AJM: 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.
AJM
Largest movements
- Tangible fixed assets -€41,971
down €41,971 (-19.8%), from €211,523 to €169,553
of which Land and buildings: -€23,406
- Cash -€26,237
down €26,237 (-91.8%), from €28,588 to €2,351
mainly Debts after one year (-€28,905) and Contributions, distributions and other (-€26,398)
- Debts after one year -€28,905
down €28,905 (-39.3%), from €73,485 to €44,580
- Reserves -€23,845
down €23,845 (-14.5%), from €164,581 to €140,736
of which Distributable reserves: -€23,845
- Advances received -€11,332
down €11,332 (-100%), from €11,332 to €0
- Trade debts -€4,799
down €4,799 (-22.2%), from €21,634 to €16,834
- Tax, wage and social debts -€4,615
down €4,615 (-40.6%), from €11,361 to €6,746
of which Remuneration and social security: -€2,700
- Gross operating margin -€34,525
down €34,525 (-36.3%), from €95,233 to €60,708
- Taxes -€11,147
down €11,147 (-90.0%), from €12,381 to €1,234
- Staff costs -€7,000
down €7,000 (-100%), from €7,000 to €0
- Depreciation +€6,263
up €6,263 (+16.2%), from €38,708 to €44,971
- Other operating charges +€1,357
up €1,357 (+18.9%), from €7,188 to €8,545
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 | €366,113 | €295,633 | -€70,480 | -19.3% |
| Fixed assets | 21/28 | €211,838 | €169,738 | -€42,101 | -19.9% |
| Tangible fixed assets | 22/27 | €211,523 | €169,553 | -€41,971 | -19.8% |
| Land and buildings | 22 | €132,940 | €109,534 | -€23,406 | -17.6% |
| Plant, machinery and equipment | 23 | €957 | €350 | -€607 | -63.4% |
| Furniture and vehicles | 24 | €2,707 | €1,931 | -€777 | -28.7% |
| Leasing and similar rights | 25 | €74,919 | €57,738 | -€17,181 | -22.9% |
| Financial fixed assets | 28 | €315 | €185 | -€130 | -41.3% |
| Current assets | 29/58 | €154,274 | €125,895 | -€28,379 | -18.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €124,375 | €122,655 | -€1,720 | -1.4% |
| Trade receivables | 40 | €20,300 | €23,408 | +€3,108 | +15.3% |
| Other amounts receivable | 41 | €104,075 | €99,247 | -€4,827 | -4.6% |
| Cash at bank and in hand | 54/58 | €28,588 | €2,351 | -€26,237 | -91.8% |
| Deferred charges and accrued income | 490/1 | €1,311 | €889 | -€422 | -32.2% |
| Total equity and liabilities | 10/49 | €366,113 | €295,633 | -€70,480 | -19.3% |
| Equity | 10/15 | €195,817 | €171,138 | -€24,678 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,581 | €140,736 | -€23,845 | -14.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €164,581 | €140,736 | -€23,845 | -14.5% |
| Profit (loss) carried forward | 14 | €12,635 | €11,802 | -€833 | -6.6% |
| Amounts payable | 17/49 | €170,296 | €124,495 | -€45,801 | -26.9% |
| Amounts payable after more than one year | 17 | €73,485 | €44,580 | -€28,905 | -39.3% |
| Financial debts | 170/4 | €73,485 | €44,580 | -€28,905 | -39.3% |
| Amounts payable within one year | 42/48 | €95,781 | €78,884 | -€16,897 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €27,682 | €28,905 | +€1,222 | +4.4% |
| Trade debts | 44 | €21,634 | €16,834 | -€4,799 | -22.2% |
| Suppliers | 440/4 | €21,634 | €16,834 | -€4,799 | -22.2% |
| Advances received on contracts in progress | 46 | €11,332 | €0 | -€11,332 | -100% |
| Taxes, remuneration and social security | 45 | €11,361 | €6,746 | -€4,615 | -40.6% |
| Taxes | 450/3 | €8,661 | €6,746 | -€1,915 | -22.1% |
| Remuneration and social security | 454/9 | €2,700 | €0 | -€2,700 | -100% |
| Other amounts payable | 47/48 | €23,772 | €26,398 | +€2,626 | +11.0% |
| Accrued charges and deferred income | 492/3 | €1,030 | €1,031 | +€1 | +0.1% |
| Remuneration, social security and pensions | 62 | €7,000 | €0 | -€7,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,708 | €44,971 | +€6,263 | +16.2% |
| Other operating charges | 640/8 | €7,188 | €8,545 | +€1,357 | +18.9% |
| Gross operating margin | 9900 | €95,233 | €60,708 | -€34,525 | -36.3% |
| Operating profit (loss) | 9901 | €42,338 | €7,192 | -€35,146 | -83.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,919 | €4,238 | +€319 | +8.1% |
| Recurring financial charges | 65 | €3,919 | €4,238 | +€319 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €38,419 | €2,954 | -€35,465 | -92.3% |
| Income taxes | 67/77 | €12,381 | €1,234 | -€11,147 | -90.0% |
| Profit (loss) for the period | 9904 | €26,038 | €1,720 | -€24,318 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,038 | €1,720 | -€24,318 | -93.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.