AM CHALLENGES: 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 CHALLENGES
Largest movements
- Financial fixed assets -€200,000
no longer reported in 2025 (was €200,000)
- Cash -€97,408
down €97,408 (-63.8%), from €152,575 to €55,167
mainly Net result for the year (-€142,844) and Other debts (-€127,136)
- Receivables within one year +€12,360
up €12,360 (+13.9%), from €88,718 to €101,079
of which Other amounts receivable: +€15,044
- Tangible fixed assets -€10,776
down €10,776 (-4.8%), from €226,159 to €215,383
of which Land and buildings: -€9,936
- Other debts -€127,136
no longer reported in 2025 (was €127,136)
- Reserves -€99,848
down €99,848 (-98.2%), from €101,708 to €1,860
of which Distributable reserves: -€99,848
- Debts after one year -€59,718
down €59,718 (-17.2%), from €346,604 to €286,886
- Profit (loss) carried forward -€42,996
new in 2025: -€42,996
- Tax, wage and social debts +€24,582
up €24,582 (+179%), from €13,704 to €38,285
- Financial charges +€255,992
up €255,992 (+2,124%), from €12,054 to €268,046
of which Non-recurring financial charges: +€200,000
- Gross operating margin +€76,904
up €76,904 (+91.5%), from €84,058 to €160,962
- Taxes +€5,451
up €5,451 (+29.6%), from €18,444 to €23,895
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 | €667,452 | €371,629 | -€295,824 | -44.3% |
| Fixed assets | 21/28 | €426,159 | €215,383 | -€210,776 | -49.5% |
| Tangible fixed assets | 22/27 | €226,159 | €215,383 | -€10,776 | -4.8% |
| Land and buildings | 22 | €223,016 | €213,080 | -€9,936 | -4.5% |
| Furniture and vehicles | 24 | €3,143 | €2,303 | -€840 | -26.7% |
| Financial fixed assets | 28 | €200,000 | - | -€200,000 | |
| Current assets | 29/58 | €241,294 | €156,246 | -€85,048 | -35.2% |
| Amounts receivable within one year | 40/41 | €88,718 | €101,079 | +€12,360 | +13.9% |
| Trade receivables | 40 | €32,162 | €29,478 | -€2,684 | -8.3% |
| Other amounts receivable | 41 | €56,556 | €71,601 | +€15,044 | +26.6% |
| Cash at bank and in hand | 54/58 | €152,575 | €55,167 | -€97,408 | -63.8% |
| Total equity and liabilities | 10/49 | €667,452 | €371,629 | -€295,824 | -44.3% |
| Equity | 10/15 | €120,308 | -€22,536 | -€142,844 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,708 | €1,860 | -€99,848 | -98.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €99,848 | - | -€99,848 | |
| Profit (loss) carried forward | 14 | - | -€42,996 | -€42,996 | |
| Amounts payable | 17/49 | €547,144 | €394,164 | -€152,979 | -28.0% |
| Amounts payable after more than one year | 17 | €346,604 | €286,886 | -€59,718 | -17.2% |
| Financial debts | 170/4 | €346,604 | €286,886 | -€59,718 | -17.2% |
| Amounts payable within one year | 42/48 | €200,540 | €107,279 | -€93,261 | -46.5% |
| Current portion of amounts payable after more than one year | 42 | €54,827 | €61,644 | +€6,816 | +12.4% |
| Trade debts | 44 | €4,873 | €7,350 | +€2,477 | +50.8% |
| Suppliers | 440/4 | €4,873 | €7,350 | +€2,477 | +50.8% |
| Taxes, remuneration and social security | 45 | €13,704 | €38,285 | +€24,582 | +179% |
| Taxes | 450/3 | €13,704 | €38,285 | +€24,582 | +179% |
| Other amounts payable | 47/48 | €127,136 | - | -€127,136 | |
| Non-recurring operating income | 76A | €20 | - | -€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,776 | €10,776 | = | 0.0% |
| Other operating charges | 640/8 | €1,737 | €1,093 | -€644 | -37.1% |
| Gross operating margin | 9900 | €84,058 | €160,962 | +€76,904 | +91.5% |
| Operating profit (loss) | 9901 | €71,546 | €149,093 | +€77,547 | +108% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €12,054 | €268,046 | +€255,992 | +2,124% |
| Recurring financial charges | 65 | €12,054 | €68,046 | +€55,992 | +465% |
| Non-recurring financial charges | 66B | - | €200,000 | +€200,000 | |
| Profit (loss) for the period before taxes | 9903 | €59,492 | -€118,949 | -€178,441 | |
| Income taxes | 67/77 | €18,444 | €23,895 | +€5,451 | +29.6% |
| Profit (loss) for the period | 9904 | €41,048 | -€142,844 | -€183,892 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,048 | -€142,844 | -€183,892 |
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 25 October 2026 via checked.be.