AM & PM: 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 & PM
Largest movements
- Receivables within one year -€4,215
down €4,215 (-30.9%), from €13,651 to €9,436
of which Trade receivables: -€4,236
- Tangible fixed assets -€4,046
down €4,046 (-21.3%), from €19,027 to €14,981
of which Furniture and vehicles: -€4,875
- Debts after one year -€7,992
down €7,992 (-40.7%), from €19,642 to €11,650
- Other debts -€6,689
down €6,689 (-10.6%), from €63,325 to €56,637
- Profit (loss) carried forward +€2,753
up €2,753 (+3.2%), from -€86,838 to -€84,085
- Current portion of long-term debt +€2,408
up €2,408 (+43.1%), from €5,585 to €7,992
- Tax, wage and social debts +€848
up €848 (+43.7%), from €1,942 to €2,789
- Gross operating margin -€6,419
down €6,419 (-29.4%), from €21,805 to €15,385
- Financial charges -€1,030
down €1,030 (-30.3%), from €3,398 to €2,368
- Depreciation -€372
down €372 (-3.8%), from €9,703 to €9,330
- Other operating charges +€293
up €293 (+45.8%), from €640 to €934
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,018 | €24,587 | -€8,431 | -25.5% |
| Fixed assets | 21/28 | €19,197 | €15,151 | -€4,046 | -21.1% |
| Tangible fixed assets | 22/27 | €19,027 | €14,981 | -€4,046 | -21.3% |
| Plant, machinery and equipment | 23 | €4,630 | €5,459 | +€829 | +17.9% |
| Furniture and vehicles | 24 | €14,397 | €9,522 | -€4,875 | -33.9% |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €13,821 | €9,436 | -€4,385 | -31.7% |
| Amounts receivable within one year | 40/41 | €13,651 | €9,436 | -€4,215 | -30.9% |
| Trade receivables | 40 | €13,157 | €8,921 | -€4,236 | -32.2% |
| Other amounts receivable | 41 | €494 | €515 | +€20 | +4.1% |
| Deferred charges and accrued income | 490/1 | €170 | €0 | -€170 | -100.0% |
| Total equity and liabilities | 10/49 | €33,018 | €24,587 | -€8,431 | -25.5% |
| Equity | 10/15 | -€68,138 | -€65,385 | +€2,753 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,838 | -€84,085 | +€2,753 | +3.2% |
| Amounts payable | 17/49 | €101,157 | €89,972 | -€11,184 | -11.1% |
| Amounts payable after more than one year | 17 | €19,642 | €11,650 | -€7,992 | -40.7% |
| Financial debts | 170/4 | €19,642 | €11,650 | -€7,992 | -40.7% |
| Amounts payable within one year | 42/48 | €81,115 | €78,322 | -€2,792 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €5,585 | €7,992 | +€2,408 | +43.1% |
| Financial debts | 43 | €8,047 | €8,842 | +€796 | +9.9% |
| Credit institutions | 430/8 | €8,047 | €8,842 | +€796 | +9.9% |
| Trade debts | 44 | €2,216 | €2,062 | -€155 | -7.0% |
| Suppliers | 440/4 | €2,216 | €2,062 | -€155 | -7.0% |
| Taxes, remuneration and social security | 45 | €1,942 | €2,789 | +€848 | +43.7% |
| Taxes | 450/3 | €1,942 | €2,789 | +€848 | +43.7% |
| Other amounts payable | 47/48 | €63,325 | €56,637 | -€6,689 | -10.6% |
| Accrued charges and deferred income | 492/3 | €400 | €0 | -€400 | -100.0% |
| Non-recurring operating income | 76A | €4,057 | €0 | -€4,057 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,703 | €9,330 | -€372 | -3.8% |
| Other operating charges | 640/8 | €640 | €934 | +€293 | +45.8% |
| Non-recurring operating charges | 66A | €453 | €0 | -€453 | -100.0% |
| Gross operating margin | 9900 | €21,805 | €15,385 | -€6,419 | -29.4% |
| Operating profit (loss) | 9901 | €11,009 | €5,121 | -€5,888 | -53.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,398 | €2,368 | -€1,030 | -30.3% |
| Recurring financial charges | 65 | €3,398 | €2,368 | -€1,030 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €7,611 | €2,753 | -€4,858 | -63.8% |
| Income taxes | 67/77 | €157 | €0 | -€157 | -100.0% |
| Profit (loss) for the period | 9904 | €7,454 | €2,753 | -€4,701 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,454 | €2,753 | -€4,701 | -63.1% |
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 12 October 2026 via checked.be.