AM Projects
ActiveSummary
AM Projects has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €118,088 and a net result of €31,178. Equity is growing by about 25% per year across the filed financial years. Its solvency ranks better than 68% of 9,723 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Financials · financial year 2025, abbreviated format
Turnover
€135,517
EBIT margin
13.2%
Net result
€31,178▲ 57.9%
2024 · €19,742
Working capital
-€10,221▼ 2.9%
2024 · -€9,935
Trend over the years
2021 to 2025, 5 financial years 2020 to 2025, 6 financial years
The operating result recovers in 2025; 2025 is 18% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€24,686
2025
Net result€31,178
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€197,871
2025
Equity€118,088
2025
Debt€79,783
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€10,221
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)15.8%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency59.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.70
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€135,517-
Operating result€17,899-€42,852▲ 139%€24,558▼ 42.7%€29,328▲ 19.4%€20,985▼ 28.4%€24,686▲ 17.6%
Net result€16,268within the sector's middle half-€31,423within the sector's middle half▲ 93.2%€15,940within the sector's middle half▼ 49.3%€31,037within the sector's middle half▲ 94.7%€19,742within the sector's middle half▼ 36.4%€31,178within the sector's middle half▲ 57.9%
EBIT margin13.2%-
Equity€18,768below the sector's middle half-€50,192below the sector's middle half▲ 167%€66,132below the sector's middle half▲ 31.8%€92,168below the sector's middle half▲ 39.4%€96,910below the sector's middle half▲ 5.1%€118,088within the sector's middle half▲ 21.9%
Total assets€66,711below the sector's middle half-€209,760below the sector's middle half▲ 214%€174,360below the sector's middle half▼ 16.9%€218,187below the sector's middle half▲ 25.1%€206,310below the sector's middle half▼ 5.4%€197,871below the sector's middle half▼ 4.1%
Debt€47,942-€159,568▲ 233%€108,228▼ 32.2%€126,019▲ 16.4%€109,399▼ 13.2%€79,783▼ 27.1%
Working capital-€11,504below the sector's middle half-€4,451below the sector's middle half€5,053below the sector's middle half▲ 13.5%-€2,469below the sector's middle half-€9,935below the sector's middle half▼ 302%-€10,221below the sector's middle half▼ 2.9%
Solvency28.1%within the sector's middle half-23.9%within the sector's middle half▼ 4.2pp37.9%within the sector's middle half▲ 14.0pp42.2%within the sector's middle half▲ 4.3pp47.0%within the sector's middle half▲ 4.7pp59.7%within the sector's middle half▲ 12.7pp
Current ratio0.74below the sector's middle half-1.08below the sector's middle half▲ 0.341.20within the sector's middle half▲ 0.120.93below the sector's middle half▼ 0.270.75below the sector's middle half▼ 0.170.70below the sector's middle half▼ 0.06
Return on assets (ROA)24.4%above the sector's middle half-15.0%above the sector's middle half▼ 9.4pp9.1%within the sector's middle half▼ 5.8pp14.2%above the sector's middle half▲ 5.1pp9.6%within the sector's middle half▼ 4.7pp15.8%above the sector's middle half▲ 6.2pp
above
within
below
the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €197,871
Fixed assets
€174,395 ▼ 0.8%
Current assets
€23,476 ▼ 23.2%
Equity and liabilities €197,871
Equity
€118,088 ▲ 21.9%
Debt
€79,783 ▼ 27.1%
Debt's share of the balance-sheet total falls from 53.0% to 40.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€34,518▲
2024 · €30,899
Cash flow
€41,010▲
2024 · €29,656
Debt to equity
0.68▼
2024 · 1.13
ROE
26.4%▲
2024 · 20.4%
Interest coverage
9.94▲
2024 · 8.14
Debt ≤ 1 year
€33,696▼
2024 · €40,500
Debt > 1 year
€46,086▼
2024 · €68,900
Income taxes
€5,176▲
2024 · €4,509
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €135,517 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,569 | €2,342 | €1,992 | €6,092 | €9,914 | €9,832 | ▼ 0.8% |
| Other operating charges640/8 | - | €526 | €5,944 | €4,266 | €8,888 | €5,787 | ▼ 34.9% |
| Non-recurring operating charges66A | - | €4,986 | €40 | €72 | - | - | - |
| Gross operating margin9900 | €25,726 | €50,706 | €32,534 | €39,757 | €39,787 | €40,305 | ▲ 1.3% |
| Operating profit (loss)9901 | €17,899 | €42,852 | €24,558 | €29,328 | €20,985 | €24,686 | ▲ 17.6% |
| Financial income75/76B | - | €534 | - | €12,008 | €7,062 | €15,141 | ▲ 114% |
| Recurring financial income75 | €547 | €534 | - | €12,008 | €7,062 | €15,141 | ▲ 114% |
| Financial charges65/66B | - | €1,544 | €3,304 | €3,570 | €3,796 | €3,473 | ▼ 8.5% |
| Recurring financial charges65 | €461 | €1,544 | €3,304 | €3,570 | €3,796 | €3,473 | ▼ 8.5% |
| Profit (loss) for the period before taxes9903 | €17,984 | €41,843 | €21,255 | €37,766 | €24,251 | €36,354 | ▲ 49.9% |
| Income taxes67/77 | €1,716 | €10,419 | €5,315 | €6,729 | €4,509 | €5,176 | ▲ 14.8% |
| Profit (loss) for the period9904 | €16,268 | €31,423 | €15,940 | €31,037 | €19,742 | €31,178 | ▲ 57.9% |
| Profit (loss) for the period to be appropriated9905 | €16,268 | €31,423 | €15,940 | €31,037 | €19,742 | €31,178 | ▲ 57.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €66,711 | €209,760 | €174,360 | €218,187 | €206,310 | €197,871 | ▼ 4.1% |
| Fixed assets21/28 | €34,704 | €146,015 | €143,983 | €185,659 | €175,745 | €174,395 | ▼ 0.8% |
| Tangible fixed assets22/27 | €34,704 | €3,746 | €1,714 | €43,390 | €33,476 | €32,126 | ▼ 4.0% |
| Plant, machinery and equipment23 | - | €2,957 | €1,625 | €1,924 | €1,222 | €842 | ▼ 31.1% |
| Furniture and vehicles24 | - | €790 | €90 | - | - | €8,242 | - |
| Leasing and similar rights25 | - | - | - | €41,466 | €32,254 | €23,042 | ▼ 28.6% |
| Financial fixed assets28 | - | €142,269 | €142,269 | €142,269 | €142,269 | €142,269 | = |
| Current assets29/58 | €32,006 | €63,744 | €30,377 | €32,528 | €30,565 | €23,476 | ▼ 23.2% |
| Stocks and contracts in progress3 | €2,491 | €449 | - | - | - | - | - |
| Stocks30/36 | - | €449 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €8,105 | €5,093 | €1,922 | €3,591 | €6,612 | €21 | ▼ 99.7% |
| Trade receivables40 | - | €5,000 | €1,901 | €3,571 | €5,100 | - | - |
| Other amounts receivable41 | - | €93 | €21 | €21 | €1,512 | €21 | ▼ 98.6% |
| Cash at bank and in hand54/58 | €21,410 | €58,202 | €28,341 | €28,936 | €23,074 | €22,494 | ▼ 2.5% |
| Deferred charges and accrued income490/1 | - | - | €114 | - | €879 | €961 | ▲ 9.3% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €66,711 | €209,760 | €174,360 | €218,187 | €206,310 | €197,871 | ▼ 4.1% |
| Equity10/15 | €18,768 | €50,192 | €66,132 | €92,168 | €96,910 | €118,088 | ▲ 21.9% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €16,268 | €47,692 | €63,632 | €89,668 | €94,410 | €115,588 | ▲ 22.4% |
| Distributable reserves133 | - | €47,692 | €63,632 | €89,668 | €94,410 | €115,588 | ▲ 22.4% |
| Amounts payable17/49 | €47,942 | €159,568 | €108,228 | €126,019 | €109,399 | €79,783 | ▼ 27.1% |
| Amounts payable after more than one year17 | €4,432 | €100,274 | €82,905 | €91,022 | €68,900 | €46,086 | ▼ 33.1% |
| Financial debts170/4 | - | €100,274 | €82,905 | €91,022 | €68,900 | €46,086 | ▼ 33.1% |
| Amounts payable within one year42/48 | €43,510 | €59,294 | €25,324 | €34,997 | €40,500 | €33,696 | ▼ 16.8% |
| Current portion of amounts payable after more than one year42 | - | €16,958 | €17,369 | €21,964 | €22,122 | €22,814 | ▲ 3.1% |
| Trade debts44 | €38,324 | €5,443 | €352 | €2,418 | €1,661 | €2,264 | ▲ 36.3% |
| Suppliers440/4 | - | €5,443 | €352 | €2,418 | €1,661 | €2,264 | ▲ 36.3% |
| Taxes, remuneration and social security45 | - | €9,983 | €6,720 | €5,838 | €5,733 | €6,579 | ▲ 14.8% |
| Taxes450/3 | - | €9,983 | €6,720 | €5,838 | €5,733 | €6,579 | ▲ 14.8% |
| Other amounts payable47/48 | - | €26,910 | €882 | €4,777 | €10,984 | €2,040 | ▼ 81.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,268 | €31,423 | €15,940 | €31,037 | €19,742 | €31,178 | ▲ 57.9% |
| + Depreciation and write-downs630 | €3,569 | €2,342 | €1,992 | €6,092 | €9,914 | €9,832 | ▼ 0.8% |
| Operating cash flow (approximation) | €19,837 | €33,765 | €17,931 | €37,129 | €29,656 | €41,010 | ▲ 38.3% |
| Investment in fixed assets (approximation) | - | -€113,653 | €40 | -€47,768 | €0 | -€8,482 | - |
| Change in cash | - | €36,792 | -€29,861 | €595 | -€5,862 | -€580 | ▲ 90.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00214551 |
| 31-12-2024 | abbreviated format | 28-07-2025 | 2025-00325024 |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00240905 |
| 31-12-2022 | abbreviated format | 04-07-2023 | 2023-00200925 |
| 31-12-2021 | abbreviated format | 18-06-2022 | 2022-20087234 |
| 31-12-2020 | micro format | 25-06-2021 | 2021-26100035 |
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Of the 19,838 active companies whose main activity is joinery installation (NACE 43320), figures are known for 9,198. 7,744 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 · 1 entry · €300 awarded · €300 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.