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
- Receivables within one year -€2.8m
down €2.8m (-65.0%), from €4.3m to €1.5m
of which Other amounts receivable: -€2.6m
- Cash +€455,364
up €455,364 (+371%), from €122,670 to €578,034
mainly Receivables within one year (+€2.8m) and Depreciation (+€294,162)
- Tangible fixed assets -€222,094
down €222,094 (-30.9%), from €719,858 to €497,764
of which Furniture and vehicles: -€220,382
- Other debts -€2.5m
down €2.5m (-99.7%), from €2.6m to €7,296
- Tax, wage and social debts -€89,594
down €89,594 (-55.2%), from €162,357 to €72,763
of which Taxes: -€104,037
- Gross operating margin -€270,097
down €270,097 (-34.3%), from €788,363 to €518,266
- Taxes -€85,189
down €85,189 (-94.4%), from €90,213 to €5,024
- Depreciation +€25,261
up €25,261 (+9.4%), from €268,901 to €294,162
- Other operating charges +€25,239
up €25,239 (+140%), from €18,009 to €43,249
- Staff costs -€13,159
down €13,159 (-7.7%), from €171,195 to €158,035
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 | €5,209,131 | €2,620,693 | -€2.6m | -49.7% |
| Fixed assets | 21/28 | €719,993 | €497,764 | -€222,229 | -30.9% |
| Tangible fixed assets | 22/27 | €719,858 | €497,764 | -€222,094 | -30.9% |
| Plant, machinery and equipment | 23 | €6,078 | €4,365 | -€1,712 | -28.2% |
| Furniture and vehicles | 24 | €713,780 | €493,399 | -€220,382 | -30.9% |
| Financial fixed assets | 28 | €135 | - | -€135 | |
| Current assets | 29/58 | €4,489,137 | €2,122,930 | -€2.4m | -52.7% |
| Stocks and contracts in progress | 3 | €31,958 | €27,649 | -€4,309 | -13.5% |
| Stocks | 30/36 | €31,958 | €27,649 | -€4,309 | -13.5% |
| Amounts receivable within one year | 40/41 | €4,334,509 | €1,517,247 | -€2.8m | -65.0% |
| Trade receivables | 40 | €628,322 | €403,838 | -€224,485 | -35.7% |
| Other amounts receivable | 41 | €3,706,187 | €1,113,409 | -€2.6m | -70.0% |
| Cash at bank and in hand | 54/58 | €122,670 | €578,034 | +€455,364 | +371% |
| Total equity and liabilities | 10/49 | €5,209,131 | €2,620,693 | -€2.6m | -49.7% |
| Equity | 10/15 | €2,331,583 | €2,356,623 | +€25,040 | +1.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,325,383 | €2,350,423 | +€25,040 | +1.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,323,523 | €2,348,563 | +€25,040 | +1.1% |
| Amounts payable | 17/49 | €2,877,548 | €264,071 | -€2.6m | -90.8% |
| Amounts payable within one year | 42/48 | €2,877,548 | €264,071 | -€2.6m | -90.8% |
| Trade debts | 44 | €162,285 | €184,012 | +€21,727 | +13.4% |
| Suppliers | 440/4 | €162,285 | €184,012 | +€21,727 | +13.4% |
| Taxes, remuneration and social security | 45 | €162,357 | €72,763 | -€89,594 | -55.2% |
| Taxes | 450/3 | €155,936 | €51,898 | -€104,037 | -66.7% |
| Remuneration and social security | 454/9 | €6,421 | €20,865 | +€14,444 | +225% |
| Other amounts payable | 47/48 | €2,552,906 | €7,296 | -€2.5m | -99.7% |
| Non-recurring operating income | 76A | €50,385 | - | -€50,385 | |
| Remuneration, social security and pensions | 62 | €171,195 | €158,035 | -€13,159 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,901 | €294,162 | +€25,261 | +9.4% |
| Other operating charges | 640/8 | €18,009 | €43,249 | +€25,239 | +140% |
| Gross operating margin | 9900 | €788,363 | €518,266 | -€270,097 | -34.3% |
| Operating profit (loss) | 9901 | €330,259 | €22,820 | -€307,438 | -93.1% |
| Financial income | 75/76B | €9,572 | €7,283 | -€2,288 | -23.9% |
| Recurring financial income | 75 | €9,572 | €7,283 | -€2,288 | -23.9% |
| Financial charges | 65/66B | €333 | €40 | -€293 | -88.0% |
| Recurring financial charges | 65 | €333 | €40 | -€293 | -88.0% |
| Profit (loss) for the period before taxes | 9903 | €339,498 | €30,064 | -€309,434 | -91.1% |
| Income taxes | 67/77 | €90,213 | €5,024 | -€85,189 | -94.4% |
| Profit (loss) for the period | 9904 | €249,285 | €25,040 | -€224,245 | -90.0% |
| Profit (loss) for the period to be appropriated | 9905 | €249,285 | €25,040 | -€224,245 | -90.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.