AJOUR: what changed
AJOUR
Largest movements
- Intangible fixed assets +€93,498
up €93,498 (+611%), from €15,305 to €108,804
- Cash -€92,463
down €92,463 (-64.3%), from €143,816 to €51,352
mainly Investment in fixed assets (net) (-€106,216) and Trade debts (-€49,859)
- Stocks and contracts -€4,061
down €4,061 (-24.8%), from €16,364 to €12,303
- Deferred charges and accrued income +€2,769
up €2,769 (+154%), from €1,802 to €4,571
- Debts after one year +€50,000
new in 2025: €50,000
- Trade debts -€49,859
down €49,859 (-59.8%), from €83,377 to €33,518
- Other debts +€36,076
up €36,076 (+708%), from €5,093 to €41,169
- Reserves -€35,087
down €35,087 (-26.6%), from €131,844 to €96,756
- Gross operating margin +€32,860
up €32,860 (+108%), from €30,517 to €63,377
- Staff costs +€28,856
up €28,856 (+117%), from €24,606 to €53,462
- Depreciation +€9,208
up €9,208 (+539%), from €1,708 to €10,915
- Financial charges -€3,205
down €3,205 (-82.8%), from €3,871 to €666
- Financial income +€2,063
up €2,063 (+274%), from €754 to €2,817
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €231,737 | €235,201 | +€3,464 | +1.5% |
| Fixed assets | 21/28 | €28,518 | €123,819 | +€95,301 | +334% |
| Intangible fixed assets | 21 | €15,305 | €108,804 | +€93,498 | +611% |
| Tangible fixed assets | 22/27 | €13,213 | €15,016 | +€1,803 | +13.6% |
| Plant, machinery and equipment | 23 | €2,143 | €6,817 | +€4,674 | +218% |
| Furniture and vehicles | 24 | €11,069 | €8,198 | -€2,871 | -25.9% |
| Current assets | 29/58 | €203,219 | €111,382 | -€91,837 | -45.2% |
| Stocks and contracts in progress | 3 | €16,364 | €12,303 | -€4,061 | -24.8% |
| Stocks | 30/36 | €16,364 | €12,303 | -€4,061 | -24.8% |
| Amounts receivable within one year | 40/41 | €41,238 | €43,156 | +€1,918 | +4.7% |
| Trade receivables | 40 | €33,452 | €40,226 | +€6,774 | +20.2% |
| Other amounts receivable | 41 | €7,786 | €2,930 | -€4,856 | -62.4% |
| Cash at bank and in hand | 54/58 | €143,816 | €51,352 | -€92,463 | -64.3% |
| Deferred charges and accrued income | 490/1 | €1,802 | €4,571 | +€2,769 | +154% |
| Total equity and liabilities | 10/49 | €231,737 | €235,201 | +€3,464 | +1.5% |
| Equity | 10/15 | €136,844 | €101,756 | -€35,087 | -25.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €131,844 | €96,756 | -€35,087 | -26.6% |
| Distributable reserves | 133 | €131,844 | €96,756 | -€35,087 | -26.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €94,893 | €133,445 | +€38,551 | +40.6% |
| Amounts payable after more than one year | 17 | - | €50,000 | +€50,000 | |
| Other amounts payable | 178/9 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €94,878 | €83,130 | -€11,748 | -12.4% |
| Trade debts | 44 | €83,377 | €33,518 | -€49,859 | -59.8% |
| Suppliers | 440/4 | €83,377 | €33,518 | -€49,859 | -59.8% |
| Taxes, remuneration and social security | 45 | €6,408 | €8,442 | +€2,034 | +31.7% |
| Taxes | 450/3 | €1,079 | €260 | -€819 | -75.9% |
| Remuneration and social security | 454/9 | €5,329 | €8,182 | +€2,853 | +53.5% |
| Other amounts payable | 47/48 | €5,093 | €41,169 | +€36,076 | +708% |
| Accrued charges and deferred income | 492/3 | €15 | €315 | +€300 | +1,959% |
| Remuneration, social security and pensions | 62 | €24,606 | €53,462 | +€28,856 | +117% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,708 | €10,915 | +€9,208 | +539% |
| Other operating charges | 640/8 | €731 | €750 | +€19 | +2.6% |
| Gross operating margin | 9900 | €30,517 | €63,377 | +€32,860 | +108% |
| Operating profit (loss) | 9901 | €3,472 | -€1,750 | -€5,223 | |
| Financial income | 75/76B | €754 | €2,817 | +€2,063 | +274% |
| Recurring financial income | 75 | €754 | €2,817 | +€2,063 | +274% |
| Financial charges | 65/66B | €3,871 | €666 | -€3,205 | -82.8% |
| Recurring financial charges | 65 | €3,871 | €666 | -€3,205 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | €355 | €400 | +€45 | +12.7% |
| Income taxes | 67/77 | €57 | €194 | +€136 | +239% |
| Profit (loss) for the period | 9904 | €298 | €207 | -€91 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €298 | €207 | -€91 | -30.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.