AM-CO: 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.
AM-CO
Largest movements
- Receivables after one year -€219,544
down €219,544 (-48.6%), from €451,644 to €232,100
- Receivables within one year -€108,699
down €108,699 (-66.0%), from €164,635 to €55,936
of which Trade receivables: -€61,000
- Tangible fixed assets -€11,996
down €11,996 (-52.8%), from €22,732 to €10,736
of which Furniture and vehicles: -€11,864
- Cash -€7,189
down €7,189 (-13.3%), from €54,013 to €46,824
mainly Contributions, distributions and other (-€383,500) and Short-term financial debts (-€10,372)
- Reserves -€337,685
down €337,685 (-50.6%), from €667,830 to €330,145
of which Distributable reserves: -€337,685
- Short-term financial debts -€10,372
down €10,372 (-63.7%), from €16,275 to €5,903
- Gross operating margin -€85,211
down €85,211 (-55.7%), from €153,032 to €67,821
- Taxes -€26,778
down €26,778 (-58.4%), from €45,854 to €19,076
- Financial income -€2,003
down €2,003 (-13.8%), from €14,471 to €12,467
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 | €702,052 | €350,374 | -€351,678 | -50.1% |
| Fixed assets | 21/28 | €23,982 | €11,986 | -€11,996 | -50.0% |
| Tangible fixed assets | 22/27 | €22,732 | €10,736 | -€11,996 | -52.8% |
| Plant, machinery and equipment | 23 | €3,769 | €3,637 | -€132 | -3.5% |
| Furniture and vehicles | 24 | €18,963 | €7,099 | -€11,864 | -62.6% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €678,070 | €338,388 | -€339,682 | -50.1% |
| Amounts receivable after more than one year | 29 | €451,644 | €232,100 | -€219,544 | -48.6% |
| Other amounts receivable | 291 | €451,644 | €232,100 | -€219,544 | -48.6% |
| Amounts receivable within one year | 40/41 | €164,635 | €55,936 | -€108,699 | -66.0% |
| Trade receivables | 40 | €77,000 | €16,000 | -€61,000 | -79.2% |
| Other amounts receivable | 41 | €87,635 | €39,936 | -€47,699 | -54.4% |
| Cash at bank and in hand | 54/58 | €54,013 | €46,824 | -€7,189 | -13.3% |
| Deferred charges and accrued income | 490/1 | €7,778 | €3,528 | -€4,250 | -54.6% |
| Total equity and liabilities | 10/49 | €702,052 | €350,374 | -€351,678 | -50.1% |
| Equity | 10/15 | €678,130 | €340,445 | -€337,685 | -49.8% |
| Contributions | 10/11 | €10,300 | €10,300 | = | 0.0% |
| Reserves | 13 | €667,830 | €330,145 | -€337,685 | -50.6% |
| Tax-exempt reserves | 132 | €322 | €322 | = | 0.0% |
| Distributable reserves | 133 | €667,508 | €329,824 | -€337,685 | -50.6% |
| Amounts payable | 17/49 | €23,923 | €9,929 | -€13,993 | -58.5% |
| Amounts payable within one year | 42/48 | €23,923 | €9,929 | -€13,993 | -58.5% |
| Current portion of amounts payable after more than one year | 42 | €6,840 | - | -€6,840 | |
| Financial debts | 43 | €16,275 | €5,903 | -€10,372 | -63.7% |
| Credit institutions | 430/8 | €16,275 | €5,903 | -€10,372 | -63.7% |
| Trade debts | 44 | €807 | €526 | -€281 | -34.9% |
| Suppliers | 440/4 | €807 | €526 | -€281 | -34.9% |
| Taxes, remuneration and social security | 45 | - | €3,500 | +€3,500 | |
| Taxes | 450/3 | - | €3,500 | +€3,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,408 | €13,810 | +€402 | +3.0% |
| Other operating charges | 640/8 | €556 | €572 | +€16 | +2.9% |
| Non-recurring operating charges | 66A | €389 | - | -€389 | |
| Gross operating margin | 9900 | €153,032 | €67,821 | -€85,211 | -55.7% |
| Operating profit (loss) | 9901 | €138,679 | €53,440 | -€85,240 | -61.5% |
| Financial income | 75/76B | €14,471 | €12,467 | -€2,003 | -13.8% |
| Recurring financial income | 75 | €14,471 | €12,467 | -€2,003 | -13.8% |
| Financial charges | 65/66B | €949 | €1,015 | +€66 | +7.0% |
| Recurring financial charges | 65 | €949 | €1,015 | +€66 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €152,201 | €64,892 | -€87,309 | -57.4% |
| Income taxes | 67/77 | €45,854 | €19,076 | -€26,778 | -58.4% |
| Profit (loss) for the period | 9904 | €106,347 | €45,815 | -€60,531 | -56.9% |
| Profit (loss) for the period to be appropriated | 9905 | €106,347 | €45,815 | -€60,531 | -56.9% |
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 7 October 2026 via checked.be.