NOORDKAAP: 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.
NOORDKAAP
Largest movements
- Current investments +€566,141
up €566,141 (+21.2%), from €2.7m to €3.2m
- Stocks and contracts -€344,600
no longer reported in 2025 (was €344,600)
- Cash -€154,428
down €154,428 (-85.6%), from €180,386 to €25,957
mainly Current investments (-€566,141) and Tax, wage and social debts (-€257,725)
- Receivables within one year +€77,228
up €77,228 (+229%), from €33,654 to €110,882
of which Other amounts receivable: +€81,519
- Reserves +€424,437
up €424,437 (+14.5%), from €2.9m to €3.4m
- Tax, wage and social debts -€257,725
no longer reported in 2025 (was €257,725)
of which Taxes: -€232,557
- Gross operating margin -€1.9m
down €1.9m (-77.5%), from €2.4m to €548,591
- Taxes -€563,432
down €563,432 (-73.9%), from €762,699 to €199,267
- Financial income +€54,830
up €54,830 (+83.9%), from €65,329 to €120,160
- Staff costs -€30,790
down €30,790 (-42.2%), from €72,976 to €42,186
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 | €3,260,213 | €3,403,804 | +€143,591 | +4.4% |
| Fixed assets | 21/28 | €33,068 | €32,319 | -€749 | -2.3% |
| Tangible fixed assets | 22/27 | €33,068 | €32,319 | -€749 | -2.3% |
| Land and buildings | 22 | €31,800 | €31,800 | = | 0.0% |
| Plant, machinery and equipment | 23 | €572 | - | -€572 | |
| Furniture and vehicles | 24 | €697 | €519 | -€178 | -25.5% |
| Current assets | 29/58 | €3,227,145 | €3,371,485 | +€144,341 | +4.5% |
| Stocks and contracts in progress | 3 | €344,600 | - | -€344,600 | |
| Stocks | 30/36 | €344,600 | - | -€344,600 | |
| Amounts receivable within one year | 40/41 | €33,654 | €110,882 | +€77,228 | +229% |
| Trade receivables | 40 | €4,291 | - | -€4,291 | |
| Other amounts receivable | 41 | €29,363 | €110,882 | +€81,519 | +278% |
| Current investments | 50/53 | €2,668,505 | €3,234,646 | +€566,141 | +21.2% |
| Cash at bank and in hand | 54/58 | €180,386 | €25,957 | -€154,428 | -85.6% |
| Total equity and liabilities | 10/49 | €3,260,213 | €3,403,804 | +€143,591 | +4.4% |
| Equity | 10/15 | €2,975,213 | €3,399,650 | +€424,437 | +14.3% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €2,925,634 | €3,350,071 | +€424,437 | +14.5% |
| Distributable reserves | 133 | €2,925,634 | €3,350,071 | +€424,437 | +14.5% |
| Amounts payable | 17/49 | €285,000 | €4,154 | -€280,846 | -98.5% |
| Amounts payable within one year | 42/48 | €285,000 | €4,154 | -€280,846 | -98.5% |
| Trade debts | 44 | €19,043 | €4,154 | -€14,888 | -78.2% |
| Suppliers | 440/4 | €19,043 | €4,154 | -€14,888 | -78.2% |
| Taxes, remuneration and social security | 45 | €257,725 | - | -€257,725 | |
| Taxes | 450/3 | €232,557 | - | -€232,557 | |
| Remuneration and social security | 454/9 | €25,168 | - | -€25,168 | |
| Other amounts payable | 47/48 | €8,233 | - | -€8,233 | |
| Non-recurring operating income | 76A | €2,065,903 | €2,893 | -€2.1m | -99.9% |
| Remuneration, social security and pensions | 62 | €72,976 | €42,186 | -€30,790 | -42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,803 | €749 | -€2,054 | -73.3% |
| Other operating charges | 640/8 | €19,518 | €1,861 | -€17,657 | -90.5% |
| Gross operating margin | 9900 | €2,441,042 | €548,591 | -€1.9m | -77.5% |
| Operating profit (loss) | 9901 | €2,345,745 | €503,795 | -€1.8m | -78.5% |
| Financial income | 75/76B | €65,329 | €120,160 | +€54,830 | +83.9% |
| Recurring financial income | 75 | €65,329 | €120,160 | +€54,830 | +83.9% |
| Financial charges | 65/66B | €5,727 | €250 | -€5,477 | -95.6% |
| Recurring financial charges | 65 | €5,727 | €250 | -€5,477 | -95.6% |
| Profit (loss) for the period before taxes | 9903 | €2,405,348 | €623,704 | -€1.8m | -74.1% |
| Income taxes | 67/77 | €762,699 | €199,267 | -€563,432 | -73.9% |
| Profit (loss) for the period | 9904 | €1,642,648 | €424,437 | -€1.2m | -74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,642,648 | €424,437 | -€1.2m | -74.2% |
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 20 October 2026 via checked.be.