AJC DESIGN: 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.
AJC DESIGN
Largest movements
- Tangible fixed assets +€611,227
up €611,227 (+45.4%), from €1.3m to €2.0m
of which Land and buildings: +€611,861
- Cash -€23,491
down €23,491 (-85.4%), from €27,499 to €4,008
mainly Investment in fixed assets (net) (-€694,456) and Contributions, distributions and other (-€70,000)
- Debts after one year +€504,241
up €504,241 (+53.2%), from €947,316 to €1.5m
- Reserves +€39,088
up €39,088 (+14.7%), from €265,912 to €305,000
- Current portion of long-term debt +€25,512
up €25,512 (+44.9%), from €56,877 to €82,390
- Depreciation +€42,148
up €42,148 (+103.9%), from €40,581 to €82,729
- Gross operating margin +€39,811
up €39,811 (+14.5%), from €274,304 to €314,115
- Financial charges +€12,242
up €12,242 (+30.3%), from €40,462 to €52,704
- Other operating charges +€5,160
up €5,160 (+13.7%), from €37,548 to €42,708
- Taxes -€4,795
down €4,795 (-14.1%), from €34,020 to €29,226
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 | €1,414,834 | €1,985,028 | +€570,194 | +40.3% |
| Fixed assets | 21/28 | €1,345,811 | €1,957,538 | +€611,727 | +45.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,345,811 | €1,957,038 | +€611,227 | +45.4% |
| Land and buildings | 22 | €1,344,962 | €1,956,823 | +€611,861 | +45.5% |
| Furniture and vehicles | 24 | €849 | €215 | -€633 | -74.6% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €69,023 | €27,490 | -€41,534 | -60.2% |
| Amounts receivable within one year | 40/41 | €41,524 | €23,482 | -€18,042 | -43.5% |
| Trade receivables | 40 | €34,358 | €16,217 | -€18,141 | -52.8% |
| Other amounts receivable | 41 | €7,166 | €7,265 | +€99 | +1.4% |
| Cash at bank and in hand | 54/58 | €27,499 | €4,008 | -€23,491 | -85.4% |
| Total equity and liabilities | 10/49 | €1,414,834 | €1,985,028 | +€570,194 | +40.3% |
| Equity | 10/15 | €359,316 | €396,065 | +€36,749 | +10.2% |
| Contributions | 10/11 | €71,096 | €71,096 | = | 0.0% |
| Reserves | 13 | €265,912 | €305,000 | +€39,088 | +14.7% |
| Distributable reserves | 133 | €265,912 | €305,000 | +€39,088 | +14.7% |
| Profit (loss) carried forward | 14 | €3,632 | €1,293 | -€2,339 | -64.4% |
| Investment grants | 15 | €18,676 | €18,676 | = | 0.0% |
| Amounts payable | 17/49 | €1,055,518 | €1,588,963 | +€533,445 | +50.5% |
| Amounts payable after more than one year | 17 | €947,316 | €1,451,556 | +€504,241 | +53.2% |
| Financial debts | 170/4 | €947,316 | €1,451,556 | +€504,241 | +53.2% |
| Amounts payable within one year | 42/48 | €105,070 | €132,869 | +€27,799 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €56,877 | €82,390 | +€25,512 | +44.9% |
| Trade debts | 44 | €2,858 | €3,267 | +€408 | +14.3% |
| Suppliers | 440/4 | €2,858 | €3,267 | +€408 | +14.3% |
| Taxes, remuneration and social security | 45 | €12,379 | €9,257 | -€3,122 | -25.2% |
| Taxes | 450/3 | €9,579 | €6,607 | -€2,972 | -31.0% |
| Remuneration and social security | 454/9 | €2,800 | €2,650 | -€150 | -5.4% |
| Other amounts payable | 47/48 | €32,955 | €37,955 | +€5,000 | +15.2% |
| Accrued charges and deferred income | 492/3 | €3,132 | €4,538 | +€1,405 | +44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,581 | €82,729 | +€42,148 | +103.9% |
| Other operating charges | 640/8 | €37,548 | €42,708 | +€5,160 | +13.7% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Gross operating margin | 9900 | €274,304 | €314,115 | +€39,811 | +14.5% |
| Operating profit (loss) | 9901 | €196,176 | €188,679 | -€7,497 | -3.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €40,462 | €52,704 | +€12,242 | +30.3% |
| Recurring financial charges | 65 | €40,462 | €52,704 | +€12,242 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €155,713 | €135,975 | -€19,738 | -12.7% |
| Income taxes | 67/77 | €34,020 | €29,226 | -€4,795 | -14.1% |
| Profit (loss) for the period | 9904 | €121,693 | €106,749 | -€14,944 | -12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €121,693 | €106,749 | -€14,944 | -12.3% |
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 2 October 2026 via checked.be.