Noordlicht: what changed
Noordlicht
Largest movements
- Financial fixed assets +€124,439
up €124,439 (+14.1%), from €880,466 to €1.0m
- Receivables within one year +€92,391
up €92,391 (+409%), from €22,593 to €114,985
of which Trade receivables: +€60,488
- Tangible fixed assets +€61,357
up €61,357 (+15.6%), from €393,145 to €454,501
of which Land and buildings: +€53,407
- Cash -€41,571
down €41,571 (-85.6%), from €48,592 to €7,020
mainly Investment in fixed assets (net) (-€209,951) and Receivables within one year (-€92,391)
- Contributions +€262,500
up €262,500 (+30.3%), from €867,000 to €1.1m
- Short-term financial debts -€90,000
down €90,000 (-60.0%), from €150,000 to €60,000
- Investment grants +€42,233
new in 2025: €42,233
- Turnover +€59,756
up €59,756 (+115%), from €51,960 to €111,716
- Purchases and services +€32,924
up €32,924 (+134%), from €24,518 to €57,442
- Gross operating margin +€26,831
up €26,831 (+97.8%), from €27,443 to €54,274
- Financial income +€17,055
up €17,055 (+590%), from €2,889 to €19,944
- Financial charges +€10,920
up €10,920 (+1,699%), from €643 to €11,563
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,346,947 | €1,582,221 | +€235,275 | +17.5% |
| Fixed assets | 21/28 | €1,273,611 | €1,459,406 | +€185,796 | +14.6% |
| Tangible fixed assets | 22/27 | €393,145 | €454,501 | +€61,357 | +15.6% |
| Land and buildings | 22 | €393,145 | €446,551 | +€53,407 | +13.6% |
| Assets under construction and advance payments | 27 | - | €7,950 | +€7,950 | |
| Financial fixed assets | 28 | €880,466 | €1,004,905 | +€124,439 | +14.1% |
| Current assets | 29/58 | €73,336 | €122,815 | +€49,479 | +67.5% |
| Amounts receivable within one year | 40/41 | €22,593 | €114,985 | +€92,391 | +409% |
| Trade receivables | 40 | €0 | €60,488 | +€60,488 | +604,881,700% |
| Other amounts receivable | 41 | €22,593 | €54,496 | +€31,903 | +141% |
| Cash at bank and in hand | 54/58 | €48,592 | €7,020 | -€41,571 | -85.6% |
| Deferred charges and accrued income | 490/1 | €2,151 | €810 | -€1,341 | -62.3% |
| Total equity and liabilities | 10/49 | €1,346,947 | €1,582,221 | +€235,275 | +17.5% |
| Equity | 10/15 | €874,679 | €1,178,536 | +€303,857 | +34.7% |
| Contributions | 10/11 | €867,000 | €1,129,500 | +€262,500 | +30.3% |
| Profit (loss) carried forward | 14 | €7,679 | €6,803 | -€877 | -11.4% |
| Investment grants | 15 | - | €42,233 | +€42,233 | |
| Amounts payable | 17/49 | €472,268 | €403,686 | -€68,582 | -14.5% |
| Amounts payable after more than one year | 17 | €300,000 | €300,000 | = | 0.0% |
| Financial debts | 170/4 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €172,268 | €103,686 | -€68,582 | -39.8% |
| Financial debts | 43 | €150,000 | €60,000 | -€90,000 | -60.0% |
| Other loans | 439 | €150,000 | €60,000 | -€90,000 | -60.0% |
| Trade debts | 44 | €11 | €1,568 | +€1,557 | +14,758% |
| Suppliers | 440/4 | €11 | €1,568 | +€1,557 | +14,758% |
| Taxes, remuneration and social security | 45 | - | €5,935 | +€5,935 | |
| Taxes | 450/3 | - | €5,935 | +€5,935 | |
| Other amounts payable | 47/48 | €22,257 | €36,183 | +€13,926 | +62.6% |
| Turnover | 70 | €51,960 | €111,716 | +€59,756 | +115% |
| Goods, raw materials, services and sundry goods | 60/61 | €24,518 | €57,442 | +€32,924 | +134% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,973 | €24,155 | +€6,182 | +34.4% |
| Other operating charges | 640/8 | €542 | €3,194 | +€2,652 | +489% |
| Gross operating margin | 9900 | €27,443 | €54,274 | +€26,831 | +97.8% |
| Operating profit (loss) | 9901 | €8,928 | €26,925 | +€17,997 | +202% |
| Financial income | 75/76B | €2,889 | €19,944 | +€17,055 | +590% |
| Recurring financial income | 75 | €2,889 | €19,944 | +€17,055 | +590% |
| Financial charges | 65/66B | €643 | €11,563 | +€10,920 | +1,699% |
| Recurring financial charges | 65 | €643 | €11,563 | +€10,920 | +1,699% |
| Profit (loss) for the period before taxes | 9903 | €11,174 | €35,306 | +€24,132 | +216% |
| Income taxes | 67/77 | €396 | €0 | -€396 | -100% |
| Profit (loss) for the period | 9904 | €10,778 | €35,306 | +€24,528 | +228% |
| Profit (loss) for the period to be appropriated | 9905 | €10,778 | €35,306 | +€24,528 | +228% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.