AM Performance: 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 Performance
Largest movements
- Receivables within one year +€26,854
up €26,854 (+146.1%), from €18,375 to €45,228
of which Trade receivables: +€27,736
- Tangible fixed assets +€20,205
up €20,205 (+34.3%), from €58,840 to €79,046
of which Leasing and similar rights: +€29,819
- Cash -€10,368
down €10,368 (-30.9%), from €33,596 to €23,228
mainly Contributions, distributions and other (-€60,000) and Investment in fixed assets (net) (-€31,515)
- Deferred charges and accrued income -€5,903
down €5,903 (-78.7%), from €7,499 to €1,596
- Other debts +€52,274
up €52,274 (+242.0%), from €21,599 to €73,873
- Profit (loss) carried forward -€13,551
down €13,551 (-29.6%), from €45,707 to €32,156
- Debts after one year -€6,866
down €6,866 (-22.9%), from €29,985 to €23,119
- Trade debts +€5,880
up €5,880 (+2087.5%), from €282 to €6,162
- Current portion of long-term debt -€5,498
down €5,498 (-51.4%), from €10,692 to €5,193
- Gross operating margin +€74,602
up €74,602 (+409002.3%), from €18 to €74,620
- Taxes +€7,438
up €7,438, from €0 to €7,438
- Depreciation -€5,202
down €5,202 (-31.5%), from €16,512 to €11,310
- Other operating charges +€4,640
up €4,640 (+234.1%), from €1,982 to €6,622
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 | €118,310 | €149,098 | +€30,788 | +26.0% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €58,840 | €79,046 | +€20,205 | +34.3% |
| Tangible fixed assets | 22/27 | €58,840 | €79,046 | +€20,205 | +34.3% |
| Plant, machinery and equipment | 23 | €1,150 | €894 | -€256 | -22.3% |
| Furniture and vehicles | 24 | €57,690 | €48,333 | -€9,358 | -16.2% |
| Leasing and similar rights | 25 | - | €29,819 | +€29,819 | |
| Current assets | 29/58 | €59,470 | €70,053 | +€10,583 | +17.8% |
| Amounts receivable within one year | 40/41 | €18,375 | €45,228 | +€26,854 | +146.1% |
| Trade receivables | 40 | €16,850 | €44,586 | +€27,736 | +164.6% |
| Other amounts receivable | 41 | €1,525 | €642 | -€883 | -57.9% |
| Cash at bank and in hand | 54/58 | €33,596 | €23,228 | -€10,368 | -30.9% |
| Deferred charges and accrued income | 490/1 | €7,499 | €1,596 | -€5,903 | -78.7% |
| Total equity and liabilities | 10/49 | €118,310 | €149,098 | +€30,788 | +26.0% |
| Equity | 10/15 | €49,707 | €36,156 | -€13,551 | -27.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,707 | €32,156 | -€13,551 | -29.6% |
| Amounts payable | 17/49 | €68,603 | €112,943 | +€44,339 | +64.6% |
| Amounts payable after more than one year | 17 | €29,985 | €23,119 | -€6,866 | -22.9% |
| Financial debts | 170/4 | €29,985 | €23,119 | -€6,866 | -22.9% |
| Amounts payable within one year | 42/48 | €38,618 | €89,754 | +€51,136 | +132.4% |
| Current portion of amounts payable after more than one year | 42 | €10,692 | €5,193 | -€5,498 | -51.4% |
| Trade debts | 44 | €282 | €6,162 | +€5,880 | +2087.5% |
| Suppliers | 440/4 | €282 | €6,162 | +€5,880 | +2087.5% |
| Taxes, remuneration and social security | 45 | €6,046 | €4,526 | -€1,520 | -25.1% |
| Taxes | 450/3 | €6,046 | €4,526 | -€1,520 | -25.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €21,599 | €73,873 | +€52,274 | +242.0% |
| Accrued charges and deferred income | 492/3 | - | €70 | +€70 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,512 | €11,310 | -€5,202 | -31.5% |
| Other operating charges | 640/8 | €1,982 | €6,622 | +€4,640 | +234.1% |
| Gross operating margin | 9900 | €18 | €74,620 | +€74,602 | +409002.3% |
| Operating profit (loss) | 9901 | -€18,475 | €56,689 | +€75,164 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,229 | €2,802 | +€573 | +25.7% |
| Recurring financial charges | 65 | €2,229 | €2,802 | +€573 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | -€20,705 | €53,886 | +€74,591 | |
| Income taxes | 67/77 | €0 | €7,438 | +€7,438 | |
| Profit (loss) for the period | 9904 | -€20,705 | €46,449 | +€67,153 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,705 | €46,449 | +€67,153 |
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 12 October 2026 via checked.be.