AMM: what changed
What changed
AMM
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€441,605
2024 · €308,238+€133,367
Equity
€3.4m
2024 · €3.0m+€431,681
Cash
€211,600
2024 · €53,007+€158,593
Balance sheet total
€5.0m
2024 · €4.9m+€140,436
Largest movements
Assets
- Financial fixed assets -€325,000
down €325,000 (-7.5%), from €4.3m to €4.0m
- Receivables within one year +€256,931
up €256,931 (+442%), from €58,086 to €315,017
of which Other amounts receivable: +€252,025
- Cash +€158,593
up €158,593 (+299%), from €53,007 to €211,600
mainly Net result for the year (+€441,605) and Investment in fixed assets (net) (+€245,158)
Equity and liabilities
- Reserves +€431,681
up €431,681 (+54.6%), from €789,959 to €1.2m
of which Distributable reserves: +€326,431
- Debts after one year -€206,186
down €206,186 (-16.2%), from €1.3m to €1.1m
- Other debts -€103,942
down €103,942 (-25.9%), from €401,673 to €297,731
Income statement
- Gross operating margin +€86,155
up €86,155 (+31.4%), from €274,691 to €360,846
- Financial income +€86,118
up €86,118 (+51.8%), from €166,345 to €252,463
- Taxes +€20,652
up €20,652 (+40.7%), from €50,738 to €71,390
- Other operating charges +€20,284
up €20,284 (+186%), from €10,909 to €31,193
- Financial charges -€5,887
down €5,887 (-13.1%), from €45,078 to €39,191
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€308,238
Gross operating margin
+€86,155
Depreciation
-€3,853
Other operating charges
-€20,284
Other operating items
-€3
Financial income
+€86,118
Financial charges
+€5,887
Taxes
-€20,652
Result 2025
€441,605
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€110,505
Investment
+€245,158
Financing
-€197,069
Cash 2024
€53,007
From operations (derived)
+€110,505
Net result for the year
+€441,605
Depreciation
+€29,930
Receivables within one year
-€256,931
Trade debts
+€3,345
Tax, wage and social debts
-€3,504
Other debts
-€103,942
Investment (derived)
+€245,158
Investment in fixed assets (net)
+€245,158
Financing
-€197,069
Debts after one year
-€206,186
Current portion of long-term debt
+€19,040
Contributions, distributions and other
-€9,924
Cash 2025
€211,600
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,901,453 | €5,041,888 | +€140,436 | +2.9% |
| Fixed assets | 21/28 | €4,790,360 | €4,515,272 | -€275,088 | -5.7% |
| Tangible fixed assets | 22/27 | €466,636 | €516,548 | +€49,912 | +10.7% |
| Land and buildings | 22 | €442,502 | €428,856 | -€13,646 | -3.1% |
| Plant, machinery and equipment | 23 | €18,759 | €15,831 | -€2,928 | -15.6% |
| Furniture and vehicles | 24 | €5,375 | €71,861 | +€66,486 | +1,237% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €4,323,723 | €3,998,723 | -€325,000 | -7.5% |
| Current assets | 29/58 | €111,093 | €526,616 | +€415,524 | +374% |
| Amounts receivable within one year | 40/41 | €58,086 | €315,017 | +€256,931 | +442% |
| Trade receivables | 40 | €23,889 | €28,795 | +€4,906 | +20.5% |
| Other amounts receivable | 41 | €34,197 | €286,222 | +€252,025 | +737% |
| Cash at bank and in hand | 54/58 | €53,007 | €211,600 | +€158,593 | +299% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,901,453 | €5,041,888 | +€140,436 | +2.9% |
| Equity | 10/15 | €3,012,959 | €3,444,640 | +€431,681 | +14.3% |
| Contributions | 10/11 | €2,223,000 | €2,223,000 | = | 0.0% |
| Reserves | 13 | €789,959 | €1,221,640 | +€431,681 | +54.6% |
| Tax-exempt reserves | 132 | - | €105,250 | +€105,250 | |
| Distributable reserves | 133 | €789,959 | €1,116,390 | +€326,431 | +41.3% |
| Amounts payable | 17/49 | €1,888,493 | €1,597,248 | -€291,246 | -15.4% |
| Amounts payable after more than one year | 17 | €1,273,942 | €1,067,756 | -€206,186 | -16.2% |
| Financial debts | 170/4 | €1,273,942 | €1,067,756 | -€206,186 | -16.2% |
| Amounts payable within one year | 42/48 | €614,551 | €529,492 | -€85,060 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €200,601 | €219,642 | +€19,040 | +9.5% |
| Trade debts | 44 | €1,001 | €4,347 | +€3,345 | +334% |
| Suppliers | 440/4 | €1,001 | €4,347 | +€3,345 | +334% |
| Taxes, remuneration and social security | 45 | €11,276 | €7,772 | -€3,504 | -31.1% |
| Taxes | 450/3 | €11,276 | €7,772 | -€3,504 | -31.1% |
| Other amounts payable | 47/48 | €401,673 | €297,731 | -€103,942 | -25.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €414 | +€414 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,077 | €29,930 | +€3,853 | +14.8% |
| Other operating charges | 640/8 | €10,909 | €31,193 | +€20,284 | +186% |
| Non-recurring operating charges | 66A | -€3 | - | +€3 | |
| Gross operating margin | 9900 | €274,691 | €360,846 | +€86,155 | +31.4% |
| Operating profit (loss) | 9901 | €237,708 | €299,723 | +€62,014 | +26.1% |
| Financial income | 75/76B | €166,345 | €252,463 | +€86,118 | +51.8% |
| Recurring financial income | 75 | €166,345 | €252,463 | +€86,118 | +51.8% |
| Financial charges | 65/66B | €45,078 | €39,191 | -€5,887 | -13.1% |
| Recurring financial charges | 65 | €45,078 | €39,191 | -€5,887 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €358,975 | €512,995 | +€154,019 | +42.9% |
| Income taxes | 67/77 | €50,738 | €71,390 | +€20,652 | +40.7% |
| Profit (loss) for the period | 9904 | €308,238 | €441,605 | +€133,367 | +43.3% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €308,238 | €336,355 | +€28,117 | +9.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.