AM & ASSOCIES: 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.
AM & ASSOCIES
Largest movements
- Cash +€101,261
up €101,261 (+320%), from €31,667 to €132,927
mainly Current investments (+€73,353) and Other debts (+€47,433)
- Current investments -€73,353
down €73,353 (-27.4%), from €267,632 to €194,279
- Tangible fixed assets -€14,152
down €14,152 (-75.2%), from €18,810 to €4,658
of which Furniture and vehicles: -€14,152
- Other debts +€47,433
up €47,433 (+41,203%), from €115 to €47,549
- Reserves -€40,436
down €40,436 (-11.1%), from €364,909 to €324,474
of which Tax-exempt reserves: -€84,200
- Gross operating margin -€13,649
down €13,649 (-21.5%), from €63,340 to €49,692
- Taxes -€4,924
down €4,924 (-30.7%), from €16,028 to €11,104
- Financial income +€2,198
up €2,198 (+56.7%), from €3,879 to €6,077
- Other operating charges -€809
down €809 (-64.5%), from €1,255 to €446
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €383,211 | €394,424 | +€11,214 | +2.9% |
| Fixed assets | 21/28 | €21,310 | €7,158 | -€14,152 | -66.4% |
| Tangible fixed assets | 22/27 | €18,810 | €4,658 | -€14,152 | -75.2% |
| Furniture and vehicles | 24 | €18,810 | €4,658 | -€14,152 | -75.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €361,900 | €387,266 | +€25,366 | +7.0% |
| Amounts receivable within one year | 40/41 | €60,805 | €60,060 | -€745 | -1.2% |
| Trade receivables | 40 | €14,048 | €15,579 | +€1,531 | +10.9% |
| Other amounts receivable | 41 | €46,757 | €44,481 | -€2,276 | -4.9% |
| Current investments | 50/53 | €267,632 | €194,279 | -€73,353 | -27.4% |
| Cash at bank and in hand | 54/58 | €31,667 | €132,927 | +€101,261 | +320% |
| Deferred charges and accrued income | 490/1 | €1,797 | - | -€1,797 | |
| Total equity and liabilities | 10/49 | €383,211 | €394,424 | +€11,214 | +2.9% |
| Equity | 10/15 | €369,909 | €329,474 | -€40,436 | -10.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €364,909 | €324,474 | -€40,436 | -11.1% |
| Tax-exempt reserves | 132 | €136,825 | €52,625 | -€84,200 | -61.5% |
| Distributable reserves | 133 | €228,084 | €271,849 | +€43,764 | +19.2% |
| Amounts payable | 17/49 | €13,301 | €64,951 | +€51,649 | +388% |
| Amounts payable after more than one year | 17 | €258 | €4,061 | +€3,803 | +1,472% |
| Other amounts payable | 178/9 | €258 | €4,061 | +€3,803 | +1,472% |
| Amounts payable within one year | 42/48 | €13,043 | €60,889 | +€47,846 | +367% |
| Current portion of amounts payable after more than one year | 42 | €3,416 | €1,694 | -€1,722 | -50.4% |
| Trade debts | 44 | €0 | €1,352 | +€1,352 | |
| Suppliers | 440/4 | - | €1,352 | +€1,352 | |
| Taxes, remuneration and social security | 45 | €9,512 | €10,294 | +€783 | +8.2% |
| Taxes | 450/3 | €9,512 | €10,294 | +€783 | +8.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €115 | €47,549 | +€47,433 | +41,203% |
| Non-recurring operating income | 76A | - | €5,337 | +€5,337 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,852 | €3,580 | -€272 | -7.1% |
| Other operating charges | 640/8 | €1,255 | €446 | -€809 | -64.5% |
| Non-recurring operating charges | 66A | €596 | €841 | +€244 | +41.0% |
| Gross operating margin | 9900 | €63,340 | €49,692 | -€13,649 | -21.5% |
| Operating profit (loss) | 9901 | €57,637 | €44,826 | -€12,811 | -22.2% |
| Financial income | 75/76B | €3,879 | €6,077 | +€2,198 | +56.7% |
| Recurring financial income | 75 | €3,879 | €6,077 | +€2,198 | +56.7% |
| Financial charges | 65/66B | €386 | €150 | -€236 | -61.2% |
| Recurring financial charges | 65 | €386 | €150 | -€236 | -61.2% |
| Profit (loss) for the period before taxes | 9903 | €61,130 | €50,753 | -€10,377 | -17.0% |
| Income taxes | 67/77 | €16,028 | €11,104 | -€4,924 | -30.7% |
| Profit (loss) for the period | 9904 | €45,102 | €39,649 | -€5,453 | -12.1% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,102 | €123,849 | +€78,747 | +175% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.