AM DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Cash -€387,887
down €387,887 (-56.4%), from €687,990 to €300,103
mainly Receivables after one year (-€206,000) and Current investments (-€175,000)
- Receivables after one year +€206,000
up €206,000 (+528%), from €39,000 to €245,000
- Current investments +€175,000
up €175,000 (+140%), from €125,000 to €300,000
- Tangible fixed assets -€16,030
down €16,030 (-10.5%), from €152,780 to €136,750
- Receivables within one year +€13,815
up €13,815 (+136%), from €10,183 to €23,998
of which Trade receivables: +€17,142
- Tax, wage and social debts +€18,718
up €18,718 (+66.8%), from €28,013 to €46,731
- Reserves -€13,250
down €13,250 (-1.5%), from €882,360 to €869,110
of which Distributable reserves: -€13,250
- Debts after one year -€10,416
down €10,416 (-16.9%), from €61,710 to €51,294
- Gross operating margin +€25,190
up €25,190 (+17.3%), from €145,797 to €170,987
- Taxes +€7,423
up €7,423 (+16.9%), from €43,902 to €51,325
- Financial income -€5,326
down €5,326 (-40.2%), from €13,249 to €7,923
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 | €1,019,676 | €1,010,194 | -€9,482 | -0.9% |
| Fixed assets | 21/28 | €152,780 | €136,750 | -€16,030 | -10.5% |
| Tangible fixed assets | 22/27 | €152,780 | €136,750 | -€16,030 | -10.5% |
| Land and buildings | 22 | €123,806 | €117,817 | -€5,989 | -4.8% |
| Furniture and vehicles | 24 | €10,743 | €3,323 | -€7,420 | -69.1% |
| Other tangible fixed assets | 26 | €18,231 | €15,610 | -€2,621 | -14.4% |
| Current assets | 29/58 | €866,896 | €873,444 | +€6,548 | +0.8% |
| Amounts receivable after more than one year | 29 | €39,000 | €245,000 | +€206,000 | +528% |
| Other amounts receivable | 291 | €39,000 | €245,000 | +€206,000 | +528% |
| Amounts receivable within one year | 40/41 | €10,183 | €23,998 | +€13,815 | +136% |
| Trade receivables | 40 | €192 | €17,334 | +€17,142 | +8,928% |
| Other amounts receivable | 41 | €9,991 | €6,664 | -€3,327 | -33.3% |
| Current investments | 50/53 | €125,000 | €300,000 | +€175,000 | +140% |
| Cash at bank and in hand | 54/58 | €687,990 | €300,103 | -€387,887 | -56.4% |
| Deferred charges and accrued income | 490/1 | €4,723 | €4,343 | -€380 | -8.0% |
| Total equity and liabilities | 10/49 | €1,019,676 | €1,010,194 | -€9,482 | -0.9% |
| Equity | 10/15 | €903,415 | €890,222 | -€13,193 | -1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €882,360 | €869,110 | -€13,250 | -1.5% |
| Tax-exempt reserves | 132 | €42,500 | €42,500 | = | 0.0% |
| Distributable reserves | 133 | €839,860 | €826,610 | -€13,250 | -1.6% |
| Profit (loss) carried forward | 14 | €2,455 | €2,512 | +€57 | +2.3% |
| Amounts payable | 17/49 | €116,261 | €119,972 | +€3,711 | +3.2% |
| Amounts payable after more than one year | 17 | €61,710 | €51,294 | -€10,416 | -16.9% |
| Financial debts | 170/4 | €61,710 | €51,294 | -€10,416 | -16.9% |
| Amounts payable within one year | 42/48 | €54,551 | €68,678 | +€14,127 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €10,221 | €10,416 | +€195 | +1.9% |
| Trade debts | 44 | €16,317 | €11,531 | -€4,786 | -29.3% |
| Suppliers | 440/4 | €16,317 | €11,531 | -€4,786 | -29.3% |
| Taxes, remuneration and social security | 45 | €28,013 | €46,731 | +€18,718 | +66.8% |
| Taxes | 450/3 | €28,013 | €46,731 | +€18,718 | +66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,783 | €16,030 | -€753 | -4.5% |
| Other operating charges | 640/8 | €2,480 | €2,240 | -€240 | -9.7% |
| Gross operating margin | 9900 | €145,797 | €170,987 | +€25,190 | +17.3% |
| Operating profit (loss) | 9901 | €126,534 | €152,717 | +€26,183 | +20.7% |
| Financial income | 75/76B | €13,249 | €7,923 | -€5,326 | -40.2% |
| Recurring financial income | 75 | €13,249 | €7,923 | -€5,326 | -40.2% |
| Financial charges | 65/66B | €1,927 | €1,758 | -€169 | -8.8% |
| Recurring financial charges | 65 | €1,927 | €1,758 | -€169 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €137,856 | €158,882 | +€21,026 | +15.3% |
| Income taxes | 67/77 | €43,902 | €51,325 | +€7,423 | +16.9% |
| Profit (loss) for the period | 9904 | €93,954 | €107,557 | +€13,603 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €93,954 | €107,557 | +€13,603 | +14.5% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.