AAM: 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.
AAM
Largest movements
- Stocks and contracts +€1.5m
up €1.5m (+122%), from €1.2m to €2.7m
of which Contracts in progress: +€1.5m
- Receivables within one year -€1.3m
down €1.3m (-18.3%), from €7.1m to €5.8m
of which Trade receivables: -€962,783
- Cash -€345,033
down €345,033 (-93.5%), from €368,901 to €23,867
mainly Stocks and contracts (-€1.5m) and Short-term financial debts (-€488,387)
- Short-term financial debts -€488,387
down €488,387 (-36.2%), from €1.4m to €861,613
- Trade debts -€236,450
down €236,450 (-9.4%), from €2.5m to €2.3m
- Other debts +€226,674
up €226,674 (+26.3%), from €862,196 to €1.1m
- Advances received +€217,544
up €217,544 (+19.0%), from €1.1m to €1.4m
- Reserves +€94,974
up €94,974 (+7.4%), from €1.3m to €1.4m
- Financial charges +€98,662
up €98,662 (+191%), from €51,685 to €150,348
- Staff costs +€78,649
up €78,649 (+40.3%), from €194,941 to €273,589
- Financial income -€37,625
down €37,625 (-99.9%), from €37,657 to €32
- Other operating charges -€31,608
down €31,608 (-77.1%), from €41,002 to €9,394
- Write-downs +€28,871
up €28,871, from -€28,871 to €0
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 | €8,840,971 | €8,613,819 | -€227,152 | -2.6% |
| Fixed assets | 21/28 | €120,040 | €78,475 | -€41,564 | -34.6% |
| Intangible fixed assets | 21 | €23,711 | €18,766 | -€4,945 | -20.9% |
| Tangible fixed assets | 22/27 | €96,194 | €59,575 | -€36,620 | -38.1% |
| Land and buildings | 22 | €1,281 | €806 | -€475 | -37.1% |
| Plant, machinery and equipment | 23 | €22,513 | €29,338 | +€6,825 | +30.3% |
| Furniture and vehicles | 24 | €36,074 | €25,458 | -€10,617 | -29.4% |
| Other tangible fixed assets | 26 | €36,326 | €3,973 | -€32,354 | -89.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €8,720,931 | €8,535,343 | -€185,588 | -2.1% |
| Stocks and contracts in progress | 3 | €1,201,607 | €2,667,291 | +€1.5m | +122% |
| Stocks | 30/36 | €106,253 | €58,136 | -€48,117 | -45.3% |
| Contracts in progress | 37 | €1,095,354 | €2,609,155 | +€1.5m | +138% |
| Amounts receivable within one year | 40/41 | €7,134,198 | €5,830,011 | -€1.3m | -18.3% |
| Trade receivables | 40 | €1,770,933 | €808,150 | -€962,783 | -54.4% |
| Other amounts receivable | 41 | €5,363,265 | €5,021,861 | -€341,405 | -6.4% |
| Cash at bank and in hand | 54/58 | €368,901 | €23,867 | -€345,033 | -93.5% |
| Deferred charges and accrued income | 490/1 | €16,226 | €14,174 | -€2,051 | -12.6% |
| Total equity and liabilities | 10/49 | €8,840,971 | €8,613,819 | -€227,152 | -2.6% |
| Equity | 10/15 | €1,297,859 | €1,392,833 | +€94,974 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,279,259 | €1,374,233 | +€94,974 | +7.4% |
| Distributable reserves | 133 | €1,279,259 | €1,374,233 | +€94,974 | +7.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €7,543,112 | €7,220,986 | -€322,127 | -4.3% |
| Amounts payable after more than one year | 17 | €1,440,453 | €1,373,937 | -€66,516 | -4.6% |
| Financial debts | 170/4 | €1,440,453 | €1,373,937 | -€66,516 | -4.6% |
| Amounts payable within one year | 42/48 | €6,102,659 | €5,847,049 | -€255,610 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €59,547 | €66,516 | +€6,969 | +11.7% |
| Financial debts | 43 | €1,350,000 | €861,613 | -€488,387 | -36.2% |
| Credit institutions | 430/8 | €1,350,000 | €861,613 | -€488,387 | -36.2% |
| Trade debts | 44 | €2,518,702 | €2,282,252 | -€236,450 | -9.4% |
| Suppliers | 440/4 | €2,518,702 | €2,282,252 | -€236,450 | -9.4% |
| Advances received on contracts in progress | 46 | €1,144,253 | €1,361,797 | +€217,544 | +19.0% |
| Taxes, remuneration and social security | 45 | €167,962 | €186,001 | +€18,039 | +10.7% |
| Taxes | 450/3 | €141,832 | €167,761 | +€25,929 | +18.3% |
| Remuneration and social security | 454/9 | €26,130 | €18,239 | -€7,890 | -30.2% |
| Other amounts payable | 47/48 | €862,196 | €1,088,870 | +€226,674 | +26.3% |
| Non-recurring operating income | 76A | €50,113 | €26,658 | -€23,455 | -46.8% |
| Remuneration, social security and pensions | 62 | €194,941 | €273,589 | +€78,649 | +40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,326 | €59,639 | +€6,313 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€28,871 | €0 | +€28,871 | |
| Other operating charges | 640/8 | €41,002 | €9,394 | -€31,608 | -77.1% |
| Non-recurring operating charges | 66A | €70,805 | €0 | -€70,805 | -100% |
| Gross operating margin | 9900 | €624,987 | €626,569 | +€1,582 | +0.3% |
| Operating profit (loss) | 9901 | €293,785 | €283,947 | -€9,838 | -3.3% |
| Financial income | 75/76B | €37,657 | €32 | -€37,625 | -99.9% |
| Recurring financial income | 75 | €37,657 | €32 | -€37,625 | -99.9% |
| Financial charges | 65/66B | €51,685 | €150,348 | +€98,662 | +191% |
| Recurring financial charges | 65 | €51,685 | €150,348 | +€98,662 | +191% |
| Profit (loss) for the period before taxes | 9903 | €279,756 | €133,631 | -€146,125 | -52.2% |
| Income taxes | 67/77 | €24,703 | €38,656 | +€13,953 | +56.5% |
| Profit (loss) for the period | 9904 | €255,053 | €94,974 | -€160,079 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €255,053 | €94,974 | -€160,079 | -62.8% |
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 14 October 2026 via checked.be.