A.M.D.: 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.D.
Largest movements
- Cash -€28,248
down €28,248 (-31.8%), from €88,764 to €60,516
mainly Trade debts (-€42,623) and Net result for the year (-€37,343)
- Tangible fixed assets -€26,709
down €26,709 (-22.3%), from €119,502 to €92,793
of which Plant, machinery and equipment: -€25,052
- Trade debts -€42,623
down €42,623 (-92.5%), from €46,057 to €3,434
- Profit (loss) carried forward -€37,343
down €37,343 (-74.8%), from €49,910 to €12,567
- Gross operating margin -€675,874
down €675,874, from €638,524 to -€37,349
- Taxes -€165,946
down €165,946 (-99.8%), from €166,235 to €290
- Financial income -€28,530
down €28,530 (-43.3%), from €65,861 to €37,331
- Other operating charges -€19,263
down €19,263 (-65.4%), from €29,439 to €10,176
- Depreciation +€6,423
up €6,423 (+31.7%), from €20,286 to €26,709
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 | €2,539,308 | €2,461,272 | -€78,036 | -3.1% |
| Fixed assets | 21/28 | €119,502 | €92,793 | -€26,709 | -22.3% |
| Tangible fixed assets | 22/27 | €119,502 | €92,793 | -€26,709 | -22.3% |
| Land and buildings | 22 | €49,198 | €47,900 | -€1,298 | -2.6% |
| Plant, machinery and equipment | 23 | €69,946 | €44,894 | -€25,052 | -35.8% |
| Furniture and vehicles | 24 | €358 | - | -€358 | |
| Current assets | 29/58 | €2,419,806 | €2,368,478 | -€51,327 | -2.1% |
| Stocks and contracts in progress | 3 | €80 | €116 | +€36 | +44.7% |
| Stocks | 30/36 | €80 | €116 | +€36 | +44.7% |
| Amounts receivable within one year | 40/41 | €14,508 | €13,399 | -€1,110 | -7.6% |
| Trade receivables | 40 | - | €1,619 | +€1,619 | |
| Other amounts receivable | 41 | €14,508 | €11,780 | -€2,728 | -18.8% |
| Current investments | 50/53 | €2,313,022 | €2,289,129 | -€23,893 | -1.0% |
| Cash at bank and in hand | 54/58 | €88,764 | €60,516 | -€28,248 | -31.8% |
| Deferred charges and accrued income | 490/1 | €3,432 | €5,319 | +€1,887 | +55.0% |
| Total equity and liabilities | 10/49 | €2,539,308 | €2,461,272 | -€78,036 | -3.1% |
| Equity | 10/15 | €2,487,010 | €2,449,667 | -€37,343 | -1.5% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €2,374,600 | €2,374,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €568,350 | €568,350 | = | 0.0% |
| Distributable reserves | 133 | €1,800,000 | €1,800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,910 | €12,567 | -€37,343 | -74.8% |
| Amounts payable | 17/49 | €52,297 | €11,604 | -€40,693 | -77.8% |
| Amounts payable after more than one year | 17 | €6,240 | €8,171 | +€1,931 | +30.9% |
| Other amounts payable | 178/9 | €6,240 | €8,171 | +€1,931 | +30.9% |
| Amounts payable within one year | 42/48 | €46,057 | €3,434 | -€42,623 | -92.5% |
| Trade debts | 44 | €46,057 | €3,434 | -€42,623 | -92.5% |
| Suppliers | 440/4 | €46,057 | €3,434 | -€42,623 | -92.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,286 | €26,709 | +€6,423 | +31.7% |
| Other operating charges | 640/8 | €29,439 | €10,176 | -€19,263 | -65.4% |
| Gross operating margin | 9900 | €638,524 | -€37,349 | -€675,874 | |
| Operating profit (loss) | 9901 | €588,800 | -€74,234 | -€663,034 | |
| Financial income | 75/76B | €65,861 | €37,331 | -€28,530 | -43.3% |
| Recurring financial income | 75 | €65,861 | €37,331 | -€28,530 | -43.3% |
| Financial charges | 65/66B | €172 | €151 | -€21 | -12.1% |
| Recurring financial charges | 65 | €172 | €151 | -€21 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €654,489 | -€37,054 | -€691,543 | |
| Income taxes | 67/77 | €166,235 | €290 | -€165,946 | -99.8% |
| Profit (loss) for the period | 9904 | €488,254 | -€37,343 | -€525,597 | |
| Transfer to tax-exempt reserves | 689 | €252,600 | - | -€252,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €235,654 | -€37,343 | -€272,997 |
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 17 October 2026 via checked.be.