NOORDWESTER: 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.
What changed
NOORDWESTER
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€46,907
2024 · €24,481+€22,426
Equity
€532,625
2024 · €485,717+€46,907
Cash
€65,091
2024 · €36,430+€28,661
Balance sheet total
€3.3m
2024 · €3.4m-€43,557
Largest movements
Assets
- Tangible fixed assets -€63,315
down €63,315 (-1.9%), from €3.3m to €3.2m
of which Land and buildings: -€49,096
Equity and liabilities
- Debts after one year -€118,825
down €118,825 (-4.5%), from €2.7m to €2.5m
- Other debts +€50,000
up €50,000 (+277.8%), from €18,000 to €68,000
- Reserves +€46,907
up €46,907 (+17.8%), from €263,877 to €310,784
of which Distributable reserves: +€46,907
Income statement
- Gross operating margin +€29,952
up €29,952 (+12.3%), from €242,783 to €272,735
- Taxes +€5,279
new in 2025: €5,279
- Financial charges +€4,781
up €4,781 (+7.8%), from €61,103 to €65,884
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
€24,481
Gross operating margin
+€29,952
Depreciation
+€225
Other operating charges
+€2,309
Financial income
+€1
Financial charges
-€4,781
Taxes
-€5,279
Result 2025
€46,907
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
+€211,880
Investment
-€67,355
Financing
-€115,865
Cash 2024
€36,430
From operations (derived)
+€211,880
Net result for the year
+€46,907
Depreciation
+€130,670
Receivables within one year
+€10,871
Deferred charges and accrued income
-€1,968
Trade debts
-€33,646
Tax, wage and social debts
+€115
Advances received
+€13,500
Other debts
+€50,000
Accrued charges and deferred income
-€4,569
Investment (derived)
-€67,355
Investment in fixed assets (net)
-€67,355
Financing
-€115,865
Debts after one year
-€118,825
Current portion of long-term debt
+€2,960
Cash 2025
€65,091
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,384,417 | €3,340,859 | -€43,557 | -1.3% |
| Fixed assets | 21/28 | €3,309,704 | €3,246,389 | -€63,315 | -1.9% |
| Tangible fixed assets | 22/27 | €3,309,704 | €3,246,389 | -€63,315 | -1.9% |
| Land and buildings | 22 | €3,261,497 | €3,212,401 | -€49,096 | -1.5% |
| Plant, machinery and equipment | 23 | €17,697 | €12,853 | -€4,844 | -27.4% |
| Furniture and vehicles | 24 | €30,510 | €21,135 | -€9,375 | -30.7% |
| Current assets | 29/58 | €74,713 | €94,470 | +€19,757 | +26.4% |
| Amounts receivable within one year | 40/41 | €31,889 | €21,018 | -€10,871 | -34.1% |
| Trade receivables | 40 | €31,871 | €21,000 | -€10,871 | -34.1% |
| Other amounts receivable | 41 | €18 | €18 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,430 | €65,091 | +€28,661 | +78.7% |
| Deferred charges and accrued income | 490/1 | €6,393 | €8,361 | +€1,968 | +30.8% |
| Total equity and liabilities | 10/49 | €3,384,417 | €3,340,859 | -€43,557 | -1.3% |
| Equity | 10/15 | €485,717 | €532,625 | +€46,907 | +9.7% |
| Contributions | 10/11 | €221,840 | €221,840 | = | 0.0% |
| Capital | 10 | €221,840 | €221,840 | = | 0.0% |
| Issued capital | 100 | €221,840 | €221,840 | = | 0.0% |
| Reserves | 13 | €263,877 | €310,784 | +€46,907 | +17.8% |
| Non-distributable reserves | 130/1 | €22,184 | €22,184 | = | 0.0% |
| Legal reserve | 130 | €22,184 | €22,184 | = | 0.0% |
| Distributable reserves | 133 | €241,693 | €288,600 | +€46,907 | +19.4% |
| Amounts payable | 17/49 | €2,898,699 | €2,808,235 | -€90,465 | -3.1% |
| Amounts payable after more than one year | 17 | €2,653,561 | €2,534,737 | -€118,825 | -4.5% |
| Financial debts | 170/4 | €2,653,561 | €2,534,737 | -€118,825 | -4.5% |
| Amounts payable within one year | 42/48 | €229,064 | €261,993 | +€32,929 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €142,272 | €145,232 | +€2,960 | +2.1% |
| Trade debts | 44 | €46,144 | €12,498 | -€33,646 | -72.9% |
| Suppliers | 440/4 | €46,144 | €12,498 | -€33,646 | -72.9% |
| Advances received on contracts in progress | 46 | €17,500 | €31,000 | +€13,500 | +77.1% |
| Taxes, remuneration and social security | 45 | €5,148 | €5,263 | +€115 | +2.2% |
| Taxes | 450/3 | €5,148 | €5,263 | +€115 | +2.2% |
| Other amounts payable | 47/48 | €18,000 | €68,000 | +€50,000 | +277.8% |
| Accrued charges and deferred income | 492/3 | €16,075 | €11,505 | -€4,569 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,895 | €130,670 | -€225 | -0.2% |
| Other operating charges | 640/8 | €26,368 | €24,059 | -€2,309 | -8.8% |
| Gross operating margin | 9900 | €242,783 | €272,735 | +€29,952 | +12.3% |
| Operating profit (loss) | 9901 | €85,520 | €118,006 | +€32,485 | +38.0% |
| Financial income | 75/76B | €63 | €64 | +€1 | +1.3% |
| Recurring financial income | 75 | €63 | €64 | +€1 | +1.3% |
| Financial charges | 65/66B | €61,103 | €65,884 | +€4,781 | +7.8% |
| Recurring financial charges | 65 | €61,103 | €65,884 | +€4,781 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €24,481 | €52,186 | +€27,705 | +113.2% |
| Income taxes | 67/77 | - | €5,279 | +€5,279 | |
| Profit (loss) for the period | 9904 | €24,481 | €46,907 | +€22,426 | +91.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,481 | €46,907 | +€22,426 | +91.6% |
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 8 October 2026 via checked.be.