A2M: what changed
Two fiscal 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.
A2M
Largest movements
- Current investments -€128,875
down €128,875 (-99.1%), from €130,000 to €1,125
- Deferred charges and accrued income +€45,938
new in 2025: €45,938
- Receivables within one year -€34,193
down €34,193 (-2.5%), from €1.4m to €1.3m
of which Trade receivables: -€31,722
- Short-term financial debts -€261,001
down €261,001 (-78.3%), from €333,495 to €72,494
of which Credit institutions: -€333,495
- Debts after one year +€239,050
up €239,050 (+321.4%), from €74,380 to €313,430
- Other debts -€152,070
down €152,070 (-30.4%), from €499,774 to €347,704
- Tax, wage and social debts -€105,652
down €105,652 (-52.0%), from €203,145 to €97,493
of which Taxes: -€97,901
- Trade debts +€71,939
up €71,939 (+13.3%), from €542,249 to €614,188
- Gross operating margin +€330,685
up €330,685 (+595.1%), from €55,569 to €386,254
- Staff costs -€72,926
down €72,926 (-22.3%), from €326,344 to €253,418
- Depreciation +€13,709
up €13,709 (+113.0%), from €12,128 to €25,837
- Financial income +€13,683
up €13,683 (+326.9%), from €4,186 to €17,869
- Financial charges -€6,153
down €6,153 (-5.5%), from €111,396 to €105,243
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.
Cash bridge derived
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 | €1,710,526 | €1,580,649 | -€129,877 | -7.6% |
| Fixed assets | 21/28 | €124,830 | €116,672 | -€8,158 | -6.5% |
| Intangible fixed assets | 21 | €3,146 | €1,947 | -€1,199 | -38.1% |
| Tangible fixed assets | 22/27 | €120,900 | €114,587 | -€6,312 | -5.2% |
| Furniture and vehicles | 24 | €43,975 | €36,177 | -€7,797 | -17.7% |
| Other tangible fixed assets | 26 | €76,925 | €78,410 | +€1,485 | +1.9% |
| Financial fixed assets | 28 | €784 | €137 | -€647 | -82.6% |
| Current assets | 29/58 | €1,585,696 | €1,463,977 | -€121,719 | -7.7% |
| Amounts receivable within one year | 40/41 | €1,352,705 | €1,318,511 | -€34,193 | -2.5% |
| Trade receivables | 40 | €1,287,612 | €1,255,890 | -€31,722 | -2.5% |
| Other amounts receivable | 41 | €65,093 | €62,621 | -€2,472 | -3.8% |
| Current investments | 50/53 | €130,000 | €1,125 | -€128,875 | -99.1% |
| Cash at bank and in hand | 54/58 | €102,992 | €98,403 | -€4,589 | -4.5% |
| Deferred charges and accrued income | 490/1 | - | €45,938 | +€45,938 | |
| Total equity and liabilities | 10/49 | €1,710,526 | €1,580,649 | -€129,877 | -7.6% |
| Equity | 10/15 | €38,510 | €56,466 | +€17,955 | +46.6% |
| Contributions | 10/11 | €13,414 | €13,414 | = | 0.0% |
| Reserves | 13 | €25,096 | €25,096 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,341 | €1,341 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,341 | €1,341 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,615 | €2,615 | = | 0.0% |
| Distributable reserves | 133 | €21,139 | €21,139 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €17,955 | +€17,955 | |
| Amounts payable | 17/49 | €1,672,016 | €1,524,183 | -€147,832 | -8.8% |
| Amounts payable after more than one year | 17 | €74,380 | €313,430 | +€239,050 | +321.4% |
| Financial debts | 170/4 | €74,380 | €313,430 | +€239,050 | +321.4% |
| Amounts payable within one year | 42/48 | €1,597,636 | €1,210,753 | -€386,883 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €18,972 | €78,873 | +€59,901 | +315.7% |
| Financial debts | 43 | €333,495 | €72,494 | -€261,001 | -78.3% |
| Credit institutions | 430/8 | €333,495 | €0 | -€333,495 | -100.0% |
| Other loans | 439 | - | €72,494 | +€72,494 | |
| Trade debts | 44 | €542,249 | €614,188 | +€71,939 | +13.3% |
| Suppliers | 440/4 | €542,249 | €614,188 | +€71,939 | +13.3% |
| Taxes, remuneration and social security | 45 | €203,145 | €97,493 | -€105,652 | -52.0% |
| Taxes | 450/3 | €174,754 | €76,853 | -€97,901 | -56.0% |
| Remuneration and social security | 454/9 | €28,392 | €20,640 | -€7,751 | -27.3% |
| Other amounts payable | 47/48 | €499,774 | €347,704 | -€152,070 | -30.4% |
| Remuneration, social security and pensions | 62 | €326,344 | €253,418 | -€72,926 | -22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,128 | €25,837 | +€13,709 | +113.0% |
| Other operating charges | 640/8 | €2,633 | €1,430 | -€1,203 | -45.7% |
| Gross operating margin | 9900 | €55,569 | €386,254 | +€330,685 | +595.1% |
| Operating profit (loss) | 9901 | -€285,536 | €105,569 | +€391,104 | |
| Financial income | 75/76B | €4,186 | €17,869 | +€13,683 | +326.9% |
| Recurring financial income | 75 | €4,186 | €17,869 | +€13,683 | +326.9% |
| Financial charges | 65/66B | €111,396 | €105,243 | -€6,153 | -5.5% |
| Recurring financial charges | 65 | €111,396 | €105,243 | -€6,153 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | -€392,746 | €18,194 | +€410,940 | |
| Income taxes | 67/77 | €358 | €239 | -€119 | -33.3% |
| Profit (loss) for the period | 9904 | -€393,104 | €17,955 | +€411,059 | |
| Profit (loss) for the period to be appropriated | 9905 | -€393,104 | €17,955 | +€411,059 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.