FAJAC: 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.
FAJAC
Largest movements
- Cash -€11.2m
down €11.2m (-75.5%), from €14.8m to €3.6m
mainly Investment in fixed assets (net) (-€10.6m) and Other debts (-€1.1m)
- Financial fixed assets +€10.6m
up €10.6m (+71.9%), from €14.7m to €25.2m
- Other debts -€1.1m
down €1.1m (-93.0%), from €1.2m to €81,521
- Reserves +€1.1m
up €1.1m (+10.1%), from €10.7m to €11.8m
of which Distributable reserves: +€1.1m
- Debts after one year -€400,000
down €400,000 (-33.3%), from €1.2m to €800,000
- Gross operating margin -€7.3m
down €7.3m (-96.3%), from €7.5m to €281,542
- Taxes -€632,742
down €632,742 (-82.2%), from €769,672 to €136,930
- Financial income +€222,214
up €222,214 (+24.0%), from €924,162 to €1.1m
- Financial charges +€160,237
up €160,237 (+663%), from €24,162 to €184,398
of which Non-recurring financial charges: +€100,000
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 | €29,466,498 | €28,946,058 | -€520,440 | -1.8% |
| Fixed assets | 21/28 | €14,671,898 | €25,227,411 | +€10.6m | +71.9% |
| Financial fixed assets | 28 | €14,671,898 | €25,227,411 | +€10.6m | +71.9% |
| Current assets | 29/58 | €14,794,600 | €3,718,647 | -€11.1m | -74.9% |
| Amounts receivable within one year | 40/41 | €1,750 | - | -€1,750 | |
| Other amounts receivable | 41 | €1,750 | - | -€1,750 | |
| Cash at bank and in hand | 54/58 | €14,792,850 | €3,618,897 | -€11.2m | -75.5% |
| Deferred charges and accrued income | 490/1 | - | €99,750 | +€99,750 | |
| Total equity and liabilities | 10/49 | €29,466,498 | €28,946,058 | -€520,440 | -1.8% |
| Equity | 10/15 | €26,021,075 | €27,101,141 | +€1.1m | +4.2% |
| Contributions | 10/11 | €1,515,559 | €1,515,559 | = | 0.0% |
| Capital | 10 | €1,360,000 | €1,360,000 | = | 0.0% |
| Issued capital | 100 | €1,360,000 | €1,360,000 | = | 0.0% |
| Contributions outside capital | 11 | €155,559 | €155,559 | = | 0.0% |
| Share premium | 1100/10 | €155,559 | €155,559 | = | 0.0% |
| Reserves | 13 | €10,678,689 | €11,758,755 | +€1.1m | +10.1% |
| Non-distributable reserves | 130/1 | €136,000 | €136,000 | = | 0.0% |
| Legal reserve | 130 | €136,000 | €136,000 | = | 0.0% |
| Distributable reserves | 133 | €10,542,689 | €11,622,755 | +€1.1m | +10.2% |
| Profit (loss) carried forward | 14 | €13,826,827 | €13,826,827 | = | 0.0% |
| Amounts payable | 17/49 | €3,445,423 | €1,844,917 | -€1.6m | -46.5% |
| Amounts payable after more than one year | 17 | €1,200,000 | €800,000 | -€400,000 | -33.3% |
| Financial debts | 170/4 | €1,200,000 | €800,000 | -€400,000 | -33.3% |
| Amounts payable within one year | 42/48 | €2,226,554 | €1,009,532 | -€1.2m | -54.7% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €968 | €998 | +€31 | +3.2% |
| Suppliers | 440/4 | €968 | €998 | +€31 | +3.2% |
| Taxes, remuneration and social security | 45 | €662,315 | €527,013 | -€135,303 | -20.4% |
| Taxes | 450/3 | €662,315 | €527,013 | -€135,303 | -20.4% |
| Other amounts payable | 47/48 | €1,163,271 | €81,521 | -€1.1m | -93.0% |
| Accrued charges and deferred income | 492/3 | €18,869 | €35,385 | +€16,516 | +87.5% |
| Non-recurring operating income | 76A | €7,565,503 | €305,408 | -€7.3m | -96.0% |
| Other operating charges | 640/8 | €1,060 | €26,524 | +€25,464 | +2,403% |
| Gross operating margin | 9900 | €7,533,722 | €281,542 | -€7.3m | -96.3% |
| Operating profit (loss) | 9901 | €7,532,663 | €255,017 | -€7.3m | -96.6% |
| Financial income | 75/76B | €924,162 | €1,146,377 | +€222,214 | +24.0% |
| Recurring financial income | 75 | €924,162 | €1,146,377 | +€222,214 | +24.0% |
| Financial charges | 65/66B | €24,162 | €184,398 | +€160,237 | +663% |
| Recurring financial charges | 65 | €24,162 | €84,398 | +€60,237 | +249% |
| Non-recurring financial charges | 66B | - | €100,000 | +€100,000 | |
| Profit (loss) for the period before taxes | 9903 | €8,432,663 | €1,216,996 | -€7.2m | -85.6% |
| Income taxes | 67/77 | €769,672 | €136,930 | -€632,742 | -82.2% |
| Profit (loss) for the period | 9904 | €7,662,991 | €1,080,066 | -€6.6m | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,662,991 | €1,080,066 | -€6.6m | -85.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.