AJ-AIR: 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-AIR
Largest movements
- Tangible fixed assets -€122,930
down €122,930 (-15.1%), from €813,065 to €690,136
of which Furniture and vehicles: -€62,293
- Receivables within one year +€107,222
up €107,222 (+96.3%), from €111,385 to €218,607
of which Trade receivables: +€128,475
- Current investments +€24,772
up €24,772 (+19.7%), from €125,679 to €150,451
- Cash +€23,329
up €23,329 (+23.1%), from €100,789 to €124,117
mainly Net result for the year (+€168,163) and Depreciation (+€131,821)
- Stocks and contracts -€21,245
down €21,245 (-15.7%), from €135,634 to €114,390
- Profit (loss) carried forward +€153,529
up €153,529 (+109%), from €140,602 to €294,131
- Debts after one year -€85,595
down €85,595 (-16.1%), from €531,395 to €445,799
- Advances received -€34,422
down €34,422 (-30.4%), from €113,275 to €78,853
- Other debts -€26,136
down €26,136 (-13.9%), from €188,490 to €162,355
- Trade debts -€15,515
down €15,515 (-11.0%), from €140,425 to €124,910
- Gross operating margin +€145,834
up €145,834 (+23.7%), from €615,315 to €761,149
- Staff costs -€66,034
down €66,034 (-14.2%), from €465,854 to €399,821
- Financial charges -€54,749
down €54,749 (-61.2%), from €89,425 to €34,676
- Taxes +€15,397
up €15,397 (+170%), from €9,064 to €24,461
- Depreciation -€13,001
down €13,001 (-9.0%), from €144,822 to €131,821
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 | €1,326,988 | €1,325,250 | -€1,738 | -0.1% |
| Fixed assets | 21/28 | €813,140 | €690,211 | -€122,930 | -15.1% |
| Tangible fixed assets | 22/27 | €813,065 | €690,136 | -€122,930 | -15.1% |
| Land and buildings | 22 | €595,508 | €562,325 | -€33,183 | -5.6% |
| Plant, machinery and equipment | 23 | €1,839 | €3,143 | +€1,304 | +70.9% |
| Furniture and vehicles | 24 | €161,704 | €99,411 | -€62,293 | -38.5% |
| Other tangible fixed assets | 26 | €54,014 | €25,257 | -€28,757 | -53.2% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €513,848 | €635,040 | +€121,192 | +23.6% |
| Stocks and contracts in progress | 3 | €135,634 | €114,390 | -€21,245 | -15.7% |
| Stocks | 30/36 | €135,634 | €114,390 | -€21,245 | -15.7% |
| Amounts receivable within one year | 40/41 | €111,385 | €218,607 | +€107,222 | +96.3% |
| Trade receivables | 40 | €79,947 | €208,422 | +€128,475 | +161% |
| Other amounts receivable | 41 | €31,438 | €10,185 | -€21,253 | -67.6% |
| Current investments | 50/53 | €125,679 | €150,451 | +€24,772 | +19.7% |
| Cash at bank and in hand | 54/58 | €100,789 | €124,117 | +€23,329 | +23.1% |
| Deferred charges and accrued income | 490/1 | €40,361 | €27,475 | -€12,887 | -31.9% |
| Total equity and liabilities | 10/49 | €1,326,988 | €1,325,250 | -€1,738 | -0.1% |
| Equity | 10/15 | €211,062 | €364,591 | +€153,529 | +72.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,860 | €51,860 | = | 0.0% |
| Distributable reserves | 133 | €51,860 | €51,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €140,602 | €294,131 | +€153,529 | +109% |
| Amounts payable | 17/49 | €1,115,926 | €960,659 | -€155,267 | -13.9% |
| Amounts payable after more than one year | 17 | €531,395 | €445,799 | -€85,595 | -16.1% |
| Financial debts | 170/4 | €531,395 | €445,799 | -€85,595 | -16.1% |
| Amounts payable within one year | 42/48 | €584,531 | €500,970 | -€83,562 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €89,659 | €85,595 | -€4,064 | -4.5% |
| Trade debts | 44 | €140,425 | €124,910 | -€15,515 | -11.0% |
| Suppliers | 440/4 | €140,425 | €124,910 | -€15,515 | -11.0% |
| Advances received on contracts in progress | 46 | €113,275 | €78,853 | -€34,422 | -30.4% |
| Taxes, remuneration and social security | 45 | €52,682 | €49,257 | -€3,425 | -6.5% |
| Taxes | 450/3 | €11,094 | €3,579 | -€7,515 | -67.7% |
| Remuneration and social security | 454/9 | €41,588 | €45,678 | +€4,090 | +9.8% |
| Other amounts payable | 47/48 | €188,490 | €162,355 | -€26,136 | -13.9% |
| Accrued charges and deferred income | 492/3 | €0 | €13,890 | +€13,890 | |
| Remuneration, social security and pensions | 62 | €465,854 | €399,821 | -€66,034 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,822 | €131,821 | -€13,001 | -9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,214 | -€4,856 | -€9,070 | |
| Other operating charges | 640/8 | €7,404 | €12,063 | +€4,659 | +62.9% |
| Gross operating margin | 9900 | €615,315 | €761,149 | +€145,834 | +23.7% |
| Operating profit (loss) | 9901 | -€6,979 | €222,301 | +€229,280 | |
| Financial income | 75/76B | €5,837 | €4,999 | -€838 | -14.4% |
| Recurring financial income | 75 | €5,837 | €4,999 | -€838 | -14.4% |
| Financial charges | 65/66B | €89,425 | €34,676 | -€54,749 | -61.2% |
| Recurring financial charges | 65 | €89,425 | €34,676 | -€54,749 | -61.2% |
| Profit (loss) for the period before taxes | 9903 | -€90,566 | €192,624 | +€283,190 | |
| Income taxes | 67/77 | €9,064 | €24,461 | +€15,397 | +170% |
| Profit (loss) for the period | 9904 | -€99,629 | €168,163 | +€267,793 | |
| Profit (loss) for the period to be appropriated | 9905 | -€99,629 | €168,163 | +€267,793 |
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 25 October 2026 via checked.be.