AJWAD: what changed
Two fiscal 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.
AJWAD
Largest movements
- Tangible fixed assets -€3,813
no longer reported in 2025 (was €3,813)
- Receivables within one year +€3,000
up €3,000 (+2.8%), from €106,214 to €109,214
of which Other amounts receivable: +€1,824
- Current portion of long-term debt -€10,217
no longer reported in 2025 (was €10,217)
- Tax, wage and social debts +€4,579
up €4,579 (+1841.5%), from €249 to €4,827
- Trade debts +€2,959
up €2,959 (+3.2%), from €92,749 to €95,708
- Gross operating margin +€39,116
up €39,116, from -€33,222 to €5,894
- Financial charges -€1,001
down €1,001 (-53.1%), from €1,886 to €885
- Depreciation -€633
down €633 (-14.2%), from €4,446 to €3,813
- Other operating charges +€474
up €474 (+86.9%), from €545 to €1,019
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 | €137,740 | €135,734 | -€2,006 | -1.5% |
| Fixed assets | 21/28 | €3,813 | - | -€3,813 | |
| Tangible fixed assets | 22/27 | €3,813 | - | -€3,813 | |
| Furniture and vehicles | 24 | €3,813 | - | -€3,813 | |
| Current assets | 29/58 | €133,927 | €135,734 | +€1,807 | +1.3% |
| Amounts receivable within one year | 40/41 | €106,214 | €109,214 | +€3,000 | +2.8% |
| Trade receivables | 40 | €93,214 | €94,390 | +€1,177 | +1.3% |
| Other amounts receivable | 41 | €13,000 | €14,824 | +€1,824 | +14.0% |
| Cash at bank and in hand | 54/58 | €27,713 | €26,521 | -€1,193 | -4.3% |
| Total equity and liabilities | 10/49 | €137,740 | €135,734 | -€2,006 | -1.5% |
| Equity | 10/15 | €34,526 | €35,199 | +€674 | +2.0% |
| Contributions | 10/11 | €33,200 | €33,200 | = | 0.0% |
| Capital | 10 | €33,200 | - | -€33,200 | |
| Issued capital | 100 | €166,000 | - | -€166,000 | |
| Uncalled capital | 101 | €132,800 | - | -€132,800 | |
| Outside capital | 11 | - | €33,200 | +€33,200 | |
| Other | 1109/19 | - | €33,200 | +€33,200 | |
| Profit (loss) carried forward | 14 | €1,326 | €1,999 | +€674 | +50.8% |
| Amounts payable | 17/49 | €103,214 | €100,535 | -€2,679 | -2.6% |
| Amounts payable within one year | 42/48 | €103,214 | €100,535 | -€2,679 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €10,217 | - | -€10,217 | |
| Trade debts | 44 | €92,749 | €95,708 | +€2,959 | +3.2% |
| Suppliers | 440/4 | €92,749 | €95,708 | +€2,959 | +3.2% |
| Taxes, remuneration and social security | 45 | €249 | €4,827 | +€4,579 | +1841.5% |
| Taxes | 450/3 | €249 | €4,827 | +€4,579 | +1841.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,446 | €3,813 | -€633 | -14.2% |
| Other operating charges | 640/8 | €545 | €1,019 | +€474 | +86.9% |
| Gross operating margin | 9900 | -€33,222 | €5,894 | +€39,116 | |
| Operating profit (loss) | 9901 | -€38,213 | €1,062 | +€39,276 | |
| Financial income | 75/76B | €687 | €757 | +€71 | +10.3% |
| Recurring financial income | 75 | €687 | €757 | +€71 | +10.3% |
| Financial charges | 65/66B | €1,886 | €885 | -€1,001 | -53.1% |
| Recurring financial charges | 65 | €1,886 | €885 | -€1,001 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | -€39,413 | €934 | +€40,347 | |
| Income taxes | 67/77 | €249 | €261 | +€12 | +4.9% |
| Profit (loss) for the period | 9904 | -€39,661 | €674 | +€40,335 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,661 | €674 | +€40,335 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.