AJK: 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.
AJK
Largest movements
- Cash +€2.3m
up €2.3m (+689%), from €330,996 to €2.6m
mainly Receivables within one year (+€1.1m) and Net result for the year (+€845,534)
- Receivables within one year -€1.1m
down €1.1m (-91.5%), from €1.2m to €101,466
of which Other amounts receivable: -€1.1m
- Financial fixed assets -€75,000
down €75,000 (-49.9%), from €150,250 to €75,250
- Tangible fixed assets -€70,983
down €70,983 (-6.2%), from €1.1m to €1.1m
of which Land and buildings: -€37,959
- Reserves +€738,120
up €738,120 (+40.9%), from €1.8m to €2.5m
- Debts after one year +€235,371
up €235,371 (+22.3%), from €1.1m to €1.3m
- Gross operating margin +€525,868
up €525,868 (+47.7%), from €1.1m to €1.6m
- Taxes +€206,066
up €206,066 (+83.4%), from €246,997 to €453,063
- Other operating charges -€57,970
down €57,970 (-76.6%), from €75,665 to €17,695
- Staff costs +€46,201
up €46,201 (+26.8%), from €172,177 to €218,378
- Financial income -€27,722
down €27,722 (-81.6%), from €33,975 to €6,252
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.
Derived cash bridge
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 | €3,138,071 | €4,160,856 | +€1.0m | +32.6% |
| Fixed assets | 21/28 | €1,299,437 | €1,153,454 | -€145,983 | -11.2% |
| Tangible fixed assets | 22/27 | €1,149,187 | €1,078,204 | -€70,983 | -6.2% |
| Land and buildings | 22 | €1,048,632 | €1,010,673 | -€37,959 | -3.6% |
| Plant, machinery and equipment | 23 | €2,195 | €114 | -€2,081 | -94.8% |
| Furniture and vehicles | 24 | €73,618 | €48,978 | -€24,640 | -33.5% |
| Other tangible fixed assets | 26 | €24,742 | €18,439 | -€6,303 | -25.5% |
| Financial fixed assets | 28 | €150,250 | €75,250 | -€75,000 | -49.9% |
| Current assets | 29/58 | €1,838,634 | €3,007,401 | +€1.2m | +63.6% |
| Amounts receivable within one year | 40/41 | €1,194,551 | €101,466 | -€1.1m | -91.5% |
| Trade receivables | 40 | €10,226 | €16,418 | +€6,192 | +60.6% |
| Other amounts receivable | 41 | €1,184,326 | €85,048 | -€1.1m | -92.8% |
| Current investments | 50/53 | €306,220 | €281,102 | -€25,118 | -8.2% |
| Cash at bank and in hand | 54/58 | €330,996 | €2,612,637 | +€2.3m | +689% |
| Deferred charges and accrued income | 490/1 | €6,867 | €12,196 | +€5,329 | +77.6% |
| Total equity and liabilities | 10/49 | €3,138,071 | €4,160,856 | +€1.0m | +32.6% |
| Equity | 10/15 | €1,809,444 | €2,547,564 | +€738,120 | +40.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,803,244 | €2,541,364 | +€738,120 | +40.9% |
| Distributable reserves | 133 | €1,803,244 | €2,541,364 | +€738,120 | +40.9% |
| Amounts payable | 17/49 | €1,328,627 | €1,613,292 | +€284,665 | +21.4% |
| Amounts payable after more than one year | 17 | €1,056,204 | €1,291,575 | +€235,371 | +22.3% |
| Financial debts | 170/4 | €1,056,204 | €1,291,575 | +€235,371 | +22.3% |
| Amounts payable within one year | 42/48 | €270,721 | €319,764 | +€49,043 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €166,437 | €164,629 | -€1,809 | -1.1% |
| Trade debts | 44 | €28,290 | €34,961 | +€6,671 | +23.6% |
| Suppliers | 440/4 | €28,290 | €34,961 | +€6,671 | +23.6% |
| Taxes, remuneration and social security | 45 | €74,189 | €114,015 | +€39,825 | +53.7% |
| Taxes | 450/3 | €56,203 | €82,621 | +€26,418 | +47.0% |
| Remuneration and social security | 454/9 | €17,986 | €31,393 | +€13,407 | +74.5% |
| Other amounts payable | 47/48 | €1,805 | €6,160 | +€4,355 | +241% |
| Accrued charges and deferred income | 492/3 | €1,703 | €1,953 | +€250 | +14.7% |
| Remuneration, social security and pensions | 62 | €172,177 | €218,378 | +€46,201 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,202 | €70,983 | +€2,781 | +4.1% |
| Other operating charges | 640/8 | €75,665 | €17,695 | -€57,970 | -76.6% |
| Gross operating margin | 9900 | €1,101,374 | €1,627,243 | +€525,868 | +47.7% |
| Operating profit (loss) | 9901 | €785,331 | €1,320,187 | +€534,856 | +68.1% |
| Financial income | 75/76B | €33,975 | €6,252 | -€27,722 | -81.6% |
| Recurring financial income | 75 | €33,975 | €6,252 | -€27,722 | -81.6% |
| Financial charges | 65/66B | €17,237 | €27,842 | +€10,606 | +61.5% |
| Recurring financial charges | 65 | €17,237 | €27,842 | +€10,606 | +61.5% |
| Profit (loss) for the period before taxes | 9903 | €802,069 | €1,298,597 | +€496,528 | +61.9% |
| Income taxes | 67/77 | €246,997 | €453,063 | +€206,066 | +83.4% |
| Profit (loss) for the period | 9904 | €555,072 | €845,534 | +€290,462 | +52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €555,072 | €845,534 | +€290,462 | +52.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.