AMADEUS Holding: 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.
What changed
AMADEUS Holding
NACE 64.310, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€739,306
2024 · €2.2m-€2.9m
Equity
€6.2m
2024 · €13.2m-€7.0m
Cash
€32,928
2024 · €47,439-€14,511
Balance sheet total
€6.5m
2024 · €14.0m-€7.5m
Largest movements
Assets
- Receivables after one year -€4.0m
no longer reported in 2025 (was €4.0m)
- Financial fixed assets -€2.4m
down €2.4m (-30.2%), from €8.1m to €5.7m
- Receivables within one year -€1.1m
down €1.1m (-60.6%), from €1.8m to €708,233
of which Other amounts receivable: -€1.2m
Equity and liabilities
- Reserves -€4.2m
down €4.2m (-89.7%), from €4.7m to €479,460
- Profit (loss) carried forward -€2.8m
no longer reported in 2025 (was €2.8m)
- Other debts -€211,003
down €211,003 (-57.3%), from €368,114 to €157,111
- Tax, wage and social debts -€175,743
down €175,743 (-78.8%), from €223,088 to €47,345
of which Taxes: -€170,410
Income statement
- Financial charges +€2.2m
up €2.2m (+1,173%), from €186,189 to €2.4m
- Gross operating margin -€585,556
down €585,556 (-90.8%), from €644,714 to €59,158
- Financial income -€246,288
down €246,288 (-11.7%), from €2.1m to €1.9m
- Write-downs -€100,000
no longer reported in 2025 (was €100,000)
- Staff costs +€29,861
up €29,861 (+13.4%), from €222,774 to €252,635
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.
Result 2024
€2.2m
Gross operating margin
-€585,556
Staff costs
-€29,861
Depreciation
-€6,856
Write-downs
+€100,000
Other operating charges
+€109
Other operating items
-€4,300
Financial income
-€246,288
Financial charges
-€2.2m
Taxes
+€28,405
Result 2025
-€739,306
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.9m
Investment
+€2.4m
Financing
-€6.4m
Cash 2024
€47,439
From operations (derived)
+€3.9m
Net result for the year
-€739,306
Depreciation
+€21,473
Receivables after one year
+€4.0m
Smaller working-capital items
-€5,402
Receivables within one year
+€1.1m
Trade debts
-€20,289
Tax, wage and social debts
-€175,743
Other debts
-€211,003
Investment (derived)
+€2.4m
Investment in fixed assets (net)
+€2.4m
Financing
-€6.4m
Debts after one year
+€9,800
Current portion of long-term debt
-€124,292
Contributions, distributions and other
-€6.3m
Cash 2025
€32,928
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,021,438 | €6,510,311 | -€7.5m | -53.6% |
| Fixed assets | 21/28 | €8,186,504 | €5,746,115 | -€2.4m | -29.8% |
| Intangible fixed assets | 21 | - | €8,798 | +€8,798 | |
| Tangible fixed assets | 22/27 | €86,085 | €85,587 | -€498 | -0.6% |
| Furniture and vehicles | 24 | €67,834 | €52,855 | -€14,979 | -22.1% |
| Leasing and similar rights | 25 | - | €16,485 | +€16,485 | |
| Other tangible fixed assets | 26 | €18,251 | €16,247 | -€2,004 | -11.0% |
| Financial fixed assets | 28 | €8,100,419 | €5,651,730 | -€2.4m | -30.2% |
| Current assets | 29/58 | €5,834,934 | €764,196 | -€5.1m | -86.9% |
| Amounts receivable after more than one year | 29 | €3,981,675 | - | -€4.0m | |
| Other amounts receivable | 291 | €3,981,675 | - | -€4.0m | |
| Stocks and contracts in progress | 3 | €5,361 | €10,801 | +€5,440 | +101% |
| Stocks | 30/36 | €5,361 | €10,801 | +€5,440 | +101% |
| Amounts receivable within one year | 40/41 | €1,797,478 | €708,233 | -€1.1m | -60.6% |
| Trade receivables | 40 | €14,206 | €76,102 | +€61,896 | +436% |
| Other amounts receivable | 41 | €1,783,272 | €632,131 | -€1.2m | -64.6% |
| Cash at bank and in hand | 54/58 | €47,439 | €32,928 | -€14,511 | -30.6% |
| Deferred charges and accrued income | 490/1 | €2,981 | €12,234 | +€9,253 | +310% |
| Total equity and liabilities | 10/49 | €14,021,438 | €6,510,311 | -€7.5m | -53.6% |
| Equity | 10/15 | €13,162,656 | €6,163,765 | -€7.0m | -53.2% |
| Contributions | 10/11 | €5,684,305 | €5,684,305 | = | 0.0% |
| Reserves | 13 | €4,659,522 | €479,460 | -€4.2m | -89.7% |
| Distributable reserves | 133 | €4,659,522 | €479,460 | -€4.2m | -89.7% |
| Profit (loss) carried forward | 14 | €2,818,829 | - | -€2.8m | |
| Amounts payable | 17/49 | €858,782 | €346,546 | -€512,236 | -59.6% |
| Amounts payable after more than one year | 17 | - | €9,800 | +€9,800 | |
| Financial debts | 170/4 | - | €9,800 | +€9,800 | |
| Amounts payable within one year | 42/48 | €838,927 | €307,600 | -€531,327 | -63.3% |
| Current portion of amounts payable after more than one year | 42 | €130,000 | €5,708 | -€124,292 | -95.6% |
| Trade debts | 44 | €117,725 | €97,436 | -€20,289 | -17.2% |
| Suppliers | 440/4 | €117,725 | €97,436 | -€20,289 | -17.2% |
| Taxes, remuneration and social security | 45 | €223,088 | €47,345 | -€175,743 | -78.8% |
| Taxes | 450/3 | €175,943 | €5,533 | -€170,410 | -96.9% |
| Remuneration and social security | 454/9 | €47,145 | €41,812 | -€5,333 | -11.3% |
| Other amounts payable | 47/48 | €368,114 | €157,111 | -€211,003 | -57.3% |
| Accrued charges and deferred income | 492/3 | €19,855 | €29,146 | +€9,291 | +46.8% |
| Remuneration, social security and pensions | 62 | €222,774 | €252,635 | +€29,861 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,617 | €21,473 | +€6,856 | +46.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100,000 | - | -€100,000 | |
| Other operating charges | 640/8 | €2,922 | €2,813 | -€109 | -3.7% |
| Non-recurring operating charges | 66A | - | €4,300 | +€4,300 | |
| Gross operating margin | 9900 | €644,714 | €59,158 | -€585,556 | -90.8% |
| Operating profit (loss) | 9901 | €304,401 | -€222,063 | -€526,464 | |
| Financial income | 75/76B | €2,099,664 | €1,853,376 | -€246,288 | -11.7% |
| Recurring financial income | 75 | €2,099,664 | €1,853,376 | -€246,288 | -11.7% |
| Financial charges | 65/66B | €186,189 | €2,370,065 | +€2.2m | +1,173% |
| Recurring financial charges | 65 | €186,189 | €2,370,065 | +€2.2m | +1,173% |
| Profit (loss) for the period before taxes | 9903 | €2,217,876 | -€738,752 | -€3.0m | |
| Income taxes | 67/77 | €28,959 | €554 | -€28,405 | -98.1% |
| Profit (loss) for the period | 9904 | €2,188,917 | -€739,306 | -€2.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,188,917 | -€739,306 | -€2.9m |
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 14 October 2026 via checked.be.