Northwind: 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.
What changed
Northwind
NACE 35.120, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€24.8m
2024 · €23.2m+€1.6m
Equity
€67.8m
2024 · €54.6m+€13.1m
Cash
€11.7m
2024 · €24.4m-€12.7m
Balance sheet total
€392.5m
2024 · €418.0m-€25.5m
Largest movements
Assets
- Tangible fixed assets -€36.3m
down €36.3m (-11.0%), from €330.2m to €293.9m
of which Plant, machinery and equipment: -€36.3m
- Current investments +€18.0m
new in 2025: €18.0m
- Cash -€12.7m
down €12.7m (-52.1%), from €24.4m to €11.7m
mainly Debts after one year (-€43.8m) and Current investments (-€18.0m)
- Receivables within one year +€7.1m
up €7.1m (+30.7%), from €23.2m to €30.4m
of which Trade receivables: +€8.1m
Equity and liabilities
- Debts after one year -€43.8m
down €43.8m (-15.7%), from €279.9m to €236.0m
of which Financial debts: -€43.9m
- Profit (loss) carried forward +€13.1m
up €13.1m (+56.5%), from €23.3m to €36.4m
- Trade debts -€12.4m
down €12.4m (-90.0%), from €13.7m to €1.4m
- Other debts +€9.2m
new in 2025: €9.2m
- Provisions +€4.8m
up €4.8m (+22.6%), from €21.2m to €26.0m
Income statement
- Financial charges -€4.1m
down €4.1m (-24.2%), from €16.9m to €12.8m
- Turnover -€2.4m
down €2.4m (-1.9%), from €123.5m to €121.1m
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
€23.2m
Turnover
-€2.4m
Other operating income
+€476,536
Goods and materials
+€1.0m
Services and other goods
-€868,630
Depreciation
+€8,342
Write-downs
+€5,460
Provisions
+€62,614
Other operating charges
-€3
Financial income
-€507,429
Financial charges
+€4.1m
Taxes
-€333,866
Result 2025
€24.8m
raises the resultlowers the result
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.
From operations
+€54.8m
Investment
-€14.9m
Financing
-€52.6m
Cash 2024
€24.4m
From operations (derived)
+€54.8m
Net result for the year
+€24.8m
Depreciation
+€36.3m
Receivables within one year
-€7.1m
Deferred charges and accrued income
-€1.5m
Provisions
+€4.8m
Trade debts
-€12.4m
Tax, wage and social debts
+€1.3m
Other debts
+€9.2m
Accrued charges and deferred income
-€698,906
Investment (derived)
-€14.9m
Investment in fixed assets (net)
+€3.1m
Current investments
-€18.0m
Financing
-€52.6m
Debts after one year
-€43.8m
Current portion of long-term debt
+€2.9m
Contributions, distributions and other
-€11.7m
Cash 2025
€11.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €417,964,684 | €392,460,101 | -€25.5m | -6.1% |
| Fixed assets | 21/28 | €359,102,165 | €319,627,765 | -€39.5m | -11.0% |
| Tangible fixed assets | 22/27 | €330,230,711 | €293,900,931 | -€36.3m | -11.0% |
| Plant, machinery and equipment | 23 | €329,643,911 | €293,314,131 | -€36.3m | -11.0% |
| Assets under construction and advance payments | 27 | €586,800 | €586,800 | = | 0.0% |
| Financial fixed assets | 28 | €28,871,454 | €25,726,834 | -€3.1m | -10.9% |
| Affiliated companies | 280/1 | €28,871,454 | €25,726,834 | -€3.1m | -10.9% |
| Participating interests | 280 | €28,871,454 | €25,726,834 | -€3.1m | -10.9% |
| Current assets | 29/58 | €58,862,519 | €72,832,336 | +€14.0m | +23.7% |
| Amounts receivable within one year | 40/41 | €23,239,492 | €30,370,110 | +€7.1m | +30.7% |
| Trade receivables | 40 | €22,313,964 | €30,370,110 | +€8.1m | +36.1% |
| Other amounts receivable | 41 | €925,528 | - | -€925,528 | |
| Current investments | 50/53 | - | €18,000,000 | +€18.0m | |
| Other investments | 51/53 | - | €18,000,000 | +€18.0m | |
| Cash at bank and in hand | 54/58 | €24,410,026 | €11,702,837 | -€12.7m | -52.1% |
| Deferred charges and accrued income | 490/1 | €11,213,001 | €12,759,389 | +€1.5m | +13.8% |
| Total equity and liabilities | 10/49 | €417,964,684 | €392,460,101 | -€25.5m | -6.1% |
| Equity | 10/15 | €54,621,044 | €67,768,779 | +€13.1m | +24.1% |
| Contributions | 10/11 | €28,490,700 | €28,490,700 | = | 0.0% |
| Capital | 10 | €28,490,700 | €28,490,700 | = | 0.0% |
| Issued capital | 100 | €28,490,700 | €28,490,700 | = | 0.0% |
| Reserves | 13 | €2,849,070 | €2,849,070 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,849,070 | €2,849,070 | = | 0.0% |
| Legal reserve | 130 | €2,849,070 | €2,849,070 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,281,274 | €36,429,009 | +€13.1m | +56.5% |
| Provisions and deferred taxes | 16 | €21,174,772 | €25,966,230 | +€4.8m | +22.6% |
| Provisions for liabilities and charges | 160/5 | €21,174,772 | €25,966,230 | +€4.8m | +22.6% |
| Major repairs and maintenance | 162 | - | €25,343,996 | +€25.3m | |
| Environmental obligations | 163 | - | €462,234 | +€462,234 | |
| Other liabilities and charges | 164/5 | €21,174,772 | €160,000 | -€21.0m | -99.2% |
| Amounts payable | 17/49 | €342,168,868 | €298,725,092 | -€43.4m | -12.7% |
| Amounts payable after more than one year | 17 | €279,856,218 | €236,021,308 | -€43.8m | -15.7% |
| Financial debts | 170/4 | €279,696,764 | €235,821,122 | -€43.9m | -15.7% |
| Subordinated loans | 170 | €20,323,934 | €15,242,951 | -€5.1m | -25.0% |
| Credit institutions | 173 | €259,372,830 | €220,578,171 | -€38.8m | -15.0% |
| Other amounts payable | 178/9 | €159,453 | €200,186 | +€40,733 | +25.5% |
| Amounts payable within one year | 42/48 | €57,899,254 | €58,989,293 | +€1.1m | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €41,391,199 | €44,286,624 | +€2.9m | +7.0% |
| Trade debts | 44 | €13,733,571 | €1,376,099 | -€12.4m | -90.0% |
| Suppliers | 440/4 | €13,733,571 | €1,376,099 | -€12.4m | -90.0% |
| Taxes, remuneration and social security | 45 | €2,774,484 | €4,076,602 | +€1.3m | +46.9% |
| Taxes | 450/3 | €2,774,484 | €4,076,602 | +€1.3m | +46.9% |
| Other amounts payable | 47/48 | - | €9,249,969 | +€9.2m | |
| Accrued charges and deferred income | 492/3 | €4,413,397 | €3,714,490 | -€698,906 | -15.8% |
| Operating income | 70/76A | €123,937,136 | €122,038,254 | -€1.9m | -1.5% |
| Turnover | 70 | €123,471,682 | €121,096,264 | -€2.4m | -1.9% |
| Other operating income | 74 | €465,454 | €941,990 | +€476,536 | +102% |
| Operating charges | 60/66A | €78,479,874 | €78,223,919 | -€255,955 | -0.3% |
| Goods for resale, raw materials and consumables | 60 | €1,048,172 | - | -€1.0m | |
| Purchases | 600/8 | €1,048,172 | - | -€1.0m | |
| Services and other goods | 61 | €36,232,925 | €37,101,555 | +€868,630 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,338,122 | €36,329,780 | -€8,342 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,460 | - | -€5,460 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,854,071 | €4,791,458 | -€62,614 | -1.3% |
| Other operating charges | 640/8 | €1,124 | €1,126 | +€3 | +0.3% |
| Operating profit (loss) | 9901 | €45,457,263 | €43,814,336 | -€1.6m | -3.6% |
| Financial income | 75/76B | €992,255 | €484,826 | -€507,429 | -51.1% |
| Recurring financial income | 75 | €992,255 | €484,826 | -€507,429 | -51.1% |
| Income from financial fixed assets | 750 | €207,112 | €62,257 | -€144,856 | -69.9% |
| Income from current assets | 751 | €780,809 | €421,541 | -€359,268 | -46.0% |
| Other financial income | 752/9 | €4,334 | €1,028 | -€3,306 | -76.3% |
| Financial charges | 65/66B | €16,910,946 | €12,821,211 | -€4.1m | -24.2% |
| Recurring financial charges | 65 | €16,910,946 | €12,821,211 | -€4.1m | -24.2% |
| Debt charges | 650 | €16,801,501 | €12,744,784 | -€4.1m | -24.1% |
| Other financial charges | 652/9 | €109,445 | €76,427 | -€33,017 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €29,538,572 | €31,477,950 | +€1.9m | +6.6% |
| Income taxes | 67/77 | €6,300,449 | €6,634,315 | +€333,866 | +5.3% |
| Taxes | 670/3 | €6,300,449 | €6,634,315 | +€333,866 | +5.3% |
| Profit (loss) for the period | 9904 | €23,238,123 | €24,843,636 | +€1.6m | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,238,123 | €24,843,636 | +€1.6m | +6.9% |
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.