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&D
Largest movements
- Receivables within one year +€31,576
up €31,576 (+445%), from €7,092 to €38,668
of which Trade receivables: +€33,504
- Cash -€6,458
down €6,458 (-96.9%), from €6,667 to €209
mainly Receivables within one year (-€31,576) and Tax, wage and social debts (-€8,954)
- Tangible fixed assets -€1,748
down €1,748 (-83.6%), from €2,091 to €344
- Stocks and contracts -€1,662
down €1,662 (-49.5%), from €3,358 to €1,696
- Deferred charges and accrued income -€449
no longer reported in 2025 (was €449)
- Profit (loss) carried forward +€19,678
up €19,678 (+56.6%), from -€34,771 to -€15,093
- Trade debts +€10,601
up €10,601 (+128%), from €8,272 to €18,873
- Tax, wage and social debts -€8,954
down €8,954 (-80.7%), from €11,090 to €2,136
- Gross operating margin +€56,554
up €56,554, from -€34,905 to €21,650
- Taxes -€2,218
no longer reported in 2025 (was €2,218)
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 | €19,658 | €40,916 | +€21,259 | +108% |
| Fixed assets | 21/28 | €2,091 | €344 | -€1,748 | -83.6% |
| Tangible fixed assets | 22/27 | €2,091 | €344 | -€1,748 | -83.6% |
| Plant, machinery and equipment | 23 | €2,091 | €344 | -€1,748 | -83.6% |
| Current assets | 29/58 | €17,567 | €40,573 | +€23,006 | +131% |
| Stocks and contracts in progress | 3 | €3,358 | €1,696 | -€1,662 | -49.5% |
| Stocks | 30/36 | €3,358 | €1,696 | -€1,662 | -49.5% |
| Amounts receivable within one year | 40/41 | €7,092 | €38,668 | +€31,576 | +445% |
| Trade receivables | 40 | €243 | €33,747 | +€33,504 | +13,792% |
| Other amounts receivable | 41 | €6,849 | €4,921 | -€1,928 | -28.2% |
| Cash at bank and in hand | 54/58 | €6,667 | €209 | -€6,458 | -96.9% |
| Deferred charges and accrued income | 490/1 | €449 | - | -€449 | |
| Total equity and liabilities | 10/49 | €19,658 | €40,916 | +€21,259 | +108% |
| Equity | 10/15 | €229 | €19,907 | +€19,678 | +8,599% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,771 | -€15,093 | +€19,678 | +56.6% |
| Amounts payable | 17/49 | €19,429 | €21,009 | +€1,580 | +8.1% |
| Amounts payable within one year | 42/48 | €19,429 | €21,009 | +€1,580 | +8.1% |
| Financial debts | 43 | €67 | - | -€67 | |
| Credit institutions | 430/8 | €67 | - | -€67 | |
| Trade debts | 44 | €8,272 | €18,873 | +€10,601 | +128% |
| Suppliers | 440/4 | €8,272 | €18,873 | +€10,601 | +128% |
| Taxes, remuneration and social security | 45 | €11,090 | €2,136 | -€8,954 | -80.7% |
| Taxes | 450/3 | €11,090 | €2,136 | -€8,954 | -80.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,960 | €1,748 | -€213 | -10.8% |
| Other operating charges | 640/8 | €154 | - | -€154 | |
| Gross operating margin | 9900 | -€34,905 | €21,650 | +€56,554 | |
| Operating profit (loss) | 9901 | -€37,019 | €19,902 | +€56,921 | |
| Financial income | 75/76B | €97 | €249 | +€153 | +158% |
| Recurring financial income | 75 | €97 | €249 | +€153 | +158% |
| Financial charges | 65/66B | €289 | €473 | +€184 | +63.9% |
| Recurring financial charges | 65 | €289 | €473 | +€184 | +63.9% |
| Profit (loss) for the period before taxes | 9903 | -€37,211 | €19,678 | +€56,890 | |
| Income taxes | 67/77 | €2,218 | - | -€2,218 | |
| Profit (loss) for the period | 9904 | -€39,429 | €19,678 | +€59,108 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,429 | €19,678 | +€59,108 |
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 29 October 2026 via checked.be.