BAM: 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.
BAM
Largest movements
- Cash -€65,134
down €65,134 (-28.8%), from €226,458 to €161,324
mainly Contributions, distributions and other (-€211,996) and Trade debts (-€43,390)
- Tangible fixed assets -€40,660
down €40,660 (-32.2%), from €126,179 to €85,518
- Reserves -€182,552
down €182,552 (-100.0%), from €182,552 to €0
- Other debts +€153,266
up €153,266 (+17926.5%), from €855 to €154,121
- Trade debts -€43,390
down €43,390 (-30.1%), from €143,928 to €100,538
- Current portion of long-term debt -€26,875
down €26,875 (-63.3%), from €42,473 to €15,598
- Debts after one year -€15,598
down €15,598 (-39.2%), from €39,743 to €24,144
- Gross operating margin +€10,416
up €10,416 (+4.7%), from €221,105 to €231,521
- Other operating charges -€4,649
down €4,649 (-35.7%), from €13,034 to €8,385
- Staff costs +€3,153
up €3,153 (+2.3%), from €134,764 to €137,917
- Taxes +€3,065
up €3,065 (+52.6%), from €5,828 to €8,893
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 | €478,813 | €370,651 | -€108,162 | -22.6% |
| Fixed assets | 21/28 | €126,179 | €85,518 | -€40,660 | -32.2% |
| Tangible fixed assets | 22/27 | €126,179 | €85,518 | -€40,660 | -32.2% |
| Plant, machinery and equipment | 23 | €76,365 | €57,533 | -€18,832 | -24.7% |
| Furniture and vehicles | 24 | €37,154 | €20,502 | -€16,653 | -44.8% |
| Other tangible fixed assets | 26 | €12,660 | €7,483 | -€5,176 | -40.9% |
| Current assets | 29/58 | €352,634 | €285,132 | -€67,502 | -19.1% |
| Stocks and contracts in progress | 3 | €117,896 | €114,341 | -€3,554 | -3.0% |
| Stocks | 30/36 | €117,896 | €114,341 | -€3,554 | -3.0% |
| Amounts receivable within one year | 40/41 | €6,760 | €7,579 | +€819 | +12.1% |
| Trade receivables | 40 | €3,204 | €3,123 | -€81 | -2.5% |
| Other amounts receivable | 41 | €3,556 | €4,456 | +€900 | +25.3% |
| Cash at bank and in hand | 54/58 | €226,458 | €161,324 | -€65,134 | -28.8% |
| Deferred charges and accrued income | 490/1 | €1,521 | €1,888 | +€367 | +24.1% |
| Total equity and liabilities | 10/49 | €478,813 | €370,651 | -€108,162 | -22.6% |
| Equity | 10/15 | €201,152 | €18,600 | -€182,552 | -90.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €182,552 | €0 | -€182,552 | -100.0% |
| Distributable reserves | 133 | €182,552 | €0 | -€182,552 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €277,661 | €352,051 | +€74,390 | +26.8% |
| Amounts payable after more than one year | 17 | €39,743 | €24,144 | -€15,598 | -39.2% |
| Financial debts | 170/4 | €39,743 | €24,144 | -€15,598 | -39.2% |
| Amounts payable within one year | 42/48 | €231,522 | €321,117 | +€89,595 | +38.7% |
| Current portion of amounts payable after more than one year | 42 | €42,473 | €15,598 | -€26,875 | -63.3% |
| Trade debts | 44 | €143,928 | €100,538 | -€43,390 | -30.1% |
| Suppliers | 440/4 | €143,928 | €100,538 | -€43,390 | -30.1% |
| Taxes, remuneration and social security | 45 | €44,266 | €50,859 | +€6,593 | +14.9% |
| Taxes | 450/3 | €26,646 | €32,471 | +€5,825 | +21.9% |
| Remuneration and social security | 454/9 | €17,620 | €18,388 | +€768 | +4.4% |
| Other amounts payable | 47/48 | €855 | €154,121 | +€153,266 | +17926.5% |
| Accrued charges and deferred income | 492/3 | €6,396 | €6,789 | +€393 | +6.1% |
| Remuneration, social security and pensions | 62 | €134,764 | €137,917 | +€3,153 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,713 | €42,384 | +€670 | +1.6% |
| Other operating charges | 640/8 | €13,034 | €8,385 | -€4,649 | -35.7% |
| Gross operating margin | 9900 | €221,105 | €231,521 | +€10,416 | +4.7% |
| Operating profit (loss) | 9901 | €31,594 | €42,835 | +€11,241 | +35.6% |
| Financial income | 75/76B | €665 | €719 | +€54 | +8.2% |
| Recurring financial income | 75 | €665 | €719 | +€54 | +8.2% |
| Financial charges | 65/66B | €6,373 | €5,218 | -€1,155 | -18.1% |
| Recurring financial charges | 65 | €6,373 | €5,218 | -€1,155 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €25,886 | €38,336 | +€12,450 | +48.1% |
| Income taxes | 67/77 | €5,828 | €8,893 | +€3,065 | +52.6% |
| Profit (loss) for the period | 9904 | €20,058 | €29,443 | +€9,386 | +46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,058 | €29,443 | +€9,386 | +46.8% |
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 4 October 2026 via checked.be.