M AAH: 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.
M AAH
Largest movements
- Intangible fixed assets +€7,532
up €7,532 (+165%), from €4,562 to €12,094
- Cash -€4,295
down €4,295 (-7.6%), from €56,181 to €51,887
mainly Other debts (-€10,800) and Investment in fixed assets (net) (-€10,242)
- Tangible fixed assets -€1,562
down €1,562 (-20.5%), from €7,602 to €6,040
of which Other tangible fixed assets: -€1,203
- Stocks and contracts -€1,136
down €1,136 (-4.7%), from €24,305 to €23,169
- Other debts -€10,800
down €10,800 (-13.7%), from €79,019 to €68,219
- Profit (loss) carried forward +€8,355
up €8,355 (+106%), from €7,867 to €16,221
- Tax, wage and social debts +€2,605
up €2,605 (+137%), from €1,906 to €4,511
- Gross operating margin -€2,748
down €2,748 (-14.8%), from €18,532 to €15,784
- Taxes +€1,685
up €1,685 (+1,207%), from €140 to €1,824
- Depreciation +€759
up €759 (+21.6%), from €3,513 to €4,271
- Financial charges -€364
down €364 (-36.2%), from €1,006 to €642
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €93,142 | €93,679 | +€537 | +0.6% |
| Fixed assets | 21/28 | €12,164 | €18,134 | +€5,971 | +49.1% |
| Intangible fixed assets | 21 | €4,562 | €12,094 | +€7,532 | +165% |
| Tangible fixed assets | 22/27 | €7,602 | €6,040 | -€1,562 | -20.5% |
| Plant, machinery and equipment | 23 | €356 | €1,157 | +€801 | +225% |
| Furniture and vehicles | 24 | €4,343 | €3,183 | -€1,160 | -26.7% |
| Other tangible fixed assets | 26 | €2,903 | €1,700 | -€1,203 | -41.4% |
| Current assets | 29/58 | €80,978 | €75,544 | -€5,434 | -6.7% |
| Stocks and contracts in progress | 3 | €24,305 | €23,169 | -€1,136 | -4.7% |
| Stocks | 30/36 | €24,305 | €23,169 | -€1,136 | -4.7% |
| Amounts receivable within one year | 40/41 | €0 | €489 | +€489 | |
| Trade receivables | 40 | €0 | €489 | +€489 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €56,181 | €51,887 | -€4,295 | -7.6% |
| Deferred charges and accrued income | 490/1 | €492 | €0 | -€492 | -100% |
| Total equity and liabilities | 10/49 | €93,142 | €93,679 | +€537 | +0.6% |
| Equity | 10/15 | €10,367 | €18,721 | +€8,355 | +80.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,867 | €16,221 | +€8,355 | +106% |
| Amounts payable | 17/49 | €82,775 | €74,957 | -€7,817 | -9.4% |
| Amounts payable within one year | 42/48 | €82,775 | €74,957 | -€7,817 | -9.4% |
| Trade debts | 44 | €1,849 | €1,769 | -€81 | -4.4% |
| Suppliers | 440/4 | €1,849 | €1,769 | -€81 | -4.4% |
| Advances received on contracts in progress | 46 | - | €458 | +€458 | |
| Taxes, remuneration and social security | 45 | €1,906 | €4,511 | +€2,605 | +137% |
| Taxes | 450/3 | €1,906 | €4,511 | +€2,605 | +137% |
| Other amounts payable | 47/48 | €79,019 | €68,219 | -€10,800 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,513 | €4,271 | +€759 | +21.6% |
| Other operating charges | 640/8 | €696 | €692 | -€5 | -0.7% |
| Gross operating margin | 9900 | €18,532 | €15,784 | -€2,748 | -14.8% |
| Operating profit (loss) | 9901 | €14,323 | €10,821 | -€3,502 | -24.5% |
| Financial income | 75/76B | €88 | €0 | -€88 | -100% |
| Recurring financial income | 75 | €88 | €0 | -€88 | -100% |
| Financial charges | 65/66B | €1,006 | €642 | -€364 | -36.2% |
| Recurring financial charges | 65 | €1,006 | €642 | -€364 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €13,405 | €10,179 | -€3,226 | -24.1% |
| Income taxes | 67/77 | €140 | €1,824 | +€1,685 | +1,207% |
| Profit (loss) for the period | 9904 | €13,265 | €8,355 | -€4,911 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,265 | €8,355 | -€4,911 | -37.0% |
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.