NorthCamp: 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.
NorthCamp
Largest movements
- Current investments +€5.0m
new in 2025: €5.0m
- Financial fixed assets -€4.0m
down €4.0m (-100%), from €4.0m to €0
- Cash +€785,298
up €785,298 (+208%), from €377,897 to €1.2m
mainly Investment in fixed assets (net) (+€4.0m) and Net result for the year (+€1.7m)
- Reserves +€1.7m
up €1.7m (+39.6%), from €4.4m to €6.1m
- Financial income +€2.7m
up €2.7m (+9,635%), from €28,460 to €2.8m
of which Non-recurring financial income: +€2.7m
- Financial charges +€1.1m
up €1.1m (+404,333%), from €284 to €1.1m
- Gross operating margin +€84,421
up €84,421 (+169%), from €49,847 to €134,268
- Taxes -€11,581
down €11,581 (-96.9%), from €11,946 to €365
- Depreciation -€3,170
down €3,170 (-22.4%), from €14,170 to €11,000
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 | €4,447,152 | €6,226,729 | +€1.8m | +40.0% |
| Fixed assets | 21/28 | €4,027,039 | €35,964 | -€4.0m | -99.1% |
| Tangible fixed assets | 22/27 | €46,964 | €35,964 | -€11,000 | -23.4% |
| Furniture and vehicles | 24 | €46,964 | €35,964 | -€11,000 | -23.4% |
| Financial fixed assets | 28 | €3,980,075 | €0 | -€4.0m | -100% |
| Current assets | 29/58 | €420,113 | €6,190,764 | +€5.8m | +1,374% |
| Amounts receivable within one year | 40/41 | €34,811 | €25,001 | -€9,809 | -28.2% |
| Trade receivables | 40 | €27,366 | €25,001 | -€2,365 | -8.6% |
| Other amounts receivable | 41 | €7,445 | €0 | -€7,445 | -100% |
| Current investments | 50/53 | - | €5,000,000 | +€5.0m | |
| Cash at bank and in hand | 54/58 | €377,897 | €1,163,195 | +€785,298 | +208% |
| Deferred charges and accrued income | 490/1 | €7,405 | €2,569 | -€4,837 | -65.3% |
| Total equity and liabilities | 10/49 | €4,447,152 | €6,226,729 | +€1.8m | +40.0% |
| Equity | 10/15 | €4,423,277 | €6,167,732 | +€1.7m | +39.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,404,677 | €6,149,132 | +€1.7m | +39.6% |
| Distributable reserves | 133 | €4,404,677 | €6,149,132 | +€1.7m | +39.6% |
| Amounts payable | 17/49 | €23,875 | €58,997 | +€35,122 | +147% |
| Amounts payable within one year | 42/48 | €23,875 | €58,997 | +€35,122 | +147% |
| Trade debts | 44 | €914 | €28,219 | +€27,305 | +2,989% |
| Suppliers | 440/4 | €914 | €28,219 | +€27,305 | +2,989% |
| Taxes, remuneration and social security | 45 | €16,047 | €13,222 | -€2,825 | -17.6% |
| Taxes | 450/3 | €16,047 | €13,222 | -€2,825 | -17.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,914 | €17,556 | +€10,642 | +154% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,170 | €11,000 | -€3,170 | -22.4% |
| Other operating charges | 640/8 | €1,370 | €2,423 | +€1,053 | +76.9% |
| Gross operating margin | 9900 | €49,847 | €134,268 | +€84,421 | +169% |
| Operating profit (loss) | 9901 | €34,308 | €120,845 | +€86,537 | +252% |
| Financial income | 75/76B | €28,460 | €2,770,624 | +€2.7m | +9,635% |
| Recurring financial income | 75 | €28,460 | €69,328 | +€40,868 | +144% |
| Non-recurring financial income | 76B | - | €2,701,296 | +€2.7m | |
| Financial charges | 65/66B | €284 | €1,146,649 | +€1.1m | +404,333% |
| Recurring financial charges | 65 | €284 | €1,146,649 | +€1.1m | +404,333% |
| Profit (loss) for the period before taxes | 9903 | €62,484 | €1,744,820 | +€1.7m | +2,692% |
| Income taxes | 67/77 | €11,946 | €365 | -€11,581 | -96.9% |
| Profit (loss) for the period | 9904 | €50,538 | €1,744,455 | +€1.7m | +3,352% |
| Profit (loss) for the period to be appropriated | 9905 | €50,538 | €1,744,455 | +€1.7m | +3,352% |
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.