A.D.: what changed
A.D.
Largest movements
- Tangible fixed assets +€244,703
up €244,703 (+60.0%), from €407,519 to €652,222
of which Furniture and vehicles: +€265,775
- Cash +€171,265
up €171,265 (+173%), from €98,813 to €270,079
mainly Debts after one year (+€238,911) and Net result for the year (+€171,563)
- Stocks and contracts -€99,526
down €99,526 (-44.4%), from €224,043 to €124,517
of which Contracts in progress: -€72,526
- Receivables within one year +€54,322
up €54,322 (+27.5%), from €197,223 to €251,545
of which Trade receivables: +€78,098
- Debts after one year +€238,911
up €238,911 (+184%), from €129,666 to €368,577
- Reserves +€131,563
up €131,563 (+26.5%), from €496,243 to €627,806
- Other debts +€40,000
up €40,000 (+2,554%), from €1,566 to €41,566
- Trade debts -€37,576
down €37,576 (-25.6%), from €146,832 to €109,256
- Current portion of long-term debt +€33,794
up €33,794 (+51.4%), from €65,717 to €99,511
- Gross operating margin +€192,925
up €192,925 (+23.3%), from €826,496 to €1.0m
- Staff costs +€156,290
up €156,290 (+34.8%), from €449,038 to €605,327
- Depreciation +€30,940
up €30,940 (+38.5%), from €80,293 to €111,233
- Other operating charges +€15,404
up €15,404 (+126%), from €12,198 to €27,601
- Financial charges +€12,027
up €12,027 (+72.0%), from €16,700 to €28,727
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €946,407 | €1,321,857 | +€375,450 | +39.7% |
| Fixed assets | 21/28 | €413,019 | €657,722 | +€244,703 | +59.2% |
| Tangible fixed assets | 22/27 | €407,519 | €652,222 | +€244,703 | +60.0% |
| Land and buildings | 22 | €140,993 | €132,973 | -€8,020 | -5.7% |
| Plant, machinery and equipment | 23 | €63,450 | €50,398 | -€13,052 | -20.6% |
| Furniture and vehicles | 24 | €203,075 | €468,850 | +€265,775 | +131% |
| Financial fixed assets | 28 | €5,500 | €5,500 | = | 0.0% |
| Current assets | 29/58 | €533,388 | €664,135 | +€130,747 | +24.5% |
| Stocks and contracts in progress | 3 | €224,043 | €124,517 | -€99,526 | -44.4% |
| Stocks | 30/36 | €95,086 | €68,086 | -€27,000 | -28.4% |
| Contracts in progress | 37 | €128,957 | €56,431 | -€72,526 | -56.2% |
| Amounts receivable within one year | 40/41 | €197,223 | €251,545 | +€54,322 | +27.5% |
| Trade receivables | 40 | €144,560 | €222,658 | +€78,098 | +54.0% |
| Other amounts receivable | 41 | €52,663 | €28,887 | -€23,777 | -45.1% |
| Current investments | 50/53 | €525 | €525 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €98,813 | €270,079 | +€171,265 | +173% |
| Deferred charges and accrued income | 490/1 | €12,784 | €17,470 | +€4,686 | +36.7% |
| Total equity and liabilities | 10/49 | €946,407 | €1,321,857 | +€375,450 | +39.7% |
| Equity | 10/15 | €521,243 | €652,806 | +€131,563 | +25.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €496,243 | €627,806 | +€131,563 | +26.5% |
| Distributable reserves | 133 | €496,243 | €627,806 | +€131,563 | +26.5% |
| Amounts payable | 17/49 | €425,164 | €669,051 | +€243,887 | +57.4% |
| Amounts payable after more than one year | 17 | €129,666 | €368,577 | +€238,911 | +184% |
| Financial debts | 170/4 | €129,666 | €368,577 | +€238,911 | +184% |
| Amounts payable within one year | 42/48 | €295,498 | €300,474 | +€4,976 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €65,717 | €99,511 | +€33,794 | +51.4% |
| Trade debts | 44 | €146,832 | €109,256 | -€37,576 | -25.6% |
| Suppliers | 440/4 | €146,832 | €109,256 | -€37,576 | -25.6% |
| Taxes, remuneration and social security | 45 | €81,382 | €50,141 | -€31,242 | -38.4% |
| Taxes | 450/3 | €56,391 | €21,691 | -€34,700 | -61.5% |
| Remuneration and social security | 454/9 | €24,991 | €28,449 | +€3,458 | +13.8% |
| Other amounts payable | 47/48 | €1,566 | €41,566 | +€40,000 | +2,554% |
| Remuneration, social security and pensions | 62 | €449,038 | €605,327 | +€156,290 | +34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,293 | €111,233 | +€30,940 | +38.5% |
| Other operating charges | 640/8 | €12,198 | €27,601 | +€15,404 | +126% |
| Non-recurring operating charges | 66A | €4,640 | - | -€4,640 | |
| Gross operating margin | 9900 | €826,496 | €1,019,421 | +€192,925 | +23.3% |
| Operating profit (loss) | 9901 | €280,328 | €275,260 | -€5,069 | -1.8% |
| Financial income | 75/76B | €191 | €133 | -€58 | -30.5% |
| Recurring financial income | 75 | €191 | €133 | -€58 | -30.5% |
| Financial charges | 65/66B | €16,700 | €28,727 | +€12,027 | +72.0% |
| Recurring financial charges | 65 | €16,700 | €28,727 | +€12,027 | +72.0% |
| Profit (loss) for the period before taxes | 9903 | €263,819 | €246,665 | -€17,154 | -6.5% |
| Income taxes | 67/77 | €69,970 | €75,102 | +€5,131 | +7.3% |
| Profit (loss) for the period | 9904 | €193,849 | €171,563 | -€22,286 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €193,849 | €171,563 | -€22,286 | -11.5% |
Next steps
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 4 November 2026 via checked.be.