A4M: 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.
A4M
Largest movements
- Cash +€766,675
up €766,675 (+711.6%), from €107,735 to €874,411
mainly Current investments (+€645,170) and Net result for the year (+€154,488)
- Current investments -€645,170
down €645,170 (-76.5%), from €843,365 to €198,195
- Tangible fixed assets -€34,814
down €34,814 (-2.9%), from €1.2m to €1.2m
of which Land and buildings: -€33,226
- Receivables within one year -€34,610
down €34,610 (-58.7%), from €58,931 to €24,321
of which Trade receivables: -€22,052
- Reserves +€117,106
up €117,106 (+8.5%), from €1.4m to €1.5m
of which Distributable reserves: +€122,618
- Debts after one year -€72,137
down €72,137 (-14.5%), from €496,726 to €424,589
- Financial income +€42,776
up €42,776 (+199.5%), from €21,438 to €64,214
- Taxes +€22,190
up €22,190 (+34.7%), from €63,979 to €86,169
- Other operating charges +€17,454
up €17,454 (+233.6%), from €7,472 to €24,926
- Gross operating margin -€9,447
down €9,447 (-3.7%), from €258,319 to €248,871
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 | €2,282,689 | €2,336,023 | +€53,334 | +2.3% |
| Fixed assets | 21/28 | €1,186,492 | €1,151,678 | -€34,814 | -2.9% |
| Tangible fixed assets | 22/27 | €1,186,492 | €1,151,678 | -€34,814 | -2.9% |
| Land and buildings | 22 | €1,183,055 | €1,149,829 | -€33,226 | -2.8% |
| Plant, machinery and equipment | 23 | €170 | - | -€170 | |
| Furniture and vehicles | 24 | €3,267 | €1,849 | -€1,418 | -43.4% |
| Current assets | 29/58 | €1,096,197 | €1,184,345 | +€88,149 | +8.0% |
| Amounts receivable after more than one year | 29 | €55,000 | €55,000 | = | 0.0% |
| Other amounts receivable | 291 | €55,000 | €55,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €58,931 | €24,321 | -€34,610 | -58.7% |
| Trade receivables | 40 | €45,561 | €23,509 | -€22,052 | -48.4% |
| Other amounts receivable | 41 | €13,369 | €811 | -€12,558 | -93.9% |
| Current investments | 50/53 | €843,365 | €198,195 | -€645,170 | -76.5% |
| Cash at bank and in hand | 54/58 | €107,735 | €874,411 | +€766,675 | +711.6% |
| Deferred charges and accrued income | 490/1 | €31,166 | €32,419 | +€1,253 | +4.0% |
| Total equity and liabilities | 10/49 | €2,282,689 | €2,336,023 | +€53,334 | +2.3% |
| Equity | 10/15 | €1,673,502 | €1,790,608 | +€117,106 | +7.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Revaluation surpluses | 12 | €283,936 | €283,936 | = | 0.0% |
| Reserves | 13 | €1,379,566 | €1,496,672 | +€117,106 | +8.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,811 | €15,299 | -€5,512 | -26.5% |
| Distributable reserves | 133 | €1,356,755 | €1,479,373 | +€122,618 | +9.0% |
| Provisions and deferred taxes | 16 | €152 | - | -€152 | |
| Deferred taxes | 168 | €152 | - | -€152 | |
| Amounts payable | 17/49 | €609,035 | €545,415 | -€63,620 | -10.4% |
| Amounts payable after more than one year | 17 | €496,726 | €424,589 | -€72,137 | -14.5% |
| Financial debts | 170/4 | €496,726 | €424,589 | -€72,137 | -14.5% |
| Amounts payable within one year | 42/48 | €112,309 | €120,826 | +€8,518 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €76,637 | €77,797 | +€1,160 | +1.5% |
| Trade debts | 44 | €24,320 | €29,884 | +€5,564 | +22.9% |
| Suppliers | 440/4 | €24,320 | €29,884 | +€5,564 | +22.9% |
| Advances received on contracts in progress | 46 | €506 | €506 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,313 | €8,159 | -€2,154 | -20.9% |
| Taxes | 450/3 | €10,313 | €8,159 | -€2,154 | -20.9% |
| Other amounts payable | 47/48 | €532 | €4,480 | +€3,947 | +741.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,431 | €34,814 | +€383 | +1.1% |
| Other operating charges | 640/8 | €7,472 | €24,926 | +€17,454 | +233.6% |
| Gross operating margin | 9900 | €258,319 | €248,871 | -€9,447 | -3.7% |
| Operating profit (loss) | 9901 | €216,415 | €189,132 | -€27,283 | -12.6% |
| Financial income | 75/76B | €21,438 | €64,214 | +€42,776 | +199.5% |
| Recurring financial income | 75 | €21,438 | €64,214 | +€42,776 | +199.5% |
| Financial charges | 65/66B | €11,796 | €12,841 | +€1,045 | +8.9% |
| Recurring financial charges | 65 | €11,796 | €12,841 | +€1,045 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €226,058 | €240,505 | +€14,448 | +6.4% |
| Transfer from deferred taxes | 780 | €2,336 | €152 | -€2,184 | -93.5% |
| Income taxes | 67/77 | €63,979 | €86,169 | +€22,190 | +34.7% |
| Profit (loss) for the period | 9904 | €164,415 | €154,488 | -€9,927 | -6.0% |
| Transfer from tax-exempt reserves | 789 | €5,664 | €5,512 | -€152 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €170,079 | €160,000 | -€10,079 | -5.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.