AM Group: 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 Group
Largest movements
- Receivables within one year -€24,174
down €24,174 (-40.8%), from €59,224 to €35,051
- Tangible fixed assets +€11,142
up €11,142 (+25.1%), from €44,359 to €55,501
of which Furniture and vehicles: +€11,292
- Tax, wage and social debts -€21,048
down €21,048 (-57.4%), from €36,667 to €15,618
of which Remuneration and social security: -€12,516
- Profit (loss) carried forward +€20,246
no longer reported in 2025 (was -€20,246)
- Trade debts -€17,858
down €17,858 (-34.7%), from €51,498 to €33,640
- Debts after one year -€10,277
down €10,277 (-55.3%), from €18,583 to €8,307
- Other debts +€9,981
up €9,981 (+46.2%), from €21,605 to €31,586
- Staff costs -€27,323
down €27,323 (-30.0%), from €91,014 to €63,691
- Gross operating margin +€19,164
up €19,164 (+21.1%), from €90,999 to €110,163
- Depreciation +€7,748
up €7,748 (+146.4%), from €5,291 to €13,038
- Financial charges -€4,559
down €4,559 (-46.8%), from €9,734 to €5,175
- Other operating charges -€1,537
down €1,537 (-27.7%), from €5,544 to €4,007
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 | €129,657 | €114,325 | -€15,331 | -11.8% |
| Fixed assets | 21/28 | €65,699 | €76,841 | +€11,142 | +17.0% |
| Tangible fixed assets | 22/27 | €44,359 | €55,501 | +€11,142 | +25.1% |
| Plant, machinery and equipment | 23 | €1,368 | €1,218 | -€150 | -11.0% |
| Furniture and vehicles | 24 | €42,991 | €54,283 | +€11,292 | +26.3% |
| Financial fixed assets | 28 | €21,340 | €21,340 | = | 0.0% |
| Current assets | 29/58 | €63,958 | €37,484 | -€26,474 | -41.4% |
| Amounts receivable within one year | 40/41 | €59,224 | €35,051 | -€24,174 | -40.8% |
| Trade receivables | 40 | €59,224 | €35,051 | -€24,174 | -40.8% |
| Cash at bank and in hand | 54/58 | €1,148 | €0 | -€1,147 | -100.0% |
| Deferred charges and accrued income | 490/1 | €3,586 | €2,434 | -€1,152 | -32.1% |
| Total equity and liabilities | 10/49 | €129,657 | €114,325 | -€15,331 | -11.8% |
| Equity | 10/15 | -€11,061 | €13,074 | +€24,135 | |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €185 | €4,074 | +€3,889 | +2102.7% |
| Distributable reserves | 133 | €185 | €4,074 | +€3,889 | +2102.7% |
| Profit (loss) carried forward | 14 | -€20,246 | - | +€20,246 | |
| Amounts payable | 17/49 | €140,717 | €101,251 | -€39,466 | -28.0% |
| Amounts payable after more than one year | 17 | €18,583 | €8,307 | -€10,277 | -55.3% |
| Financial debts | 170/4 | €18,583 | €8,307 | -€10,277 | -55.3% |
| Amounts payable within one year | 42/48 | €121,470 | €91,121 | -€30,349 | -25.0% |
| Current portion of amounts payable after more than one year | 42 | €9,432 | €10,277 | +€844 | +9.0% |
| Financial debts | 43 | €2,268 | - | -€2,268 | |
| Credit institutions | 430/8 | €2,268 | - | -€2,268 | |
| Trade debts | 44 | €51,498 | €33,640 | -€17,858 | -34.7% |
| Suppliers | 440/4 | €51,498 | €33,640 | -€17,858 | -34.7% |
| Taxes, remuneration and social security | 45 | €36,667 | €15,618 | -€21,048 | -57.4% |
| Taxes | 450/3 | €16,842 | €8,310 | -€8,532 | -50.7% |
| Remuneration and social security | 454/9 | €19,825 | €7,309 | -€12,516 | -63.1% |
| Other amounts payable | 47/48 | €21,605 | €31,586 | +€9,981 | +46.2% |
| Accrued charges and deferred income | 492/3 | €664 | €1,823 | +€1,160 | +174.7% |
| Remuneration, social security and pensions | 62 | €91,014 | €63,691 | -€27,323 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,291 | €13,038 | +€7,748 | +146.4% |
| Other operating charges | 640/8 | €5,544 | €4,007 | -€1,537 | -27.7% |
| Gross operating margin | 9900 | €90,999 | €110,163 | +€19,164 | +21.1% |
| Operating profit (loss) | 9901 | -€10,850 | €29,426 | +€40,276 | |
| Financial income | 75/76B | €389 | €142 | -€248 | -63.7% |
| Recurring financial income | 75 | €389 | €142 | -€248 | -63.7% |
| Financial charges | 65/66B | €9,734 | €5,175 | -€4,559 | -46.8% |
| Recurring financial charges | 65 | €9,734 | €5,175 | -€4,559 | -46.8% |
| Profit (loss) for the period before taxes | 9903 | -€20,194 | €24,393 | +€44,587 | |
| Income taxes | 67/77 | €51 | €258 | +€207 | +403.1% |
| Profit (loss) for the period | 9904 | -€20,246 | €24,135 | +€44,381 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,246 | €24,135 | +€44,381 |
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 9 October 2026 via checked.be.