NOORDERWAL: 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.
NOORDERWAL
Largest movements
- Financial fixed assets -€9.0m
down €9.0m (-44.8%), from €20.2m to €11.2m
- Receivables within one year -€551,098
down €551,098 (-98.9%), from €557,449 to €6,351
- Contributions -€7.5m
down €7.5m (-44.9%), from €16.7m to €9.2m
- Reserves -€2.2m
down €2.2m (-53.2%), from €4.1m to €1.9m
of which Distributable reserves: -€2.2m
- Financial income +€6.2m
new in 2025: €6.2m
of which Non-recurring financial income: +€6.0m
- Taxes +€12,922
new in 2025: €12,922
- Gross operating margin -€9,674
down €9,674 (-537.3%), from -€1,800 to -€11,475
- Depreciation -€1,044
down €1,044 (-100.0%), from €1,044 to €0
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 | €20,763,187 | €11,162,167 | -€9.6m | -46.2% |
| Fixed assets | 21/28 | €20,204,969 | €11,155,628 | -€9.0m | -44.8% |
| Financial fixed assets | 28 | €20,204,969 | €11,155,628 | -€9.0m | -44.8% |
| Current assets | 29/58 | €558,218 | €6,539 | -€551,679 | -98.8% |
| Amounts receivable within one year | 40/41 | €557,449 | €6,351 | -€551,098 | -98.9% |
| Other amounts receivable | 41 | €557,449 | €6,351 | -€551,098 | -98.9% |
| Current investments | 50/53 | - | €13 | +€13 | |
| Cash at bank and in hand | 54/58 | €769 | €175 | -€594 | -77.3% |
| Total equity and liabilities | 10/49 | €20,763,187 | €11,162,167 | -€9.6m | -46.2% |
| Equity | 10/15 | €20,763,187 | €11,104,355 | -€9.7m | -46.5% |
| Contributions | 10/11 | €16,709,000 | €9,209,000 | -€7.5m | -44.9% |
| Reserves | 13 | €4,054,187 | €1,895,355 | -€2.2m | -53.2% |
| Non-distributable reserves | 130/1 | - | €13 | +€13 | |
| Own shares acquired | 1312 | - | €13 | +€13 | |
| Distributable reserves | 133 | €4,054,187 | €1,895,342 | -€2.2m | -53.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | - | €57,812 | +€57,812 | |
| Amounts payable within one year | 42/48 | - | €57,812 | +€57,812 | |
| Trade debts | 44 | - | €1,561 | +€1,561 | |
| Suppliers | 440/4 | - | €1,561 | +€1,561 | |
| Other amounts payable | 47/48 | - | €56,251 | +€56,251 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,044 | €0 | -€1,044 | -100.0% |
| Other operating charges | 640/8 | €1,258 | €1,293 | +€35 | +2.7% |
| Gross operating margin | 9900 | -€1,800 | -€11,475 | -€9,674 | -537.3% |
| Operating profit (loss) | 9901 | -€4,103 | -€12,767 | -€8,665 | -211.2% |
| Financial income | 75/76B | - | €6,181,625 | +€6.2m | |
| Recurring financial income | 75 | - | €212,307 | +€212,307 | |
| Non-recurring financial income | 76B | - | €5,969,318 | +€6.0m | |
| Financial charges | 65/66B | €540 | €581 | +€41 | +7.6% |
| Recurring financial charges | 65 | €540 | €581 | +€41 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,642 | €6,168,277 | +€6.2m | |
| Income taxes | 67/77 | - | €12,922 | +€12,922 | |
| Profit (loss) for the period | 9904 | -€4,642 | €6,155,355 | +€6.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,642 | €6,155,355 | +€6.2m |
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 4 October 2026 via checked.be.