AJ DIFFUSION: 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 DIFFUSION
Largest movements
- Tangible fixed assets -€162,002
down €162,002 (-72.8%), from €222,408 to €60,407
of which Other tangible fixed assets: -€132,641
- Formation expenses +€154,953
new in 2025: €154,953
- Cash +€43,486
up €43,486 (+226.7%), from €19,183 to €62,668
mainly Debts after one year (+€189,906) and Net result for the year (+€64,585)
- Financial fixed assets -€30,000
down €30,000 (-98.3%), from €30,505 to €505
- Stocks and contracts -€23,757
down €23,757 (-22.2%), from €107,093 to €83,336
- Debts after one year +€189,906
up €189,906 (+162.0%), from €117,260 to €307,166
of which Other amounts payable: +€219,890
- Other debts -€120,593
no longer reported in 2025 (was €120,593)
- Trade debts -€112,022
down €112,022 (-50.1%), from €223,471 to €111,449
- Profit (loss) carried forward +€64,585
up €64,585 (+28.3%), from -€227,975 to -€163,390
- Tax, wage and social debts -€43,279
down €43,279 (-35.3%), from €122,513 to €79,234
of which Taxes: -€29,585
- Gross operating margin +€172,552
up €172,552 (+103.2%), from €167,253 to €339,805
- Other operating charges +€125,994
up €125,994 (+1702.9%), from €7,399 to €133,393
- Staff costs -€26,381
down €26,381 (-12.6%), from €209,809 to €183,428
- Depreciation +€25,700
up €25,700 (+91.2%), from €28,191 to €53,891
- Financial charges +€10,085
up €10,085 (+50.3%), from €20,033 to €30,118
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 | €485,468 | €460,024 | -€25,444 | -5.2% |
| Formation expenses | 20 | - | €154,953 | +€154,953 | |
| Fixed assets | 21/28 | €260,334 | €68,188 | -€192,145 | -73.8% |
| Intangible fixed assets | 21 | €7,421 | €7,277 | -€144 | -1.9% |
| Tangible fixed assets | 22/27 | €222,408 | €60,407 | -€162,002 | -72.8% |
| Plant, machinery and equipment | 23 | €225 | €66 | -€159 | -70.7% |
| Furniture and vehicles | 24 | €45,257 | €16,055 | -€29,202 | -64.5% |
| Other tangible fixed assets | 26 | €176,926 | €44,286 | -€132,641 | -75.0% |
| Financial fixed assets | 28 | €30,505 | €505 | -€30,000 | -98.3% |
| Current assets | 29/58 | €225,134 | €236,883 | +€11,748 | +5.2% |
| Stocks and contracts in progress | 3 | €107,093 | €83,336 | -€23,757 | -22.2% |
| Stocks | 30/36 | €107,093 | €83,336 | -€23,757 | -22.2% |
| Amounts receivable within one year | 40/41 | €15,321 | €9,702 | -€5,619 | -36.7% |
| Trade receivables | 40 | €14,957 | €9,702 | -€5,254 | -35.1% |
| Other amounts receivable | 41 | €364 | - | -€364 | |
| Current investments | 50/53 | €30,000 | €30,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,183 | €62,668 | +€43,486 | +226.7% |
| Deferred charges and accrued income | 490/1 | €53,538 | €51,176 | -€2,362 | -4.4% |
| Total equity and liabilities | 10/49 | €485,468 | €460,024 | -€25,444 | -5.2% |
| Equity | 10/15 | -€132,394 | -€67,809 | +€64,585 | +48.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €83,181 | €83,181 | = | 0.0% |
| Distributable reserves | 133 | €83,181 | €83,181 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€227,975 | -€163,390 | +€64,585 | +28.3% |
| Amounts payable | 17/49 | €617,862 | €527,833 | -€90,029 | -14.6% |
| Amounts payable after more than one year | 17 | €117,260 | €307,166 | +€189,906 | +162.0% |
| Financial debts | 170/4 | €117,260 | €87,275 | -€29,984 | -25.6% |
| Other amounts payable | 178/9 | - | €219,890 | +€219,890 | |
| Amounts payable within one year | 42/48 | €500,603 | €220,668 | -€279,935 | -55.9% |
| Current portion of amounts payable after more than one year | 42 | €34,025 | €29,984 | -€4,041 | -11.9% |
| Trade debts | 44 | €223,471 | €111,449 | -€112,022 | -50.1% |
| Suppliers | 440/4 | €223,471 | €111,449 | -€112,022 | -50.1% |
| Taxes, remuneration and social security | 45 | €122,513 | €79,234 | -€43,279 | -35.3% |
| Taxes | 450/3 | €88,541 | €58,956 | -€29,585 | -33.4% |
| Remuneration and social security | 454/9 | €33,972 | €20,278 | -€13,694 | -40.3% |
| Other amounts payable | 47/48 | €120,593 | - | -€120,593 | |
| Non-recurring operating income | 76A | €406 | - | -€406 | |
| Remuneration, social security and pensions | 62 | €209,809 | €183,428 | -€26,381 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,191 | €53,891 | +€25,700 | +91.2% |
| Other operating charges | 640/8 | €7,399 | €133,393 | +€125,994 | +1702.9% |
| Operating charges capitalised as restructuring costs | 649 | - | -€126,168 | -€126,168 | |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €167,253 | €339,805 | +€172,552 | +103.2% |
| Operating profit (loss) | 9901 | -€78,146 | €94,761 | +€172,907 | |
| Financial income | 75/76B | €65 | €272 | +€206 | +315.3% |
| Recurring financial income | 75 | €65 | €272 | +€206 | +315.3% |
| Financial charges | 65/66B | €20,033 | €30,118 | +€10,085 | +50.3% |
| Recurring financial charges | 65 | €20,033 | €30,118 | +€10,085 | +50.3% |
| Profit (loss) for the period before taxes | 9903 | -€98,114 | €64,914 | +€163,028 | |
| Income taxes | 67/77 | €7,702 | €329 | -€7,372 | -95.7% |
| Profit (loss) for the period | 9904 | -€105,815 | €64,585 | +€170,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€105,815 | €64,585 | +€170,400 |
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 30 September 2026 via checked.be.