GROUP-AMJ: 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.
What changed
GROUP-AMJ
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€393,801
2024 · €503,174-€109,372
Equity
€6.3m
2024 · €6.9m-€553,049
Cash
€550,980
2024 · €1.8m-€1.3m
Balance sheet total
€8.7m
2024 · €9.4m-€663,160
Largest movements
Assets
- Cash -€1.3m
down €1.3m (-69.5%), from €1.8m to €550,980
mainly Contributions, distributions and other (-€946,850) and Current investments (-€660,166)
- Current investments +€660,166
up €660,166 (+56.4%), from €1.2m to €1.8m
Equity and liabilities
- Reserves -€553,049
down €553,049 (-8.1%), from €6.8m to €6.3m
of which Distributable reserves: -€532,594
- Trade debts -€148,628
down €148,628 (-58.8%), from €252,900 to €104,273
Income statement
- Financial income -€75,325
down €75,325 (-15.7%), from €480,797 to €405,473
- Financial charges +€51,730
up €51,730 (+329.9%), from €15,680 to €67,410
- Other operating charges -€36,370
down €36,370 (-50.4%), from €72,184 to €35,814
- Gross operating margin -€17,172
down €17,172 (-6.0%), from €287,817 to €270,644
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
€503,174
Gross operating margin
-€17,172
Depreciation
-€96
Other operating charges
+€36,370
Financial income
-€75,325
Financial charges
-€51,730
Taxes
-€1,419
Result 2025
€393,801
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.
From operations
+€430,495
Investment
-€674,235
Financing
-€1.0m
Cash 2024
€1.8m
From operations (derived)
+€430,495
Net result for the year
+€393,801
Depreciation
+€93,007
Receivables within one year
-€13,122
Smaller working-capital items
+€87
Provisions
-€6,818
Trade debts
-€148,628
Tax, wage and social debts
+€53,382
Other debts
+€58,786
Investment (derived)
-€674,235
Investment in fixed assets (net)
-€14,068
Current investments
-€660,166
Financing
-€1.0m
Debts after one year
-€69,254
Current portion of long-term debt
+€1,526
Contributions, distributions and other
-€946,850
Cash 2025
€550,980
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,394,420 | €8,731,261 | -€663,160 | -7.1% |
| Fixed assets | 21/28 | €6,082,372 | €6,003,434 | -€78,938 | -1.3% |
| Tangible fixed assets | 22/27 | €1,057,618 | €978,680 | -€78,938 | -7.5% |
| Land and buildings | 22 | €1,057,618 | €978,680 | -€78,938 | -7.5% |
| Financial fixed assets | 28 | €5,024,754 | €5,024,754 | = | 0.0% |
| Current assets | 29/58 | €3,312,048 | €2,727,827 | -€584,221 | -17.6% |
| Amounts receivable within one year | 40/41 | €330,154 | €343,276 | +€13,122 | +4.0% |
| Trade receivables | 40 | €47,622 | €55,790 | +€8,168 | +17.2% |
| Other amounts receivable | 41 | €282,532 | €287,485 | +€4,954 | +1.8% |
| Current investments | 50/53 | €1,170,951 | €1,831,118 | +€660,166 | +56.4% |
| Cash at bank and in hand | 54/58 | €1,809,298 | €550,980 | -€1.3m | -69.5% |
| Deferred charges and accrued income | 490/1 | €1,645 | €2,453 | +€809 | +49.2% |
| Total equity and liabilities | 10/49 | €9,394,420 | €8,731,261 | -€663,160 | -7.1% |
| Equity | 10/15 | €6,900,137 | €6,347,089 | -€553,049 | -8.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,838,137 | €6,285,089 | -€553,049 | -8.1% |
| Non-distributable reserves | 130/1 | €14,844 | €14,844 | = | 0.0% |
| Legal reserve | 130 | €14,844 | €14,844 | = | 0.0% |
| Tax-exempt reserves | 132 | €231,823 | €211,368 | -€20,455 | -8.8% |
| Distributable reserves | 133 | €6,591,470 | €6,058,877 | -€532,594 | -8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €77,274 | €70,456 | -€6,818 | -8.8% |
| Deferred taxes | 168 | €77,274 | €70,456 | -€6,818 | -8.8% |
| Amounts payable | 17/49 | €2,417,008 | €2,313,716 | -€103,292 | -4.3% |
| Amounts payable after more than one year | 17 | €446,181 | €376,927 | -€69,254 | -15.5% |
| Financial debts | 170/4 | €446,181 | €376,927 | -€69,254 | -15.5% |
| Amounts payable within one year | 42/48 | €1,970,827 | €1,935,893 | -€34,934 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €67,728 | €69,254 | +€1,526 | +2.3% |
| Trade debts | 44 | €252,900 | €104,273 | -€148,628 | -58.8% |
| Suppliers | 440/4 | €252,900 | €104,273 | -€148,628 | -58.8% |
| Taxes, remuneration and social security | 45 | €53,079 | €106,461 | +€53,382 | +100.6% |
| Taxes | 450/3 | €53,079 | €106,461 | +€53,382 | +100.6% |
| Other amounts payable | 47/48 | €1,597,120 | €1,655,905 | +€58,786 | +3.7% |
| Accrued charges and deferred income | 492/3 | - | €896 | +€896 | |
| Non-recurring operating income | 76A | €30,218 | €0 | -€30,218 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,911 | €93,007 | +€96 | +0.1% |
| Other operating charges | 640/8 | €72,184 | €35,814 | -€36,370 | -50.4% |
| Gross operating margin | 9900 | €287,817 | €270,644 | -€17,172 | -6.0% |
| Operating profit (loss) | 9901 | €122,722 | €141,823 | +€19,102 | +15.6% |
| Financial income | 75/76B | €480,797 | €405,473 | -€75,325 | -15.7% |
| Recurring financial income | 75 | €480,797 | €405,473 | -€75,325 | -15.7% |
| Financial charges | 65/66B | €15,680 | €67,410 | +€51,730 | +329.9% |
| Recurring financial charges | 65 | €15,680 | €67,410 | +€51,730 | +329.9% |
| Profit (loss) for the period before taxes | 9903 | €587,839 | €479,886 | -€107,953 | -18.4% |
| Transfer from deferred taxes | 780 | €6,818 | €6,818 | = | 0.0% |
| Income taxes | 67/77 | €91,484 | €92,903 | +€1,419 | +1.6% |
| Profit (loss) for the period | 9904 | €503,174 | €393,801 | -€109,372 | -21.7% |
| Transfer from tax-exempt reserves | 789 | €20,455 | €20,455 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €523,629 | €414,256 | -€109,372 | -20.9% |
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 6 October 2026 via checked.be.