AJ IMMO: what changed
What changed
AJ IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
-€7,456
2024 · -€31,051+€23,595
Equity
€1.2m
2024 · €1.2m-€23,444
Cash
€33,782
2024 · €35,508-€1,726
Balance sheet total
€1.6m
2024 · €1.7m-€87,643
Largest movements
Assets
- Tangible fixed assets -€83,944
down €83,944 (-8.8%), from €949,438 to €865,494
of which Land and buildings: -€57,067
Equity and liabilities
- Debts after one year -€49,992
down €49,992 (-17.4%), from €286,882 to €236,889
Income statement
- Depreciation -€24,516
down €24,516 (-22.6%), from €108,460 to €83,944
- Other operating charges +€7,981
up €7,981 (+24.1%), from €33,147 to €41,128
- Staff costs +€6,113
up €6,113 (+5.3%), from €115,027 to €121,139
- Gross operating margin +€4,971
up €4,971 (+2.2%), from €221,346 to €226,317
- Financial charges -€4,426
down €4,426 (-24.6%), from €17,995 to €13,570
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€31,051
Gross operating margin
+€4,971
Staff costs
-€6,113
Depreciation
+€24,516
Other operating charges
-€7,981
Financial income
-€328
Financial charges
+€4,426
Taxes
-€289
Deferred taxes and other
+€4,394
Result 2025
-€7,456
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€66,016
Investment
€0
Financing
-€67,742
Cash 2024
€35,508
From operations (derived)
+€66,016
Net result for the year
-€7,456
Depreciation
+€83,944
Receivables after one year
+€13,777
Receivables within one year
-€11,804
Provisions
-€6,865
Trade debts
-€4,774
Tax, wage and social debts
-€1,333
Other debts
+€527
Financing
-€67,742
Debts after one year
-€49,992
Current portion of long-term debt
-€1,762
Contributions, distributions and other
-€15,988
Cash 2025
€33,782
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,726,426 | €1,638,783 | -€87,643 | -5.1% |
| Fixed assets | 21/28 | €949,537 | €865,593 | -€83,944 | -8.8% |
| Tangible fixed assets | 22/27 | €949,438 | €865,494 | -€83,944 | -8.8% |
| Land and buildings | 22 | €861,470 | €804,403 | -€57,067 | -6.6% |
| Furniture and vehicles | 24 | €87,968 | €61,091 | -€26,877 | -30.6% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €776,889 | €773,190 | -€3,699 | -0.5% |
| Amounts receivable after more than one year | 29 | €131,502 | €117,725 | -€13,777 | -10.5% |
| Trade receivables | 290 | €131,502 | €117,725 | -€13,777 | -10.5% |
| Amounts receivable within one year | 40/41 | €609,880 | €621,683 | +€11,804 | +1.9% |
| Other amounts receivable | 41 | €609,880 | €621,683 | +€11,804 | +1.9% |
| Cash at bank and in hand | 54/58 | €35,508 | €33,782 | -€1,726 | -4.9% |
| Total equity and liabilities | 10/49 | €1,726,426 | €1,638,783 | -€87,643 | -5.1% |
| Equity | 10/15 | €1,187,000 | €1,163,556 | -€23,444 | -2.0% |
| Contributions | 10/11 | €380,161 | €380,161 | = | 0.0% |
| Capital | 10 | €380,161 | €380,161 | = | 0.0% |
| Issued capital | 100 | €380,161 | €380,161 | = | 0.0% |
| Reserves | 13 | €252,927 | €236,939 | -€15,988 | -6.3% |
| Non-distributable reserves | 130/1 | €43,868 | €43,868 | = | 0.0% |
| Legal reserve | 130 | €43,868 | €43,868 | = | 0.0% |
| Tax-exempt reserves | 132 | €181,094 | €165,107 | -€15,988 | -8.8% |
| Distributable reserves | 133 | €27,965 | €27,965 | = | 0.0% |
| Profit (loss) carried forward | 14 | €553,912 | €546,456 | -€7,456 | -1.3% |
| Provisions and deferred taxes | 16 | €72,771 | €65,906 | -€6,865 | -9.4% |
| Deferred taxes | 168 | €72,771 | €65,906 | -€6,865 | -9.4% |
| Amounts payable | 17/49 | €466,655 | €409,321 | -€57,334 | -12.3% |
| Amounts payable after more than one year | 17 | €286,882 | €236,889 | -€49,992 | -17.4% |
| Financial debts | 170/4 | €286,882 | €236,889 | -€49,992 | -17.4% |
| Amounts payable within one year | 42/48 | €179,773 | €172,431 | -€7,342 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €51,754 | €49,992 | -€1,762 | -3.4% |
| Financial debts | 43 | €148 | €148 | = | 0.0% |
| Credit institutions | 430/8 | €148 | €148 | = | 0.0% |
| Trade debts | 44 | €113,910 | €109,136 | -€4,774 | -4.2% |
| Suppliers | 440/4 | €113,910 | €109,136 | -€4,774 | -4.2% |
| Taxes, remuneration and social security | 45 | €13,960 | €12,627 | -€1,333 | -9.6% |
| Taxes | 450/3 | €336 | €574 | +€238 | +70.7% |
| Remuneration and social security | 454/9 | €13,624 | €12,053 | -€1,571 | -11.5% |
| Other amounts payable | 47/48 | - | €527 | +€527 | |
| Remuneration, social security and pensions | 62 | €115,027 | €121,139 | +€6,113 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,460 | €83,944 | -€24,516 | -22.6% |
| Other operating charges | 640/8 | €33,147 | €41,128 | +€7,981 | +24.1% |
| Gross operating margin | 9900 | €221,346 | €226,317 | +€4,971 | +2.2% |
| Operating profit (loss) | 9901 | -€35,288 | -€19,895 | +€15,393 | +43.6% |
| Financial income | 75/76B | €3,759 | €3,431 | -€328 | -8.7% |
| Recurring financial income | 75 | €3,759 | €3,431 | -€328 | -8.7% |
| Financial charges | 65/66B | €17,995 | €13,570 | -€4,426 | -24.6% |
| Recurring financial charges | 65 | €17,995 | €13,570 | -€4,426 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | -€49,525 | -€30,034 | +€19,491 | +39.4% |
| Transfer from deferred taxes | 780 | €18,459 | €22,853 | +€4,394 | +23.8% |
| Income taxes | 67/77 | -€14 | €275 | +€289 | |
| Profit (loss) for the period | 9904 | -€31,051 | -€7,456 | +€23,595 | +76.0% |
| Transfer from tax-exempt reserves | 789 | €8,138 | - | -€8,138 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,913 | -€7,456 | +€15,457 | +67.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.