A.M.-MANAGEMENT: 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.-MANAGEMENT
Largest movements
- Tangible fixed assets -€131,696
down €131,696 (-4.8%), from €2.7m to €2.6m
of which Land and buildings: -€129,763
- Receivables after one year -€50,000
down €50,000 (-3.0%), from €1.7m to €1.6m
- Debts after one year -€188,000
down €188,000 (-7.0%), from €2.7m to €2.5m
- Financial income +€70,579
new in 2025: €70,579
- Financial charges +€39,840
up €39,840 (+74.5%), from €53,467 to €93,308
- Taxes +€3,360
new in 2025: €3,360
- Gross operating margin -€2,493
down €2,493 (-1.3%), from €196,625 to €194,133
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,419,628 | €4,223,830 | -€195,798 | -4.4% |
| Fixed assets | 21/28 | €2,730,203 | €2,598,506 | -€131,696 | -4.8% |
| Tangible fixed assets | 22/27 | €2,730,203 | €2,598,506 | -€131,696 | -4.8% |
| Land and buildings | 22 | €2,717,041 | €2,587,278 | -€129,763 | -4.8% |
| Furniture and vehicles | 24 | €13,162 | €11,228 | -€1,933 | -14.7% |
| Current assets | 29/58 | €1,689,425 | €1,625,323 | -€64,102 | -3.8% |
| Amounts receivable after more than one year | 29 | €1,650,000 | €1,600,000 | -€50,000 | -3.0% |
| Other amounts receivable | 291 | €1,650,000 | €1,600,000 | -€50,000 | -3.0% |
| Amounts receivable within one year | 40/41 | €39,425 | €25,323 | -€14,102 | -35.8% |
| Trade receivables | 40 | €39,425 | €23,193 | -€16,233 | -41.2% |
| Other amounts receivable | 41 | - | €2,131 | +€2,131 | |
| Total equity and liabilities | 10/49 | €4,419,628 | €4,223,830 | -€195,798 | -4.4% |
| Equity | 10/15 | €1,500,757 | €1,519,775 | +€19,018 | +1.3% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Capital | 10 | €310,000 | €310,000 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,597,722 | €1,597,722 | = | 0.0% |
| Reserves | 13 | €70,800 | €70,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,000 | €31,000 | = | 0.0% |
| Legal reserve | 130 | €31,000 | €31,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €21,050 | €21,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€477,765 | -€458,747 | +€19,018 | +4.0% |
| Amounts payable | 17/49 | €2,918,871 | €2,704,054 | -€214,817 | -7.4% |
| Amounts payable after more than one year | 17 | €2,680,581 | €2,492,582 | -€188,000 | -7.0% |
| Financial debts | 170/4 | €2,680,581 | €2,492,582 | -€188,000 | -7.0% |
| Amounts payable within one year | 42/48 | €218,277 | €191,029 | -€27,248 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €183,419 | €188,000 | +€4,581 | +2.5% |
| Trade debts | 44 | - | €3,030 | +€3,030 | |
| Suppliers | 440/4 | - | €3,030 | +€3,030 | |
| Taxes, remuneration and social security | 45 | €34,858 | - | -€34,858 | |
| Taxes | 450/3 | €34,858 | - | -€34,858 | |
| Accrued charges and deferred income | 492/3 | €20,013 | €20,443 | +€431 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,203 | €131,696 | +€494 | +0.4% |
| Other operating charges | 640/8 | €16,243 | €17,330 | +€1,087 | +6.7% |
| Gross operating margin | 9900 | €196,625 | €194,133 | -€2,493 | -1.3% |
| Operating profit (loss) | 9901 | €49,180 | €45,107 | -€4,073 | -8.3% |
| Financial income | 75/76B | - | €70,579 | +€70,579 | |
| Recurring financial income | 75 | - | €70,579 | +€70,579 | |
| Financial charges | 65/66B | €53,467 | €93,308 | +€39,840 | +74.5% |
| Recurring financial charges | 65 | €53,467 | €93,308 | +€39,840 | +74.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,288 | €22,378 | +€26,666 | |
| Income taxes | 67/77 | - | €3,360 | +€3,360 | |
| Profit (loss) for the period | 9904 | -€4,288 | €19,018 | +€23,306 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,288 | €19,018 | +€23,306 |
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 29 October 2026 via checked.be.