | 440/4 | €50,066 | €436,405 | +€386,339 | +772% |
| Taxes, remuneration and social security | 45 | €6,711 | €21,295 | +€14,583 | +217% |
| Taxes | 450/3 | €6,711 | €21,295 | +€14,583 | +217% |
| Other amounts payable | 47/48 | €51,678 | €104,152 | +€52,475 | +102% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,491 | €135,932 | +€29,441 | +27.6% |
| Other operating charges | 640/8 | €26,360 | €26,568 | +€208 | +0.8% |
| Gross operating margin | 9900 | €216,314 | €241,718 | +€25,404 | +11.7% |
| Operating profit (loss) | 9901 | €83,463 | €79,218 | -€4,245 | -5.1% |
| Financial income | 75/76B | €155 | €1,899 | +€1,743 | +1,121% |
| Recurring financial income | 75 | €155 | €1,899 | +€1,743 | +1,121% |
| Financial charges | 65/66B | €39,063 | €45,959 | +€6,897 | +17.7% |
| Recurring financial charges | 65 | €39,063 | €45,959 | +€6,897 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €44,556 | €35,158 | -€9,398 | -21.1% |
| Profit (loss) for the period | 9904 | €44,556 | €35,158 | -€9,398 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,556 | €35,158 | -€9,398 | -21.1% |
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 31 October 2026 via checked.be.