AJICO: 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.
AJICO
Largest movements
- Financial fixed assets +€150,000
up €150,000 (+51.4%), from €291,900 to €441,900
- Receivables within one year -€17,057
down €17,057 (-36.1%), from €47,208 to €30,151
of which Trade receivables: -€47,057
- Tangible fixed assets +€10,306
new in 2025: €10,306
- Debts after one year +€72,922
up €72,922 (+90.8%), from €80,275 to €153,198
- Other debts +€33,316
up €33,316 (+122.6%), from €27,183 to €60,498
- Current portion of long-term debt +€20,832
up €20,832 (+69.0%), from €30,189 to €51,021
- Tax, wage and social debts +€8,998
up €8,998 (+18.6%), from €48,281 to €57,279
- Taxes -€5,020
down €5,020 (-22.0%), from €22,807 to €17,787
- Gross operating margin +€4,959
up €4,959 (+5.7%), from €87,159 to €92,117
- Other operating charges -€2,851
down €2,851 (-86.0%), from €3,314 to €463
- Depreciation +€2,704
new in 2025: €2,704
- Financial charges +€1,432
up €1,432 (+27.4%), from €5,229 to €6,661
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 | €382,920 | €528,080 | +€145,159 | +37.9% |
| Fixed assets | 21/28 | €291,900 | €452,905 | +€161,005 | +55.2% |
| Intangible fixed assets | 21 | - | €700 | +€700 | |
| Tangible fixed assets | 22/27 | - | €10,306 | +€10,306 | |
| Furniture and vehicles | 24 | - | €10,306 | +€10,306 | |
| Financial fixed assets | 28 | €291,900 | €441,900 | +€150,000 | +51.4% |
| Current assets | 29/58 | €91,020 | €75,174 | -€15,846 | -17.4% |
| Amounts receivable within one year | 40/41 | €47,208 | €30,151 | -€17,057 | -36.1% |
| Trade receivables | 40 | €47,100 | €43 | -€47,057 | -99.9% |
| Other amounts receivable | 41 | €108 | €30,108 | +€30,000 | +27857.7% |
| Cash at bank and in hand | 54/58 | €42,590 | €41,890 | -€700 | -1.6% |
| Deferred charges and accrued income | 490/1 | €1,223 | €3,134 | +€1,911 | +156.3% |
| Total equity and liabilities | 10/49 | €382,920 | €528,080 | +€145,159 | +37.9% |
| Equity | 10/15 | €196,793 | €201,295 | +€4,502 | +2.3% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €116,793 | €116,793 | = | 0.0% |
| Distributable reserves | 133 | €116,793 | €116,793 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €4,502 | +€4,502 | |
| Amounts payable | 17/49 | €186,128 | €326,785 | +€140,657 | +75.6% |
| Amounts payable after more than one year | 17 | €80,275 | €153,198 | +€72,922 | +90.8% |
| Financial debts | 170/4 | €80,275 | €153,198 | +€72,922 | +90.8% |
| Amounts payable within one year | 42/48 | €105,853 | €173,587 | +€67,735 | +64.0% |
| Current portion of amounts payable after more than one year | 42 | €30,189 | €51,021 | +€20,832 | +69.0% |
| Trade debts | 44 | €200 | €4,789 | +€4,588 | +2290.7% |
| Suppliers | 440/4 | €200 | €4,789 | +€4,588 | +2290.7% |
| Taxes, remuneration and social security | 45 | €48,281 | €57,279 | +€8,998 | +18.6% |
| Taxes | 450/3 | €48,281 | €57,279 | +€8,998 | +18.6% |
| Other amounts payable | 47/48 | €27,183 | €60,498 | +€33,316 | +122.6% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,704 | +€2,704 | |
| Other operating charges | 640/8 | €3,314 | €463 | -€2,851 | -86.0% |
| Gross operating margin | 9900 | €87,159 | €92,117 | +€4,959 | +5.7% |
| Operating profit (loss) | 9901 | €83,845 | €88,951 | +€5,106 | +6.1% |
| Financial charges | 65/66B | €5,229 | €6,661 | +€1,432 | +27.4% |
| Recurring financial charges | 65 | €5,229 | €6,661 | +€1,432 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €78,616 | €82,290 | +€3,674 | +4.7% |
| Income taxes | 67/77 | €22,807 | €17,787 | -€5,020 | -22.0% |
| Profit (loss) for the period | 9904 | €55,809 | €64,502 | +€8,693 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,809 | €64,502 | +€8,693 | +15.6% |
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 3 October 2026 via checked.be.