Dr. Fatima Ajaji: 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.
Dr. Fatima Ajaji
Largest movements
- Cash -€114,454
down €114,454 (-67.7%), from €168,993 to €54,539
mainly Contributions, distributions and other (-€150,000) and Receivables within one year (-€88,699)
- Receivables within one year +€88,699
up €88,699 (+176%), from €50,348 to €139,047
of which Other amounts receivable: +€91,540
- Deferred charges and accrued income -€4,245
down €4,245 (-43.5%), from €9,753 to €5,508
- Financial fixed assets +€3,600
new in 2025: €3,600
- Profit (loss) carried forward -€58,214
down €58,214 (-26.5%), from €219,867 to €161,653
- Debts after one year +€28,437
new in 2025: €28,437
- Current portion of long-term debt +€6,563
new in 2025: €6,563
- Other debts -€2,707
down €2,707 (-100%), from €2,707 to €0
- Trade debts -€2,459
down €2,459 (-97.4%), from €2,526 to €67
- Gross operating margin +€58,290
up €58,290 (+81.1%), from €71,841 to €130,131
- Taxes +€12,700
up €12,700 (+102%), from €12,493 to €25,193
- Other operating charges +€1,423
up €1,423 (+19.3%), from €7,390 to €8,812
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 | €230,118 | €203,245 | -€26,873 | -11.7% |
| Fixed assets | 21/28 | €1,024 | €4,152 | +€3,128 | +305% |
| Tangible fixed assets | 22/27 | €1,024 | €552 | -€472 | -46.1% |
| Plant, machinery and equipment | 23 | €1,024 | €552 | -€472 | -46.1% |
| Financial fixed assets | 28 | - | €3,600 | +€3,600 | |
| Current assets | 29/58 | €229,094 | €199,093 | -€30,001 | -13.1% |
| Amounts receivable within one year | 40/41 | €50,348 | €139,047 | +€88,699 | +176% |
| Trade receivables | 40 | €2,841 | €0 | -€2,841 | -100% |
| Other amounts receivable | 41 | €47,507 | €139,047 | +€91,540 | +193% |
| Cash at bank and in hand | 54/58 | €168,993 | €54,539 | -€114,454 | -67.7% |
| Deferred charges and accrued income | 490/1 | €9,753 | €5,508 | -€4,245 | -43.5% |
| Total equity and liabilities | 10/49 | €230,118 | €203,245 | -€26,873 | -11.7% |
| Equity | 10/15 | €223,867 | €165,653 | -€58,214 | -26.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €219,867 | €161,653 | -€58,214 | -26.5% |
| Amounts payable | 17/49 | €6,251 | €37,593 | +€31,341 | +501% |
| Amounts payable after more than one year | 17 | - | €28,437 | +€28,437 | |
| Financial debts | 170/4 | - | €28,437 | +€28,437 | |
| Amounts payable within one year | 42/48 | €5,876 | €8,429 | +€2,553 | +43.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,563 | +€6,563 | |
| Trade debts | 44 | €2,526 | €67 | -€2,459 | -97.4% |
| Suppliers | 440/4 | €2,526 | €67 | -€2,459 | -97.4% |
| Taxes, remuneration and social security | 45 | €643 | €1,800 | +€1,157 | +180% |
| Taxes | 450/3 | €643 | €0 | -€643 | -100% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €2,707 | €0 | -€2,707 | -100% |
| Accrued charges and deferred income | 492/3 | €375 | €726 | +€351 | +93.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,180 | €472 | -€708 | -60.0% |
| Other operating charges | 640/8 | €7,390 | €8,812 | +€1,423 | +19.3% |
| Gross operating margin | 9900 | €71,841 | €130,131 | +€58,290 | +81.1% |
| Operating profit (loss) | 9901 | €63,272 | €120,846 | +€57,574 | +91.0% |
| Financial income | 75/76B | €577 | €935 | +€358 | +62.0% |
| Recurring financial income | 75 | €577 | €935 | +€358 | +62.0% |
| Financial charges | 65/66B | €4,659 | €4,803 | +€144 | +3.1% |
| Recurring financial charges | 65 | €4,659 | €4,803 | +€144 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €59,190 | €116,978 | +€57,789 | +97.6% |
| Income taxes | 67/77 | €12,493 | €25,193 | +€12,700 | +102% |
| Profit (loss) for the period | 9904 | €46,697 | €91,786 | +€45,089 | +96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,697 | €91,786 | +€45,089 | +96.6% |
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 25 October 2026 via checked.be.