A&J: 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.
A&J
Largest movements
- Current investments -€15,691
down €15,691 (-100%), from €15,691 to €0
- Tangible fixed assets -€15,680
down €15,680 (-4.2%), from €376,320 to €360,640
- Cash +€10,530
new in 2025: €10,530
mainly Short-term financial debts (+€43,715) and Current investments (+€15,691)
- Receivables within one year +€8,995
up €8,995 (+360%), from €2,500 to €11,495
- Deferred charges and accrued income -€7,500
down €7,500 (-33.3%), from €22,500 to €15,000
- Short-term financial debts +€43,715
new in 2025: €43,715
- Debts after one year -€25,651
down €25,651 (-5.3%), from €486,953 to €461,303
- Current portion of long-term debt -€25,403
no longer reported in 2025 (was €25,403)
- Other debts -€10,660
no longer reported in 2025 (was €10,660)
- Tax, wage and social debts -€9,025
down €9,025 (-76.5%), from €11,796 to €2,770
of which Taxes: -€11,698
- Gross operating margin -€46,224
down €46,224 (-75.7%), from €61,026 to €14,803
- Financial income +€40,624
up €40,624 (+68,679%), from €59 to €40,683
- Staff costs +€25,847
up €25,847 (+5,067%), from €510 to €26,357
- Taxes -€9,460
no longer reported in 2025 (was €9,460)
- Financial charges -€2,538
down €2,538 (-31.4%), from €8,074 to €5,536
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 | €567,011 | €547,665 | -€19,346 | -3.4% |
| Fixed assets | 21/28 | €526,320 | €510,640 | -€15,680 | -3.0% |
| Tangible fixed assets | 22/27 | €376,320 | €360,640 | -€15,680 | -4.2% |
| Land and buildings | 22 | €376,320 | €360,640 | -€15,680 | -4.2% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €40,691 | €37,025 | -€3,666 | -9.0% |
| Amounts receivable within one year | 40/41 | €2,500 | €11,495 | +€8,995 | +360% |
| Trade receivables | 40 | €2,500 | €11,495 | +€8,995 | +360% |
| Current investments | 50/53 | €15,691 | €0 | -€15,691 | -100% |
| Cash at bank and in hand | 54/58 | - | €10,530 | +€10,530 | |
| Deferred charges and accrued income | 490/1 | €22,500 | €15,000 | -€7,500 | -33.3% |
| Total equity and liabilities | 10/49 | €567,011 | €547,665 | -€19,346 | -3.4% |
| Equity | 10/15 | €29,699 | €37,068 | +€7,369 | +24.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | - | €3,000 | +€3,000 | |
| Issued capital | 100 | - | €3,000 | +€3,000 | |
| Reserves | 13 | €26,699 | €34,068 | +€7,369 | +27.6% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Legal reserve | 130 | - | €300 | +€300 | |
| Reserves not available under the articles | 1311 | €300 | - | -€300 | |
| Distributable reserves | 133 | €26,399 | €33,768 | +€7,369 | +27.9% |
| Amounts payable | 17/49 | €537,312 | €510,597 | -€26,715 | -5.0% |
| Amounts payable after more than one year | 17 | €486,953 | €461,303 | -€25,651 | -5.3% |
| Financial debts | 170/4 | €486,953 | €461,303 | -€25,651 | -5.3% |
| Amounts payable within one year | 42/48 | €47,858 | €46,794 | -€1,064 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €25,403 | - | -€25,403 | |
| Financial debts | 43 | - | €43,715 | +€43,715 | |
| Credit institutions | 430/8 | - | €43,715 | +€43,715 | |
| Trade debts | 44 | - | €309 | +€309 | |
| Suppliers | 440/4 | - | €309 | +€309 | |
| Taxes, remuneration and social security | 45 | €11,796 | €2,770 | -€9,025 | -76.5% |
| Taxes | 450/3 | €11,796 | €98 | -€11,698 | -99.2% |
| Remuneration and social security | 454/9 | - | €2,672 | +€2,672 | |
| Other amounts payable | 47/48 | €10,660 | - | -€10,660 | |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €510 | €26,357 | +€25,847 | +5,067% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,680 | €15,680 | = | 0.0% |
| Other operating charges | 640/8 | €663 | €543 | -€119 | -18.0% |
| Gross operating margin | 9900 | €61,026 | €14,803 | -€46,224 | -75.7% |
| Operating profit (loss) | 9901 | €44,174 | -€27,778 | -€71,951 | |
| Financial income | 75/76B | €59 | €40,683 | +€40,624 | +68,679% |
| Recurring financial income | 75 | €59 | €40,683 | +€40,624 | +68,679% |
| Financial charges | 65/66B | €8,074 | €5,536 | -€2,538 | -31.4% |
| Recurring financial charges | 65 | €8,074 | €5,536 | -€2,538 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €36,158 | €7,369 | -€28,789 | -79.6% |
| Income taxes | 67/77 | €9,460 | - | -€9,460 | |
| Profit (loss) for the period | 9904 | €26,699 | €7,369 | -€19,329 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,699 | €7,369 | -€19,329 | -72.4% |
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 15 October 2026 via checked.be.