AJCO: 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.
AJCO
Largest movements
- Cash +€44,052
up €44,052 (+15.1%), from €291,483 to €335,535
mainly Depreciation (+€23,904) and Net result for the year (+€22,998)
- Tangible fixed assets -€17,861
down €17,861 (-30.3%), from €58,884 to €41,023
of which Furniture and vehicles: -€17,234
- Reserves +€22,000
up €22,000 (+42.0%), from €52,360 to €74,360
- Current portion of long-term debt +€5,079
new in 2025: €5,079
- Gross operating margin +€3,917
up €3,917 (+6.8%), from €57,605 to €61,522
- Taxes +€919
up €919 (+6.9%), from €13,369 to €14,288
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 | €369,773 | €392,922 | +€23,149 | +6.3% |
| Fixed assets | 21/28 | €58,884 | €41,023 | -€17,861 | -30.3% |
| Tangible fixed assets | 22/27 | €58,884 | €41,023 | -€17,861 | -30.3% |
| Plant, machinery and equipment | 23 | €3,269 | €2,177 | -€1,092 | -33.4% |
| Furniture and vehicles | 24 | €52,642 | €35,408 | -€17,234 | -32.7% |
| Other tangible fixed assets | 26 | €2,973 | €3,438 | +€465 | +15.7% |
| Current assets | 29/58 | €310,889 | €351,899 | +€41,010 | +13.2% |
| Amounts receivable within one year | 40/41 | €15,903 | €12,336 | -€3,567 | -22.4% |
| Trade receivables | 40 | €13,686 | €11,026 | -€2,660 | -19.4% |
| Other amounts receivable | 41 | €2,217 | €1,310 | -€907 | -40.9% |
| Cash at bank and in hand | 54/58 | €291,483 | €335,535 | +€44,052 | +15.1% |
| Deferred charges and accrued income | 490/1 | €3,502 | €4,028 | +€526 | +15.0% |
| Total equity and liabilities | 10/49 | €369,773 | €392,922 | +€23,149 | +6.3% |
| Equity | 10/15 | €317,376 | €339,532 | +€22,156 | +7.0% |
| Reserves | 13 | €52,360 | €74,360 | +€22,000 | +42.0% |
| Distributable reserves | 133 | €52,360 | €74,360 | +€22,000 | +42.0% |
| Profit (loss) carried forward | 14 | €265,016 | €265,172 | +€156 | +0.1% |
| Provisions and deferred taxes | 16 | €34,974 | €34,974 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €34,974 | €34,974 | = | 0.0% |
| Other liabilities and charges | 164/5 | €34,974 | €34,974 | = | 0.0% |
| Amounts payable | 17/49 | €17,423 | €18,416 | +€993 | +5.7% |
| Amounts payable within one year | 42/48 | €17,423 | €18,416 | +€993 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | - | €5,079 | +€5,079 | |
| Trade debts | 44 | €3,381 | €3,265 | -€116 | -3.4% |
| Suppliers | 440/4 | €3,381 | €3,265 | -€116 | -3.4% |
| Taxes, remuneration and social security | 45 | €7,732 | €7,404 | -€328 | -4.2% |
| Taxes | 450/3 | €1,132 | €1,404 | +€272 | +24.1% |
| Remuneration and social security | 454/9 | €6,600 | €6,000 | -€600 | -9.1% |
| Other amounts payable | 47/48 | €6,310 | €2,668 | -€3,642 | -57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,325 | €23,904 | -€420 | -1.7% |
| Other operating charges | 640/8 | €485 | €861 | +€376 | +77.6% |
| Gross operating margin | 9900 | €57,605 | €61,522 | +€3,917 | +6.8% |
| Operating profit (loss) | 9901 | €32,795 | €36,756 | +€3,961 | +12.1% |
| Financial income | 75/76B | €1,954 | €1,996 | +€43 | +2.2% |
| Recurring financial income | 75 | €1,954 | €1,996 | +€43 | +2.2% |
| Financial charges | 65/66B | €955 | €1,466 | +€511 | +53.5% |
| Recurring financial charges | 65 | €955 | €1,466 | +€511 | +53.5% |
| Profit (loss) for the period before taxes | 9903 | €33,794 | €37,286 | +€3,492 | +10.3% |
| Income taxes | 67/77 | €13,369 | €14,288 | +€919 | +6.9% |
| Profit (loss) for the period | 9904 | €20,425 | €22,998 | +€2,573 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,425 | €22,998 | +€2,573 | +12.6% |
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 9 October 2026 via checked.be.