AEM: 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.
AEM
Largest movements
- Cash -€404,480
down €404,480 (-99.9%), from €404,803 to €323
mainly Contributions, distributions and other (-€400,000) and Net result for the year (-€15,360)
- Tangible fixed assets -€10,514
down €10,514 (-4.1%), from €259,085 to €248,571
of which Land and buildings: -€10,578
- Contributions -€400,000
down €400,000 (-46.2%), from €865,000 to €465,000
- Profit (loss) carried forward -€15,360
down €15,360 (-8.2%), from -€186,295 to -€201,655
- Gross operating margin +€19,994
up €19,994 (+84.0%), from -€23,791 to -€3,797
- Depreciation -€3,196
down €3,196 (-23.3%), from €13,710 to €10,514
- Other operating charges -€1,551
down €1,551 (-45.9%), from €3,382 to €1,831
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 | €679,165 | €263,808 | -€415,357 | -61.2% |
| Fixed assets | 21/28 | €259,085 | €248,571 | -€10,514 | -4.1% |
| Tangible fixed assets | 22/27 | €259,085 | €248,571 | -€10,514 | -4.1% |
| Land and buildings | 22 | €259,001 | €248,424 | -€10,578 | -4.1% |
| Plant, machinery and equipment | 23 | €84 | €147 | +€63 | +76.0% |
| Current assets | 29/58 | €420,080 | €15,237 | -€404,843 | -96.4% |
| Amounts receivable within one year | 40/41 | €14,316 | €13,790 | -€526 | -3.7% |
| Other amounts receivable | 41 | €14,316 | €13,790 | -€526 | -3.7% |
| Cash at bank and in hand | 54/58 | €404,803 | €323 | -€404,480 | -99.9% |
| Deferred charges and accrued income | 490/1 | €961 | €1,124 | +€163 | +17.0% |
| Total equity and liabilities | 10/49 | €679,165 | €263,808 | -€415,357 | -61.2% |
| Equity | 10/15 | €678,705 | €263,345 | -€415,360 | -61.2% |
| Contributions | 10/11 | €865,000 | €465,000 | -€400,000 | -46.2% |
| Capital | 10 | €865,000 | €465,000 | -€400,000 | -46.2% |
| Issued capital | 100 | €865,000 | €465,000 | -€400,000 | -46.2% |
| Profit (loss) carried forward | 14 | -€186,295 | -€201,655 | -€15,360 | -8.2% |
| Amounts payable | 17/49 | €460 | €462 | +€3 | +0.6% |
| Amounts payable within one year | 42/48 | €460 | €462 | +€3 | +0.6% |
| Trade debts | 44 | €460 | - | -€460 | |
| Suppliers | 440/4 | €460 | - | -€460 | |
| Other amounts payable | 47/48 | - | €462 | +€462 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,710 | €10,514 | -€3,196 | -23.3% |
| Other operating charges | 640/8 | €3,382 | €1,831 | -€1,551 | -45.9% |
| Non-recurring operating charges | 66A | €56,796 | - | -€56,796 | |
| Gross operating margin | 9900 | -€23,791 | -€3,797 | +€19,994 | +84.0% |
| Operating profit (loss) | 9901 | -€97,680 | -€16,143 | +€81,537 | +83.5% |
| Financial income | 75/76B | €636 | €783 | +€147 | +23.2% |
| Recurring financial income | 75 | €636 | €783 | +€147 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | -€97,044 | -€15,360 | +€81,684 | +84.2% |
| Profit (loss) for the period | 9904 | -€97,044 | -€15,360 | +€81,684 | +84.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,044 | -€15,360 | +€81,684 | +84.2% |
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 28 September 2026 via checked.be.