NORTH BAY: 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.
NORTH BAY
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+13.4%), from €8.8m to €10.0m
of which Assets under construction and advance payments: +€1.2m
- Receivables within one year -€398,800
down €398,800 (-68.2%), from €584,374 to €185,574
of which Other amounts receivable: -€390,696
- Receivables after one year +€250,000
new in 2025: €250,000
- Debts after one year +€3.9m
up €3.9m (+81.7%), from €4.8m to €8.7m
- Current portion of long-term debt -€3.3m
no longer reported in 2025 (was €3.3m)
- Accrued charges and deferred income +€354,752
up €354,752 (+52.6%), from €674,576 to €1.0m
- Trade debts +€123,039
up €123,039 (+22.7%), from €542,284 to €665,323
- Depreciation +€50,142
up €50,142 (+195%), from €25,679 to €75,821
- Gross operating margin +€32,781
up €32,781, from -€21,021 to €11,761
- Financial income +€1,267
up €1,267 (+7.1%), from €17,869 to €19,136
- Financial charges +€405
up €405 (+2.1%), from €19,451 to €19,856
- Other operating charges +€298
up €298 (+1.5%), from €20,079 to €20,376
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 | €9,440,532 | €10,494,970 | +€1.1m | +11.2% |
| Fixed assets | 21/28 | €8,816,304 | €9,996,953 | +€1.2m | +13.4% |
| Tangible fixed assets | 22/27 | €8,816,304 | €9,996,953 | +€1.2m | +13.4% |
| Land and buildings | 22 | €6,569,406 | €6,569,406 | = | 0.0% |
| Assets under construction and advance payments | 27 | €2,246,898 | €3,427,547 | +€1.2m | +52.5% |
| Current assets | 29/58 | €624,228 | €498,017 | -€126,211 | -20.2% |
| Amounts receivable after more than one year | 29 | - | €250,000 | +€250,000 | |
| Other amounts receivable | 291 | - | €250,000 | +€250,000 | |
| Amounts receivable within one year | 40/41 | €584,374 | €185,574 | -€398,800 | -68.2% |
| Trade receivables | 40 | €8,104 | - | -€8,104 | |
| Other amounts receivable | 41 | €576,270 | €185,574 | -€390,696 | -67.8% |
| Cash at bank and in hand | 54/58 | €8,096 | €14,418 | +€6,321 | +78.1% |
| Deferred charges and accrued income | 490/1 | €31,758 | €48,026 | +€16,268 | +51.2% |
| Total equity and liabilities | 10/49 | €9,440,532 | €10,494,970 | +€1.1m | +11.2% |
| Equity | 10/15 | €166,044 | €80,888 | -€85,156 | -51.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €66,044 | €10,000 | -€56,044 | -84.9% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €56,044 | - | -€56,044 | |
| Profit (loss) carried forward | 14 | - | -€29,112 | -€29,112 | |
| Amounts payable | 17/49 | €9,274,487 | €10,414,082 | +€1.1m | +12.3% |
| Amounts payable after more than one year | 17 | €4,800,000 | €8,719,431 | +€3.9m | +81.7% |
| Financial debts | 170/4 | €4,800,000 | €8,719,431 | +€3.9m | +81.7% |
| Amounts payable within one year | 42/48 | €3,799,911 | €665,323 | -€3.1m | -82.5% |
| Current portion of amounts payable after more than one year | 42 | €3,257,627 | - | -€3.3m | |
| Trade debts | 44 | €542,284 | €665,323 | +€123,039 | +22.7% |
| Suppliers | 440/4 | €542,284 | €665,323 | +€123,039 | +22.7% |
| Accrued charges and deferred income | 492/3 | €674,576 | €1,029,327 | +€354,752 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,679 | €75,821 | +€50,142 | +195% |
| Other operating charges | 640/8 | €20,079 | €20,376 | +€298 | +1.5% |
| Non-recurring operating charges | 66A | €6,610 | - | -€6,610 | |
| Gross operating margin | 9900 | -€21,021 | €11,761 | +€32,781 | |
| Operating profit (loss) | 9901 | -€73,388 | -€84,436 | -€11,048 | -15.1% |
| Financial income | 75/76B | €17,869 | €19,136 | +€1,267 | +7.1% |
| Recurring financial income | 75 | €17,869 | €19,136 | +€1,267 | +7.1% |
| Financial charges | 65/66B | €19,451 | €19,856 | +€405 | +2.1% |
| Recurring financial charges | 65 | €19,451 | €19,856 | +€405 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | -€74,970 | -€85,156 | -€10,186 | -13.6% |
| Profit (loss) for the period | 9904 | -€74,970 | -€85,156 | -€10,186 | -13.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,970 | -€85,156 | -€10,186 | -13.6% |
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 14 October 2026 via checked.be.