A.A.D.: 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.
A.A.D.
Largest movements
- Tangible fixed assets +€96,680
up €96,680 (+209.4%), from €46,162 to €142,842
of which Furniture and vehicles: +€97,439
- Receivables within one year +€44,152
up €44,152 (+35.8%), from €123,497 to €167,649
of which Other amounts receivable: +€36,567
- Cash -€27,224
no longer reported in 2025 (was €27,224)
mainly Investment in fixed assets (net) (-€124,971) and Receivables within one year (-€44,152)
- Stocks and contracts -€22,701
no longer reported in 2025 (was €22,701)
- Reserves +€53,592
up €53,592 (+54.0%), from €99,202 to €152,793
of which Distributable reserves: +€53,592
- Debts after one year +€38,411
up €38,411 (+235.7%), from €16,298 to €54,709
- Trade debts -€36,662
down €36,662 (-56.4%), from €64,965 to €28,303
- Short-term financial debts +€22,508
new in 2025: €22,508
- Current portion of long-term debt +€17,175
up €17,175 (+140.0%), from €12,266 to €29,441
- Taxes -€23,100
down €23,100, from €22,299 to -€801
- Gross operating margin +€11,059
up €11,059 (+14.7%), from €75,117 to €86,175
- Depreciation +€7,170
up €7,170 (+33.9%), from €21,121 to €28,291
- Other operating charges +€950
up €950 (+31.6%), from €3,005 to €3,955
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 | €221,429 | €314,623 | +€93,195 | +42.1% |
| Fixed assets | 21/28 | €46,162 | €142,842 | +€96,680 | +209.4% |
| Tangible fixed assets | 22/27 | €46,162 | €142,842 | +€96,680 | +209.4% |
| Plant, machinery and equipment | 23 | €1,362 | €603 | -€759 | -55.7% |
| Furniture and vehicles | 24 | €44,800 | €142,239 | +€97,439 | +217.5% |
| Current assets | 29/58 | €175,266 | €171,781 | -€3,485 | -2.0% |
| Stocks and contracts in progress | 3 | €22,701 | - | -€22,701 | |
| Stocks | 30/36 | €22,701 | - | -€22,701 | |
| Amounts receivable within one year | 40/41 | €123,497 | €167,649 | +€44,152 | +35.8% |
| Trade receivables | 40 | €9,835 | €17,420 | +€7,585 | +77.1% |
| Other amounts receivable | 41 | €113,662 | €150,229 | +€36,567 | +32.2% |
| Cash at bank and in hand | 54/58 | €27,224 | - | -€27,224 | |
| Deferred charges and accrued income | 490/1 | €1,844 | €4,132 | +€2,288 | +124.1% |
| Total equity and liabilities | 10/49 | €221,429 | €314,623 | +€93,195 | +42.1% |
| Equity | 10/15 | €117,802 | €171,393 | +€53,592 | +45.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,202 | €152,793 | +€53,592 | +54.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €97,342 | €150,933 | +€53,592 | +55.1% |
| Amounts payable | 17/49 | €103,627 | €143,230 | +€39,603 | +38.2% |
| Amounts payable after more than one year | 17 | €16,298 | €54,709 | +€38,411 | +235.7% |
| Financial debts | 170/4 | €16,298 | €54,709 | +€38,411 | +235.7% |
| Amounts payable within one year | 42/48 | €87,329 | €88,521 | +€1,192 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €12,266 | €29,441 | +€17,175 | +140.0% |
| Financial debts | 43 | - | €22,508 | +€22,508 | |
| Credit institutions | 430/8 | - | €22,508 | +€22,508 | |
| Trade debts | 44 | €64,965 | €28,303 | -€36,662 | -56.4% |
| Suppliers | 440/4 | €64,965 | €28,303 | -€36,662 | -56.4% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €10,098 | €7,269 | -€2,829 | -28.0% |
| Taxes | 450/3 | €10,098 | €7,269 | -€2,829 | -28.0% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,121 | €28,291 | +€7,170 | +33.9% |
| Other operating charges | 640/8 | €3,005 | €3,955 | +€950 | +31.6% |
| Gross operating margin | 9900 | €75,117 | €86,175 | +€11,059 | +14.7% |
| Operating profit (loss) | 9901 | €50,991 | €53,930 | +€2,939 | +5.8% |
| Financial income | 75/76B | €114 | €178 | +€65 | +56.8% |
| Recurring financial income | 75 | €114 | €178 | +€65 | +56.8% |
| Financial charges | 65/66B | €1,085 | €1,318 | +€233 | +21.5% |
| Recurring financial charges | 65 | €1,085 | €1,318 | +€233 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €50,020 | €52,790 | +€2,771 | +5.5% |
| Income taxes | 67/77 | €22,299 | -€801 | -€23,100 | |
| Profit (loss) for the period | 9904 | €27,721 | €53,592 | +€25,871 | +93.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,721 | €53,592 | +€25,871 | +93.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.