AJW: 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.
AJW
Largest movements
- Current investments +€125,000
up €125,000 (+20.8%), from €600,000 to €725,000
- Receivables within one year +€64,745
up €64,745 (+46.4%), from €139,652 to €204,397
of which Trade receivables: +€65,069
- Tangible fixed assets -€22,920
down €22,920 (-28.4%), from €80,762 to €57,842
of which Furniture and vehicles: -€22,798
- Other debts +€489,468
up €489,468 (+545%), from €89,876 to €579,344
- Reserves -€366,619
down €366,619 (-38.1%), from €962,015 to €595,396
of which Distributable reserves: -€366,619
- Tax, wage and social debts +€64,744
up €64,744 (+172%), from €37,691 to €102,435
- Debts after one year -€15,586
down €15,586 (-100%), from €15,586 to €0
- Gross operating margin -€12,740
down €12,740 (-3.8%), from €339,554 to €326,814
- Taxes -€7,799
down €7,799 (-7.2%), from €108,332 to €100,533
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 | €1,308,042 | €1,482,225 | +€174,183 | +13.3% |
| Fixed assets | 21/28 | €288,909 | €265,989 | -€22,920 | -7.9% |
| Tangible fixed assets | 22/27 | €80,762 | €57,842 | -€22,920 | -28.4% |
| Land and buildings | 22 | €4,089 | €3,968 | -€122 | -3.0% |
| Furniture and vehicles | 24 | €76,673 | €53,875 | -€22,798 | -29.7% |
| Financial fixed assets | 28 | €208,147 | €208,147 | = | 0.0% |
| Current assets | 29/58 | €1,019,132 | €1,216,236 | +€197,103 | +19.3% |
| Amounts receivable within one year | 40/41 | €139,652 | €204,397 | +€64,745 | +46.4% |
| Trade receivables | 40 | €139,323 | €204,391 | +€65,069 | +46.7% |
| Other amounts receivable | 41 | €330 | €6 | -€324 | -98.1% |
| Current investments | 50/53 | €600,000 | €725,000 | +€125,000 | +20.8% |
| Cash at bank and in hand | 54/58 | €277,980 | €286,838 | +€8,858 | +3.2% |
| Deferred charges and accrued income | 490/1 | €1,500 | €0 | -€1,500 | -100% |
| Total equity and liabilities | 10/49 | €1,308,042 | €1,482,225 | +€174,183 | +13.3% |
| Equity | 10/15 | €1,112,189 | €745,570 | -€366,619 | -33.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €962,015 | €595,396 | -€366,619 | -38.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €962,015 | €595,396 | -€366,619 | -38.1% |
| Profit (loss) carried forward | 14 | €131,574 | €131,574 | = | 0.0% |
| Amounts payable | 17/49 | €195,853 | €736,655 | +€540,803 | +276% |
| Amounts payable after more than one year | 17 | €15,586 | €0 | -€15,586 | -100% |
| Financial debts | 170/4 | €15,586 | €0 | -€15,586 | -100% |
| Amounts payable within one year | 42/48 | €178,767 | €735,155 | +€556,389 | +311% |
| Current portion of amounts payable after more than one year | 42 | €40,355 | €40,850 | +€495 | +1.2% |
| Trade debts | 44 | €10,845 | €12,526 | +€1,681 | +15.5% |
| Suppliers | 440/4 | €10,845 | €12,526 | +€1,681 | +15.5% |
| Taxes, remuneration and social security | 45 | €37,691 | €102,435 | +€64,744 | +172% |
| Taxes | 450/3 | €37,691 | €102,435 | +€64,744 | +172% |
| Other amounts payable | 47/48 | €89,876 | €579,344 | +€489,468 | +545% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,721 | €22,920 | +€199 | +0.9% |
| Other operating charges | 640/8 | €4,507 | €3,239 | -€1,268 | -28.1% |
| Gross operating margin | 9900 | €339,554 | €326,814 | -€12,740 | -3.8% |
| Operating profit (loss) | 9901 | €312,326 | €300,655 | -€11,672 | -3.7% |
| Financial income | 75/76B | €16,000 | €15,000 | -€1,000 | -6.3% |
| Recurring financial income | 75 | €16,000 | €15,000 | -€1,000 | -6.3% |
| Financial charges | 65/66B | €3,333 | €2,397 | -€936 | -28.1% |
| Recurring financial charges | 65 | €3,333 | €2,397 | -€936 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €324,993 | €313,257 | -€11,735 | -3.6% |
| Income taxes | 67/77 | €108,332 | €100,533 | -€7,799 | -7.2% |
| Profit (loss) for the period | 9904 | €216,661 | €212,725 | -€3,936 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €216,661 | €212,725 | -€3,936 | -1.8% |
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 15 October 2026 via checked.be.