Naimi Projects: what changed
Two fiscal 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.
Naimi Projects
Largest movements
- Tangible fixed assets +€105,978
up €105,978 (+7.9%), from €1.3m to €1.4m
- Cash -€29,336
down €29,336 (-68.8%), from €42,669 to €13,333
mainly Investment in fixed assets (net) (-€138,605) and Contributions, distributions and other (-€23,950)
- Debts after one year +€61,123
up €61,123 (+16.0%), from €380,955 to €442,078
- Other debts +€23,950
new in 2026: €23,950
- Depreciation -€7,206
down €7,206 (-18.1%), from €39,833 to €32,627
- Financial charges +€6,597
up €6,597 (+149.6%), from €4,410 to €11,008
- Taxes +€1,959
up €1,959 (+57.4%), from €3,416 to €5,375
- Other operating charges -€1,754
down €1,754 (-42.2%), from €4,152 to €2,398
- Gross operating margin +€1,048
up €1,048 (+1.7%), from €60,146 to €61,194
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,406,166 | €1,490,802 | +€84,636 | +6.0% |
| Fixed assets | 21/28 | €1,341,895 | €1,447,872 | +€105,978 | +7.9% |
| Tangible fixed assets | 22/27 | €1,341,895 | €1,447,872 | +€105,978 | +7.9% |
| Land and buildings | 22 | €1,341,895 | €1,447,872 | +€105,978 | +7.9% |
| Current assets | 29/58 | €64,271 | €42,929 | -€21,342 | -33.2% |
| Amounts receivable within one year | 40/41 | €20,000 | €15,785 | -€4,215 | -21.1% |
| Other amounts receivable | 41 | €20,000 | €15,785 | -€4,215 | -21.1% |
| Cash at bank and in hand | 54/58 | €42,669 | €13,333 | -€29,336 | -68.8% |
| Deferred charges and accrued income | 490/1 | €1,602 | €13,811 | +€12,209 | +762.2% |
| Total equity and liabilities | 10/49 | €1,406,166 | €1,490,802 | +€84,636 | +6.0% |
| Equity | 10/15 | €997,337 | €984,129 | -€13,208 | -1.3% |
| Contributions | 10/11 | €230,000 | €230,000 | = | 0.0% |
| Reserves | 13 | €767,337 | €754,129 | -€13,208 | -1.7% |
| Distributable reserves | 133 | €767,337 | €754,129 | -€13,208 | -1.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €408,829 | €506,673 | +€97,844 | +23.9% |
| Amounts payable after more than one year | 17 | €380,955 | €442,078 | +€61,123 | +16.0% |
| Financial debts | 170/4 | €380,955 | €442,078 | +€61,123 | +16.0% |
| Amounts payable within one year | 42/48 | €26,817 | €63,514 | +€36,697 | +136.8% |
| Current portion of amounts payable after more than one year | 42 | €23,401 | €33,307 | +€9,906 | +42.3% |
| Trade debts | 44 | €0 | €882 | +€882 | |
| Suppliers | 440/4 | €0 | €882 | +€882 | |
| Taxes, remuneration and social security | 45 | €3,416 | €5,375 | +€1,959 | +57.4% |
| Taxes | 450/3 | €3,416 | €5,375 | +€1,959 | +57.4% |
| Other amounts payable | 47/48 | - | €23,950 | +€23,950 | |
| Accrued charges and deferred income | 492/3 | €1,056 | €1,080 | +€24 | +2.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,833 | €32,627 | -€7,206 | -18.1% |
| Other operating charges | 640/8 | €4,152 | €2,398 | -€1,754 | -42.2% |
| Gross operating margin | 9900 | €60,146 | €61,194 | +€1,048 | +1.7% |
| Operating profit (loss) | 9901 | €16,162 | €26,169 | +€10,007 | +61.9% |
| Financial income | 75/76B | €785 | €957 | +€171 | +21.8% |
| Recurring financial income | 75 | €785 | €957 | +€171 | +21.8% |
| Financial charges | 65/66B | €4,410 | €11,008 | +€6,597 | +149.6% |
| Recurring financial charges | 65 | €4,410 | €11,008 | +€6,597 | +149.6% |
| Profit (loss) for the period before taxes | 9903 | €12,537 | €16,117 | +€3,581 | +28.6% |
| Income taxes | 67/77 | €3,416 | €5,375 | +€1,959 | +57.4% |
| Profit (loss) for the period | 9904 | €9,120 | €10,742 | +€1,621 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,120 | €10,742 | +€1,621 | +17.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.