AAJ: 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.
AAJ
Largest movements
- Receivables within one year +€26,736
up €26,736 (+24.6%), from €108,764 to €135,500
of which Trade receivables: +€24,589
- Cash -€22,046
down €22,046 (-77.4%), from €28,473 to €6,428
mainly Receivables within one year (-€26,736) and Investment in fixed assets (net) (-€21,428)
- Tangible fixed assets +€15,217
up €15,217 (+385%), from €3,955 to €19,171
of which Furniture and vehicles: +€9,233
- Stocks and contracts +€2,467
up €2,467 (+4.4%), from €55,563 to €58,030
- Other debts +€17,834
up €17,834 (+57.9%), from €30,796 to €48,630
- Tax, wage and social debts +€7,498
up €7,498, from €0 to €7,498
- Trade debts -€6,330
down €6,330 (-11.6%), from €54,489 to €48,159
- Reserves +€5,027
up €5,027 (+4.9%), from €103,054 to €108,081
- Gross operating margin -€45,666
down €45,666 (-66.8%), from €68,357 to €22,691
- Taxes -€14,343
down €14,343 (-66.4%), from €21,591 to €7,249
- Depreciation +€2,021
up €2,021 (+48.2%), from €4,190 to €6,211
- Staff costs -€1,922
down €1,922 (-100%), from €1,922 to €0
- Financial charges +€1,132
up €1,132 (+158%), from €714 to €1,847
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 | €206,889 | €230,919 | +€24,030 | +11.6% |
| Fixed assets | 21/28 | €13,230 | €28,446 | +€15,217 | +115% |
| Tangible fixed assets | 22/27 | €3,955 | €19,171 | +€15,217 | +385% |
| Land and buildings | 22 | €2,833 | €8,817 | +€5,983 | +211% |
| Furniture and vehicles | 24 | €1,121 | €10,354 | +€9,233 | +824% |
| Financial fixed assets | 28 | €9,275 | €9,275 | = | 0.0% |
| Current assets | 29/58 | €193,660 | €202,473 | +€8,813 | +4.6% |
| Stocks and contracts in progress | 3 | €55,563 | €58,030 | +€2,467 | +4.4% |
| Stocks | 30/36 | €55,563 | €58,030 | +€2,467 | +4.4% |
| Amounts receivable within one year | 40/41 | €108,764 | €135,500 | +€26,736 | +24.6% |
| Trade receivables | 40 | €2,127 | €26,716 | +€24,589 | +1,156% |
| Other amounts receivable | 41 | €106,637 | €108,784 | +€2,147 | +2.0% |
| Cash at bank and in hand | 54/58 | €28,473 | €6,428 | -€22,046 | -77.4% |
| Deferred charges and accrued income | 490/1 | €859 | €2,515 | +€1,656 | +193% |
| Total equity and liabilities | 10/49 | €206,889 | €230,919 | +€24,030 | +11.6% |
| Equity | 10/15 | €121,604 | €126,631 | +€5,027 | +4.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €103,054 | €108,081 | +€5,027 | +4.9% |
| Distributable reserves | 133 | €103,054 | €108,081 | +€5,027 | +4.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €85,285 | €104,288 | +€19,003 | +22.3% |
| Amounts payable within one year | 42/48 | €85,285 | €104,288 | +€19,003 | +22.3% |
| Trade debts | 44 | €54,489 | €48,159 | -€6,330 | -11.6% |
| Suppliers | 440/4 | €54,489 | €48,159 | -€6,330 | -11.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €7,498 | +€7,498 | |
| Taxes | 450/3 | €0 | €7,498 | +€7,498 | |
| Other amounts payable | 47/48 | €30,796 | €48,630 | +€17,834 | +57.9% |
| Remuneration, social security and pensions | 62 | €1,922 | €0 | -€1,922 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,190 | €6,211 | +€2,021 | +48.2% |
| Other operating charges | 640/8 | €2,500 | €1,524 | -€976 | -39.0% |
| Gross operating margin | 9900 | €68,357 | €22,691 | -€45,666 | -66.8% |
| Operating profit (loss) | 9901 | €59,744 | €14,955 | -€44,789 | -75.0% |
| Financial income | 75/76B | €121 | €0 | -€121 | -100% |
| Recurring financial income | 75 | €121 | €0 | -€121 | -100% |
| Financial charges | 65/66B | €714 | €1,847 | +€1,132 | +158% |
| Recurring financial charges | 65 | €714 | €1,847 | +€1,132 | +158% |
| Profit (loss) for the period before taxes | 9903 | €59,151 | €13,109 | -€46,042 | -77.8% |
| Income taxes | 67/77 | €21,591 | €7,249 | -€14,343 | -66.4% |
| Profit (loss) for the period | 9904 | €37,559 | €5,860 | -€31,699 | -84.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,559 | €5,860 | -€31,699 | -84.4% |
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 16 October 2026 via checked.be.