AJR Insights: 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 Insights
Largest movements
- Receivables within one year +€42,352
up €42,352 (+2,601%), from €1,628 to €43,980
of which Trade receivables: +€43,367
- Cash +€23,205
up €23,205 (+141%), from €16,494 to €39,699
mainly Net result for the year (+€68,031) and Tax, wage and social debts (+€33,798)
- Current investments +€10,000
new in 2025: €10,000
- Tangible fixed assets +€5,802
new in 2025: €5,802
of which Plant, machinery and equipment: +€5,114
- Deferred charges and accrued income -€1,659
down €1,659 (-17.2%), from €9,669 to €8,010
- Reserves +€67,856
new in 2025: €67,856
- Tax, wage and social debts +€33,798
new in 2025: €33,798
- Other debts -€14,577
down €14,577 (-91.9%), from €15,862 to €1,285
- Trade debts -€8,422
down €8,422 (-76.7%), from €10,975 to €2,553
- Gross operating margin +€88,735
up €88,735 (+32,390%), from €274 to €89,009
- Taxes +€18,024
up €18,024 (+5,814,316%), from €0 to €18,025
- Staff costs +€1,355
new in 2025: €1,355
- Depreciation +€1,285
up €1,285 (+2,194%), from €59 to €1,344
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 | €28,662 | €107,492 | +€78,830 | +275% |
| Formation expenses | 20 | €871 | €0 | -€871 | -100% |
| Fixed assets | 21/28 | - | €5,802 | +€5,802 | |
| Tangible fixed assets | 22/27 | - | €5,802 | +€5,802 | |
| Plant, machinery and equipment | 23 | - | €5,114 | +€5,114 | |
| Furniture and vehicles | 24 | - | €688 | +€688 | |
| Current assets | 29/58 | €27,791 | €101,690 | +€73,899 | +266% |
| Amounts receivable within one year | 40/41 | €1,628 | €43,980 | +€42,352 | +2,601% |
| Trade receivables | 40 | €605 | €43,972 | +€43,367 | +7,168% |
| Other amounts receivable | 41 | €1,023 | €9 | -€1,014 | -99.1% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €16,494 | €39,699 | +€23,205 | +141% |
| Deferred charges and accrued income | 490/1 | €9,669 | €8,010 | -€1,659 | -17.2% |
| Total equity and liabilities | 10/49 | €28,662 | €107,492 | +€78,830 | +275% |
| Equity | 10/15 | €1,825 | €69,856 | +€68,031 | +3,728% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €67,856 | +€67,856 | |
| Distributable reserves | 133 | - | €67,856 | +€67,856 | |
| Profit (loss) carried forward | 14 | -€175 | €0 | +€175 | |
| Amounts payable | 17/49 | €26,837 | €37,636 | +€10,799 | +40.2% |
| Amounts payable within one year | 42/48 | €26,837 | €37,636 | +€10,799 | +40.2% |
| Trade debts | 44 | €10,975 | €2,553 | -€8,422 | -76.7% |
| Suppliers | 440/4 | €10,975 | €2,553 | -€8,422 | -76.7% |
| Taxes, remuneration and social security | 45 | - | €33,798 | +€33,798 | |
| Taxes | 450/3 | - | €33,798 | +€33,798 | |
| Other amounts payable | 47/48 | €15,862 | €1,285 | -€14,577 | -91.9% |
| Remuneration, social security and pensions | 62 | - | €1,355 | +€1,355 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59 | €1,344 | +€1,285 | +2,194% |
| Other operating charges | 640/8 | €387 | €252 | -€136 | -35.1% |
| Gross operating margin | 9900 | €274 | €89,009 | +€88,735 | +32,390% |
| Operating profit (loss) | 9901 | -€172 | €86,059 | +€86,231 | |
| Financial income | 75/76B | €1 | €53 | +€52 | +5,023% |
| Recurring financial income | 75 | €1 | €53 | +€52 | +5,023% |
| Financial charges | 65/66B | €4 | €56 | +€53 | +1,402% |
| Recurring financial charges | 65 | €4 | €56 | +€53 | +1,402% |
| Profit (loss) for the period before taxes | 9903 | -€175 | €86,056 | +€86,230 | |
| Income taxes | 67/77 | €0 | €18,025 | +€18,024 | +5,814,316% |
| Profit (loss) for the period | 9904 | -€175 | €68,031 | +€68,206 | |
| Profit (loss) for the period to be appropriated | 9905 | -€175 | €68,031 | +€68,206 |
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 28 October 2026 via checked.be.