AJM Associates: 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 Associates
Largest movements
- Tangible fixed assets -€36,221
down €36,221 (-9.2%), from €394,124 to €357,903
- Cash +€21,726
up €21,726 (+20.7%), from €104,750 to €126,476
mainly Depreciation (+€36,221) and Accrued charges and deferred income (+€825)
- Reserves -€11,287
down €11,287 (-2.3%), from €487,994 to €476,707
of which Distributable reserves: -€11,287
- Gross operating margin +€850
up €850 (+3.2%), from €26,512 to €27,362
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 | €500,491 | €486,009 | -€14,482 | -2.9% |
| Fixed assets | 21/28 | €394,124 | €357,903 | -€36,221 | -9.2% |
| Tangible fixed assets | 22/27 | €394,124 | €357,903 | -€36,221 | -9.2% |
| Land and buildings | 22 | €394,124 | €357,903 | -€36,221 | -9.2% |
| Current assets | 29/58 | €106,367 | €128,106 | +€21,739 | +20.4% |
| Cash at bank and in hand | 54/58 | €104,750 | €126,476 | +€21,726 | +20.7% |
| Deferred charges and accrued income | 490/1 | €1,617 | €1,630 | +€13 | +0.8% |
| Total equity and liabilities | 10/49 | €500,491 | €486,009 | -€14,482 | -2.9% |
| Equity | 10/15 | €495,521 | €484,234 | -€11,287 | -2.3% |
| Contributions | 10/11 | €7,527 | €7,527 | = | 0.0% |
| Reserves | 13 | €487,994 | €476,707 | -€11,287 | -2.3% |
| Non-distributable reserves | 130/1 | €759 | €759 | = | 0.0% |
| Reserves not available under the articles | 1311 | €759 | €759 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,997 | €16,997 | = | 0.0% |
| Distributable reserves | 133 | €470,238 | €458,951 | -€11,287 | -2.4% |
| Amounts payable | 17/49 | €4,970 | €1,775 | -€3,195 | -64.3% |
| Amounts payable within one year | 42/48 | €4,020 | - | -€4,020 | |
| Trade debts | 44 | €4,020 | - | -€4,020 | |
| Suppliers | 440/4 | €4,020 | - | -€4,020 | |
| Accrued charges and deferred income | 492/3 | €950 | €1,775 | +€825 | +86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,353 | €36,221 | -€132 | -0.4% |
| Other operating charges | 640/8 | €2,162 | €2,230 | +€68 | +3.1% |
| Gross operating margin | 9900 | €26,512 | €27,362 | +€850 | +3.2% |
| Operating profit (loss) | 9901 | -€12,003 | -€11,089 | +€914 | +7.6% |
| Financial charges | 65/66B | €51 | €198 | +€147 | +288.2% |
| Recurring financial charges | 65 | €51 | €198 | +€147 | +288.2% |
| Profit (loss) for the period before taxes | 9903 | -€12,054 | -€11,287 | +€767 | +6.4% |
| Profit (loss) for the period | 9904 | -€12,054 | -€11,287 | +€767 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,054 | -€11,287 | +€767 | +6.4% |
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 12 October 2026 via checked.be.