A.B.A.D.: 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.
A.B.A.D.
Largest movements
- Stocks and contracts +€134,053
up €134,053 (+221%), from €60,625 to €194,678
of which Contracts in progress: +€134,053
- Current investments -€17,579
down €17,579 (-70.5%), from €24,940 to €7,361
- Debts after one year +€105,316
up €105,316 (+323%), from €32,618 to €137,934
- Gross operating margin -€39,264
down €39,264 (-62.8%), from €62,478 to €23,214
- Financial charges -€15,350
down €15,350 (-75.2%), from €20,417 to €5,067
- Depreciation -€5,232
down €5,232 (-36.7%), from €14,239 to €9,007
- Other operating charges -€1,994
down €1,994 (-35.3%), from €5,656 to €3,662
- Taxes -€880
down €880 (-83.6%), from €1,053 to €173
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €693,389 | €799,426 | +€106,037 | +15.3% |
| Fixed assets | 21/28 | €595,724 | €590,380 | -€5,344 | -0.9% |
| Tangible fixed assets | 22/27 | €496,087 | €490,743 | -€5,344 | -1.1% |
| Land and buildings | 22 | €475,273 | €474,725 | -€548 | -0.1% |
| Plant, machinery and equipment | 23 | €19,281 | €14,901 | -€4,380 | -22.7% |
| Furniture and vehicles | 24 | €1,533 | €1,117 | -€416 | -27.1% |
| Financial fixed assets | 28 | €99,637 | €99,637 | = | 0.0% |
| Current assets | 29/58 | €97,665 | €209,046 | +€111,381 | +114% |
| Stocks and contracts in progress | 3 | €60,625 | €194,678 | +€134,053 | +221% |
| Stocks | 30/36 | €60,625 | €60,625 | = | 0.0% |
| Contracts in progress | 37 | - | €134,053 | +€134,053 | |
| Amounts receivable within one year | 40/41 | €12,100 | €7,007 | -€5,093 | -42.1% |
| Trade receivables | 40 | €12,100 | €6,382 | -€5,718 | -47.3% |
| Other amounts receivable | 41 | - | €625 | +€625 | |
| Current investments | 50/53 | €24,940 | €7,361 | -€17,579 | -70.5% |
| Total equity and liabilities | 10/49 | €693,389 | €799,426 | +€106,037 | +15.3% |
| Equity | 10/15 | €177,324 | €185,258 | +€7,934 | +4.5% |
| Contributions | 10/11 | €193,680 | €193,680 | = | 0.0% |
| Capital | 10 | €193,357 | €193,357 | = | 0.0% |
| Issued capital | 100 | €193,357 | €193,357 | = | 0.0% |
| Contributions outside capital | 11 | €323 | €323 | = | 0.0% |
| Share premium | 1100/10 | €323 | €323 | = | 0.0% |
| Reserves | 13 | €187,731 | €187,731 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,336 | €19,336 | = | 0.0% |
| Legal reserve | 130 | €19,336 | €19,336 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,521 | €7,521 | = | 0.0% |
| Distributable reserves | 133 | €160,874 | €160,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€204,087 | -€196,153 | +€7,934 | +3.9% |
| Amounts payable | 17/49 | €516,065 | €614,168 | +€98,103 | +19.0% |
| Amounts payable after more than one year | 17 | €32,618 | €137,934 | +€105,316 | +323% |
| Financial debts | 170/4 | €32,618 | €137,934 | +€105,316 | +323% |
| Amounts payable within one year | 42/48 | €483,447 | €476,234 | -€7,213 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €20,481 | €20,495 | +€14 | +0.1% |
| Trade debts | 44 | €1,783 | €1,813 | +€30 | +1.7% |
| Suppliers | 440/4 | €1,783 | €1,813 | +€30 | +1.7% |
| Taxes, remuneration and social security | 45 | €1,438 | €1,300 | -€138 | -9.6% |
| Taxes | 450/3 | €1,438 | €1,300 | -€138 | -9.6% |
| Other amounts payable | 47/48 | €459,745 | €452,626 | -€7,119 | -1.5% |
| Non-recurring operating income | 76A | €33,440 | - | -€33,440 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,239 | €9,007 | -€5,232 | -36.7% |
| Other operating charges | 640/8 | €5,656 | €3,662 | -€1,994 | -35.3% |
| Gross operating margin | 9900 | €62,478 | €23,214 | -€39,264 | -62.8% |
| Operating profit (loss) | 9901 | €42,583 | €10,545 | -€32,038 | -75.2% |
| Financial income | 75/76B | €2,345 | €2,629 | +€284 | +12.1% |
| Recurring financial income | 75 | €2,345 | €2,629 | +€284 | +12.1% |
| Financial charges | 65/66B | €20,417 | €5,067 | -€15,350 | -75.2% |
| Recurring financial charges | 65 | €20,417 | €5,067 | -€15,350 | -75.2% |
| Profit (loss) for the period before taxes | 9903 | €24,511 | €8,107 | -€16,404 | -66.9% |
| Income taxes | 67/77 | €1,053 | €173 | -€880 | -83.6% |
| Profit (loss) for the period | 9904 | €23,458 | €7,934 | -€15,524 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,458 | €7,934 | -€15,524 | -66.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.