AM-D MANAGEMENT: 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-D MANAGEMENT
Largest movements
- Receivables within one year +€19,703
up €19,703 (+27.8%), from €70,789 to €90,492
- Cash +€14,458
up €14,458 (+829%), from €1,744 to €16,202
mainly Net result for the year (+€46,554) and Depreciation (+€134)
- Reserves +€46,554
up €46,554 (+32.5%), from €143,287 to €189,841
- Tax, wage and social debts -€11,229
down €11,229 (-35.7%), from €31,473 to €20,244
- Gross operating margin +€7,828
up €7,828 (+12.9%), from €60,838 to €68,666
- Taxes +€1,976
up €1,976 (+10.0%), from €19,823 to €21,799
- Other operating charges -€991
down €991 (-92.5%), from €1,071 to €80
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 | €194,666 | €229,085 | +€34,419 | +17.7% |
| Fixed assets | 21/28 | €134 | €0 | -€134 | -100% |
| Tangible fixed assets | 22/27 | €134 | €0 | -€134 | -100% |
| Furniture and vehicles | 24 | €134 | €0 | -€134 | -100% |
| Current assets | 29/58 | €194,532 | €229,085 | +€34,553 | +17.8% |
| Amounts receivable after more than one year | 29 | €117,000 | €117,000 | = | 0.0% |
| Other amounts receivable | 291 | €117,000 | €117,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €70,789 | €90,492 | +€19,703 | +27.8% |
| Other amounts receivable | 41 | €70,789 | €90,492 | +€19,703 | +27.8% |
| Cash at bank and in hand | 54/58 | €1,744 | €16,202 | +€14,458 | +829% |
| Deferred charges and accrued income | 490/1 | €5,000 | €5,391 | +€391 | +7.8% |
| Total equity and liabilities | 10/49 | €194,666 | €229,085 | +€34,419 | +17.7% |
| Equity | 10/15 | €161,887 | €208,441 | +€46,554 | +28.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,287 | €189,841 | +€46,554 | +32.5% |
| Distributable reserves | 133 | €143,287 | €189,841 | +€46,554 | +32.5% |
| Amounts payable | 17/49 | €32,779 | €20,644 | -€12,135 | -37.0% |
| Amounts payable within one year | 42/48 | €31,473 | €20,244 | -€11,229 | -35.7% |
| Taxes, remuneration and social security | 45 | €31,473 | €20,244 | -€11,229 | -35.7% |
| Taxes | 450/3 | €31,473 | €20,244 | -€11,229 | -35.7% |
| Accrued charges and deferred income | 492/3 | €1,306 | €400 | -€906 | -69.4% |
| Non-recurring operating income | 76A | - | €4,525 | +€4,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306 | €134 | -€172 | -56.2% |
| Other operating charges | 640/8 | €1,071 | €80 | -€991 | -92.5% |
| Gross operating margin | 9900 | €60,838 | €68,666 | +€7,828 | +12.9% |
| Operating profit (loss) | 9901 | €59,461 | €68,452 | +€8,991 | +15.1% |
| Financial charges | 65/66B | €215 | €99 | -€116 | -53.9% |
| Recurring financial charges | 65 | €215 | €99 | -€116 | -53.9% |
| Profit (loss) for the period before taxes | 9903 | €59,246 | €68,353 | +€9,107 | +15.4% |
| Income taxes | 67/77 | €19,823 | €21,799 | +€1,976 | +10.0% |
| Profit (loss) for the period | 9904 | €39,424 | €46,554 | +€7,130 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,424 | €46,554 | +€7,130 | +18.1% |
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 27 October 2026 via checked.be.