Nobelwind: 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.
What changed
Nobelwind
NACE 35.110, Production of electricity from non-renewable sources
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€23.1m
2024 · €28.7m-€5.6m
Equity
€14.3m
2024 · €11.6m+€2.7m
Cash
€26.6m
2024 · €20.1m+€6.5m
Balance sheet total
€378.9m
2024 · €390.6m-€11.7m
Largest movements
Assets
- Tangible fixed assets -€26.6m
down €26.6m (-8.2%), from €322.5m to €296.0m
of which Plant, machinery and equipment: -€26.8m
- Deferred charges and accrued income +€8.8m
up €8.8m (+393.1%), from €2.2m to €11.0m
- Cash +€6.5m
up €6.5m (+32.6%), from €20.1m to €26.6m
mainly Depreciation (+€27.6m) and Net result for the year (+€23.1m)
Equity and liabilities
- Debts after one year -€31.0m
down €31.0m (-10.1%), from €306.2m to €275.2m
- Other debts +€7.9m
up €7.9m (+160.8%), from €4.9m to €12.8m
- Trade debts +€7.1m
up €7.1m (+305.8%), from €2.3m to €9.5m
Income statement
- Turnover -€12.8m
down €12.8m (-11.6%), from €111.0m to €98.2m
- Financial charges -€6.5m
down €6.5m (-30.9%), from €21.2m to €14.6m
- Financial income -€5.9m
down €5.9m (-63.8%), from €9.2m to €3.3m
- Other operating income +€4.3m
up €4.3m (+4433.4%), from €96,320 to €4.4m
- Taxes -€1.8m
down €1.8m (-18.6%), from €9.9m to €8.0m
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.
Result 2024
€28.7m
Turnover
-€12.8m
Other operating income
+€4.3m
Goods and materials
-€647,965
Services and other goods
+€1.2m
Depreciation
+€0
Write-downs
+€150,000
Provisions
-€198,139
Other operating charges
-€33,395
Financial income
-€5.9m
Financial charges
+€6.5m
Taxes
+€1.8m
Result 2025
€23.1m
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.
From operations
+€56.6m
Investment
+€2.0m
Financing
-€52.1m
Cash 2024
€20.1m
From operations (derived)
+€56.6m
Net result for the year
+€23.1m
Depreciation
+€27.6m
Receivables within one year
-€2.5m
Deferred charges and accrued income
-€8.8m
Provisions
+€2.3m
Trade debts
+€7.1m
Tax, wage and social debts
+€2.3m
Other debts
+€7.9m
Accrued charges and deferred income
-€2.4m
Investment (derived)
+€2.0m
Investment in fixed assets (net)
+€2.0m
Financing
-€52.1m
Debts after one year
-€31.0m
Current portion of long-term debt
-€654,846
Contributions, distributions and other
-€20.4m
Cash 2025
€26.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €390,618,026 | €378,893,096 | -€11.7m | -3.0% |
| Fixed assets | 21/28 | €352,738,482 | €323,205,580 | -€29.5m | -8.4% |
| Intangible fixed assets | 21 | €9,479,485 | €8,682,721 | -€796,764 | -8.4% |
| Tangible fixed assets | 22/27 | €322,517,278 | €295,955,566 | -€26.6m | -8.2% |
| Plant, machinery and equipment | 23 | €322,313,528 | €295,546,447 | -€26.8m | -8.3% |
| Assets under construction and advance payments | 27 | €203,750 | €409,119 | +€205,369 | +100.8% |
| Financial fixed assets | 28 | €20,741,719 | €18,567,293 | -€2.2m | -10.5% |
| Affiliated companies | 280/1 | €20,741,719 | €18,567,293 | -€2.2m | -10.5% |
| Participating interests | 280 | €20,741,719 | €18,567,293 | -€2.2m | -10.5% |
| Current assets | 29/58 | €37,879,544 | €55,687,515 | +€17.8m | +47.0% |
| Amounts receivable within one year | 40/41 | €15,554,733 | €18,037,679 | +€2.5m | +16.0% |
| Trade receivables | 40 | €15,554,733 | €18,037,679 | +€2.5m | +16.0% |
| Cash at bank and in hand | 54/58 | €20,092,571 | €26,641,568 | +€6.5m | +32.6% |
| Deferred charges and accrued income | 490/1 | €2,232,240 | €11,008,268 | +€8.8m | +393.1% |
| Total equity and liabilities | 10/49 | €390,618,026 | €378,893,096 | -€11.7m | -3.0% |
| Equity | 10/15 | €11,572,492 | €14,298,486 | +€2.7m | +23.6% |
| Contributions | 10/11 | €4,555,419 | €4,555,419 | = | 0.0% |
| Capital | 10 | €4,555,419 | €4,555,419 | = | 0.0% |
| Issued capital | 100 | €4,555,419 | €4,555,419 | = | 0.0% |
| Reserves | 13 | €3,123,051 | €3,123,051 | = | 0.0% |
| Non-distributable reserves | 130/1 | €455,542 | €455,542 | = | 0.0% |
| Legal reserve | 130 | €455,542 | €455,542 | = | 0.0% |
| Distributable reserves | 133 | €2,667,510 | €2,667,510 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,894,021 | €6,620,015 | +€2.7m | +70.0% |
| Provisions and deferred taxes | 16 | €7,584,283 | €9,836,918 | +€2.3m | +29.7% |
| Provisions for liabilities and charges | 160/5 | €7,584,283 | €9,836,918 | +€2.3m | +29.7% |
| Other liabilities and charges | 164/5 | €7,584,283 | €9,836,918 | +€2.3m | +29.7% |
| Amounts payable | 17/49 | €371,461,251 | €354,757,692 | -€16.7m | -4.5% |
| Amounts payable after more than one year | 17 | €306,202,978 | €275,192,848 | -€31.0m | -10.1% |
| Financial debts | 170/4 | €306,202,978 | €275,192,848 | -€31.0m | -10.1% |
| Subordinated loans | 170 | €33,741,620 | €28,921,389 | -€4.8m | -14.3% |
| Credit institutions | 173 | €272,461,358 | €246,271,460 | -€26.2m | -9.6% |
| Amounts payable within one year | 42/48 | €58,711,352 | €75,392,501 | +€16.7m | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €34,075,091 | €33,420,245 | -€654,846 | -1.9% |
| Trade debts | 44 | €2,332,419 | €9,464,271 | +€7.1m | +305.8% |
| Suppliers | 440/4 | €2,332,419 | €9,464,271 | +€7.1m | +305.8% |
| Taxes, remuneration and social security | 45 | €17,406,759 | €19,735,040 | +€2.3m | +13.4% |
| Taxes | 450/3 | €17,406,759 | €19,735,040 | +€2.3m | +13.4% |
| Other amounts payable | 47/48 | €4,897,084 | €12,772,945 | +€7.9m | +160.8% |
| Accrued charges and deferred income | 492/3 | €6,546,921 | €4,172,343 | -€2.4m | -36.3% |
| Operating income | 70/76A | €111,100,372 | €102,536,696 | -€8.6m | -7.7% |
| Turnover | 70 | €111,004,053 | €98,170,091 | -€12.8m | -11.6% |
| Other operating income | 74 | €96,320 | €4,366,605 | +€4.3m | +4433.4% |
| Operating charges | 60/66A | €60,568,705 | €60,104,186 | -€464,518 | -0.8% |
| Goods for resale, raw materials and consumables | 60 | €1,285,503 | €1,933,468 | +€647,965 | +50.4% |
| Purchases | 600/8 | €1,285,503 | €1,933,468 | +€647,965 | +50.4% |
| Services and other goods | 61 | €29,514,405 | €28,320,388 | -€1.2m | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,563,845 | €27,563,845 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €150,000 | - | -€150,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,054,496 | €2,252,635 | +€198,139 | +9.6% |
| Other operating charges | 640/8 | €455 | €33,850 | +€33,395 | +7343.5% |
| Operating profit (loss) | 9901 | €50,531,668 | €42,432,510 | -€8.1m | -16.0% |
| Financial income | 75/76B | €9,230,403 | €3,338,543 | -€5.9m | -63.8% |
| Recurring financial income | 75 | €9,230,403 | €3,338,543 | -€5.9m | -63.8% |
| Income from financial fixed assets | 750 | €143,211 | €43,048 | -€100,163 | -69.9% |
| Income from current assets | 751 | €9,087,192 | - | -€9.1m | |
| Other financial income | 752/9 | - | €3,295,495 | +€3.3m | |
| Financial charges | 65/66B | €21,164,070 | €14,616,196 | -€6.5m | -30.9% |
| Recurring financial charges | 65 | €21,164,070 | €14,616,196 | -€6.5m | -30.9% |
| Debt charges | 650 | €21,070,458 | €14,507,945 | -€6.6m | -31.1% |
| Other financial charges | 652/9 | €93,612 | €108,250 | +€14,639 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €38,598,001 | €31,154,857 | -€7.4m | -19.3% |
| Income taxes | 67/77 | €9,872,250 | €8,032,234 | -€1.8m | -18.6% |
| Taxes | 670/3 | €9,872,250 | €8,032,234 | -€1.8m | -18.6% |
| Profit (loss) for the period | 9904 | €28,725,751 | €23,122,623 | -€5.6m | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,725,751 | €23,122,623 | -€5.6m | -19.5% |
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 12 October 2026 via checked.be.