NAJEM: 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.
NAJEM
Largest movements
- Tangible fixed assets +€504,308
up €504,308 (+1617.6%), from €31,175 to €535,484
of which Land and buildings: +€501,019
- Receivables within one year +€32,009
up €32,009 (+1002.6%), from €3,193 to €35,202
- Deferred charges and accrued income -€18,552
down €18,552 (-35.4%), from €52,381 to €33,829
- Cash -€15,269
down €15,269 (-3.7%), from €409,007 to €393,738
mainly Investment in fixed assets (net) (-€533,771) and Contributions, distributions and other (-€144,139)
- Debts after one year +€416,630
new in 2025: €416,630
- Other debts +€139,139
up €139,139 (+2782.8%), from €5,000 to €144,139
- Reserves -€63,491
down €63,491 (-18.7%), from €339,061 to €275,570
of which Distributable reserves: -€63,491
- Current portion of long-term debt +€24,437
new in 2025: €24,437
- Tax, wage and social debts -€14,906
down €14,906 (-60.2%), from €24,770 to €9,865
- Depreciation +€18,136
up €18,136 (+160.1%), from €11,327 to €29,463
- Gross operating margin -€17,428
down €17,428 (-10.2%), from €171,559 to €154,131
- Taxes -€15,766
down €15,766 (-32.5%), from €48,533 to €32,767
- Financial charges +€9,022
up €9,022 (+5106.2%), from €177 to €9,199
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 | €495,846 | €998,342 | +€502,497 | +101.3% |
| Fixed assets | 21/28 | €31,265 | €535,574 | +€504,308 | +1613.0% |
| Tangible fixed assets | 22/27 | €31,175 | €535,484 | +€504,308 | +1617.6% |
| Land and buildings | 22 | - | €501,019 | +€501,019 | |
| Plant, machinery and equipment | 23 | €29,516 | €33,588 | +€4,072 | +13.8% |
| Furniture and vehicles | 24 | €1,659 | €877 | -€782 | -47.1% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €464,580 | €462,768 | -€1,812 | -0.4% |
| Amounts receivable within one year | 40/41 | €3,193 | €35,202 | +€32,009 | +1002.6% |
| Other amounts receivable | 41 | €3,193 | €35,202 | +€32,009 | +1002.6% |
| Cash at bank and in hand | 54/58 | €409,007 | €393,738 | -€15,269 | -3.7% |
| Deferred charges and accrued income | 490/1 | €52,381 | €33,829 | -€18,552 | -35.4% |
| Total equity and liabilities | 10/49 | €495,846 | €998,342 | +€502,497 | +101.3% |
| Equity | 10/15 | €465,459 | €401,968 | -€63,491 | -13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €339,061 | €275,570 | -€63,491 | -18.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €337,201 | €273,710 | -€63,491 | -18.8% |
| Profit (loss) carried forward | 14 | €113,998 | €113,998 | = | 0.0% |
| Amounts payable | 17/49 | €30,386 | €596,374 | +€565,988 | +1862.6% |
| Amounts payable after more than one year | 17 | - | €416,630 | +€416,630 | |
| Financial debts | 170/4 | - | €416,630 | +€416,630 | |
| Amounts payable within one year | 42/48 | €30,386 | €179,744 | +€149,358 | +491.5% |
| Current portion of amounts payable after more than one year | 42 | - | €24,437 | +€24,437 | |
| Trade debts | 44 | €616 | €1,303 | +€687 | +111.5% |
| Suppliers | 440/4 | €616 | €1,303 | +€687 | +111.5% |
| Taxes, remuneration and social security | 45 | €24,770 | €9,865 | -€14,906 | -60.2% |
| Taxes | 450/3 | €24,770 | €9,865 | -€14,906 | -60.2% |
| Other amounts payable | 47/48 | €5,000 | €144,139 | +€139,139 | +2782.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,327 | €29,463 | +€18,136 | +160.1% |
| Other operating charges | 640/8 | €1,969 | €2,188 | +€220 | +11.2% |
| Gross operating margin | 9900 | €171,559 | €154,131 | -€17,428 | -10.2% |
| Operating profit (loss) | 9901 | €158,263 | €122,479 | -€35,784 | -22.6% |
| Financial income | 75/76B | €595 | €134 | -€461 | -77.5% |
| Recurring financial income | 75 | €595 | €134 | -€461 | -77.5% |
| Financial charges | 65/66B | €177 | €9,199 | +€9,022 | +5106.2% |
| Recurring financial charges | 65 | €177 | €9,199 | +€9,022 | +5106.2% |
| Profit (loss) for the period before taxes | 9903 | €158,682 | €113,414 | -€45,267 | -28.5% |
| Income taxes | 67/77 | €48,533 | €32,767 | -€15,766 | -32.5% |
| Profit (loss) for the period | 9904 | €110,149 | €80,648 | -€29,502 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €110,149 | €80,648 | -€29,502 | -26.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.