AJMAT: 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.
AJMAT
Largest movements
- Cash +€85,717
up €85,717 (+17.7%), from €485,593 to €571,310
mainly Other debts (+€182,927) and Depreciation (+€97,481)
- Tangible fixed assets -€75,437
down €75,437 (-18.2%), from €415,176 to €339,739
of which Plant, machinery and equipment: -€70,192
- Intangible fixed assets +€28,512
up €28,512 (+190%), from €14,968 to €43,479
- Receivables within one year -€22,531
down €22,531 (-20.1%), from €112,165 to €89,634
of which Trade receivables: -€19,351
- Deferred charges and accrued income +€14,714
up €14,714 (+249%), from €5,903 to €20,616
- Other debts +€182,927
new in 2025: €182,927
- Reserves -€97,438
down €97,438 (-15.3%), from €637,307 to €539,870
of which Distributable reserves: -€94,538
- Debts after one year -€70,046
down €70,046 (-43.9%), from €159,478 to €89,433
- Gross operating margin -€23,378
down €23,378 (-3.7%), from €629,099 to €605,720
- Depreciation +€18,071
up €18,071 (+22.8%), from €79,410 to €97,481
- Taxes -€16,820
down €16,820 (-29.5%), from €56,919 to €40,100
- Write-downs +€15,196
up €15,196, from -€15,196 to €0
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 | €1,248,083 | €1,268,669 | +€20,587 | +1.6% |
| Fixed assets | 21/28 | €430,143 | €383,218 | -€46,926 | -10.9% |
| Intangible fixed assets | 21 | €14,968 | €43,479 | +€28,512 | +190% |
| Tangible fixed assets | 22/27 | €415,176 | €339,739 | -€75,437 | -18.2% |
| Land and buildings | 22 | €20,247 | €20,247 | = | 0.0% |
| Plant, machinery and equipment | 23 | €369,407 | €299,214 | -€70,192 | -19.0% |
| Furniture and vehicles | 24 | €25,522 | €20,277 | -€5,245 | -20.6% |
| Current assets | 29/58 | €817,939 | €885,452 | +€67,512 | +8.3% |
| Stocks and contracts in progress | 3 | €214,279 | €203,892 | -€10,387 | -4.8% |
| Stocks | 30/36 | €194,298 | €201,391 | +€7,093 | +3.7% |
| Contracts in progress | 37 | €19,981 | €2,501 | -€17,480 | -87.5% |
| Amounts receivable within one year | 40/41 | €112,165 | €89,634 | -€22,531 | -20.1% |
| Trade receivables | 40 | €98,949 | €79,598 | -€19,351 | -19.6% |
| Other amounts receivable | 41 | €13,216 | €10,035 | -€3,180 | -24.1% |
| Cash at bank and in hand | 54/58 | €485,593 | €571,310 | +€85,717 | +17.7% |
| Deferred charges and accrued income | 490/1 | €5,903 | €20,616 | +€14,714 | +249% |
| Total equity and liabilities | 10/49 | €1,248,083 | €1,268,669 | +€20,587 | +1.6% |
| Equity | 10/15 | €869,336 | €771,898 | -€97,438 | -11.2% |
| Contributions | 10/11 | €232,028 | €232,028 | = | 0.0% |
| Capital | 10 | €232,028 | €232,028 | = | 0.0% |
| Issued capital | 100 | €232,028 | €232,028 | = | 0.0% |
| Reserves | 13 | €637,307 | €539,870 | -€97,438 | -15.3% |
| Non-distributable reserves | 130/1 | €24,924 | €24,924 | = | 0.0% |
| Legal reserve | 130 | €24,924 | €24,924 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,200 | €20,300 | -€2,900 | -12.5% |
| Distributable reserves | 133 | €589,183 | €494,645 | -€94,538 | -16.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €85,991 | €85,991 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €85,991 | €85,991 | = | 0.0% |
| Pensions and similar obligations | 160 | €85,991 | €85,991 | = | 0.0% |
| Amounts payable | 17/49 | €292,756 | €410,780 | +€118,024 | +40.3% |
| Amounts payable after more than one year | 17 | €159,478 | €89,433 | -€70,046 | -43.9% |
| Financial debts | 170/4 | €159,478 | €89,433 | -€70,046 | -43.9% |
| Amounts payable within one year | 42/48 | €133,277 | €321,348 | +€188,070 | +141% |
| Current portion of amounts payable after more than one year | 42 | €67,983 | €70,046 | +€2,062 | +3.0% |
| Trade debts | 44 | €4,013 | €9,089 | +€5,076 | +126% |
| Suppliers | 440/4 | €4,013 | €9,089 | +€5,076 | +126% |
| Taxes, remuneration and social security | 45 | €61,281 | €59,286 | -€1,995 | -3.3% |
| Taxes | 450/3 | €30,515 | €23,596 | -€6,919 | -22.7% |
| Remuneration and social security | 454/9 | €30,766 | €35,690 | +€4,924 | +16.0% |
| Other amounts payable | 47/48 | - | €182,927 | +€182,927 | |
| Remuneration, social security and pensions | 62 | €398,907 | €400,482 | +€1,575 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,410 | €97,481 | +€18,071 | +22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,196 | €0 | +€15,196 | |
| Other operating charges | 640/8 | €7,431 | €7,222 | -€208 | -2.8% |
| Non-recurring operating charges | 66A | €466 | €0 | -€466 | -100% |
| Gross operating margin | 9900 | €629,099 | €605,720 | -€23,378 | -3.7% |
| Operating profit (loss) | 9901 | €158,081 | €100,535 | -€57,547 | -36.4% |
| Financial income | 75/76B | €39,093 | €34,212 | -€4,881 | -12.5% |
| Recurring financial income | 75 | €39,093 | €34,212 | -€4,881 | -12.5% |
| Financial charges | 65/66B | €9,013 | €9,159 | +€145 | +1.6% |
| Recurring financial charges | 65 | €9,013 | €9,159 | +€145 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €188,161 | €125,589 | -€62,573 | -33.3% |
| Income taxes | 67/77 | €56,919 | €40,100 | -€16,820 | -29.5% |
| Profit (loss) for the period | 9904 | €131,242 | €85,489 | -€45,753 | -34.9% |
| Transfer from tax-exempt reserves | 789 | €2,900 | €2,900 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €134,142 | €88,389 | -€45,753 | -34.1% |
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 17 October 2026 via checked.be.