A&D: what changed
What changed
A&D
filed annual accounts (NBB)
Net result for the year
€20,197
2024 · €549,104-€528,906
Equity
€371,209
2024 · €546,134-€174,925
Cash
€184,999
2024 · €339,426-€154,427
Balance sheet total
€955,993
2024 · €1.2m-€204,642
Largest movements
Assets
- Cash -€154,427
down €154,427 (-45.5%), from €339,426 to €184,999
mainly Contributions, distributions and other (-€195,122) and Debts after one year (-€42,683)
- Financial fixed assets -€52,762
down €52,762 (-32.8%), from €160,663 to €107,900
Equity and liabilities
- Profit (loss) carried forward -€174,925
down €174,925 (-32.4%), from €539,884 to €364,959
- Debts after one year -€42,683
down €42,683 (-8.3%), from €514,508 to €471,825
- Tax, wage and social debts +€35,492
up €35,492 (+140%), from €25,283 to €60,775
- Other debts -€12,270
down €12,270 (-64.0%), from €19,169 to €6,899
Income statement
- Gross operating margin -€554,884
down €554,884 (-87.2%), from €636,330 to €81,446
- Taxes -€19,330
down €19,330 (-97.6%), from €19,813 to €482
- Financial charges -€9,029
down €9,029 (-28.5%), from €31,629 to €22,600
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
€549,104
Gross operating margin
-€554,884
Depreciation
-€1,274
Other operating charges
-€1,451
Financial income
+€343
Financial charges
+€9,029
Taxes
+€19,330
Result 2025
€20,197
raises the resultlowers the result
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
+€77,149
Investment
+€16,762
Financing
-€248,339
Cash 2024
€339,426
From operations (derived)
+€77,149
Net result for the year
+€20,197
Depreciation
+€31,202
Receivables within one year
+€5,151
Deferred charges and accrued income
-€2,900
Trade debts
+€276
Tax, wage and social debts
+€35,492
Other debts
-€12,270
Investment (derived)
+€16,762
Investment in fixed assets (net)
+€16,762
Financing
-€248,339
Debts after one year
-€42,683
Current portion of long-term debt
-€10,543
Short-term financial debts
+€9
Contributions, distributions and other
-€195,122
Cash 2025
€184,999
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,160,636 | €955,993 | -€204,642 | -17.6% |
| Fixed assets | 21/28 | €816,058 | €768,094 | -€47,964 | -5.9% |
| Tangible fixed assets | 22/27 | €655,396 | €660,194 | +€4,798 | +0.7% |
| Land and buildings | 22 | €655,396 | €660,194 | +€4,798 | +0.7% |
| Financial fixed assets | 28 | €160,663 | €107,900 | -€52,762 | -32.8% |
| Current assets | 29/58 | €344,578 | €187,899 | -€156,678 | -45.5% |
| Amounts receivable within one year | 40/41 | €5,151 | - | -€5,151 | |
| Trade receivables | 40 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 41 | €151 | - | -€151 | |
| Cash at bank and in hand | 54/58 | €339,426 | €184,999 | -€154,427 | -45.5% |
| Deferred charges and accrued income | 490/1 | - | €2,900 | +€2,900 | |
| Total equity and liabilities | 10/49 | €1,160,636 | €955,993 | -€204,642 | -17.6% |
| Equity | 10/15 | €546,134 | €371,209 | -€174,925 | -32.0% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €539,884 | €364,959 | -€174,925 | -32.4% |
| Amounts payable | 17/49 | €614,502 | €584,784 | -€29,718 | -4.8% |
| Amounts payable after more than one year | 17 | €514,508 | €471,825 | -€42,683 | -8.3% |
| Financial debts | 170/4 | €514,508 | €471,825 | -€42,683 | -8.3% |
| Amounts payable within one year | 42/48 | €98,272 | €111,237 | +€12,965 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €52,383 | €41,840 | -€10,543 | -20.1% |
| Financial debts | 43 | - | €9 | +€9 | |
| Credit institutions | 430/8 | - | €9 | +€9 | |
| Trade debts | 44 | €1,437 | €1,714 | +€276 | +19.2% |
| Suppliers | 440/4 | €1,437 | €1,714 | +€276 | +19.2% |
| Taxes, remuneration and social security | 45 | €25,283 | €60,775 | +€35,492 | +140% |
| Taxes | 450/3 | €25,283 | €60,775 | +€35,492 | +140% |
| Other amounts payable | 47/48 | €19,169 | €6,899 | -€12,270 | -64.0% |
| Accrued charges and deferred income | 492/3 | €1,723 | €1,723 | = | 0.0% |
| Non-recurring operating income | 76A | €489,500 | €30,287 | -€459,213 | -93.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,928 | €31,202 | +€1,274 | +4.3% |
| Other operating charges | 640/8 | €5,888 | €7,339 | +€1,451 | +24.6% |
| Gross operating margin | 9900 | €636,330 | €81,446 | -€554,884 | -87.2% |
| Operating profit (loss) | 9901 | €600,514 | €42,905 | -€557,609 | -92.9% |
| Financial income | 75/76B | €32 | €374 | +€343 | +1,088% |
| Recurring financial income | 75 | €32 | €374 | +€343 | +1,088% |
| Financial charges | 65/66B | €31,629 | €22,600 | -€9,029 | -28.5% |
| Recurring financial charges | 65 | €31,629 | €22,600 | -€9,029 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €568,916 | €20,680 | -€548,237 | -96.4% |
| Income taxes | 67/77 | €19,813 | €482 | -€19,330 | -97.6% |
| Profit (loss) for the period | 9904 | €549,104 | €20,197 | -€528,906 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €549,104 | €20,197 | -€528,906 | -96.3% |
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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 4 November 2026 via checked.be.