AL NAJM PROJECTS: 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.
AL NAJM PROJECTS
Largest movements
- Receivables within one year +€26,630
up €26,630 (+129.0%), from €20,639 to €47,270
of which Trade receivables: +€15,582
- Tangible fixed assets -€3,159
down €3,159 (-23.4%), from €13,495 to €10,336
- Deferred charges and accrued income -€1,008
no longer reported in 2025 (was €1,008)
- Cash -€840
down €840 (-13.8%), from €6,094 to €5,254
mainly Receivables within one year (-€26,630) and Tax, wage and social debts (-€1,194)
- Profit (loss) carried forward +€15,208
up €15,208 (+59.7%), from €25,481 to €40,688
- Trade debts +€7,609
up €7,609 (+178.8%), from €4,257 to €11,866
- Tax, wage and social debts -€1,194
down €1,194 (-79.6%), from €1,500 to €305
- Gross operating margin -€1,980
down €1,980 (-9.0%), from €21,974 to €19,994
- Other operating charges -€684
down €684 (-49.0%), from €1,398 to €714
- Depreciation +€403
up €403 (+11.5%), from €3,495 to €3,898
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 | €41,237 | €62,860 | +€21,623 | +52.4% |
| Fixed assets | 21/28 | €13,495 | €10,336 | -€3,159 | -23.4% |
| Tangible fixed assets | 22/27 | €13,495 | €10,336 | -€3,159 | -23.4% |
| Furniture and vehicles | 24 | €13,495 | €10,336 | -€3,159 | -23.4% |
| Current assets | 29/58 | €27,742 | €52,524 | +€24,782 | +89.3% |
| Amounts receivable within one year | 40/41 | €20,639 | €47,270 | +€26,630 | +129.0% |
| Trade receivables | 40 | €2,293 | €17,876 | +€15,582 | +679.5% |
| Other amounts receivable | 41 | €18,346 | €29,394 | +€11,048 | +60.2% |
| Cash at bank and in hand | 54/58 | €6,094 | €5,254 | -€840 | -13.8% |
| Deferred charges and accrued income | 490/1 | €1,008 | - | -€1,008 | |
| Total equity and liabilities | 10/49 | €41,237 | €62,860 | +€21,623 | +52.4% |
| Equity | 10/15 | €35,481 | €50,688 | +€15,208 | +42.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,481 | €40,688 | +€15,208 | +59.7% |
| Amounts payable | 17/49 | €5,756 | €12,171 | +€6,415 | +111.5% |
| Amounts payable within one year | 42/48 | €5,756 | €12,171 | +€6,415 | +111.5% |
| Trade debts | 44 | €4,257 | €11,866 | +€7,609 | +178.8% |
| Suppliers | 440/4 | €4,257 | €11,866 | +€7,609 | +178.8% |
| Taxes, remuneration and social security | 45 | €1,500 | €305 | -€1,194 | -79.6% |
| Taxes | 450/3 | €1,500 | €305 | -€1,194 | -79.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,495 | €3,898 | +€403 | +11.5% |
| Other operating charges | 640/8 | €1,398 | €714 | -€684 | -49.0% |
| Gross operating margin | 9900 | €21,974 | €19,994 | -€1,980 | -9.0% |
| Operating profit (loss) | 9901 | €17,081 | €15,383 | -€1,698 | -9.9% |
| Financial charges | 65/66B | €66 | €175 | +€109 | +164.3% |
| Recurring financial charges | 65 | €66 | €72 | +€6 | +9.3% |
| Non-recurring financial charges | 66B | - | €103 | +€103 | |
| Profit (loss) for the period before taxes | 9903 | €17,015 | €15,208 | -€1,807 | -10.6% |
| Profit (loss) for the period | 9904 | €17,015 | €15,208 | -€1,807 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,015 | €15,208 | -€1,807 | -10.6% |
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 12 October 2026 via checked.be.