AMM: 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.
AMM
Largest movements
- Financial fixed assets -€325,000
down €325,000 (-7.5%), from €4.3m to €4.0m
- Receivables within one year +€256,931
up €256,931 (+442%), from €58,086 to €315,017
of which Other amounts receivable: +€252,025
- Cash +€158,593
up €158,593 (+299%), from €53,007 to €211,600
mainly Net result for the year (+€441,605) and Investment in fixed assets (net) (+€245,158)
- Reserves +€431,681
up €431,681 (+54.6%), from €789,959 to €1.2m
of which Distributable reserves: +€326,431
- Debts after one year -€206,186
down €206,186 (-16.2%), from €1.3m to €1.1m
- Other debts -€103,942
down €103,942 (-25.9%), from €401,673 to €297,731
- Gross operating margin +€86,155
up €86,155 (+31.4%), from €274,691 to €360,846
- Financial income +€86,118
up €86,118 (+51.8%), from €166,345 to €252,463
- Taxes +€20,652
up €20,652 (+40.7%), from €50,738 to €71,390
- Other operating charges +€20,284
up €20,284 (+186%), from €10,909 to €31,193
- Financial charges -€5,887
down €5,887 (-13.1%), from €45,078 to €39,191
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 | €4,901,453 | €5,041,888 | +€140,436 | +2.9% |
| Fixed assets | 21/28 | €4,790,360 | €4,515,272 | -€275,088 | -5.7% |
| Tangible fixed assets | 22/27 | €466,636 | €516,548 | +€49,912 | +10.7% |
| Land and buildings | 22 | €442,502 | €428,856 | -€13,646 | -3.1% |
| Plant, machinery and equipment | 23 | €18,759 | €15,831 | -€2,928 | -15.6% |
| Furniture and vehicles | 24 | €5,375 | €71,861 | +€66,486 | +1,237% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €4,323,723 | €3,998,723 | -€325,000 | -7.5% |
| Current assets | 29/58 | €111,093 | €526,616 | +€415,524 | +374% |
| Amounts receivable within one year | 40/41 | €58,086 | €315,017 | +€256,931 | +442% |
| Trade receivables | 40 | €23,889 | €28,795 | +€4,906 | +20.5% |
| Other amounts receivable | 41 | €34,197 | €286,222 | +€252,025 | +737% |
| Cash at bank and in hand | 54/58 | €53,007 | €211,600 | +€158,593 | +299% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,901,453 | €5,041,888 | +€140,436 | +2.9% |
| Equity | 10/15 | €3,012,959 | €3,444,640 | +€431,681 | +14.3% |
| Contributions | 10/11 | €2,223,000 | €2,223,000 | = | 0.0% |
| Reserves | 13 | €789,959 | €1,221,640 | +€431,681 | +54.6% |
| Tax-exempt reserves | 132 | - | €105,250 | +€105,250 | |
| Distributable reserves | 133 | €789,959 | €1,116,390 | +€326,431 | +41.3% |
| Amounts payable | 17/49 | €1,888,493 | €1,597,248 | -€291,246 | -15.4% |
| Amounts payable after more than one year | 17 | €1,273,942 | €1,067,756 | -€206,186 | -16.2% |
| Financial debts | 170/4 | €1,273,942 | €1,067,756 | -€206,186 | -16.2% |
| Amounts payable within one year | 42/48 | €614,551 | €529,492 | -€85,060 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €200,601 | €219,642 | +€19,040 | +9.5% |
| Trade debts | 44 | €1,001 | €4,347 | +€3,345 | +334% |
| Suppliers | 440/4 | €1,001 | €4,347 | +€3,345 | +334% |
| Taxes, remuneration and social security | 45 | €11,276 | €7,772 | -€3,504 | -31.1% |
| Taxes | 450/3 | €11,276 | €7,772 | -€3,504 | -31.1% |
| Other amounts payable | 47/48 | €401,673 | €297,731 | -€103,942 | -25.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €414 | +€414 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,077 | €29,930 | +€3,853 | +14.8% |
| Other operating charges | 640/8 | €10,909 | €31,193 | +€20,284 | +186% |
| Non-recurring operating charges | 66A | -€3 | - | +€3 | |
| Gross operating margin | 9900 | €274,691 | €360,846 | +€86,155 | +31.4% |
| Operating profit (loss) | 9901 | €237,708 | €299,723 | +€62,014 | +26.1% |
| Financial income | 75/76B | €166,345 | €252,463 | +€86,118 | +51.8% |
| Recurring financial income | 75 | €166,345 | €252,463 | +€86,118 | +51.8% |
| Financial charges | 65/66B | €45,078 | €39,191 | -€5,887 | -13.1% |
| Recurring financial charges | 65 | €45,078 | €39,191 | -€5,887 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €358,975 | €512,995 | +€154,019 | +42.9% |
| Income taxes | 67/77 | €50,738 | €71,390 | +€20,652 | +40.7% |
| Profit (loss) for the period | 9904 | €308,238 | €441,605 | +€133,367 | +43.3% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €308,238 | €336,355 | +€28,117 | +9.1% |
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 22 October 2026 via checked.be.