AJPhar: 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.
AJPhar
Largest movements
- Cash -€18,789
down €18,789 (-77.9%), from €24,119 to €5,330
mainly Net result for the year (-€9,013) and Other debts (-€7,665)
- Receivables within one year -€4,520
down €4,520 (-98.1%), from €4,608 to €88
of which Trade receivables: -€4,608
- Deferred charges and accrued income -€474
no longer reported in 2025 (was €474)
- Tangible fixed assets -€458
down €458 (-31.2%), from €1,469 to €1,011
- Profit (loss) carried forward -€9,013
down €9,013, from €433 to -€8,580
- Other debts -€7,665
down €7,665 (-65.9%), from €11,626 to €3,962
- Tax, wage and social debts -€7,242
no longer reported in 2025 (was €7,242)
- Trade debts -€398
down €398 (-52.3%), from €761 to €363
- Gross operating margin -€10,065
down €10,065, from €9,618 to -€447
- Other operating charges +€4,208
up €4,208 (+171%), from €2,454 to €6,661
- Taxes -€1,737
no longer reported in 2025 (was €1,737)
- Financial charges -€1,255
down €1,255 (-47.0%), from €2,673 to €1,418
- Depreciation -€844
down €844 (-61.3%), from €1,378 to €534
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 | €30,746 | €6,429 | -€24,317 | -79.1% |
| Formation expenses | 20 | €76 | €0 | -€76 | -100% |
| Fixed assets | 21/28 | €1,469 | €1,011 | -€458 | -31.2% |
| Tangible fixed assets | 22/27 | €1,469 | €1,011 | -€458 | -31.2% |
| Plant, machinery and equipment | 23 | €1,469 | €1,011 | -€458 | -31.2% |
| Current assets | 29/58 | €29,201 | €5,418 | -€23,783 | -81.4% |
| Amounts receivable within one year | 40/41 | €4,608 | €88 | -€4,520 | -98.1% |
| Trade receivables | 40 | €4,608 | - | -€4,608 | |
| Other amounts receivable | 41 | - | €88 | +€88 | |
| Cash at bank and in hand | 54/58 | €24,119 | €5,330 | -€18,789 | -77.9% |
| Deferred charges and accrued income | 490/1 | €474 | - | -€474 | |
| Total equity and liabilities | 10/49 | €30,746 | €6,429 | -€24,317 | -79.1% |
| Equity | 10/15 | €11,117 | €2,104 | -€9,013 | -81.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €6,684 | €6,684 | = | 0.0% |
| Distributable reserves | 133 | €6,684 | €6,684 | = | 0.0% |
| Profit (loss) carried forward | 14 | €433 | -€8,580 | -€9,013 | |
| Amounts payable | 17/49 | €19,628 | €4,325 | -€15,304 | -78.0% |
| Amounts payable within one year | 42/48 | €19,628 | €4,325 | -€15,304 | -78.0% |
| Trade debts | 44 | €761 | €363 | -€398 | -52.3% |
| Suppliers | 440/4 | €761 | €363 | -€398 | -52.3% |
| Taxes, remuneration and social security | 45 | €7,242 | - | -€7,242 | |
| Taxes | 450/3 | €7,242 | - | -€7,242 | |
| Other amounts payable | 47/48 | €11,626 | €3,962 | -€7,665 | -65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,378 | €534 | -€844 | -61.3% |
| Other operating charges | 640/8 | €2,454 | €6,661 | +€4,208 | +171% |
| Gross operating margin | 9900 | €9,618 | -€447 | -€10,065 | |
| Operating profit (loss) | 9901 | €5,786 | -€7,642 | -€13,428 | |
| Financial income | 75/76B | €58 | €47 | -€10 | -18.2% |
| Recurring financial income | 75 | €58 | €47 | -€10 | -18.2% |
| Financial charges | 65/66B | €2,673 | €1,418 | -€1,255 | -47.0% |
| Recurring financial charges | 65 | €2,673 | €1,418 | -€1,255 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €3,170 | -€9,013 | -€12,183 | |
| Income taxes | 67/77 | €1,737 | - | -€1,737 | |
| Profit (loss) for the period | 9904 | €1,433 | -€9,013 | -€10,446 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,433 | -€9,013 | -€10,446 |
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 27 October 2026 via checked.be.