AJAG: 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.
What changed
AJAG
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€6,817
2024 · -€4,856-€1,960
Equity
€2.9m
2024 · €2.9m-€6,817
Cash
€19,322
2024 · €17,951+€1,372
Balance sheet total
€3.8m
2024 · €3.3m+€497,281
Largest movements
Assets
- Tangible fixed assets +€498,392
up €498,392 (+15.3%), from €3.3m to €3.8m
of which Land and buildings: +€509,664
Equity and liabilities
- Debts after one year +€264,437
up €264,437 (+236.6%), from €111,780 to €376,217
- Other debts +€185,959
up €185,959 (+473.9%), from €39,237 to €225,196
Income statement
- Gross operating margin +€24,408
up €24,408 (+17.6%), from €138,558 to €162,966
- Depreciation +€11,137
up €11,137 (+9.0%), from €123,142 to €134,279
- Financial charges +€10,116
up €10,116 (+158.2%), from €6,396 to €16,512
- Financial income -€2,473
down €2,473 (-94.3%), from €2,622 to €149
- Taxes +€2,318
up €2,318 (+33.4%), from €6,932 to €9,250
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.
Result 2024
-€4,856
Gross operating margin
+€24,408
Depreciation
-€11,137
Other operating charges
-€708
Other operating items
+€385
Financial income
-€2,473
Financial charges
-€10,116
Taxes
-€2,318
Result 2025
-€6,817
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.
From operations
+€345,823
Investment
-€632,672
Financing
+€288,220
Cash 2024
€17,951
From operations (derived)
+€345,823
Net result for the year
-€6,817
Depreciation
+€134,279
Receivables within one year
+€2,538
Smaller working-capital items
+€562
Provisions
-€8,259
Trade debts
+€28,309
Tax, wage and social debts
+€9,250
Other debts
+€185,959
Investment (derived)
-€632,672
Investment in fixed assets (net)
-€632,672
Financing
+€288,220
Debts after one year
+€264,437
Current portion of long-term debt
+€23,783
Cash 2025
€19,322
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,279,386 | €3,776,666 | +€497,281 | +15.2% |
| Fixed assets | 21/28 | €3,256,393 | €3,754,785 | +€498,392 | +15.3% |
| Tangible fixed assets | 22/27 | €3,256,355 | €3,754,748 | +€498,392 | +15.3% |
| Land and buildings | 22 | €3,128,114 | €3,637,778 | +€509,664 | +16.3% |
| Plant, machinery and equipment | 23 | €3,989 | €2,458 | -€1,531 | -38.4% |
| Furniture and vehicles | 24 | €25,591 | €15,850 | -€9,741 | -38.1% |
| Other tangible fixed assets | 26 | €98,662 | €98,662 | = | 0.0% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €22,993 | €21,882 | -€1,112 | -4.8% |
| Amounts receivable within one year | 40/41 | €4,188 | €1,650 | -€2,538 | -60.6% |
| Trade receivables | 40 | €3,906 | €1,650 | -€2,256 | -57.8% |
| Other amounts receivable | 41 | €282 | €0 | -€282 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €17,951 | €19,322 | +€1,372 | +7.6% |
| Deferred charges and accrued income | 490/1 | €854 | €909 | +€55 | +6.4% |
| Total equity and liabilities | 10/49 | €3,279,386 | €3,776,666 | +€497,281 | +15.2% |
| Equity | 10/15 | €2,938,725 | €2,931,908 | -€6,817 | -0.2% |
| Contributions | 10/11 | €1,419,980 | €1,419,980 | = | 0.0% |
| Capital | 10 | €1,419,980 | €1,419,980 | = | 0.0% |
| Issued capital | 100 | €1,419,980 | €1,419,980 | = | 0.0% |
| Reserves | 13 | €1,518,745 | €1,511,928 | -€6,817 | -0.4% |
| Non-distributable reserves | 130/1 | €55,900 | €56,900 | +€1,000 | +1.8% |
| Legal reserve | 130 | €55,900 | €56,900 | +€1,000 | +1.8% |
| Tax-exempt reserves | 132 | €539,908 | €515,132 | -€24,776 | -4.6% |
| Distributable reserves | 133 | €922,937 | €939,896 | +€16,960 | +1.8% |
| Provisions and deferred taxes | 16 | €179,969 | €171,711 | -€8,259 | -4.6% |
| Deferred taxes | 168 | €179,969 | €171,711 | -€8,259 | -4.6% |
| Amounts payable | 17/49 | €160,692 | €673,047 | +€512,356 | +318.8% |
| Amounts payable after more than one year | 17 | €111,780 | €376,217 | +€264,437 | +236.6% |
| Financial debts | 170/4 | €111,780 | €376,217 | +€264,437 | +236.6% |
| Amounts payable within one year | 42/48 | €41,933 | €289,235 | +€247,302 | +589.8% |
| Current portion of amounts payable after more than one year | 42 | - | €23,783 | +€23,783 | |
| Trade debts | 44 | €1,422 | €29,731 | +€28,309 | +1991.2% |
| Suppliers | 440/4 | €1,422 | €29,731 | +€28,309 | +1991.2% |
| Taxes, remuneration and social security | 45 | €1,274 | €10,525 | +€9,250 | +725.8% |
| Taxes | 450/3 | €1,274 | €10,525 | +€9,250 | +725.8% |
| Other amounts payable | 47/48 | €39,237 | €225,196 | +€185,959 | +473.9% |
| Accrued charges and deferred income | 492/3 | €6,978 | €7,595 | +€617 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,142 | €134,279 | +€11,137 | +9.0% |
| Other operating charges | 640/8 | €17,440 | €18,148 | +€708 | +4.1% |
| Non-recurring operating charges | 66A | €385 | €0 | -€385 | -100.0% |
| Gross operating margin | 9900 | €138,558 | €162,966 | +€24,408 | +17.6% |
| Operating profit (loss) | 9901 | -€2,409 | €10,538 | +€12,947 | |
| Financial income | 75/76B | €2,622 | €149 | -€2,473 | -94.3% |
| Recurring financial income | 75 | €2,622 | €149 | -€2,473 | -94.3% |
| Financial charges | 65/66B | €6,396 | €16,512 | +€10,116 | +158.2% |
| Recurring financial charges | 65 | €6,396 | €16,512 | +€10,116 | +158.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,182 | -€5,825 | +€358 | +5.8% |
| Transfer from deferred taxes | 780 | €8,259 | €8,259 | = | 0.0% |
| Income taxes | 67/77 | €6,932 | €9,250 | +€2,318 | +33.4% |
| Profit (loss) for the period | 9904 | -€4,856 | -€6,817 | -€1,960 | -40.4% |
| Transfer from tax-exempt reserves | 789 | €24,776 | €24,776 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,920 | €17,960 | -€1,960 | -9.8% |
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.