AM GROUP: 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 GROUP
Largest movements
- Cash -€52,071
down €52,071 (-50.7%), from €102,613 to €50,542
mainly Contributions, distributions and other (-€183,544) and Receivables within one year (-€29,053)
- Receivables within one year +€29,053
up €29,053 (+214.7%), from €13,532 to €42,585
of which Trade receivables: +€25,395
- Stocks and contracts -€22,335
down €22,335 (-46.5%), from €48,033 to €25,698
- Reserves -€141,740
no longer reported in 2025 (was €141,740)
- Other debts +€62,632
up €62,632 (+4760.0%), from €1,316 to €63,948
- Trade debts +€25,444
up €25,444 (+2464.9%), from €1,032 to €26,477
- Tax, wage and social debts +€7,170
up €7,170 (+38.1%), from €18,832 to €26,001
- Gross operating margin -€12,910
down €12,910 (-19.1%), from €67,483 to €54,573
- Depreciation -€3,126
no longer reported in 2025 (was €3,126)
- Taxes -€2,268
down €2,268 (-16.7%), from €13,610 to €11,342
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 | €164,919 | €118,826 | -€46,094 | -27.9% |
| Current assets | 29/58 | €164,919 | €118,826 | -€46,094 | -27.9% |
| Stocks and contracts in progress | 3 | €48,033 | €25,698 | -€22,335 | -46.5% |
| Stocks | 30/36 | €48,033 | €25,698 | -€22,335 | -46.5% |
| Amounts receivable within one year | 40/41 | €13,532 | €42,585 | +€29,053 | +214.7% |
| Trade receivables | 40 | €13,532 | €38,927 | +€25,395 | +187.7% |
| Other amounts receivable | 41 | - | €3,658 | +€3,658 | |
| Cash at bank and in hand | 54/58 | €102,613 | €50,542 | -€52,071 | -50.7% |
| Deferred charges and accrued income | 490/1 | €741 | - | -€741 | |
| Total equity and liabilities | 10/49 | €164,919 | €118,826 | -€46,094 | -27.9% |
| Equity | 10/15 | €143,740 | €2,000 | -€141,740 | -98.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €141,740 | - | -€141,740 | |
| Distributable reserves | 133 | €141,740 | - | -€141,740 | |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,180 | €116,826 | +€95,646 | +451.6% |
| Amounts payable within one year | 42/48 | €21,180 | €116,426 | +€95,246 | +449.7% |
| Trade debts | 44 | €1,032 | €26,477 | +€25,444 | +2464.9% |
| Suppliers | 440/4 | €1,032 | €26,477 | +€25,444 | +2464.9% |
| Taxes, remuneration and social security | 45 | €18,832 | €26,001 | +€7,170 | +38.1% |
| Taxes | 450/3 | €18,832 | €26,001 | +€7,170 | +38.1% |
| Other amounts payable | 47/48 | €1,316 | €63,948 | +€62,632 | +4760.0% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,126 | - | -€3,126 | |
| Other operating charges | 640/8 | €1,990 | €1,387 | -€603 | -30.3% |
| Gross operating margin | 9900 | €67,483 | €54,573 | -€12,910 | -19.1% |
| Operating profit (loss) | 9901 | €62,367 | €53,186 | -€9,181 | -14.7% |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.4% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €62,328 | €53,146 | -€9,182 | -14.7% |
| Income taxes | 67/77 | €13,610 | €11,342 | -€2,268 | -16.7% |
| Profit (loss) for the period | 9904 | €48,718 | €41,804 | -€6,914 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,718 | €41,804 | -€6,914 | -14.2% |
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 4 October 2026 via checked.be.