NADJO: 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.
NADJO
Largest movements
- Receivables within one year -€48,506
down €48,506 (-67.8%), from €71,519 to €23,013
of which Trade receivables: -€52,825
- Tangible fixed assets -€38,966
down €38,966 (-26.4%), from €147,327 to €108,361
of which Furniture and vehicles: -€38,431
- Stocks and contracts +€38,427
up €38,427 (+67.2%), from €57,194 to €95,621
of which Stocks: +€79,682
- Cash +€11,377
up €11,377 (+107%), from €10,668 to €22,045
mainly Depreciation (+€52,965) and Receivables within one year (+€48,506)
- Debts after one year -€18,552
down €18,552 (-84.4%), from €21,980 to €3,428
- Current portion of long-term debt -€11,240
down €11,240 (-37.7%), from €29,793 to €18,553
- Trade debts -€9,255
down €9,255 (-42.5%), from €21,796 to €12,541
- Advances received +€8,063
new in 2025: €8,063
- Tax, wage and social debts -€6,431
down €6,431 (-95.0%), from €6,769 to €338
of which Remuneration and social security: -€5,399
- Gross operating margin -€17,440
down €17,440 (-22.7%), from €76,719 to €59,279
- Taxes -€5,274
down €5,274 (-69.3%), from €7,605 to €2,331
- Depreciation +€1,380
up €1,380 (+2.7%), from €51,585 to €52,965
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 | €294,473 | €257,432 | -€37,041 | -12.6% |
| Fixed assets | 21/28 | €147,462 | €108,496 | -€38,966 | -26.4% |
| Tangible fixed assets | 22/27 | €147,327 | €108,361 | -€38,966 | -26.4% |
| Plant, machinery and equipment | 23 | €29,667 | €30,443 | +€776 | +2.6% |
| Furniture and vehicles | 24 | €110,300 | €71,869 | -€38,431 | -34.8% |
| Other tangible fixed assets | 26 | €7,360 | €6,049 | -€1,311 | -17.8% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €147,011 | €148,936 | +€1,925 | +1.3% |
| Stocks and contracts in progress | 3 | €57,194 | €95,621 | +€38,427 | +67.2% |
| Stocks | 30/36 | €15,939 | €95,621 | +€79,682 | +500% |
| Contracts in progress | 37 | €41,255 | - | -€41,255 | |
| Amounts receivable within one year | 40/41 | €71,519 | €23,013 | -€48,506 | -67.8% |
| Trade receivables | 40 | €57,402 | €4,577 | -€52,825 | -92.0% |
| Other amounts receivable | 41 | €14,117 | €18,436 | +€4,319 | +30.6% |
| Cash at bank and in hand | 54/58 | €10,668 | €22,045 | +€11,377 | +107% |
| Deferred charges and accrued income | 490/1 | €7,630 | €8,257 | +€627 | +8.2% |
| Total equity and liabilities | 10/49 | €294,473 | €257,432 | -€37,041 | -12.6% |
| Equity | 10/15 | €210,635 | €213,709 | +€3,074 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €192,035 | €195,109 | +€3,074 | +1.6% |
| Tax-exempt reserves | 132 | €16,674 | €16,674 | -€0 | 0.0% |
| Distributable reserves | 133 | €175,361 | €178,435 | +€3,074 | +1.8% |
| Amounts payable | 17/49 | €83,838 | €43,723 | -€40,115 | -47.8% |
| Amounts payable after more than one year | 17 | €21,980 | €3,428 | -€18,552 | -84.4% |
| Financial debts | 170/4 | €21,980 | €3,428 | -€18,552 | -84.4% |
| Amounts payable within one year | 42/48 | €60,758 | €39,495 | -€21,263 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €29,793 | €18,553 | -€11,240 | -37.7% |
| Trade debts | 44 | €21,796 | €12,541 | -€9,255 | -42.5% |
| Suppliers | 440/4 | €21,796 | €12,541 | -€9,255 | -42.5% |
| Advances received on contracts in progress | 46 | - | €8,063 | +€8,063 | |
| Taxes, remuneration and social security | 45 | €6,769 | €338 | -€6,431 | -95.0% |
| Taxes | 450/3 | €1,371 | €338 | -€1,033 | -75.3% |
| Remuneration and social security | 454/9 | €5,399 | - | -€5,399 | |
| Other amounts payable | 47/48 | €2,400 | - | -€2,400 | |
| Accrued charges and deferred income | 492/3 | €1,100 | €800 | -€300 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,585 | €52,965 | +€1,380 | +2.7% |
| Other operating charges | 640/8 | €943 | €947 | +€4 | +0.4% |
| Gross operating margin | 9900 | €76,719 | €59,279 | -€17,440 | -22.7% |
| Operating profit (loss) | 9901 | €24,191 | €5,367 | -€18,824 | -77.8% |
| Financial income | 75/76B | €321 | €732 | +€411 | +128% |
| Recurring financial income | 75 | €321 | €732 | +€411 | +128% |
| Financial charges | 65/66B | €1,107 | €694 | -€413 | -37.3% |
| Recurring financial charges | 65 | €1,107 | €694 | -€413 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €23,405 | €5,405 | -€18,000 | -76.9% |
| Income taxes | 67/77 | €7,605 | €2,331 | -€5,274 | -69.3% |
| Profit (loss) for the period | 9904 | €15,800 | €3,074 | -€12,726 | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,800 | €3,074 | -€12,726 | -80.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.