AMRET: 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
AMRET
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€412,265
2024 · €20,599+€391,666
Equity
€5.1m
2024 · €5.0m+€109,865
Cash
€1.6m
2024 · €775,398+€806,483
Balance sheet total
€6.1m
2024 · €5.9m+€174,994
Largest movements
Assets
- Cash +€806,483
up €806,483 (+104%), from €775,398 to €1.6m
mainly Current investments (+€600,000) and Net result for the year (+€412,265)
- Current investments -€600,000
down €600,000 (-100%), from €600,000 to €0
- Deferred charges and accrued income -€65,334
down €65,334 (-55.1%), from €118,673 to €53,340
Equity and liabilities
- Profit (loss) carried forward +€173,440
up €173,440 (+5.7%), from €3.0m to €3.2m
- Other debts +€138,735
up €138,735 (+63.0%), from €220,111 to €358,846
- Reserves -€63,575
down €63,575 (-8.8%), from €720,884 to €657,309
of which Tax-exempt reserves: -€63,575
Income statement
- Financial income +€362,582
up €362,582 (+940%), from €38,581 to €401,163
- Gross operating margin +€49,761
up €49,761 (+10.8%), from €458,835 to €508,596
- Depreciation +€12,280
up €12,280 (+3.9%), from €310,963 to €323,243
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
€20,599
Gross operating margin
+€49,761
Depreciation
-€12,280
Other operating charges
-€4,270
Financial income
+€362,582
Financial charges
-€472
Taxes
-€3,655
Result 2025
€412,265
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
+€916,691
Investment
+€251,238
Financing
-€361,445
Cash 2024
€775,398
From operations (derived)
+€916,691
Net result for the year
+€412,265
Depreciation
+€323,243
Receivables within one year
-€8,325
Deferred charges and accrued income
+€65,334
Provisions
-€21,192
Trade debts
+€11,247
Tax, wage and social debts
-€6,792
Other debts
+€138,735
Accrued charges and deferred income
+€2,178
Investment (derived)
+€251,238
Investment in fixed assets (net)
-€348,762
Current investments
+€600,000
Financing
-€361,445
Debts after one year
-€59,944
Current portion of long-term debt
+€898
Contributions, distributions and other
-€302,400
Cash 2025
€1.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,935,597 | €6,110,591 | +€174,994 | +2.9% |
| Fixed assets | 21/28 | €4,412,838 | €4,438,357 | +€25,519 | +0.6% |
| Tangible fixed assets | 22/27 | €2,943,467 | €2,968,986 | +€25,519 | +0.9% |
| Land and buildings | 22 | €2,496,239 | €2,615,070 | +€118,831 | +4.8% |
| Plant, machinery and equipment | 23 | €445,068 | €295,068 | -€150,000 | -33.7% |
| Furniture and vehicles | 24 | €2,160 | €1,647 | -€512 | -23.7% |
| Assets under construction and advance payments | 27 | - | €57,200 | +€57,200 | |
| Financial fixed assets | 28 | €1,469,371 | €1,469,371 | = | 0.0% |
| Current assets | 29/58 | €1,522,759 | €1,672,234 | +€149,475 | +9.8% |
| Amounts receivable within one year | 40/41 | €28,687 | €37,013 | +€8,325 | +29.0% |
| Trade receivables | 40 | €28,687 | €37,013 | +€8,325 | +29.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €600,000 | €0 | -€600,000 | -100% |
| Cash at bank and in hand | 54/58 | €775,398 | €1,581,882 | +€806,483 | +104% |
| Deferred charges and accrued income | 490/1 | €118,673 | €53,340 | -€65,334 | -55.1% |
| Total equity and liabilities | 10/49 | €5,935,597 | €6,110,591 | +€174,994 | +2.9% |
| Equity | 10/15 | €4,995,837 | €5,105,702 | +€109,865 | +2.2% |
| Contributions | 10/11 | €1,237,816 | €1,237,816 | = | 0.0% |
| Capital | 10 | €1,237,816 | €1,237,816 | = | 0.0% |
| Issued capital | 100 | €1,237,816 | €1,237,816 | = | 0.0% |
| Reserves | 13 | €720,884 | €657,309 | -€63,575 | -8.8% |
| Non-distributable reserves | 130/1 | €123,782 | €123,782 | = | 0.0% |
| Legal reserve | 130 | €123,782 | €123,782 | = | 0.0% |
| Tax-exempt reserves | 132 | €502,082 | €438,507 | -€63,575 | -12.7% |
| Distributable reserves | 133 | €95,020 | €95,020 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,037,137 | €3,210,577 | +€173,440 | +5.7% |
| Provisions and deferred taxes | 16 | €167,361 | €146,169 | -€21,192 | -12.7% |
| Deferred taxes | 168 | €167,361 | €146,169 | -€21,192 | -12.7% |
| Amounts payable | 17/49 | €772,400 | €858,720 | +€86,321 | +11.2% |
| Amounts payable after more than one year | 17 | €341,176 | €281,233 | -€59,944 | -17.6% |
| Financial debts | 170/4 | €341,176 | €281,233 | -€59,944 | -17.6% |
| Amounts payable within one year | 42/48 | €403,686 | €547,773 | +€144,087 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €59,045 | €59,944 | +€898 | +1.5% |
| Trade debts | 44 | €70,977 | €82,224 | +€11,247 | +15.8% |
| Suppliers | 440/4 | €70,977 | €82,224 | +€11,247 | +15.8% |
| Taxes, remuneration and social security | 45 | €53,553 | €46,760 | -€6,792 | -12.7% |
| Taxes | 450/3 | €53,553 | €46,760 | -€6,792 | -12.7% |
| Other amounts payable | 47/48 | €220,111 | €358,846 | +€138,735 | +63.0% |
| Accrued charges and deferred income | 492/3 | €27,537 | €29,714 | +€2,178 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €310,963 | €323,243 | +€12,280 | +3.9% |
| Other operating charges | 640/8 | €148,746 | €153,016 | +€4,270 | +2.9% |
| Gross operating margin | 9900 | €458,835 | €508,596 | +€49,761 | +10.8% |
| Operating profit (loss) | 9901 | -€874 | €32,337 | +€33,211 | |
| Financial income | 75/76B | €38,581 | €401,163 | +€362,582 | +940% |
| Recurring financial income | 75 | €38,581 | €401,163 | +€362,582 | +940% |
| Financial charges | 65/66B | €8,165 | €8,636 | +€472 | +5.8% |
| Recurring financial charges | 65 | €8,165 | €8,636 | +€472 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €29,542 | €424,863 | +€395,320 | +1,338% |
| Transfer from deferred taxes | 780 | €21,192 | €21,192 | = | 0.0% |
| Income taxes | 67/77 | €30,135 | €33,789 | +€3,655 | +12.1% |
| Profit (loss) for the period | 9904 | €20,599 | €412,265 | +€391,666 | +1,901% |
| Transfer from tax-exempt reserves | 789 | €63,575 | €63,575 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,174 | €475,840 | +€391,666 | +465% |
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 31 October 2026 via checked.be.