AM PROJECTS: 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 PROJECTS
Largest movements
- Receivables after one year +€950,000
new in 2025: €950,000
- Receivables within one year +€136,907
up €136,907 (+18.6%), from €737,230 to €874,137
of which Other amounts receivable: +€736,907
- Debts after one year +€859,286
up €859,286 (+269%), from €320,000 to €1.2m
- Profit (loss) carried forward +€572,829
up €572,829 (+38.4%), from €1.5m to €2.1m
- Other debts -€432,956
down €432,956 (-90.5%), from €478,272 to €45,316
- Current portion of long-term debt +€127,143
up €127,143, from €0 to €127,143
- Taxes -€66,500
down €66,500 (-39.1%), from €170,058 to €103,557
- Financial income +€25,360
up €25,360 (+4,559%), from €556 to €25,917
- Gross operating margin -€16,198
down €16,198 (-2.3%), from €712,655 to €696,457
- Financial charges +€12,098
up €12,098 (+35.8%), from €33,761 to €45,859
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.
Derived cash bridge
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 | €2,490,491 | €3,573,050 | +€1.1m | +43.5% |
| Fixed assets | 21/28 | €1,715,000 | €1,715,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,715,000 | €1,715,000 | = | 0.0% |
| Current assets | 29/58 | €775,491 | €1,858,050 | +€1.1m | +140% |
| Amounts receivable after more than one year | 29 | - | €950,000 | +€950,000 | |
| Other amounts receivable | 291 | - | €950,000 | +€950,000 | |
| Amounts receivable within one year | 40/41 | €737,230 | €874,137 | +€136,907 | +18.6% |
| Trade receivables | 40 | €700,000 | €100,000 | -€600,000 | -85.7% |
| Other amounts receivable | 41 | €37,230 | €774,137 | +€736,907 | +1,979% |
| Cash at bank and in hand | 54/58 | €37,705 | €7,440 | -€30,265 | -80.3% |
| Deferred charges and accrued income | 490/1 | €556 | €26,473 | +€25,917 | +4,659% |
| Total equity and liabilities | 10/49 | €2,490,491 | €3,573,050 | +€1.1m | +43.5% |
| Equity | 10/15 | €1,504,127 | €2,083,156 | +€579,029 | +38.5% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,489,867 | €2,062,696 | +€572,829 | +38.4% |
| Amounts payable | 17/49 | €986,364 | €1,489,894 | +€503,530 | +51.0% |
| Amounts payable after more than one year | 17 | €320,000 | €1,179,286 | +€859,286 | +269% |
| Financial debts | 170/4 | €320,000 | €1,179,286 | +€859,286 | +269% |
| Amounts payable within one year | 42/48 | €621,759 | €255,827 | -€365,932 | -58.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €127,143 | +€127,143 | |
| Financial debts | 43 | €50,710 | €33,680 | -€17,031 | -33.6% |
| Credit institutions | 430/8 | €50,710 | €33,680 | -€17,031 | -33.6% |
| Trade debts | 44 | €53,360 | €17,673 | -€35,687 | -66.9% |
| Suppliers | 440/4 | €53,360 | €17,673 | -€35,687 | -66.9% |
| Advances received on contracts in progress | 46 | €19,360 | €0 | -€19,360 | -100% |
| Taxes, remuneration and social security | 45 | €20,058 | €32,016 | +€11,958 | +59.6% |
| Taxes | 450/3 | €20,058 | €32,016 | +€11,958 | +59.6% |
| Other amounts payable | 47/48 | €478,272 | €45,316 | -€432,956 | -90.5% |
| Accrued charges and deferred income | 492/3 | €44,605 | €54,781 | +€10,177 | +22.8% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €712,655 | €696,457 | -€16,198 | -2.3% |
| Operating profit (loss) | 9901 | €712,529 | €696,329 | -€16,200 | -2.3% |
| Financial income | 75/76B | €556 | €25,917 | +€25,360 | +4,559% |
| Recurring financial income | 75 | €556 | €25,917 | +€25,360 | +4,559% |
| Financial charges | 65/66B | €33,761 | €45,859 | +€12,098 | +35.8% |
| Recurring financial charges | 65 | €33,761 | €45,859 | +€12,098 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €679,324 | €676,386 | -€2,938 | -0.4% |
| Income taxes | 67/77 | €170,058 | €103,557 | -€66,500 | -39.1% |
| Profit (loss) for the period | 9904 | €509,267 | €572,829 | +€63,563 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €509,267 | €572,829 | +€63,563 | +12.5% |
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 15 October 2026 via checked.be.