NORTHWESTER 2: 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
NORTHWESTER 2
NACE 35.110, Production of electricity from non-renewable sources
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€15.1m
2024 · €13.9m+€1.2m
Equity
€41.5m
2024 · €36.7m+€4.8m
Cash
€13.9m
2024 · €26.8m-€12.9m
Balance sheet total
€470.1m
2024 · €529.6m-€59.4m
Largest movements
Assets
- Tangible fixed assets -€30.3m
down €30.3m (-6.5%), from €463.5m to €433.2m
of which Plant, machinery and equipment: -€30.1m
- Receivables within one year -€18.4m
down €18.4m (-63.5%), from €29.0m to €10.6m
of which Trade receivables: -€18.0m
- Cash -€12.9m
down €12.9m (-48.2%), from €26.8m to €13.9m
mainly Debts after one year (-€37.7m) and Trade debts (-€11.8m)
Equity and liabilities
- Debts after one year -€37.7m
down €37.7m (-9.2%), from €408.4m to €370.7m
of which Financial debts: -€29.7m
- Trade debts -€11.8m
down €11.8m (-73.1%), from €16.2m to €4.4m
- Accrued charges and deferred income -€7.4m
down €7.4m (-71.7%), from €10.4m to €2.9m
- Current portion of long-term debt -€6.8m
down €6.8m (-17.8%), from €38.2m to €31.4m
Income statement
- Turnover +€18.4m
up €18.4m (+32.3%), from €57.2m to €75.6m
- Other operating income -€15.7m
down €15.7m (-65.3%), from €24.0m to €8.3m
- Financial charges -€7.9m
down €7.9m (-33.2%), from €23.7m to €15.8m
- Financial income -€4.4m
down €4.4m (-38.9%), from €11.4m to €6.9m
- Services and other goods +€3.5m
up €3.5m (+16.5%), from €21.3m to €24.9m
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
€13.9m
Turnover
+€18.4m
Other operating income
-€15.7m
Goods and materials
+€420,797
Services and other goods
-€3.5m
Depreciation
-€21,988
Provisions
-€489,789
Other operating charges
+€2,075
Financial income
-€4.4m
Financial charges
+€7.9m
Taxes
-€1.4m
Result 2025
€15.1m
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
+€42.0m
Investment
-€85,605
Financing
-€54.8m
Cash 2024
€26.8m
From operations (derived)
+€42.0m
Net result for the year
+€15.1m
Depreciation
+€30.4m
Receivables within one year
+€18.4m
Deferred charges and accrued income
-€2.3m
Provisions
+€1.4m
Trade debts
-€11.8m
Tax, wage and social debts
+€2.3m
Advances received
-€1.2m
Other debts
-€3.0m
Accrued charges and deferred income
-€7.4m
Investment (derived)
-€85,605
Investment in fixed assets (net)
-€85,605
Financing
-€54.8m
Debts after one year
-€37.7m
Current portion of long-term debt
-€6.8m
Contributions, distributions and other
-€10.3m
Cash 2025
€13.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €529,566,060 | €470,131,144 | -€59.4m | -11.2% |
| Fixed assets | 21/28 | €463,523,380 | €433,184,226 | -€30.3m | -6.5% |
| Intangible fixed assets | 21 | €56,098 | €33,113 | -€22,985 | -41.0% |
| Tangible fixed assets | 22/27 | €463,467,282 | €433,151,113 | -€30.3m | -6.5% |
| Plant, machinery and equipment | 23 | €463,292,137 | €433,151,113 | -€30.1m | -6.5% |
| Assets under construction and advance payments | 27 | €175,145 | - | -€175,145 | |
| Current assets | 29/58 | €66,042,680 | €36,946,918 | -€29.1m | -44.1% |
| Amounts receivable within one year | 40/41 | €29,043,541 | €10,615,085 | -€18.4m | -63.5% |
| Trade receivables | 40 | €28,655,370 | €10,615,085 | -€18.0m | -63.0% |
| Other amounts receivable | 41 | €388,172 | - | -€388,172 | |
| Cash at bank and in hand | 54/58 | €26,817,700 | €13,898,664 | -€12.9m | -48.2% |
| Deferred charges and accrued income | 490/1 | €10,181,439 | €12,433,168 | +€2.3m | +22.1% |
| Total equity and liabilities | 10/49 | €529,566,060 | €470,131,144 | -€59.4m | -11.2% |
| Equity | 10/15 | €36,709,783 | €41,518,386 | +€4.8m | +13.1% |
| Contributions | 10/11 | €22,300,000 | €22,300,000 | = | 0.0% |
| Capital | 10 | €22,300,000 | €22,300,000 | = | 0.0% |
| Issued capital | 100 | €22,300,000 | €22,300,000 | = | 0.0% |
| Reserves | 13 | €2,230,000 | €2,230,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,230,000 | €2,230,000 | = | 0.0% |
| Legal reserve | 130 | €2,230,000 | €2,230,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,179,783 | €16,988,386 | +€4.8m | +39.5% |
| Provisions and deferred taxes | 16 | €3,994,937 | €5,430,146 | +€1.4m | +35.9% |
| Provisions for liabilities and charges | 160/5 | €3,994,937 | €5,430,146 | +€1.4m | +35.9% |
| Other liabilities and charges | 164/5 | €3,994,937 | €5,430,146 | +€1.4m | +35.9% |
| Amounts payable | 17/49 | €488,861,340 | €423,182,611 | -€65.7m | -13.4% |
| Amounts payable after more than one year | 17 | €408,406,263 | €370,687,888 | -€37.7m | -9.2% |
| Financial debts | 170/4 | €345,011,460 | €315,291,485 | -€29.7m | -8.6% |
| Subordinated loans | 170 | €36,728,421 | €33,389,474 | -€3.3m | -9.1% |
| Credit institutions | 173 | €308,283,039 | €281,902,011 | -€26.4m | -8.6% |
| Other amounts payable | 178/9 | €63,394,803 | €55,396,403 | -€8.0m | -12.6% |
| Amounts payable within one year | 42/48 | €70,090,709 | €49,558,694 | -€20.5m | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €38,184,462 | €31,389,449 | -€6.8m | -17.8% |
| Trade debts | 44 | €16,171,405 | €4,357,703 | -€11.8m | -73.1% |
| Suppliers | 440/4 | €16,171,405 | €4,357,703 | -€11.8m | -73.1% |
| Advances received on contracts in progress | 46 | €1,194,765 | - | -€1.2m | |
| Taxes, remuneration and social security | 45 | €1,208,835 | €3,489,146 | +€2.3m | +188.6% |
| Taxes | 450/3 | €1,208,835 | €3,489,146 | +€2.3m | +188.6% |
| Other amounts payable | 47/48 | €13,331,241 | €10,322,396 | -€3.0m | -22.6% |
| Accrued charges and deferred income | 492/3 | €10,364,368 | €2,936,030 | -€7.4m | -71.7% |
| Operating income | 70/76A | €81,198,029 | €83,918,883 | +€2.7m | +3.4% |
| Turnover | 70 | €57,151,244 | €75,583,058 | +€18.4m | +32.3% |
| Other operating income | 74 | €24,046,784 | €8,335,826 | -€15.7m | -65.3% |
| Operating charges | 60/66A | €53,853,489 | €57,459,399 | +€3.6m | +6.7% |
| Goods for resale, raw materials and consumables | 60 | €1,081,680 | €660,883 | -€420,797 | -38.9% |
| Purchases | 600/8 | €1,081,680 | €660,883 | -€420,797 | -38.9% |
| Services and other goods | 61 | €21,338,076 | €24,855,080 | +€3.5m | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,402,771 | €30,424,759 | +€21,988 | +0.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €945,420 | €1,435,209 | +€489,789 | +51.8% |
| Other operating charges | 640/8 | €85,543 | €83,468 | -€2,075 | -2.4% |
| Operating profit (loss) | 9901 | €27,344,540 | €26,459,484 | -€885,056 | -3.2% |
| Financial income | 75/76B | €11,352,828 | €6,936,612 | -€4.4m | -38.9% |
| Recurring financial income | 75 | €11,352,828 | €6,936,612 | -€4.4m | -38.9% |
| Income from financial fixed assets | 750 | €11,352,828 | - | -€11.4m | |
| Other financial income | 752/9 | - | €6,936,612 | +€6.9m | |
| Financial charges | 65/66B | €23,713,373 | €15,833,793 | -€7.9m | -33.2% |
| Recurring financial charges | 65 | €23,713,373 | €15,833,793 | -€7.9m | -33.2% |
| Debt charges | 650 | €23,713,373 | €15,833,793 | -€7.9m | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €14,983,995 | €17,562,304 | +€2.6m | +17.2% |
| Income taxes | 67/77 | €1,036,614 | €2,431,305 | +€1.4m | +134.5% |
| Taxes | 670/3 | €1,036,614 | €2,431,305 | +€1.4m | +134.5% |
| Profit (loss) for the period | 9904 | €13,947,381 | €15,130,999 | +€1.2m | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,947,381 | €15,130,999 | +€1.2m | +8.5% |
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 7 October 2026 via checked.be.