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 +€31,859
up €31,859 (+199%), from €16,008 to €47,867
of which Trade receivables: +€28,677
- Tangible fixed assets +€13,421
up €13,421 (+224%), from €5,997 to €19,418
of which Furniture and vehicles: +€9,828
- Cash -€6,526
down €6,526 (-23.9%), from €27,250 to €20,724
mainly Receivables within one year (-€31,859) and Investment in fixed assets (net) (-€15,934)
- Stocks and contracts -€1,351
down €1,351 (-55.1%), from €2,450 to €1,100
- Deferred charges and accrued income -€1,033
down €1,033 (-100%), from €1,033 to €0
- Reserves +€13,717
up €13,717 (+90.9%), from €15,089 to €28,807
- Trade debts +€9,494
up €9,494 (+74.8%), from €12,693 to €22,187
- Other debts +€7,723
up €7,723 (+143%), from €5,385 to €13,108
- Tax, wage and social debts +€3,549
up €3,549 (+21.4%), from €16,570 to €20,120
of which Remuneration and social security: +€3,630
- Short-term financial debts +€1,693
new in 2025: €1,693
- Gross operating margin +€32,922
up €32,922 (+83.1%), from €39,640 to €72,562
- Staff costs +€18,440
up €18,440 (+58.0%), from €31,772 to €50,211
- Taxes +€4,757
up €4,757 (+225%), from €2,111 to €6,868
- Financial income +€2,667
up €2,667 (+2,092%), from €127 to €2,795
- Depreciation +€1,714
up €1,714 (+215%), from €798 to €2,512
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 | €52,738 | €89,109 | +€36,371 | +69.0% |
| Fixed assets | 21/28 | €5,997 | €19,418 | +€13,421 | +224% |
| Tangible fixed assets | 22/27 | €5,997 | €19,418 | +€13,421 | +224% |
| Plant, machinery and equipment | 23 | €5,997 | €7,657 | +€1,660 | +27.7% |
| Furniture and vehicles | 24 | - | €9,828 | +€9,828 | |
| Other tangible fixed assets | 26 | - | €1,934 | +€1,934 | |
| Current assets | 29/58 | €46,741 | €69,691 | +€22,950 | +49.1% |
| Stocks and contracts in progress | 3 | €2,450 | €1,100 | -€1,351 | -55.1% |
| Stocks | 30/36 | €2,450 | €1,100 | -€1,351 | -55.1% |
| Amounts receivable within one year | 40/41 | €16,008 | €47,867 | +€31,859 | +199% |
| Trade receivables | 40 | €14,843 | €43,519 | +€28,677 | +193% |
| Other amounts receivable | 41 | €1,165 | €4,347 | +€3,182 | +273% |
| Cash at bank and in hand | 54/58 | €27,250 | €20,724 | -€6,526 | -23.9% |
| Deferred charges and accrued income | 490/1 | €1,033 | €0 | -€1,033 | -100% |
| Total equity and liabilities | 10/49 | €52,738 | €89,109 | +€36,371 | +69.0% |
| Equity | 10/15 | €18,089 | €31,807 | +€13,717 | +75.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €15,089 | €28,807 | +€13,717 | +90.9% |
| Distributable reserves | 133 | €15,089 | €28,807 | +€13,717 | +90.9% |
| Amounts payable | 17/49 | €34,649 | €57,302 | +€22,653 | +65.4% |
| Amounts payable within one year | 42/48 | €34,649 | €57,302 | +€22,653 | +65.4% |
| Financial debts | 43 | - | €1,693 | +€1,693 | |
| Other loans | 439 | - | €1,693 | +€1,693 | |
| Trade debts | 44 | €12,693 | €22,187 | +€9,494 | +74.8% |
| Suppliers | 440/4 | €12,693 | €22,187 | +€9,494 | +74.8% |
| Advances received on contracts in progress | 46 | - | €194 | +€194 | |
| Taxes, remuneration and social security | 45 | €16,570 | €20,120 | +€3,549 | +21.4% |
| Taxes | 450/3 | €9,839 | €9,758 | -€81 | -0.8% |
| Remuneration and social security | 454/9 | €6,731 | €10,361 | +€3,630 | +53.9% |
| Other amounts payable | 47/48 | €5,385 | €13,108 | +€7,723 | +143% |
| Remuneration, social security and pensions | 62 | €31,772 | €50,211 | +€18,440 | +58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €798 | €2,512 | +€1,714 | +215% |
| Other operating charges | 640/8 | €1,361 | €976 | -€385 | -28.3% |
| Gross operating margin | 9900 | €39,640 | €72,562 | +€32,922 | +83.1% |
| Operating profit (loss) | 9901 | €5,710 | €18,863 | +€13,153 | +230% |
| Financial income | 75/76B | €127 | €2,795 | +€2,667 | +2,092% |
| Recurring financial income | 75 | €127 | €2,795 | +€2,667 | +2,092% |
| Financial charges | 65/66B | €881 | €1,072 | +€191 | +21.6% |
| Recurring financial charges | 65 | €881 | €1,072 | +€191 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €4,956 | €20,585 | +€15,630 | +315% |
| Income taxes | 67/77 | €2,111 | €6,868 | +€4,757 | +225% |
| Profit (loss) for the period | 9904 | €2,845 | €13,717 | +€10,872 | +382% |
| Profit (loss) for the period to be appropriated | 9905 | €2,845 | €13,717 | +€10,872 | +382% |
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 25 October 2026 via checked.be.