AJ 2: 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.
AJ 2
Largest movements
- Tangible fixed assets -€427,125
down €427,125 (-27.8%), from €1.5m to €1.1m
of which Land and buildings: -€437,696
- Current investments -€125,000
down €125,000 (-62.5%), from €200,000 to €75,000
- Receivables after one year -€48,708
down €48,708 (-17.1%), from €285,179 to €236,471
- Cash +€30,762
up €30,762 (+66.1%), from €46,540 to €77,302
mainly Other debts (+€342,453) and Investment in fixed assets (net) (+€264,858)
- Financial fixed assets +€27,238
up €27,238 (+5.6%), from €489,668 to €516,906
- Current portion of long-term debt -€522,154
down €522,154 (-85.6%), from €609,882 to €87,728
- Other debts +€342,453
up €342,453 (+8262.8%), from €4,145 to €346,598
- Reserves -€327,955
down €327,955 (-23.6%), from €1.4m to €1.1m
of which Distributable reserves: -€383,718
- Debts after one year -€87,728
down €87,728 (-16.4%), from €535,657 to €447,929
- Financial income -€208,406
down €208,406 (-95.6%), from €217,901 to €9,495
- Other operating charges -€157,158
down €157,158 (-88.9%), from €176,689 to €19,531
- Gross operating margin +€120,801
up €120,801 (+50.5%), from €239,088 to €359,890
- Write-downs -€15,866
down €15,866 (-100.0%), from €15,866 to €0
- Financial charges +€15,070
up €15,070 (+60.5%), from €24,929 to €39,999
of which Non-recurring financial charges: +€22,762
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 | €2,667,878 | €2,095,101 | -€572,777 | -21.5% |
| Fixed assets | 21/28 | €2,027,854 | €1,627,966 | -€399,887 | -19.7% |
| Tangible fixed assets | 22/27 | €1,538,185 | €1,111,060 | -€427,125 | -27.8% |
| Land and buildings | 22 | €1,528,599 | €1,090,903 | -€437,696 | -28.6% |
| Plant, machinery and equipment | 23 | €2,983 | €2,890 | -€94 | -3.1% |
| Furniture and vehicles | 24 | €6,160 | €16,825 | +€10,665 | +173.1% |
| Other tangible fixed assets | 26 | €442 | €442 | = | 0.0% |
| Financial fixed assets | 28 | €489,668 | €516,906 | +€27,238 | +5.6% |
| Current assets | 29/58 | €640,025 | €467,135 | -€172,890 | -27.0% |
| Amounts receivable after more than one year | 29 | €285,179 | €236,471 | -€48,708 | -17.1% |
| Other amounts receivable | 291 | €285,179 | €236,471 | -€48,708 | -17.1% |
| Amounts receivable within one year | 40/41 | €96,300 | €71,106 | -€25,193 | -26.2% |
| Trade receivables | 40 | €5,369 | €42,475 | +€37,106 | +691.1% |
| Other amounts receivable | 41 | €90,930 | €28,631 | -€62,299 | -68.5% |
| Current investments | 50/53 | €200,000 | €75,000 | -€125,000 | -62.5% |
| Cash at bank and in hand | 54/58 | €46,540 | €77,302 | +€30,762 | +66.1% |
| Deferred charges and accrued income | 490/1 | €12,006 | €7,256 | -€4,750 | -39.6% |
| Total equity and liabilities | 10/49 | €2,667,878 | €2,095,101 | -€572,777 | -21.5% |
| Equity | 10/15 | €1,486,837 | €1,158,882 | -€327,955 | -22.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,386,837 | €1,058,882 | -€327,955 | -23.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €54,730 | €110,493 | +€55,763 | +101.9% |
| Distributable reserves | 133 | €1,332,107 | €948,390 | -€383,718 | -28.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €13,941 | +€13,941 | |
| Deferred taxes | 168 | - | €13,941 | +€13,941 | |
| Amounts payable | 17/49 | €1,181,041 | €922,278 | -€258,763 | -21.9% |
| Amounts payable after more than one year | 17 | €535,657 | €447,929 | -€87,728 | -16.4% |
| Financial debts | 170/4 | €535,657 | €447,929 | -€87,728 | -16.4% |
| Amounts payable within one year | 42/48 | €645,384 | €474,349 | -€171,035 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €609,882 | €87,728 | -€522,154 | -85.6% |
| Financial debts | 43 | - | €6,458 | +€6,458 | |
| Credit institutions | 430/8 | - | €6,458 | +€6,458 | |
| Trade debts | 44 | €3,849 | €15,221 | +€11,372 | +295.5% |
| Suppliers | 440/4 | €3,849 | €15,221 | +€11,372 | +295.5% |
| Taxes, remuneration and social security | 45 | €27,508 | €18,344 | -€9,164 | -33.3% |
| Taxes | 450/3 | €27,508 | €18,344 | -€9,164 | -33.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €4,145 | €346,598 | +€342,453 | +8262.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €69,703 | +€69,703 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,383 | €135,029 | -€4,354 | -3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,866 | €0 | -€15,866 | -100.0% |
| Other operating charges | 640/8 | €176,689 | €19,531 | -€157,158 | -88.9% |
| Non-recurring operating charges | 66A | €1,846 | €0 | -€1,846 | -100.0% |
| Gross operating margin | 9900 | €239,088 | €359,890 | +€120,801 | +50.5% |
| Operating profit (loss) | 9901 | -€94,695 | €205,330 | +€300,025 | |
| Financial income | 75/76B | €217,901 | €9,495 | -€208,406 | -95.6% |
| Recurring financial income | 75 | €217,901 | €9,495 | -€208,406 | -95.6% |
| Financial charges | 65/66B | €24,929 | €39,999 | +€15,070 | +60.5% |
| Recurring financial charges | 65 | €24,929 | €17,237 | -€7,692 | -30.9% |
| Non-recurring financial charges | 66B | - | €22,762 | +€22,762 | |
| Profit (loss) for the period before taxes | 9903 | €98,277 | €174,826 | +€76,550 | +77.9% |
| Transfer to deferred taxes | 680 | - | €13,941 | +€13,941 | |
| Income taxes | 67/77 | €174 | €7,802 | +€7,629 | +4389.0% |
| Profit (loss) for the period | 9904 | €98,103 | €153,083 | +€54,980 | +56.0% |
| Transfer from tax-exempt reserves | 789 | €134,720 | €0 | -€134,720 | -100.0% |
| Transfer to tax-exempt reserves | 689 | - | €55,763 | +€55,763 | |
| Profit (loss) for the period to be appropriated | 9905 | €232,823 | €97,321 | -€135,502 | -58.2% |
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.