AJM Group: 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.
AJM Group
Largest movements
- Intangible fixed assets +€683,534
new in 2025: €683,534
- Financial fixed assets +€585,273
up €585,273 (+83.5%), from €701,309 to €1.3m
- Cash +€104,290
up €104,290 (+6873.5%), from €1,517 to €105,807
mainly Debts after one year (+€1.0m) and Other debts (+€174,209)
- Debts after one year +€1.0m
up €1.0m (+559.0%), from €183,596 to €1.2m
- Other debts +€174,209
up €174,209 (+77.9%), from €223,696 to €397,905
- Current portion of long-term debt +€108,762
up €108,762 (+168.1%), from €64,686 to €173,448
- Profit (loss) carried forward +€47,515
up €47,515 (+22.6%), from €210,443 to €257,958
- Financial income +€50,000
up €50,000 (+50.0%), from €100,000 to €150,000
- Financial charges +€22,595
up €22,595 (+330.2%), from €6,842 to €29,437
- Depreciation +€17,674
new in 2025: €17,674
- Gross operating margin -€3,117
down €3,117 (-138.1%), from -€2,257 to -€5,374
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 | €702,826 | €2,077,383 | +€1.4m | +195.6% |
| Fixed assets | 21/28 | €701,309 | €1,970,116 | +€1.3m | +180.9% |
| Intangible fixed assets | 21 | - | €683,534 | +€683,534 | |
| Tangible fixed assets | 22/27 | - | €0 | = | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Financial fixed assets | 28 | €701,309 | €1,286,582 | +€585,273 | +83.5% |
| Current assets | 29/58 | €1,517 | €107,267 | +€105,750 | +6969.7% |
| Amounts receivable within one year | 40/41 | - | €1,460 | +€1,460 | |
| Trade receivables | 40 | - | €149 | +€149 | |
| Other amounts receivable | 41 | - | €1,311 | +€1,311 | |
| Cash at bank and in hand | 54/58 | €1,517 | €105,807 | +€104,290 | +6873.5% |
| Total equity and liabilities | 10/49 | €702,826 | €2,077,383 | +€1.4m | +195.6% |
| Equity | 10/15 | €230,848 | €278,363 | +€47,515 | +20.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €210,443 | €257,958 | +€47,515 | +22.6% |
| Amounts payable | 17/49 | €471,978 | €1,799,020 | +€1.3m | +281.2% |
| Amounts payable after more than one year | 17 | €183,596 | €1,209,972 | +€1.0m | +559.0% |
| Financial debts | 170/4 | €183,596 | €1,209,972 | +€1.0m | +559.0% |
| Amounts payable within one year | 42/48 | €288,382 | €589,048 | +€300,666 | +104.3% |
| Current portion of amounts payable after more than one year | 42 | €64,686 | €173,448 | +€108,762 | +168.1% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | - | €17,694 | +€17,694 | |
| Taxes | 450/3 | - | €17,694 | +€17,694 | |
| Other amounts payable | 47/48 | €223,696 | €397,905 | +€174,209 | +77.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €17,674 | +€17,674 | |
| Gross operating margin | 9900 | -€2,257 | -€5,374 | -€3,117 | -138.1% |
| Operating profit (loss) | 9901 | -€2,257 | -€23,048 | -€20,792 | -921.4% |
| Financial income | 75/76B | €100,000 | €150,000 | +€50,000 | +50.0% |
| Recurring financial income | 75 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Financial charges | 65/66B | €6,842 | €29,437 | +€22,595 | +330.2% |
| Recurring financial charges | 65 | €6,842 | €29,437 | +€22,595 | +330.2% |
| Profit (loss) for the period before taxes | 9903 | €90,902 | €97,515 | +€6,614 | +7.3% |
| Profit (loss) for the period | 9904 | €90,902 | €97,515 | +€6,614 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,902 | €97,515 | +€6,614 | +7.3% |
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 2 October 2026 via checked.be.