AAMS: 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.
AAMS
Largest movements
- Receivables within one year +€119,482
up €119,482 (+163.2%), from €73,219 to €192,701
of which Trade receivables: +€119,015
- Cash +€49,571
up €49,571 (+6580.7%), from €753 to €50,324
mainly Accrued charges and deferred income (+€136,214) and Depreciation (+€96,296)
- Stocks and contracts +€45,012
up €45,012 (+6.1%), from €743,309 to €788,320
of which Stocks: +€40,012
- Tangible fixed assets -€41,152
down €41,152 (-8.3%), from €493,307 to €452,155
of which Land and buildings: -€22,352
- Accrued charges and deferred income +€136,214
up €136,214 (+911.0%), from €14,953 to €151,167
- Reserves +€72,564
up €72,564 (+40.8%), from €177,862 to €250,426
- Debts after one year -€42,175
down €42,175 (-19.3%), from €218,984 to €176,809
- Short-term financial debts +€39,855
up €39,855 (+17.3%), from €230,145 to €270,000
- Current portion of long-term debt -€22,104
down €22,104 (-34.4%), from €64,280 to €42,175
- Gross operating margin +€58,477
up €58,477 (+21.2%), from €275,294 to €333,772
- Staff costs +€24,139
up €24,139 (+24.2%), from €99,564 to €123,703
- Taxes +€11,452
up €11,452 (+739.7%), from €1,548 to €13,000
- Write-downs -€5,750
down €5,750, from €0 to -€5,750
- Financial charges -€3,999
down €3,999 (-13.6%), from €29,348 to €25,349
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 | €1,484,983 | €1,669,653 | +€184,670 | +12.4% |
| Fixed assets | 21/28 | €650,176 | €624,816 | -€25,360 | -3.9% |
| Intangible fixed assets | 21 | €156,869 | €172,661 | +€15,792 | +10.1% |
| Tangible fixed assets | 22/27 | €493,307 | €452,155 | -€41,152 | -8.3% |
| Land and buildings | 22 | €433,675 | €411,323 | -€22,352 | -5.2% |
| Plant, machinery and equipment | 23 | €55,517 | €37,589 | -€17,928 | -32.3% |
| Furniture and vehicles | 24 | €4,114 | €3,242 | -€872 | -21.2% |
| Current assets | 29/58 | €834,807 | €1,044,837 | +€210,030 | +25.2% |
| Amounts receivable after more than one year | 29 | €8,531 | €4,928 | -€3,603 | -42.2% |
| Other amounts receivable | 291 | €8,531 | €4,928 | -€3,603 | -42.2% |
| Stocks and contracts in progress | 3 | €743,309 | €788,320 | +€45,012 | +6.1% |
| Stocks | 30/36 | €483,309 | €523,320 | +€40,012 | +8.3% |
| Contracts in progress | 37 | €260,000 | €265,000 | +€5,000 | +1.9% |
| Amounts receivable within one year | 40/41 | €73,219 | €192,701 | +€119,482 | +163.2% |
| Trade receivables | 40 | €61,779 | €180,794 | +€119,015 | +192.6% |
| Other amounts receivable | 41 | €11,440 | €11,907 | +€467 | +4.1% |
| Cash at bank and in hand | 54/58 | €753 | €50,324 | +€49,571 | +6580.7% |
| Deferred charges and accrued income | 490/1 | €8,996 | €8,564 | -€431 | -4.8% |
| Total equity and liabilities | 10/49 | €1,484,983 | €1,669,653 | +€184,670 | +12.4% |
| Equity | 10/15 | €494,609 | €567,173 | +€72,564 | +14.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €177,862 | €250,426 | +€72,564 | +40.8% |
| Distributable reserves | 133 | €177,862 | €250,426 | +€72,564 | +40.8% |
| Profit (loss) carried forward | 14 | €298,196 | €298,196 | = | 0.0% |
| Amounts payable | 17/49 | €990,374 | €1,102,480 | +€112,106 | +11.3% |
| Amounts payable after more than one year | 17 | €218,984 | €176,809 | -€42,175 | -19.3% |
| Financial debts | 170/4 | €218,984 | €176,809 | -€42,175 | -19.3% |
| Amounts payable within one year | 42/48 | €756,437 | €774,504 | +€18,067 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €64,280 | €42,175 | -€22,104 | -34.4% |
| Financial debts | 43 | €230,145 | €270,000 | +€39,855 | +17.3% |
| Credit institutions | 430/8 | €230,145 | €270,000 | +€39,855 | +17.3% |
| Trade debts | 44 | €189,663 | €185,275 | -€4,387 | -2.3% |
| Suppliers | 440/4 | €189,663 | €185,275 | -€4,387 | -2.3% |
| Advances received on contracts in progress | 46 | €177,000 | €177,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €27,266 | €31,969 | +€4,703 | +17.3% |
| Taxes | 450/3 | €5,127 | €13,921 | +€8,794 | +171.5% |
| Remuneration and social security | 454/9 | €22,139 | €18,048 | -€4,090 | -18.5% |
| Other amounts payable | 47/48 | €68,084 | €68,084 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €14,953 | €151,167 | +€136,214 | +911.0% |
| Remuneration, social security and pensions | 62 | €99,564 | €123,703 | +€24,139 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,371 | €96,296 | +€2,925 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€5,750 | -€5,750 | |
| Other operating charges | 640/8 | €7,037 | €7,570 | +€533 | +7.6% |
| Non-recurring operating charges | 66A | €0 | €1,591 | +€1,591 | |
| Gross operating margin | 9900 | €275,294 | €333,772 | +€58,477 | +21.2% |
| Operating profit (loss) | 9901 | €75,322 | €110,362 | +€35,039 | +46.5% |
| Financial income | 75/76B | €812 | €551 | -€261 | -32.1% |
| Recurring financial income | 75 | €812 | €551 | -€261 | -32.1% |
| Financial charges | 65/66B | €29,348 | €25,349 | -€3,999 | -13.6% |
| Recurring financial charges | 65 | €29,348 | €25,349 | -€3,999 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €46,786 | €85,564 | +€38,778 | +82.9% |
| Income taxes | 67/77 | €1,548 | €13,000 | +€11,452 | +739.7% |
| Profit (loss) for the period | 9904 | €45,238 | €72,564 | +€27,326 | +60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,238 | €72,564 | +€27,326 | +60.4% |
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 6 October 2026 via checked.be.