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&D
Largest movements
- Stocks and contracts +€430,872
up €430,872 (+86.3%), from €499,070 to €929,942
- Cash -€215,256
down €215,256 (-95.6%), from €225,080 to €9,824
mainly Stocks and contracts (-€430,872) and Receivables within one year (-€208,780)
- Receivables within one year +€208,780
up €208,780 (+763.1%), from €27,358 to €236,138
of which Trade receivables: +€183,834
- Deferred charges and accrued income +€187,309
up €187,309 (+4147.6%), from €4,516 to €191,825
- Tangible fixed assets -€163,973
down €163,973 (-100.0%), from €163,973 to €0
of which Furniture and vehicles: -€128,987
- Debts after one year +€316,051
up €316,051 (+82.8%), from €381,741 to €697,792
- Tax, wage and social debts +€229,775
up €229,775 (+5739.7%), from €4,003 to €233,778
- Short-term financial debts -€58,333
down €58,333 (-100.0%), from €58,333 to €0
- Profit (loss) carried forward -€45,833
down €45,833 (-37.8%), from €121,347 to €75,513
- Gross operating margin -€339,612
down €339,612 (-91.5%), from €371,029 to €31,417
- Taxes -€74,623
down €74,623 (-99.5%), from €74,961 to €338
- Other operating charges +€53,094
up €53,094 (+1769.1%), from €3,001 to €56,096
- Depreciation -€34,748
down €34,748 (-100.0%), from €34,748 to €0
- Financial charges -€15,236
down €15,236 (-40.1%), from €37,980 to €22,743
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 | €919,998 | €1,367,730 | +€447,732 | +48.7% |
| Fixed assets | 21/28 | €163,973 | €0 | -€163,973 | -100.0% |
| Tangible fixed assets | 22/27 | €163,973 | €0 | -€163,973 | -100.0% |
| Land and buildings | 22 | €27,210 | €0 | -€27,210 | -100.0% |
| Plant, machinery and equipment | 23 | €7,776 | €0 | -€7,776 | -100.0% |
| Furniture and vehicles | 24 | €128,987 | €0 | -€128,987 | -100.0% |
| Current assets | 29/58 | €756,025 | €1,367,730 | +€611,705 | +80.9% |
| Stocks and contracts in progress | 3 | €499,070 | €929,942 | +€430,872 | +86.3% |
| Stocks | 30/36 | €499,070 | €929,942 | +€430,872 | +86.3% |
| Amounts receivable within one year | 40/41 | €27,358 | €236,138 | +€208,780 | +763.1% |
| Trade receivables | 40 | €7,503 | €191,337 | +€183,834 | +2450.2% |
| Other amounts receivable | 41 | €19,856 | €44,801 | +€24,945 | +125.6% |
| Cash at bank and in hand | 54/58 | €225,080 | €9,824 | -€215,256 | -95.6% |
| Deferred charges and accrued income | 490/1 | €4,516 | €191,825 | +€187,309 | +4147.6% |
| Total equity and liabilities | 10/49 | €919,998 | €1,367,730 | +€447,732 | +48.7% |
| Equity | 10/15 | €437,187 | €391,354 | -€45,833 | -10.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €297,291 | €297,291 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €295,436 | €295,436 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,347 | €75,513 | -€45,833 | -37.8% |
| Amounts payable | 17/49 | €482,810 | €976,376 | +€493,566 | +102.2% |
| Amounts payable after more than one year | 17 | €381,741 | €697,792 | +€316,051 | +82.8% |
| Financial debts | 170/4 | €381,741 | €697,792 | +€316,051 | +82.8% |
| Amounts payable within one year | 42/48 | €99,719 | €277,234 | +€177,515 | +178.0% |
| Current portion of amounts payable after more than one year | 42 | €15,893 | €15,822 | -€71 | -0.4% |
| Financial debts | 43 | €58,333 | €0 | -€58,333 | -100.0% |
| Credit institutions | 430/8 | €58,333 | €0 | -€58,333 | -100.0% |
| Trade debts | 44 | €21,489 | €27,634 | +€6,144 | +28.6% |
| Suppliers | 440/4 | €21,489 | €27,634 | +€6,144 | +28.6% |
| Taxes, remuneration and social security | 45 | €4,003 | €233,778 | +€229,775 | +5739.7% |
| Taxes | 450/3 | €4,003 | €233,778 | +€229,775 | +5739.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,350 | €1,350 | = | 0.0% |
| Non-recurring operating income | 76A | €558,172 | €186,094 | -€372,078 | -66.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,748 | €0 | -€34,748 | -100.0% |
| Other operating charges | 640/8 | €3,001 | €56,096 | +€53,094 | +1769.1% |
| Gross operating margin | 9900 | €371,029 | €31,417 | -€339,612 | -91.5% |
| Operating profit (loss) | 9901 | €333,280 | -€24,679 | -€357,958 | |
| Financial income | 75/76B | €1,008 | €1,927 | +€920 | +91.3% |
| Recurring financial income | 75 | €1,008 | €1,927 | +€920 | +91.3% |
| Financial charges | 65/66B | €37,980 | €22,743 | -€15,236 | -40.1% |
| Recurring financial charges | 65 | €37,980 | €22,743 | -€15,236 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €296,308 | -€45,495 | -€341,803 | |
| Income taxes | 67/77 | €74,961 | €338 | -€74,623 | -99.5% |
| Profit (loss) for the period | 9904 | €221,347 | -€45,833 | -€267,180 | |
| Profit (loss) for the period to be appropriated | 9905 | €221,347 | -€45,833 | -€267,180 |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.