AMAJ: 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.
AMAJ
Largest movements
- Tangible fixed assets +€527,319
up €527,319 (+28.4%), from €1.9m to €2.4m
of which Land and buildings: +€473,235
- Deferred charges and accrued income +€451,770
up €451,770 (+9,504%), from €4,754 to €456,524
- Cash -€99,645
down €99,645 (-30.6%), from €325,654 to €226,009
mainly Investment in fixed assets (net) (-€718,639) and Deferred charges and accrued income (-€451,770)
- Debts after one year +€822,322
up €822,322 (+239%), from €344,012 to €1.2m
- Reserves +€63,819
up €63,819 (+6.1%), from €1.0m to €1.1m
- Current portion of long-term debt +€35,861
up €35,861 (+26.0%), from €137,779 to €173,640
- Staff costs +€73,768
up €73,768 (+13.2%), from €560,810 to €634,578
- Taxes -€53,606
down €53,606 (-84.4%), from €63,488 to €9,882
- Depreciation +€27,559
up €27,559 (+16.7%), from €164,699 to €192,258
- Financial charges +€18,275
up €18,275 (+78.0%), from €23,426 to €41,701
- Gross operating margin +€15,015
up €15,015 (+1.6%), from €954,704 to €969,719
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 | €2,275,261 | €3,190,593 | +€915,331 | +40.2% |
| Fixed assets | 21/28 | €1,856,647 | €2,383,029 | +€526,381 | +28.4% |
| Intangible fixed assets | 21 | €938 | - | -€938 | |
| Tangible fixed assets | 22/27 | €1,855,710 | €2,383,029 | +€527,319 | +28.4% |
| Land and buildings | 22 | €1,758,180 | €2,231,415 | +€473,235 | +26.9% |
| Plant, machinery and equipment | 23 | €69,790 | €86,231 | +€16,440 | +23.6% |
| Furniture and vehicles | 24 | €27,739 | €65,383 | +€37,643 | +136% |
| Current assets | 29/58 | €418,614 | €807,564 | +€388,950 | +92.9% |
| Stocks and contracts in progress | 3 | €24,816 | €36,268 | +€11,452 | +46.1% |
| Stocks | 30/36 | €24,816 | €36,268 | +€11,452 | +46.1% |
| Amounts receivable within one year | 40/41 | €63,391 | €88,764 | +€25,373 | +40.0% |
| Trade receivables | 40 | €43,071 | €46,146 | +€3,076 | +7.1% |
| Other amounts receivable | 41 | €20,320 | €42,617 | +€22,297 | +110% |
| Cash at bank and in hand | 54/58 | €325,654 | €226,009 | -€99,645 | -30.6% |
| Deferred charges and accrued income | 490/1 | €4,754 | €456,524 | +€451,770 | +9,504% |
| Total equity and liabilities | 10/49 | €2,275,261 | €3,190,593 | +€915,331 | +40.2% |
| Equity | 10/15 | €1,605,728 | €1,664,047 | +€58,319 | +3.6% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Revaluation surpluses | 12 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €1,042,690 | €1,106,509 | +€63,819 | +6.1% |
| Distributable reserves | 133 | €1,042,690 | €1,106,509 | +€63,819 | +6.1% |
| Profit (loss) carried forward | 14 | -€12,462 | -€12,462 | = | 0.0% |
| Investment grants | 15 | €5,500 | €0 | -€5,500 | -100% |
| Amounts payable | 17/49 | €669,533 | €1,526,546 | +€857,013 | +128% |
| Amounts payable after more than one year | 17 | €344,012 | €1,166,334 | +€822,322 | +239% |
| Financial debts | 170/4 | €344,012 | €1,166,334 | +€822,322 | +239% |
| Amounts payable within one year | 42/48 | €325,521 | €355,708 | +€30,186 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €137,779 | €173,640 | +€35,861 | +26.0% |
| Trade debts | 44 | €71,291 | €61,696 | -€9,594 | -13.5% |
| Suppliers | 440/4 | €71,291 | €61,696 | -€9,594 | -13.5% |
| Taxes, remuneration and social security | 45 | €95,807 | €95,548 | -€259 | -0.3% |
| Taxes | 450/3 | €16,601 | €0 | -€16,601 | -100% |
| Remuneration and social security | 454/9 | €79,206 | €95,548 | +€16,342 | +20.6% |
| Other amounts payable | 47/48 | €20,645 | €24,824 | +€4,179 | +20.2% |
| Accrued charges and deferred income | 492/3 | - | €4,504 | +€4,504 | |
| Remuneration, social security and pensions | 62 | €560,810 | €634,578 | +€73,768 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,699 | €192,258 | +€27,559 | +16.7% |
| Other operating charges | 640/8 | €28,618 | €34,691 | +€6,073 | +21.2% |
| Gross operating margin | 9900 | €954,704 | €969,719 | +€15,015 | +1.6% |
| Operating profit (loss) | 9901 | €200,578 | €108,193 | -€92,385 | -46.1% |
| Financial income | 75/76B | €8,882 | €7,209 | -€1,674 | -18.8% |
| Recurring financial income | 75 | €8,882 | €7,209 | -€1,674 | -18.8% |
| Financial charges | 65/66B | €23,426 | €41,701 | +€18,275 | +78.0% |
| Recurring financial charges | 65 | €23,426 | €41,701 | +€18,275 | +78.0% |
| Profit (loss) for the period before taxes | 9903 | €186,034 | €73,701 | -€112,333 | -60.4% |
| Income taxes | 67/77 | €63,488 | €9,882 | -€53,606 | -84.4% |
| Profit (loss) for the period | 9904 | €122,546 | €63,819 | -€58,728 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,546 | €63,819 | -€58,728 | -47.9% |
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 16 October 2026 via checked.be.