AJ: what changed
Two fiscal 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.
AJ
Largest movements
- Receivables within one year +€209,903
up €209,903 (+92.5%), from €226,909 to €436,811
of which Other amounts receivable: +€156,831
- Stocks and contracts +€99,008
up €99,008 (+48.5%), from €204,140 to €303,148
- Tangible fixed assets -€38,373
down €38,373 (-36.8%), from €104,190 to €65,817
of which Furniture and vehicles: -€63,247
- Trade debts +€283,654
up €283,654 (+8357.3%), from €3,394 to €287,049
- Reserves +€70,126
up €70,126 (+29.5%), from €237,446 to €307,572
- Tax, wage and social debts -€57,542
down €57,542 (-35.4%), from €162,684 to €105,142
- Current portion of long-term debt -€18,622
down €18,622 (-82.9%), from €22,464 to €3,841
- Gross operating margin -€106,015
down €106,015 (-38.3%), from €276,911 to €170,896
- Taxes -€30,502
down €30,502 (-46.4%), from €65,789 to €35,286
- Financial charges -€10,565
down €10,565 (-88.6%), from €11,921 to €1,357
- Depreciation +€5,968
up €5,968 (+10.0%), from €59,405 to €65,373
- Financial income +€5,055
up €5,055 (+1069.2%), from €473 to €5,527
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 | €1,040,530 | €1,308,797 | +€268,267 | +25.8% |
| Fixed assets | 21/28 | €104,190 | €65,817 | -€38,373 | -36.8% |
| Tangible fixed assets | 22/27 | €104,190 | €65,817 | -€38,373 | -36.8% |
| Plant, machinery and equipment | 23 | €1,106 | €25,980 | +€24,874 | +2249.7% |
| Furniture and vehicles | 24 | €103,084 | €39,837 | -€63,247 | -61.4% |
| Current assets | 29/58 | €936,340 | €1,242,980 | +€306,640 | +32.7% |
| Stocks and contracts in progress | 3 | €204,140 | €303,148 | +€99,008 | +48.5% |
| Stocks | 30/36 | €204,140 | €303,148 | +€99,008 | +48.5% |
| Amounts receivable within one year | 40/41 | €226,909 | €436,811 | +€209,903 | +92.5% |
| Trade receivables | 40 | €226,909 | €279,980 | +€53,071 | +23.4% |
| Other amounts receivable | 41 | - | €156,831 | +€156,831 | |
| Cash at bank and in hand | 54/58 | €503,830 | €501,486 | -€2,344 | -0.5% |
| Deferred charges and accrued income | 490/1 | €1,461 | €1,534 | +€73 | +5.0% |
| Total equity and liabilities | 10/49 | €1,040,530 | €1,308,797 | +€268,267 | +25.8% |
| Equity | 10/15 | €262,446 | €332,572 | +€70,126 | +26.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €237,446 | €307,572 | +€70,126 | +29.5% |
| Distributable reserves | 133 | €237,446 | €307,572 | +€70,126 | +29.5% |
| Amounts payable | 17/49 | €778,084 | €976,225 | +€198,140 | +25.5% |
| Amounts payable after more than one year | 17 | €3,841 | €0 | -€3,841 | -100.0% |
| Financial debts | 170/4 | €3,841 | €0 | -€3,841 | -100.0% |
| Amounts payable within one year | 42/48 | €774,243 | €976,225 | +€201,982 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €22,464 | €3,841 | -€18,622 | -82.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,394 | €287,049 | +€283,654 | +8357.3% |
| Suppliers | 440/4 | €3,394 | €287,049 | +€283,654 | +8357.3% |
| Taxes, remuneration and social security | 45 | €162,684 | €105,142 | -€57,542 | -35.4% |
| Taxes | 450/3 | €162,684 | €105,142 | -€57,542 | -35.4% |
| Other amounts payable | 47/48 | €585,701 | €580,193 | -€5,508 | -0.9% |
| Remuneration, social security and pensions | 62 | €1,437 | €1,804 | +€367 | +25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,405 | €65,373 | +€5,968 | +10.0% |
| Other operating charges | 640/8 | €2,728 | €2,476 | -€251 | -9.2% |
| Gross operating margin | 9900 | €276,911 | €170,896 | -€106,015 | -38.3% |
| Operating profit (loss) | 9901 | €213,341 | €101,242 | -€112,099 | -52.5% |
| Financial income | 75/76B | €473 | €5,527 | +€5,055 | +1069.2% |
| Recurring financial income | 75 | €473 | €5,527 | +€5,055 | +1069.2% |
| Financial charges | 65/66B | €11,921 | €1,357 | -€10,565 | -88.6% |
| Recurring financial charges | 65 | €11,921 | €1,357 | -€10,565 | -88.6% |
| Profit (loss) for the period before taxes | 9903 | €201,892 | €105,413 | -€96,480 | -47.8% |
| Income taxes | 67/77 | €65,789 | €35,286 | -€30,502 | -46.4% |
| Profit (loss) for the period | 9904 | €136,104 | €70,126 | -€65,977 | -48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €136,104 | €70,126 | -€65,977 | -48.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.