NJORD: 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.
NJORD
Largest movements
- Receivables within one year +€267,810
up €267,810 (+39.3%), from €680,943 to €948,753
of which Other amounts receivable: +€198,295
- Cash -€110,834
down €110,834 (-30.7%), from €360,534 to €249,700
mainly Receivables within one year (-€267,810) and Debts after one year (-€72,304)
- Tangible fixed assets -€76,402
down €76,402 (-7.1%), from €1.1m to €1.0m
of which Plant, machinery and equipment: -€45,960
- Reserves +€103,496
up €103,496 (+18.8%), from €550,527 to €654,023
- Debts after one year -€72,304
down €72,304 (-16.5%), from €439,208 to €366,905
- Short-term financial debts +€62,160
up €62,160 (+135%), from €46,089 to €108,248
- Current portion of long-term debt -€36,033
down €36,033 (-22.9%), from €157,396 to €121,362
- Accrued charges and deferred income -€26,034
down €26,034 (-93.9%), from €27,720 to €1,686
- Gross operating margin +€94,098
up €94,098 (+11.9%), from €788,753 to €882,851
- Taxes +€25,923
up €25,923 (+168%), from €15,388 to €41,310
- Staff costs +€9,474
up €9,474 (+1.5%), from €616,291 to €625,765
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 | €2,271,185 | €2,364,623 | +€93,437 | +4.1% |
| Fixed assets | 21/28 | €1,094,518 | €1,017,794 | -€76,724 | -7.0% |
| Intangible fixed assets | 21 | €322 | - | -€322 | |
| Tangible fixed assets | 22/27 | €1,079,196 | €1,002,794 | -€76,402 | -7.1% |
| Land and buildings | 22 | €874,675 | €841,833 | -€32,842 | -3.8% |
| Plant, machinery and equipment | 23 | €193,477 | €147,517 | -€45,960 | -23.8% |
| Furniture and vehicles | 24 | €11,044 | €13,444 | +€2,399 | +21.7% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €1,176,667 | €1,346,828 | +€170,161 | +14.5% |
| Stocks and contracts in progress | 3 | €118,172 | €132,730 | +€14,557 | +12.3% |
| Stocks | 30/36 | €118,172 | €132,730 | +€14,557 | +12.3% |
| Amounts receivable within one year | 40/41 | €680,943 | €948,753 | +€267,810 | +39.3% |
| Trade receivables | 40 | €68,975 | €138,489 | +€69,514 | +101% |
| Other amounts receivable | 41 | €611,969 | €810,264 | +€198,295 | +32.4% |
| Cash at bank and in hand | 54/58 | €360,534 | €249,700 | -€110,834 | -30.7% |
| Deferred charges and accrued income | 490/1 | €17,018 | €15,646 | -€1,371 | -8.1% |
| Total equity and liabilities | 10/49 | €2,271,185 | €2,364,623 | +€93,437 | +4.1% |
| Equity | 10/15 | €570,527 | €674,023 | +€103,496 | +18.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €550,527 | €654,023 | +€103,496 | +18.8% |
| Distributable reserves | 133 | €550,527 | €654,023 | +€103,496 | +18.8% |
| Amounts payable | 17/49 | €1,700,658 | €1,690,599 | -€10,059 | -0.6% |
| Amounts payable after more than one year | 17 | €439,208 | €366,905 | -€72,304 | -16.5% |
| Financial debts | 170/4 | €439,208 | €366,905 | -€72,304 | -16.5% |
| Amounts payable within one year | 42/48 | €1,233,730 | €1,322,009 | +€88,279 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €157,396 | €121,362 | -€36,033 | -22.9% |
| Financial debts | 43 | €46,089 | €108,248 | +€62,160 | +135% |
| Credit institutions | 430/8 | €46,089 | €108,248 | +€62,160 | +135% |
| Trade debts | 44 | €456,836 | €474,802 | +€17,965 | +3.9% |
| Suppliers | 440/4 | €456,836 | €474,802 | +€17,965 | +3.9% |
| Taxes, remuneration and social security | 45 | €80,362 | €101,140 | +€20,778 | +25.9% |
| Taxes | 450/3 | €20 | €8,086 | +€8,067 | +40,679% |
| Remuneration and social security | 454/9 | €80,342 | €93,053 | +€12,711 | +15.8% |
| Other amounts payable | 47/48 | €493,047 | €516,457 | +€23,410 | +4.7% |
| Accrued charges and deferred income | 492/3 | €27,720 | €1,686 | -€26,034 | -93.9% |
| Remuneration, social security and pensions | 62 | €616,291 | €625,765 | +€9,474 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,021 | €97,941 | +€1,920 | +2.0% |
| Other operating charges | 640/8 | €4,418 | €4,067 | -€352 | -8.0% |
| Non-recurring operating charges | 66A | €18,450 | €632 | -€17,819 | -96.6% |
| Gross operating margin | 9900 | €788,753 | €882,851 | +€94,098 | +11.9% |
| Operating profit (loss) | 9901 | €53,573 | €154,446 | +€100,874 | +188% |
| Financial income | 75/76B | €15,913 | €20,753 | +€4,839 | +30.4% |
| Recurring financial income | 75 | €15,913 | €20,753 | +€4,839 | +30.4% |
| Financial charges | 65/66B | €26,807 | €30,392 | +€3,585 | +13.4% |
| Recurring financial charges | 65 | €26,807 | €30,392 | +€3,585 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €42,679 | €144,807 | +€102,127 | +239% |
| Income taxes | 67/77 | €15,388 | €41,310 | +€25,923 | +168% |
| Profit (loss) for the period | 9904 | €27,292 | €103,496 | +€76,204 | +279% |
| Profit (loss) for the period to be appropriated | 9905 | €27,292 | €103,496 | +€76,204 | +279% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.