Financials
Financial year 2025
NORTHER from Oostende, company number BE0896052742, closed financial year 2025 with a result of € 46.2 million after tax. For that financial year NORTHER recorded revenue of € 170.8 million and equity of € 133.8 million. Compared with financial year 2024, the result moved from € 53.3 million to € 46.2 million. The company is profitable. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on April 30, 2026.
€ 133.8 million
▲ 3% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 46.2 million
▼ 13% vs 2024
Profit after tax over the fiscal year.
€ 80.2 million
▼ 6% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 40.9 million paid out
89 % of the profit went to the shareholders, mostly to BOREAS WIND OFFSHORE NV (50 % of the shares). That is where the money ends up.
People and assets in 2025
16.6
▼ 0.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.8 million
▼ 4% vs 2024
€ 166,700 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 10,638
▲ € 9,030 vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 602.9 million
▼ 9% vs 2024
€ 59.4 million is repaid this year. At this pace the long-term loan is gone in ≈ 10 years.
€ 12.6 million
▼ 12% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 105 days on average.
€ 8.6 million
▲ 43% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 159,241,853 | € 262,490,898 | € 177,831,081 | € 170,798,217 | ▼ 4% |
| Profit after taxes | € 42,784,622 | € 103,133,227 | € 53,290,265 | € 46,175,033 | ▼ 13% |
| Equity | € 132,624,961 | € 141,017,169 | € 129,561,394 | € 133,774,760 | ▲ 3% |
| Total debts | € 831,397,500 | € 844,102,085 | € 716,146,957 | € 657,797,596 | ▼ 8% |
| Cash | € 94,023,108 | € 158,396,354 | € 84,922,775 | € 80,192,452 | ▼ 6% |
| Retained profit | € 36,223,797 | € 45,551,705 | € 35,031,631 | € 40,180,696 | ▲ 15% |
| Dividend | € 50,700,000 | € 93,700,000 | € 63,700,000 | € 40,900,000 | ▼ 36% |
| Bank debt | € 790,058,033 | € 727,989,277 | € 665,056,297 | € 602,895,806 | ▼ 9% |
| Balance sheet total | € 978,675,206 | € 1,003,116,918 | € 867,373,101 | € 816,676,404 | ▼ 6% |
| Employees (FTE) | 16.4 | 17.8 | 17 | 16.6 | ▼ 0.4 |
Key figures of NORTHER, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to NORTHER?
What happened at NORTHER in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 46.2 million (▼ 13% vs 2024). Source: NBB ↗
- Andries TEERLYNCK stepped down as director. NBB
- BOREAS WIND OFFSHORE NV stepped down as director. NBB
- Vanessa VANLEENE stepped down as director. NBB
- Ellen DEPREZ stepped down as director. NBB
- ELICIO NV stepped down as director. NBB
- ENECO WIND BELGIUM NV stepped down as director. NBB
- REALFI BV stepped down as director. NBB
In short
From € 42.8 million profit in 2022 to € 46.2 million profit in 2025.
Paid € 71 million in corporate taxes since 2022.
Best year ever: 2023, with € 103.1 million profit.
Paid out € 249 million in dividends to the owners in total.
Management
The shares are held by BOREAS WIND OFFSHORE NV (50%) and ELNU NV (50%).
Directors
According to the 2025 annual accounts
Andries TEERLYNCK
Director
since 2025 · until 2026
Director · represented by Stijn Delauré
since 2022 · until 2026
Vanessa VANLEENE
Director
Also active at: ELICIO PLUS, Elicio Plateau de Bassenge, Elicio Wind For Water, ElNu2sea, Elicio Vents d'Ardenne, ELICIO BERLARE, Elicio Maldegem, ELICIO OFFSHORE +5 more
since 2024 · until 2026
Director · represented by Peter GODERIS
Also active at: SeaMade, OTARY BIS, NORTH SEA WAVE, Otary RS, RENTEL
since 2021 · until 2025
since 2025 · until 2026
Director · represented by Peter GODERIS
Owns 50% via ELNU NV
Also active at: ELICIO PLUS, Elicio Plateau de Bassenge, Elicio Wind For Water, Elicio Vents d'Ardenne, Elicio SLH, ELICIO BERLARE, Elicio Maldegem, ELICIO OFFSHORE +5 more
since 2020 · until 2026
Alain JANSSENS
Director
since 2020 · until 2025
Director · represented by Patrick DAOUST
Owns 50% via BOREAS WIND OFFSHORE NV
Also active at: LES VENTS DE L'ORNOI, Boreas Wind Offshore, PAMPERO WIND, EnDev-R, BAYAMO WIND, NEWCASTLE WIND, MELTEMI WIND, HEGOA WIND +12 more
since 2021 · until 2026
Director · represented by Miguel de Schaetzen
Also active at: ENECO WIND BELGIUM, LES VENTS DE L'ORNOI, SeaMade, LIBECCIO I, Boreas Wind Offshore, PAMPERO WIND, EnDev-R, BAYAMO WIND +14 more
since 2011 · until 2026
since 2021 · until 2026
Shareholders
BOREAS WIND OFFSHORE NV · holding of ENECO WIND BELGIUM NV
50%
ELNU NV · holding of ELICIO NV
50%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Esplanadestraat 14
8400 Oostende
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0896.052.742
- VAT number
- BE 0896.052.742
- Registered office
- Esplanadestraat 14, 8400 Oostende
- Names & denominations
- NORTHER
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 27 February 2008
- Peppol
- Active · Active since 6 Jul 2026
- Activities · NACE
Productie van elektriciteit uit hernieuwbare bronnen
Productie van elektriciteit