AMW: what changed
Two fiscal 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.
AMW
Largest movements
- Cash +€45,024
up €45,024 (+127.8%), from €35,224 to €80,248
mainly Depreciation (+€52,681) and Trade debts (+€22,891)
- Intangible fixed assets -€18,301
down €18,301 (-66.8%), from €27,401 to €9,100
- Stocks and contracts -€11,100
down €11,100 (-46.4%), from €23,901 to €12,801
- Debts after one year -€28,906
down €28,906 (-11.4%), from €254,538 to €225,632
- Trade debts +€22,891
up €22,891 (+61.8%), from €37,020 to €59,911
- Current portion of long-term debt -€19,007
down €19,007 (-27.5%), from €69,213 to €50,205
- Profit (loss) carried forward +€16,874
up €16,874 (+22.4%), from -€75,410 to -€58,537
- Tax, wage and social debts +€16,016
up €16,016 (+109.8%), from €14,588 to €30,604
of which Taxes: +€12,730
- Gross operating margin -€166,434
down €166,434 (-49.3%), from €337,456 to €171,022
- Other operating charges -€85,786
down €85,786 (-83.7%), from €102,445 to €16,659
- Taxes -€20,194
down €20,194 (-59.8%), from €33,770 to €13,576
- Staff costs +€18,607
up €18,607 (+72.3%), from €25,742 to €44,349
- Financial charges -€6,043
down €6,043 (-17.3%), from €35,016 to €28,973
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.
Cash bridge derived
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 | €530,789 | €539,583 | +€8,794 | +1.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €379,868 | €358,709 | -€21,159 | -5.6% |
| Intangible fixed assets | 21 | €27,401 | €9,100 | -€18,301 | -66.8% |
| Tangible fixed assets | 22/27 | €352,467 | €349,609 | -€2,858 | -0.8% |
| Land and buildings | 22 | €316,488 | €305,260 | -€11,228 | -3.5% |
| Plant, machinery and equipment | 23 | €25,944 | €20,464 | -€5,480 | -21.1% |
| Furniture and vehicles | 24 | €10,035 | €6,942 | -€3,093 | -30.8% |
| Other tangible fixed assets | 26 | - | €16,943 | +€16,943 | |
| Current assets | 29/58 | €150,921 | €180,873 | +€29,952 | +19.8% |
| Stocks and contracts in progress | 3 | €23,901 | €12,801 | -€11,100 | -46.4% |
| Stocks | 30/36 | €23,901 | €12,801 | -€11,100 | -46.4% |
| Amounts receivable within one year | 40/41 | €90,564 | €87,678 | -€2,887 | -3.2% |
| Trade receivables | 40 | €80,664 | €76,762 | -€3,902 | -4.8% |
| Other amounts receivable | 41 | €9,900 | €10,916 | +€1,016 | +10.3% |
| Cash at bank and in hand | 54/58 | €35,224 | €80,248 | +€45,024 | +127.8% |
| Deferred charges and accrued income | 490/1 | €1,232 | €147 | -€1,085 | -88.0% |
| Total equity and liabilities | 10/49 | €530,789 | €539,583 | +€8,794 | +1.7% |
| Equity | 10/15 | €103,846 | €120,720 | +€16,874 | +16.2% |
| Contributions | 10/11 | €162,960 | €162,960 | = | 0.0% |
| Reserves | 13 | €16,296 | €16,296 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,296 | €16,296 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,296 | €16,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,410 | -€58,537 | +€16,874 | +22.4% |
| Amounts payable | 17/49 | €426,943 | €418,863 | -€8,080 | -1.9% |
| Amounts payable after more than one year | 17 | €254,538 | €225,632 | -€28,906 | -11.4% |
| Financial debts | 170/4 | €254,538 | €225,632 | -€28,906 | -11.4% |
| Amounts payable within one year | 42/48 | €172,406 | €193,231 | +€20,826 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €69,213 | €50,205 | -€19,007 | -27.5% |
| Trade debts | 44 | €37,020 | €59,911 | +€22,891 | +61.8% |
| Suppliers | 440/4 | €37,020 | €59,911 | +€22,891 | +61.8% |
| Advances received on contracts in progress | 46 | €33,680 | €42,335 | +€8,655 | +25.7% |
| Taxes, remuneration and social security | 45 | €14,588 | €30,604 | +€16,016 | +109.8% |
| Taxes | 450/3 | €9,915 | €22,645 | +€12,730 | +128.4% |
| Remuneration and social security | 454/9 | €4,673 | €7,960 | +€3,287 | +70.3% |
| Other amounts payable | 47/48 | €17,905 | €10,176 | -€7,729 | -43.2% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Non-recurring operating income | 76A | €248,906 | - | -€248,906 | |
| Remuneration, social security and pensions | 62 | €25,742 | €44,349 | +€18,607 | +72.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,976 | €52,681 | +€1,705 | +3.3% |
| Other operating charges | 640/8 | €102,445 | €16,659 | -€85,786 | -83.7% |
| Non-recurring operating charges | 66A | €1,381 | - | -€1,381 | |
| Gross operating margin | 9900 | €337,456 | €171,022 | -€166,434 | -49.3% |
| Operating profit (loss) | 9901 | €156,912 | €57,333 | -€99,578 | -63.5% |
| Financial income | 75/76B | €174 | €2,090 | +€1,916 | +1101.2% |
| Recurring financial income | 75 | €174 | €2,090 | +€1,916 | +1101.2% |
| Financial charges | 65/66B | €35,016 | €28,973 | -€6,043 | -17.3% |
| Recurring financial charges | 65 | €35,016 | €28,973 | -€6,043 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €122,069 | €30,450 | -€91,619 | -75.1% |
| Income taxes | 67/77 | €33,770 | €13,576 | -€20,194 | -59.8% |
| Profit (loss) for the period | 9904 | €88,299 | €16,874 | -€71,425 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €88,299 | €16,874 | -€71,425 | -80.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.