DR. NAIM JERJIR: 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.
DR. NAIM JERJIR
Largest movements
- Receivables within one year -€315,837
no longer reported in 2025 (was €315,837)
- Current investments +€116,873
up €116,873 (+22.2%), from €525,888 to €642,761
- Cash +€23,608
up €23,608 (+34.5%), from €68,337 to €91,946
mainly Net result for the year (+€512,000) and Receivables within one year (+€315,837)
- Profit (loss) carried forward -€279,880
down €279,880 (-32.3%), from €866,052 to €586,172
- Tax, wage and social debts +€41,381
up €41,381 (+102%), from €40,758 to €82,139
- Trade debts +€37,705
up €37,705 (+510%), from €7,397 to €45,101
- Other debts +€16,126
up €16,126 (+82.7%), from €19,488 to €35,614
- Gross operating margin +€50,334
up €50,334 (+7.8%), from €643,996 to €694,331
- Taxes +€10,129
up €10,129 (+6.3%), from €162,009 to €172,139
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €933,794 | €749,126 | -€184,668 | -19.8% |
| Fixed assets | 21/28 | €20,239 | €14,372 | -€5,867 | -29.0% |
| Tangible fixed assets | 22/27 | €20,139 | €14,272 | -€5,867 | -29.1% |
| Land and buildings | 22 | €17,106 | €14,272 | -€2,834 | -16.6% |
| Plant, machinery and equipment | 23 | €777 | - | -€777 | |
| Furniture and vehicles | 24 | €2,256 | - | -€2,256 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €913,555 | €734,753 | -€178,801 | -19.6% |
| Amounts receivable within one year | 40/41 | €315,837 | - | -€315,837 | |
| Other amounts receivable | 41 | €315,837 | - | -€315,837 | |
| Current investments | 50/53 | €525,888 | €642,761 | +€116,873 | +22.2% |
| Cash at bank and in hand | 54/58 | €68,337 | €91,946 | +€23,608 | +34.5% |
| Deferred charges and accrued income | 490/1 | €3,492 | €47 | -€3,445 | -98.7% |
| Total equity and liabilities | 10/49 | €933,794 | €749,126 | -€184,668 | -19.8% |
| Equity | 10/15 | €866,152 | €586,272 | -€279,880 | -32.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €866,052 | €586,172 | -€279,880 | -32.3% |
| Amounts payable | 17/49 | €67,642 | €162,854 | +€95,212 | +141% |
| Amounts payable within one year | 42/48 | €67,642 | €162,854 | +€95,212 | +141% |
| Trade debts | 44 | €7,397 | €45,101 | +€37,705 | +510% |
| Suppliers | 440/4 | €7,397 | €45,101 | +€37,705 | +510% |
| Taxes, remuneration and social security | 45 | €40,758 | €82,139 | +€41,381 | +102% |
| Taxes | 450/3 | €40,758 | €82,139 | +€41,381 | +102% |
| Other amounts payable | 47/48 | €19,488 | €35,614 | +€16,126 | +82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,786 | €5,867 | +€81 | +1.4% |
| Other operating charges | 640/8 | €1,675 | €2,003 | +€328 | +19.6% |
| Gross operating margin | 9900 | €643,996 | €694,331 | +€50,334 | +7.8% |
| Operating profit (loss) | 9901 | €636,535 | €686,461 | +€49,926 | +7.8% |
| Financial income | 75/76B | €6,566 | €864 | -€5,702 | -86.8% |
| Recurring financial income | 75 | €6,566 | €864 | -€5,702 | -86.8% |
| Financial charges | 65/66B | €1,014 | €3,186 | +€2,173 | +214% |
| Recurring financial charges | 65 | €1,014 | €3,186 | +€2,173 | +214% |
| Profit (loss) for the period before taxes | 9903 | €642,087 | €684,138 | +€42,051 | +6.5% |
| Income taxes | 67/77 | €162,009 | €172,139 | +€10,129 | +6.3% |
| Profit (loss) for the period | 9904 | €480,078 | €512,000 | +€31,922 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €480,078 | €512,000 | +€31,922 | +6.6% |
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 29 October 2026 via checked.be.