AJR CONCEPT: 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.
AJR CONCEPT
Largest movements
- Cash +€11,909
up €11,909 (+81.0%), from €14,694 to €26,603
mainly Other debts (+€123,973) and Depreciation (+€13,605)
- Stocks and contracts +€11,226
new in 2025: €11,226
- Tangible fixed assets +€9,042
up €9,042 (+9.1%), from €99,312 to €108,353
of which Land and buildings: +€10,145
- Receivables within one year +€2,713
new in 2025: €2,713
of which Other amounts receivable: +€2,322
- Deferred charges and accrued income -€1,772
down €1,772 (-68.8%), from €2,574 to €802
- Other debts +€123,973
new in 2025: €123,973
- Debts after one year -€82,867
down €82,867 (-58.5%), from €141,540 to €58,672
of which Other amounts payable: -€74,027
- Profit (loss) carried forward -€14,997
down €14,997 (-31.5%), from -€47,664 to -€62,661
- Trade debts +€6,879
up €6,879 (+484.7%), from €1,419 to €8,298
- Gross operating margin +€3,840
up €3,840 (+180.6%), from €2,126 to €5,965
- Other operating charges +€2,775
up €2,775 (+147.0%), from €1,887 to €4,662
- Financial charges -€1,408
down €1,408 (-33.4%), from €4,213 to €2,805
- Depreciation +€619
up €619 (+4.8%), from €12,986 to €13,605
- Taxes -€182
no longer reported in 2025 (was €182)
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 | €116,579 | €149,697 | +€33,118 | +28.4% |
| Fixed assets | 21/28 | €99,312 | €108,353 | +€9,042 | +9.1% |
| Tangible fixed assets | 22/27 | €99,312 | €108,353 | +€9,042 | +9.1% |
| Land and buildings | 22 | €97,573 | €107,718 | +€10,145 | +10.4% |
| Plant, machinery and equipment | 23 | €934 | €308 | -€626 | -67.0% |
| Furniture and vehicles | 24 | €805 | €327 | -€478 | -59.4% |
| Current assets | 29/58 | €17,268 | €41,344 | +€24,076 | +139.4% |
| Stocks and contracts in progress | 3 | - | €11,226 | +€11,226 | |
| Stocks | 30/36 | - | €11,226 | +€11,226 | |
| Amounts receivable within one year | 40/41 | - | €2,713 | +€2,713 | |
| Trade receivables | 40 | - | €391 | +€391 | |
| Other amounts receivable | 41 | - | €2,322 | +€2,322 | |
| Cash at bank and in hand | 54/58 | €14,694 | €26,603 | +€11,909 | +81.0% |
| Deferred charges and accrued income | 490/1 | €2,574 | €802 | -€1,772 | -68.8% |
| Total equity and liabilities | 10/49 | €116,579 | €149,697 | +€33,118 | +28.4% |
| Equity | 10/15 | -€35,264 | -€50,261 | -€14,997 | -42.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,664 | -€62,661 | -€14,997 | -31.5% |
| Amounts payable | 17/49 | €151,843 | €199,958 | +€48,115 | +31.7% |
| Amounts payable after more than one year | 17 | €141,540 | €58,672 | -€82,867 | -58.5% |
| Financial debts | 170/4 | €67,513 | €58,672 | -€8,840 | -13.1% |
| Other amounts payable | 178/9 | €74,027 | - | -€74,027 | |
| Amounts payable within one year | 42/48 | €10,303 | €141,286 | +€130,983 | +1271.3% |
| Current portion of amounts payable after more than one year | 42 | €8,449 | €8,833 | +€384 | +4.5% |
| Trade debts | 44 | €1,419 | €8,298 | +€6,879 | +484.7% |
| Suppliers | 440/4 | €1,419 | €8,298 | +€6,879 | +484.7% |
| Taxes, remuneration and social security | 45 | €435 | €182 | -€253 | -58.2% |
| Taxes | 450/3 | €435 | €182 | -€253 | -58.2% |
| Other amounts payable | 47/48 | - | €123,973 | +€123,973 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,986 | €13,605 | +€619 | +4.8% |
| Other operating charges | 640/8 | €1,887 | €4,662 | +€2,775 | +147.0% |
| Gross operating margin | 9900 | €2,126 | €5,965 | +€3,840 | +180.6% |
| Operating profit (loss) | 9901 | -€12,747 | -€12,301 | +€446 | +3.5% |
| Financial income | 75/76B | - | €109 | +€109 | |
| Recurring financial income | 75 | - | €109 | +€109 | |
| Financial charges | 65/66B | €4,213 | €2,805 | -€1,408 | -33.4% |
| Recurring financial charges | 65 | €4,213 | €2,805 | -€1,408 | -33.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,960 | -€14,997 | +€1,962 | +11.6% |
| Income taxes | 67/77 | €182 | - | -€182 | |
| Profit (loss) for the period | 9904 | -€17,141 | -€14,997 | +€2,144 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,141 | -€14,997 | +€2,144 | +12.5% |
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 11 October 2026 via checked.be.