AMMAX: 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
AMMAX
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€92,722
2024 · €54,044+€38,677
Equity
€412,554
2024 · €357,236+€55,318
Cash
€154,969
2024 · €155,233-€264
Balance sheet total
€440,924
2024 · €392,975+€47,949
Largest movements
Assets
- Tangible fixed assets +€52,545
up €52,545 (+54.0%), from €97,314 to €149,860
of which Land and buildings: +€32,698
Equity and liabilities
- Reserves +€55,318
up €55,318 (+18.7%), from €295,236 to €350,554
of which Distributable reserves: +€61,518
- Tax, wage and social debts -€12,864
down €12,864 (-52.5%), from €24,519 to €11,655
- Accrued charges and deferred income +€5,154
up €5,154, from €0 to €5,154
Income statement
- Gross operating margin +€58,485
up €58,485 (+45.9%), from €127,438 to €185,922
- Taxes +€34,269
up €34,269 (+151%), from €22,685 to €56,954
- Other operating charges -€8,411
down €8,411 (-59.7%), from €14,098 to €5,687
- Depreciation -€3,639
down €3,639 (-9.7%), from €37,395 to €33,756
- Financial charges -€2,257
down €2,257 (-97.0%), from €2,327 to €70
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
€54,044
Gross operating margin
+€58,485
Depreciation
+€3,639
Other operating charges
+€8,411
Financial income
+€155
Financial charges
+€2,257
Taxes
-€34,269
Result 2025
€92,722
raises the resultlowers the result
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
+€123,828
Investment
-€86,301
Financing
-€37,791
Cash 2024
€155,233
From operations (derived)
+€123,828
Net result for the year
+€92,722
Depreciation
+€33,756
Receivables within one year
+€4,078
Deferred charges and accrued income
+€255
Trade debts
+€728
Tax, wage and social debts
-€12,864
Accrued charges and deferred income
+€5,154
Investment (derived)
-€86,301
Investment in fixed assets (net)
-€86,301
Financing
-€37,791
Short-term financial debts
-€387
Contributions, distributions and other
-€37,404
Cash 2025
€154,969
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €392,975 | €440,924 | +€47,949 | +12.2% |
| Fixed assets | 21/28 | €97,314 | €149,860 | +€52,545 | +54.0% |
| Tangible fixed assets | 22/27 | €97,314 | €149,860 | +€52,545 | +54.0% |
| Land and buildings | 22 | €13,288 | €45,987 | +€32,698 | +246% |
| Plant, machinery and equipment | 23 | €4,117 | €2,534 | -€1,583 | -38.5% |
| Furniture and vehicles | 24 | €9,936 | €32,542 | +€22,606 | +228% |
| Other tangible fixed assets | 26 | €69,973 | €68,797 | -€1,176 | -1.7% |
| Current assets | 29/58 | €295,661 | €291,064 | -€4,596 | -1.6% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,636 | €8,558 | -€4,078 | -32.3% |
| Trade receivables | 40 | €11,145 | €6,723 | -€4,422 | -39.7% |
| Other amounts receivable | 41 | €1,491 | €1,835 | +€344 | +23.1% |
| Cash at bank and in hand | 54/58 | €155,233 | €154,969 | -€264 | -0.2% |
| Deferred charges and accrued income | 490/1 | €7,792 | €7,537 | -€255 | -3.3% |
| Total equity and liabilities | 10/49 | €392,975 | €440,924 | +€47,949 | +12.2% |
| Equity | 10/15 | €357,236 | €412,554 | +€55,318 | +15.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | - | -€62,000 | |
| Issued capital | 100 | €62,000 | - | -€62,000 | |
| Reserves | 13 | €295,236 | €350,554 | +€55,318 | +18.7% |
| Non-distributable reserves | 130/1 | €6,200 | €0 | -€6,200 | -100% |
| Legal reserve | 130 | €6,200 | - | -€6,200 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €289,036 | €350,554 | +€61,518 | +21.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,739 | €28,370 | -€7,369 | -20.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €35,739 | €23,216 | -€12,523 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €387 | €0 | -€387 | -100% |
| Credit institutions | 430/8 | €387 | €0 | -€387 | -100% |
| Trade debts | 44 | €10,833 | €11,561 | +€728 | +6.7% |
| Suppliers | 440/4 | €10,833 | €11,561 | +€728 | +6.7% |
| Taxes, remuneration and social security | 45 | €24,519 | €11,655 | -€12,864 | -52.5% |
| Taxes | 450/3 | €24,519 | €11,655 | -€12,864 | -52.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €5,154 | +€5,154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,395 | €33,756 | -€3,639 | -9.7% |
| Other operating charges | 640/8 | €14,098 | €5,687 | -€8,411 | -59.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €127,438 | €185,922 | +€58,485 | +45.9% |
| Operating profit (loss) | 9901 | €75,945 | €146,480 | +€70,534 | +92.9% |
| Financial income | 75/76B | €3,112 | €3,266 | +€155 | +5.0% |
| Recurring financial income | 75 | €3,112 | €3,266 | +€155 | +5.0% |
| Financial charges | 65/66B | €2,327 | €70 | -€2,257 | -97.0% |
| Recurring financial charges | 65 | €2,327 | €70 | -€2,257 | -97.0% |
| Profit (loss) for the period before taxes | 9903 | €76,730 | €149,676 | +€72,946 | +95.1% |
| Income taxes | 67/77 | €22,685 | €56,954 | +€34,269 | +151% |
| Profit (loss) for the period | 9904 | €54,044 | €92,722 | +€38,677 | +71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €54,044 | €92,722 | +€38,677 | +71.6% |
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 17 October 2026 via checked.be.