5AM: what changed
5AM
Largest movements
- Receivables within one year -€46,045
down €46,045 (-91.7%), from €50,220 to €4,175
of which Trade receivables: -€45,249
- Cash -€26,272
down €26,272 (-96.9%), from €27,120 to €848
mainly Net result for the year (-€159,005) and Tax, wage and social debts (-€24,905)
- Deferred charges and accrued income -€9,727
down €9,727 (-100%), from €9,727 to €0
- Profit (loss) carried forward -€159,005
down €159,005 (-313%), from -€50,771 to -€209,776
- Trade debts +€115,148
up €115,148 (+201%), from €57,351 to €172,499
- Tax, wage and social debts -€24,905
down €24,905 (-99.2%), from €25,113 to €208
of which Remuneration and social security: -€12,747
- Short-term financial debts -€14,675
down €14,675 (-95.3%), from €15,401 to €726
- Gross operating margin -€104,742
down €104,742 (-74.9%), from €139,825 to €35,083
- Other operating charges +€8,532
up €8,532 (+1,351%), from €631 to €9,163
- Depreciation -€7,569
down €7,569 (-84.5%), from €8,962 to €1,393
- Financial charges -€3,694
down €3,694 (-81.7%), from €4,522 to €828
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,845 | €6,408 | -€83,437 | -92.9% |
| Fixed assets | 21/28 | €2,777 | €1,384 | -€1,393 | -50.2% |
| Intangible fixed assets | 21 | €1,202 | €582 | -€620 | -51.6% |
| Tangible fixed assets | 22/27 | €1,575 | €802 | -€773 | -49.1% |
| Plant, machinery and equipment | 23 | €75 | €0 | -€75 | -100% |
| Furniture and vehicles | 24 | €1,500 | €802 | -€698 | -46.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €87,067 | €5,023 | -€82,044 | -94.2% |
| Amounts receivable within one year | 40/41 | €50,220 | €4,175 | -€46,045 | -91.7% |
| Trade receivables | 40 | €46,127 | €878 | -€45,249 | -98.1% |
| Other amounts receivable | 41 | €4,094 | €3,297 | -€796 | -19.5% |
| Cash at bank and in hand | 54/58 | €27,120 | €848 | -€26,272 | -96.9% |
| Deferred charges and accrued income | 490/1 | €9,727 | €0 | -€9,727 | -100% |
| Total equity and liabilities | 10/49 | €89,845 | €6,408 | -€83,437 | -92.9% |
| Equity | 10/15 | -€24,021 | -€183,026 | -€159,005 | -662% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €8,200 | €8,200 | = | 0.0% |
| Distributable reserves | 133 | €8,200 | €8,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,771 | -€209,776 | -€159,005 | -313% |
| Amounts payable | 17/49 | €113,866 | €189,433 | +€75,568 | +66.4% |
| Amounts payable within one year | 42/48 | €113,866 | €189,433 | +€75,568 | +66.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €15,401 | €726 | -€14,675 | -95.3% |
| Other loans | 439 | €15,401 | €726 | -€14,675 | -95.3% |
| Trade debts | 44 | €57,351 | €172,499 | +€115,148 | +201% |
| Suppliers | 440/4 | €57,351 | €172,499 | +€115,148 | +201% |
| Taxes, remuneration and social security | 45 | €25,113 | €208 | -€24,905 | -99.2% |
| Taxes | 450/3 | €12,366 | €208 | -€12,159 | -98.3% |
| Remuneration and social security | 454/9 | €12,747 | €0 | -€12,747 | -100% |
| Other amounts payable | 47/48 | €16,000 | €16,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €183,657 | €182,507 | -€1,150 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,962 | €1,393 | -€7,569 | -84.5% |
| Other operating charges | 640/8 | €631 | €9,163 | +€8,532 | +1,351% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €139,825 | €35,083 | -€104,742 | -74.9% |
| Operating profit (loss) | 9901 | -€53,426 | -€157,980 | -€104,554 | -196% |
| Financial income | 75/76B | €0 | €4 | +€4 | +41,200% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +41,200% |
| Financial charges | 65/66B | €4,522 | €828 | -€3,694 | -81.7% |
| Recurring financial charges | 65 | €4,522 | €828 | -€3,694 | -81.7% |
| Profit (loss) for the period before taxes | 9903 | -€57,948 | -€158,804 | -€100,856 | -174% |
| Income taxes | 67/77 | €604 | €200 | -€404 | -66.9% |
| Profit (loss) for the period | 9904 | -€58,552 | -€159,005 | -€100,452 | -172% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,552 | -€159,005 | -€100,452 | -172% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.