FAJ: 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.
FAJ
Largest movements
- Cash -€10,004
down €10,004 (-29.7%), from €33,697 to €23,692
mainly Investment in fixed assets (net) (-€29,983) and Accrued charges and deferred income (-€19,890)
- Financial fixed assets +€6,000
up €6,000 (+10.5%), from €57,000 to €63,000
- Tangible fixed assets -€3,324
down €3,324 (-2.3%), from €146,528 to €143,204
of which Furniture and vehicles: -€12,108
- Deferred charges and accrued income -€3,131
down €3,131 (-68.0%), from €4,608 to €1,477
- Reserves +€26,000
up €26,000 (+47.9%), from €54,281 to €80,281
- Accrued charges and deferred income -€19,890
no longer reported in 2025 (was €19,890)
- Trade debts -€15,757
down €15,757 (-37.9%), from €41,595 to €25,838
- Debts after one year -€8,882
down €8,882 (-8.8%), from €100,722 to €91,840
of which Other amounts payable: -€12,500
- Tax, wage and social debts +€7,288
up €7,288 (+50.8%), from €14,341 to €21,629
of which Taxes: +€8,256
- Gross operating margin +€19,014
up €19,014 (+19.6%), from €97,125 to €116,139
- Staff costs -€11,081
down €11,081 (-19.6%), from €56,608 to €45,527
- Taxes +€6,633
up €6,633, from -€266 to €6,367
- Depreciation +€3,343
up €3,343 (+13.8%), from €24,180 to €27,522
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 | €283,418 | €275,135 | -€8,283 | -2.9% |
| Fixed assets | 21/28 | €203,800 | €206,261 | +€2,461 | +1.2% |
| Intangible fixed assets | 21 | €272 | €57 | -€215 | -79.2% |
| Tangible fixed assets | 22/27 | €146,528 | €143,204 | -€3,324 | -2.3% |
| Land and buildings | 22 | €3,500 | €3,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €103,880 | €112,663 | +€8,784 | +8.5% |
| Furniture and vehicles | 24 | €39,149 | €27,040 | -€12,108 | -30.9% |
| Financial fixed assets | 28 | €57,000 | €63,000 | +€6,000 | +10.5% |
| Current assets | 29/58 | €79,618 | €68,875 | -€10,744 | -13.5% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,521 | €2,854 | +€1,333 | +87.6% |
| Stocks | 30/36 | €1,521 | €2,854 | +€1,333 | +87.6% |
| Amounts receivable within one year | 40/41 | €29,793 | €30,852 | +€1,059 | +3.6% |
| Trade receivables | 40 | €26,978 | €28,533 | +€1,555 | +5.8% |
| Other amounts receivable | 41 | €2,815 | €2,319 | -€496 | -17.6% |
| Cash at bank and in hand | 54/58 | €33,697 | €23,692 | -€10,004 | -29.7% |
| Deferred charges and accrued income | 490/1 | €4,608 | €1,477 | -€3,131 | -68.0% |
| Total equity and liabilities | 10/49 | €283,418 | €275,135 | -€8,283 | -2.9% |
| Equity | 10/15 | €83,580 | €110,224 | +€26,645 | +31.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €54,281 | €80,281 | +€26,000 | +47.9% |
| Distributable reserves | 133 | €54,281 | €80,281 | +€26,000 | +47.9% |
| Profit (loss) carried forward | 14 | -€867 | €1,069 | +€1,936 | |
| Investment grants | 15 | €5,166 | €3,875 | -€1,292 | -25.0% |
| Amounts payable | 17/49 | €199,838 | €164,911 | -€34,928 | -17.5% |
| Amounts payable after more than one year | 17 | €100,722 | €91,840 | -€8,882 | -8.8% |
| Financial debts | 170/4 | €46,222 | €49,840 | +€3,619 | +7.8% |
| Other amounts payable | 178/9 | €54,500 | €42,000 | -€12,500 | -22.9% |
| Amounts payable within one year | 42/48 | €79,227 | €73,071 | -€6,156 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €21,270 | €22,249 | +€979 | +4.6% |
| Trade debts | 44 | €41,595 | €25,838 | -€15,757 | -37.9% |
| Suppliers | 440/4 | €41,595 | €25,838 | -€15,757 | -37.9% |
| Taxes, remuneration and social security | 45 | €14,341 | €21,629 | +€7,288 | +50.8% |
| Taxes | 450/3 | €5,031 | €13,287 | +€8,256 | +164% |
| Remuneration and social security | 454/9 | €9,310 | €8,342 | -€969 | -10.4% |
| Other amounts payable | 47/48 | €2,021 | €3,355 | +€1,334 | +66.0% |
| Accrued charges and deferred income | 492/3 | €19,890 | - | -€19,890 | |
| Remuneration, social security and pensions | 62 | €56,608 | €45,527 | -€11,081 | -19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,180 | €27,522 | +€3,343 | +13.8% |
| Other operating charges | 640/8 | €2,160 | €2,526 | +€366 | +17.0% |
| Non-recurring operating charges | 66A | - | €3,643 | +€3,643 | |
| Gross operating margin | 9900 | €97,125 | €116,139 | +€19,014 | +19.6% |
| Operating profit (loss) | 9901 | €14,178 | €36,921 | +€22,743 | +160% |
| Financial income | 75/76B | €1,312 | €1,331 | +€19 | +1.4% |
| Recurring financial income | 75 | €1,312 | €1,331 | +€19 | +1.4% |
| Financial charges | 65/66B | €3,326 | €3,948 | +€622 | +18.7% |
| Recurring financial charges | 65 | €3,326 | €3,948 | +€622 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €12,164 | €34,304 | +€22,140 | +182% |
| Income taxes | 67/77 | -€266 | €6,367 | +€6,633 | |
| Profit (loss) for the period | 9904 | €12,430 | €27,936 | +€15,506 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €12,430 | €27,936 | +€15,506 | +125% |
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 19 October 2026 via checked.be.