Noordlink: 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.
Noordlink
Largest movements
- Tangible fixed assets -€325,474
down €325,474 (-7.9%), from €4.1m to €3.8m
of which Land and buildings: -€322,429
- Cash -€47,571
down €47,571 (-95.3%), from €49,901 to €2,330
mainly Net result for the year (-€192,806) and Debts after one year (-€158,237)
- Profit (loss) carried forward -€192,806
down €192,806 (-19.4%), from -€994,561 to -€1.2m
- Debts after one year -€158,237
down €158,237 (-3.6%), from €4.5m to €4.3m
- Financial charges -€29,978
down €29,978 (-24.7%), from €121,464 to €91,486
- Other operating charges +€21,849
up €21,849 (+417.1%), from €5,238 to €27,086
- Depreciation +€7,841
up €7,841 (+2.2%), from €359,480 to €367,321
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 | €4,186,867 | €3,814,117 | -€372,749 | -8.9% |
| Fixed assets | 21/28 | €4,098,032 | €3,772,557 | -€325,474 | -7.9% |
| Tangible fixed assets | 22/27 | €4,097,632 | €3,772,157 | -€325,474 | -7.9% |
| Land and buildings | 22 | €4,093,288 | €3,770,859 | -€322,429 | -7.9% |
| Furniture and vehicles | 24 | €4,343 | €1,298 | -€3,045 | -70.1% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €88,835 | €41,560 | -€47,275 | -53.2% |
| Amounts receivable within one year | 40/41 | €30,543 | €29,707 | -€836 | -2.7% |
| Trade receivables | 40 | €28,993 | €29,435 | +€443 | +1.5% |
| Other amounts receivable | 41 | €1,550 | €272 | -€1,278 | -82.5% |
| Cash at bank and in hand | 54/58 | €49,901 | €2,330 | -€47,571 | -95.3% |
| Deferred charges and accrued income | 490/1 | €8,391 | €9,523 | +€1,132 | +13.5% |
| Total equity and liabilities | 10/49 | €4,186,867 | €3,814,117 | -€372,749 | -8.9% |
| Equity | 10/15 | -€634,561 | -€827,368 | -€192,806 | -30.4% |
| Contributions | 10/11 | €360,000 | €360,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€994,561 | -€1,187,368 | -€192,806 | -19.4% |
| Amounts payable | 17/49 | €4,821,428 | €4,641,485 | -€179,943 | -3.7% |
| Amounts payable after more than one year | 17 | €4,456,060 | €4,297,823 | -€158,237 | -3.6% |
| Financial debts | 170/4 | €4,456,060 | €4,297,823 | -€158,237 | -3.6% |
| Amounts payable within one year | 42/48 | €365,368 | €324,697 | -€40,671 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €245,176 | €245,896 | +€719 | +0.3% |
| Trade debts | 44 | €83,638 | €44,809 | -€38,829 | -46.4% |
| Suppliers | 440/4 | €83,638 | €44,809 | -€38,829 | -46.4% |
| Taxes, remuneration and social security | 45 | €36,505 | €32,693 | -€3,812 | -10.4% |
| Taxes | 450/3 | €29,130 | €24,988 | -€4,142 | -14.2% |
| Remuneration and social security | 454/9 | €7,376 | €7,705 | +€329 | +4.5% |
| Other amounts payable | 47/48 | €49 | €1,300 | +€1,251 | +2578.3% |
| Accrued charges and deferred income | 492/3 | - | €18,965 | +€18,965 | |
| Non-recurring operating income | 76A | €1,688 | - | -€1,688 | |
| Remuneration, social security and pensions | 62 | €48,951 | €50,023 | +€1,072 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €359,480 | €367,321 | +€7,841 | +2.2% |
| Other operating charges | 640/8 | €5,238 | €27,086 | +€21,849 | +417.1% |
| Gross operating margin | 9900 | €345,584 | €343,283 | -€2,301 | -0.7% |
| Operating profit (loss) | 9901 | -€68,085 | -€101,147 | -€33,062 | -48.6% |
| Financial income | 75/76B | €283 | €3 | -€280 | -98.9% |
| Recurring financial income | 75 | €283 | €3 | -€280 | -98.9% |
| Financial charges | 65/66B | €121,464 | €91,486 | -€29,978 | -24.7% |
| Recurring financial charges | 65 | €121,464 | €91,486 | -€29,978 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | -€189,266 | -€192,630 | -€3,364 | -1.8% |
| Income taxes | 67/77 | €175 | €176 | +€1 | +0.8% |
| Profit (loss) for the period | 9904 | -€189,441 | -€192,806 | -€3,366 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€189,441 | -€192,806 | -€3,366 | -1.8% |
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 6 October 2026 via checked.be.