NØRTH: 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.
NØRTH
Largest movements
- Cash -€104,881
down €104,881 (-65.4%), from €160,447 to €55,566
mainly Contributions, distributions and other (-€225,699) and Tax, wage and social debts (-€12,888)
- Receivables within one year -€14,846
down €14,846 (-36.8%), from €40,309 to €25,464
of which Other amounts receivable: -€20,515
- Tangible fixed assets -€10,997
down €10,997 (-34.4%), from €31,960 to €20,963
- Receivables after one year -€10,000
no longer reported in 2025 (was €10,000)
- Reserves -€188,157
no longer reported in 2025 (was €188,157)
- Other debts +€69,485
new in 2025: €69,485
- Tax, wage and social debts -€12,888
down €12,888 (-51.8%), from €24,866 to €11,978
- Debts after one year -€9,973
down €9,973 (-49.0%), from €20,342 to €10,370
- Gross operating margin -€31,912
down €31,912 (-34.5%), from €92,541 to €60,629
- Taxes -€6,805
down €6,805 (-40.3%), from €16,873 to €10,068
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 | €245,098 | €105,905 | -€139,192 | -56.8% |
| Fixed assets | 21/28 | €31,960 | €21,068 | -€10,892 | -34.1% |
| Tangible fixed assets | 22/27 | €31,960 | €20,963 | -€10,997 | -34.4% |
| Furniture and vehicles | 24 | €31,960 | €20,963 | -€10,997 | -34.4% |
| Financial fixed assets | 28 | - | €105 | +€105 | |
| Current assets | 29/58 | €213,138 | €84,837 | -€128,301 | -60.2% |
| Amounts receivable after more than one year | 29 | €10,000 | - | -€10,000 | |
| Trade receivables | 290 | €10,000 | - | -€10,000 | |
| Amounts receivable within one year | 40/41 | €40,309 | €25,464 | -€14,846 | -36.8% |
| Trade receivables | 40 | €16,367 | €22,037 | +€5,670 | +34.6% |
| Other amounts receivable | 41 | €23,942 | €3,427 | -€20,515 | -85.7% |
| Cash at bank and in hand | 54/58 | €160,447 | €55,566 | -€104,881 | -65.4% |
| Deferred charges and accrued income | 490/1 | €2,381 | €3,807 | +€1,426 | +59.9% |
| Total equity and liabilities | 10/49 | €245,098 | €105,905 | -€139,192 | -56.8% |
| Equity | 10/15 | €190,157 | €2,000 | -€188,157 | -98.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €188,157 | - | -€188,157 | |
| Distributable reserves | 133 | €188,157 | - | -€188,157 | |
| Amounts payable | 17/49 | €54,941 | €103,905 | +€48,965 | +89.1% |
| Amounts payable after more than one year | 17 | €20,342 | €10,370 | -€9,973 | -49.0% |
| Financial debts | 170/4 | €20,342 | €10,370 | -€9,973 | -49.0% |
| Amounts payable within one year | 42/48 | €34,598 | €93,250 | +€58,652 | +170% |
| Current portion of amounts payable after more than one year | 42 | €9,590 | €9,973 | +€382 | +4.0% |
| Trade debts | 44 | €141 | €1,815 | +€1,674 | +1,183% |
| Suppliers | 440/4 | €141 | €1,815 | +€1,674 | +1,183% |
| Taxes, remuneration and social security | 45 | €24,866 | €11,978 | -€12,888 | -51.8% |
| Taxes | 450/3 | €24,866 | €11,978 | -€12,888 | -51.8% |
| Other amounts payable | 47/48 | - | €69,485 | +€69,485 | |
| Accrued charges and deferred income | 492/3 | - | €285 | +€285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,997 | €10,997 | +€0 | 0.0% |
| Other operating charges | 640/8 | €118 | €640 | +€522 | +442% |
| Gross operating margin | 9900 | €92,541 | €60,629 | -€31,912 | -34.5% |
| Operating profit (loss) | 9901 | €81,426 | €48,992 | -€32,434 | -39.8% |
| Financial income | 75/76B | €1,020 | €215 | -€805 | -78.9% |
| Recurring financial income | 75 | €1,020 | €215 | -€805 | -78.9% |
| Financial charges | 65/66B | €1,576 | €1,597 | +€21 | +1.3% |
| Recurring financial charges | 65 | €1,576 | €1,597 | +€21 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €80,870 | €47,610 | -€33,260 | -41.1% |
| Income taxes | 67/77 | €16,873 | €10,068 | -€6,805 | -40.3% |
| Profit (loss) for the period | 9904 | €63,997 | €37,542 | -€26,455 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,997 | €37,542 | -€26,455 | -41.3% |
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 15 October 2026 via checked.be.