A.J.E.: 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.E.
Largest movements
- Receivables within one year +€41,398
up €41,398 (+77.2%), from €53,641 to €95,039
of which Other amounts receivable: +€41,389
- Deferred charges and accrued income +€20,059
up €20,059 (+42.5%), from €47,221 to €67,280
- Other debts +€53,050
up €53,050 (+38.1%), from €139,132 to €192,182
- Reserves +€35,089
up €35,089 (+16.8%), from €208,983 to €244,072
- Tax, wage and social debts -€19,113
down €19,113 (-50.0%), from €38,220 to €19,107
of which Taxes: -€18,095
- Short-term financial debts -€8,875
down €8,875 (-46.3%), from €19,157 to €10,282
- Financial income +€22,373
up €22,373 (+45.9%), from €48,738 to €71,110
- Gross operating margin +€8,391
up €8,391, from -€5,812 to €2,579
- Turnover +€7,969
up €7,969 (+6.1%), from €129,821 to €137,790
- Taxes +€5,827
up €5,827 (+402.1%), from €1,449 to €7,276
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 | €410,824 | €473,095 | +€62,271 | +15.2% |
| Fixed assets | 21/28 | €34,962 | €35,776 | +€815 | +2.3% |
| Tangible fixed assets | 22/27 | €4,904 | €5,718 | +€815 | +16.6% |
| Plant, machinery and equipment | 23 | - | €1,270 | +€1,270 | |
| Other tangible fixed assets | 26 | €4,904 | €4,448 | -€455 | -9.3% |
| Financial fixed assets | 28 | €30,058 | €30,058 | = | 0.0% |
| Current assets | 29/58 | €375,862 | €437,318 | +€61,456 | +16.4% |
| Amounts receivable after more than one year | 29 | €275,000 | €275,000 | = | 0.0% |
| Other amounts receivable | 291 | €275,000 | €275,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €53,641 | €95,039 | +€41,398 | +77.2% |
| Trade receivables | 40 | €1,252 | €1,261 | +€8 | +0.7% |
| Other amounts receivable | 41 | €52,389 | €93,778 | +€41,389 | +79.0% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €47,221 | €67,280 | +€20,059 | +42.5% |
| Total equity and liabilities | 10/49 | €410,824 | €473,095 | +€62,271 | +15.2% |
| Equity | 10/15 | €209,983 | €245,072 | +€35,089 | +16.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €208,983 | €244,072 | +€35,089 | +16.8% |
| Distributable reserves | 133 | €208,983 | €244,072 | +€35,089 | +16.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €200,841 | €228,023 | +€27,182 | +13.5% |
| Amounts payable within one year | 42/48 | €200,841 | €228,023 | +€27,182 | +13.5% |
| Financial debts | 43 | €19,157 | €10,282 | -€8,875 | -46.3% |
| Credit institutions | 430/8 | €19,157 | €10,282 | -€8,875 | -46.3% |
| Trade debts | 44 | €3,515 | €6,325 | +€2,811 | +80.0% |
| Suppliers | 440/4 | €3,515 | €6,325 | +€2,811 | +80.0% |
| Advances received on contracts in progress | 46 | €817 | €126 | -€691 | -84.6% |
| Taxes, remuneration and social security | 45 | €38,220 | €19,107 | -€19,113 | -50.0% |
| Taxes | 450/3 | €37,202 | €19,107 | -€18,095 | -48.6% |
| Remuneration and social security | 454/9 | €1,018 | €0 | -€1,018 | -100.0% |
| Other amounts payable | 47/48 | €139,132 | €192,182 | +€53,050 | +38.1% |
| Turnover | 70 | €129,821 | €137,790 | +€7,969 | +6.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €140,724 | €140,293 | -€431 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156 | €727 | +€572 | +367.8% |
| Other operating charges | 640/8 | €2,062 | €2,286 | +€224 | +10.9% |
| Gross operating margin | 9900 | -€5,812 | €2,579 | +€8,391 | |
| Operating profit (loss) | 9901 | -€8,029 | -€434 | +€7,595 | +94.6% |
| Financial income | 75/76B | €48,738 | €71,110 | +€22,373 | +45.9% |
| Recurring financial income | 75 | €48,738 | €71,110 | +€22,373 | +45.9% |
| Financial charges | 65/66B | €4,791 | €4,312 | -€479 | -10.0% |
| Recurring financial charges | 65 | €4,791 | €4,312 | -€479 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €35,917 | €66,365 | +€30,447 | +84.8% |
| Income taxes | 67/77 | €1,449 | €7,276 | +€5,827 | +402.1% |
| Profit (loss) for the period | 9904 | €34,468 | €59,089 | +€24,621 | +71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,468 | €59,089 | +€24,621 | +71.4% |
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 12 October 2026 via checked.be.