AMARSE: 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.
AMARSE
Largest movements
- Current investments -€255,949
down €255,949 (-29.8%), from €859,998 to €604,049
- Tangible fixed assets +€214,481
up €214,481 (+6.4%), from €3.4m to €3.6m
of which Assets under construction and advance payments: +€111,211
- Receivables within one year -€181,934
down €181,934 (-62.2%), from €292,642 to €110,708
of which Other amounts receivable: -€168,053
- Cash -€151,722
down €151,722 (-48.8%), from €310,777 to €159,054
mainly Investment in fixed assets (net) (-€379,877) and Contributions, distributions and other (-€282,911)
- Receivables after one year -€101,077
down €101,077 (-14.5%), from €696,077 to €595,000
- Reserves -€220,468
down €220,468 (-3.1%), from €7.2m to €7.0m
of which Distributable reserves: -€346,881
- Debts after one year -€203,743
down €203,743 (-20.1%), from €1.0m to €809,183
of which Financial debts: -€312,344
- Financial income -€614,431
down €614,431 (-90.7%), from €677,806 to €63,375
of which Non-recurring financial income: -€630,234
- Gross operating margin +€176,002
up €176,002 (+895%), from €19,656 to €195,658
- Taxes -€36,208
down €36,208 (-98.9%), from €36,595 to €387
- Depreciation +€30,564
up €30,564 (+36.6%), from €83,453 to €114,018
- Financial charges +€27,581
up €27,581 (+163%), from €16,928 to €44,510
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 | €8,477,312 | €8,058,679 | -€418,633 | -4.9% |
| Fixed assets | 21/28 | €6,267,561 | €6,533,420 | +€265,859 | +4.2% |
| Tangible fixed assets | 22/27 | €3,377,033 | €3,591,514 | +€214,481 | +6.4% |
| Land and buildings | 22 | €2,006,068 | €2,109,843 | +€103,775 | +5.2% |
| Plant, machinery and equipment | 23 | €2,612 | €1,029 | -€1,583 | -60.6% |
| Furniture and vehicles | 24 | €76,185 | €77,262 | +€1,077 | +1.4% |
| Assets under construction and advance payments | 27 | €1,292,168 | €1,403,379 | +€111,211 | +8.6% |
| Financial fixed assets | 28 | €2,890,528 | €2,941,906 | +€51,378 | +1.8% |
| Current assets | 29/58 | €2,209,751 | €1,525,259 | -€684,492 | -31.0% |
| Amounts receivable after more than one year | 29 | €696,077 | €595,000 | -€101,077 | -14.5% |
| Other amounts receivable | 291 | €696,077 | €595,000 | -€101,077 | -14.5% |
| Stocks and contracts in progress | 3 | €22,926 | €10,584 | -€12,342 | -53.8% |
| Stocks | 30/36 | €22,926 | €10,584 | -€12,342 | -53.8% |
| Amounts receivable within one year | 40/41 | €292,642 | €110,708 | -€181,934 | -62.2% |
| Trade receivables | 40 | €20,470 | €6,590 | -€13,880 | -67.8% |
| Other amounts receivable | 41 | €272,172 | €104,119 | -€168,053 | -61.7% |
| Current investments | 50/53 | €859,998 | €604,049 | -€255,949 | -29.8% |
| Cash at bank and in hand | 54/58 | €310,777 | €159,054 | -€151,722 | -48.8% |
| Deferred charges and accrued income | 490/1 | €27,331 | €45,864 | +€18,533 | +67.8% |
| Total equity and liabilities | 10/49 | €8,477,312 | €8,058,679 | -€418,633 | -4.9% |
| Equity | 10/15 | €7,211,523 | €6,991,055 | -€220,468 | -3.1% |
| Contributions | 10/11 | €23,500 | €23,500 | = | 0.0% |
| Reserves | 13 | €7,188,023 | €6,967,555 | -€220,468 | -3.1% |
| Tax-exempt reserves | 132 | €7,243 | €133,656 | +€126,412 | +1,745% |
| Distributable reserves | 133 | €7,180,780 | €6,833,899 | -€346,881 | -4.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €31,321 | +€31,321 | |
| Deferred taxes | 168 | - | €31,321 | +€31,321 | |
| Amounts payable | 17/49 | €1,265,789 | €1,036,303 | -€229,486 | -18.1% |
| Amounts payable after more than one year | 17 | €1,012,926 | €809,183 | -€203,743 | -20.1% |
| Financial debts | 170/4 | €1,006,233 | €693,889 | -€312,344 | -31.0% |
| Other amounts payable | 178/9 | €6,694 | €115,294 | +€108,600 | +1,622% |
| Amounts payable within one year | 42/48 | €251,299 | €212,852 | -€38,447 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €94,815 | €78,361 | -€16,454 | -17.4% |
| Trade debts | 44 | €83,531 | €124,492 | +€40,961 | +49.0% |
| Suppliers | 440/4 | €83,531 | €124,492 | +€40,961 | +49.0% |
| Advances received on contracts in progress | 46 | €638 | €0 | -€638 | -100% |
| Taxes, remuneration and social security | 45 | €57,230 | €1,778 | -€55,452 | -96.9% |
| Taxes | 450/3 | €57,230 | €1,778 | -€55,452 | -96.9% |
| Other amounts payable | 47/48 | €15,085 | €8,221 | -€6,864 | -45.5% |
| Accrued charges and deferred income | 492/3 | €1,563 | €14,269 | +€12,705 | +813% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,453 | €114,018 | +€30,564 | +36.6% |
| Other operating charges | 640/8 | €8,867 | €6,355 | -€2,512 | -28.3% |
| Non-recurring operating charges | 66A | €189,654 | €0 | -€189,654 | -100% |
| Gross operating margin | 9900 | €19,656 | €195,658 | +€176,002 | +895% |
| Operating profit (loss) | 9901 | -€262,318 | €75,286 | +€337,604 | |
| Financial income | 75/76B | €677,806 | €63,375 | -€614,431 | -90.7% |
| Recurring financial income | 75 | €47,572 | €63,375 | +€15,803 | +33.2% |
| Non-recurring financial income | 76B | €630,234 | €0 | -€630,234 | -100% |
| Financial charges | 65/66B | €16,928 | €44,510 | +€27,581 | +163% |
| Recurring financial charges | 65 | €16,928 | €44,510 | +€27,581 | +163% |
| Profit (loss) for the period before taxes | 9903 | €398,559 | €94,151 | -€304,408 | -76.4% |
| Transfer from deferred taxes | 780 | - | €1,128 | +€1,128 | |
| Transfer to deferred taxes | 680 | - | €32,449 | +€32,449 | |
| Income taxes | 67/77 | €36,595 | €387 | -€36,208 | -98.9% |
| Profit (loss) for the period | 9904 | €361,964 | €62,443 | -€299,521 | -82.7% |
| Transfer from tax-exempt reserves | 789 | - | €3,385 | +€3,385 | |
| Transfer to tax-exempt reserves | 689 | - | €129,798 | +€129,798 | |
| Profit (loss) for the period to be appropriated | 9905 | €361,964 | -€63,970 | -€425,934 |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.