A & M: 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.
A & M
Largest movements
- Cash -€67,477
down €67,477 (-91.5%), from €73,728 to €6,250
mainly Contributions, distributions and other (-€125,460) and Trade debts (-€20,897)
- Receivables within one year -€44,147
down €44,147 (-18.4%), from €239,691 to €195,543
of which Other amounts receivable: -€81,281
- Tangible fixed assets -€12,671
down €12,671 (-50.7%), from €24,972 to €12,301
of which Leasing and similar rights: -€20,302
- Reserves -€117,226
down €117,226 (-56.8%), from €206,365 to €89,139
- Other debts +€23,747
up €23,747 (+43.7%), from €54,320 to €78,067
- Trade debts -€20,897
down €20,897 (-82.8%), from €25,250 to €4,353
- Current portion of long-term debt -€16,042
no longer reported in 2025 (was €16,042)
- Tax, wage and social debts +€6,116
up €6,116 (+276%), from €2,218 to €8,334
- Gross operating margin -€13,462
down €13,462 (-30.8%), from €43,649 to €30,187
- Financial income -€4,659
down €4,659 (-32.9%), from €14,172 to €9,513
- Depreciation -€3,452
down €3,452 (-13.1%), from €26,319 to €22,867
- Taxes -€2,975
down €2,975 (-41.1%), from €7,229 to €4,255
- Financial charges -€1,561
down €1,561 (-40.7%), from €3,836 to €2,275
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 | €340,448 | €216,148 | -€124,300 | -36.5% |
| Fixed assets | 21/28 | €25,960 | €13,289 | -€12,671 | -48.8% |
| Tangible fixed assets | 22/27 | €24,972 | €12,301 | -€12,671 | -50.7% |
| Land and buildings | 22 | €2,112 | - | -€2,112 | |
| Plant, machinery and equipment | 23 | - | €1,593 | +€1,593 | |
| Furniture and vehicles | 24 | €2,558 | €10,708 | +€8,150 | +319% |
| Leasing and similar rights | 25 | €20,302 | - | -€20,302 | |
| Financial fixed assets | 28 | €988 | €988 | = | 0.0% |
| Current assets | 29/58 | €314,489 | €202,860 | -€111,629 | -35.5% |
| Amounts receivable within one year | 40/41 | €239,691 | €195,543 | -€44,147 | -18.4% |
| Trade receivables | 40 | €22,277 | €59,411 | +€37,134 | +167% |
| Other amounts receivable | 41 | €217,414 | €136,133 | -€81,281 | -37.4% |
| Cash at bank and in hand | 54/58 | €73,728 | €6,250 | -€67,477 | -91.5% |
| Deferred charges and accrued income | 490/1 | €1,070 | €1,066 | -€4 | -0.4% |
| Total equity and liabilities | 10/49 | €340,448 | €216,148 | -€124,300 | -36.5% |
| Equity | 10/15 | €242,620 | €125,394 | -€117,225 | -48.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €206,365 | €89,139 | -€117,226 | -56.8% |
| Distributable reserves | 133 | €206,365 | €89,139 | -€117,226 | -56.8% |
| Profit (loss) carried forward | 14 | €15,795 | €15,795 | +€1 | 0.0% |
| Amounts payable | 17/49 | €97,829 | €90,754 | -€7,075 | -7.2% |
| Amounts payable within one year | 42/48 | €97,829 | €90,754 | -€7,075 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €16,042 | - | -€16,042 | |
| Trade debts | 44 | €25,250 | €4,353 | -€20,897 | -82.8% |
| Suppliers | 440/4 | €25,250 | €4,353 | -€20,897 | -82.8% |
| Taxes, remuneration and social security | 45 | €2,218 | €8,334 | +€6,116 | +276% |
| Taxes | 450/3 | €2,218 | €8,334 | +€6,116 | +276% |
| Other amounts payable | 47/48 | €54,320 | €78,067 | +€23,747 | +43.7% |
| Remuneration, social security and pensions | 62 | €934 | - | -€934 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,319 | €22,867 | -€3,452 | -13.1% |
| Other operating charges | 640/8 | €1,718 | €2,068 | +€350 | +20.4% |
| Gross operating margin | 9900 | €43,649 | €30,187 | -€13,462 | -30.8% |
| Operating profit (loss) | 9901 | €14,678 | €5,251 | -€9,426 | -64.2% |
| Financial income | 75/76B | €14,172 | €9,513 | -€4,659 | -32.9% |
| Recurring financial income | 75 | €14,172 | €9,513 | -€4,659 | -32.9% |
| Financial charges | 65/66B | €3,836 | €2,275 | -€1,561 | -40.7% |
| Recurring financial charges | 65 | €3,836 | €2,275 | -€1,561 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €25,014 | €12,489 | -€12,524 | -50.1% |
| Income taxes | 67/77 | €7,229 | €4,255 | -€2,975 | -41.1% |
| Profit (loss) for the period | 9904 | €17,784 | €8,235 | -€9,549 | -53.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,784 | €8,235 | -€9,549 | -53.7% |
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 18 October 2026 via checked.be.