NORTHWARD: 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.
NORTHWARD
Largest movements
- Receivables within one year -€484,594
down €484,594 (-57.7%), from €840,112 to €355,518
of which Trade receivables: -€501,980
- Cash -€17,160
down €17,160 (-30.9%), from €55,590 to €38,429
mainly Trade debts (-€588,516) and Contributions, distributions and other (-€53,042)
- Tangible fixed assets +€15,520
up €15,520 (+40.8%), from €38,039 to €53,558
of which Other tangible fixed assets: +€27,743
- Trade debts -€588,516
down €588,516 (-82.3%), from €715,454 to €126,938
- Reserves +€84,761
up €84,761 (+92.3%), from €91,880 to €176,641
of which Distributable reserves: +€84,761
- Tax, wage and social debts +€16,161
up €16,161 (+66.9%), from €24,172 to €40,333
- Gross operating margin +€89,000
up €89,000 (+79.7%), from €111,641 to €200,641
- Taxes +€29,637
up €29,637 (+152.2%), from €19,467 to €49,104
- Depreciation -€8,953
down €8,953 (-36.5%), from €24,544 to €15,591
- Financial income -€4,006
down €4,006 (-30.8%), from €12,999 to €8,992
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 | €937,265 | €449,331 | -€487,934 | -52.1% |
| Fixed assets | 21/28 | €40,631 | €55,352 | +€14,721 | +36.2% |
| Intangible fixed assets | 21 | €2,593 | €1,794 | -€799 | -30.8% |
| Tangible fixed assets | 22/27 | €38,039 | €53,558 | +€15,520 | +40.8% |
| Furniture and vehicles | 24 | €36,901 | €24,678 | -€12,223 | -33.1% |
| Other tangible fixed assets | 26 | €1,137 | €28,880 | +€27,743 | +2439.3% |
| Current assets | 29/58 | €896,634 | €393,979 | -€502,655 | -56.1% |
| Amounts receivable within one year | 40/41 | €840,112 | €355,518 | -€484,594 | -57.7% |
| Trade receivables | 40 | €714,688 | €212,707 | -€501,980 | -70.2% |
| Other amounts receivable | 41 | €125,424 | €142,810 | +€17,387 | +13.9% |
| Cash at bank and in hand | 54/58 | €55,590 | €38,429 | -€17,160 | -30.9% |
| Deferred charges and accrued income | 490/1 | €933 | €32 | -€901 | -96.6% |
| Total equity and liabilities | 10/49 | €937,265 | €449,331 | -€487,934 | -52.1% |
| Equity | 10/15 | €165,670 | €250,431 | +€84,761 | +51.2% |
| Contributions | 10/11 | €22,700 | €22,700 | = | 0.0% |
| Reserves | 13 | €91,880 | €176,641 | +€84,761 | +92.3% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €90,880 | €175,641 | +€84,761 | +93.3% |
| Profit (loss) carried forward | 14 | €51,090 | €51,090 | = | 0.0% |
| Amounts payable | 17/49 | €771,595 | €198,900 | -€572,695 | -74.2% |
| Amounts payable within one year | 42/48 | €771,255 | €198,900 | -€572,355 | -74.2% |
| Current portion of amounts payable after more than one year | 42 | €6,629 | €6,629 | = | 0.0% |
| Trade debts | 44 | €715,454 | €126,938 | -€588,516 | -82.3% |
| Suppliers | 440/4 | €715,454 | €126,938 | -€588,516 | -82.3% |
| Taxes, remuneration and social security | 45 | €24,172 | €40,333 | +€16,161 | +66.9% |
| Taxes | 450/3 | €24,172 | €40,333 | +€16,161 | +66.9% |
| Other amounts payable | 47/48 | €25,000 | €25,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €340 | - | -€340 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,544 | €15,591 | -€8,953 | -36.5% |
| Other operating charges | 640/8 | €1,856 | €1,934 | +€78 | +4.2% |
| Gross operating margin | 9900 | €111,641 | €200,641 | +€89,000 | +79.7% |
| Operating profit (loss) | 9901 | €85,241 | €183,116 | +€97,875 | +114.8% |
| Financial income | 75/76B | €12,999 | €8,992 | -€4,006 | -30.8% |
| Recurring financial income | 75 | €12,999 | €8,992 | -€4,006 | -30.8% |
| Financial charges | 65/66B | €6,070 | €5,202 | -€868 | -14.3% |
| Recurring financial charges | 65 | €6,070 | €5,202 | -€868 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €92,170 | €186,906 | +€94,736 | +102.8% |
| Income taxes | 67/77 | €19,467 | €49,104 | +€29,637 | +152.2% |
| Profit (loss) for the period | 9904 | €72,703 | €137,802 | +€65,099 | +89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €72,703 | €137,802 | +€65,099 | +89.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.