A&D Connect: 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 Connect
Largest movements
- Tangible fixed assets +€21,611
up €21,611 (+204%), from €10,590 to €32,201
of which Furniture and vehicles: +€13,482
- Cash +€12,872
up €12,872 (+168%), from €7,655 to €20,527
mainly Net result for the year (+€45,912) and Depreciation (+€13,562)
- Receivables within one year -€11,993
down €11,993 (-22.7%), from €52,942 to €40,949
of which Trade receivables: -€10,598
- Profit (loss) carried forward +€45,912
up €45,912 (+199%), from €23,118 to €69,030
- Trade debts -€19,556
down €19,556 (-95.9%), from €20,398 to €843
- Other debts -€8,033
down €8,033 (-100%), from €8,033 to €0
- Tax, wage and social debts +€4,167
up €4,167 (+25.0%), from €16,638 to €20,805
of which Taxes: +€14,129
- Gross operating margin +€40,620
up €40,620 (+114%), from €35,504 to €76,124
- Depreciation +€9,550
up €9,550 (+238%), from €4,011 to €13,562
- Taxes +€7,541
up €7,541 (+114%), from €6,588 to €14,129
- Other operating charges +€1,970
up €1,970 (+459%), from €429 to €2,399
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 | €71,187 | €93,678 | +€22,491 | +31.6% |
| Fixed assets | 21/28 | €10,590 | €32,201 | +€21,611 | +204% |
| Tangible fixed assets | 22/27 | €10,590 | €32,201 | +€21,611 | +204% |
| Plant, machinery and equipment | 23 | €10,590 | €18,719 | +€8,129 | +76.8% |
| Furniture and vehicles | 24 | - | €13,482 | +€13,482 | |
| Current assets | 29/58 | €60,597 | €61,476 | +€880 | +1.5% |
| Amounts receivable within one year | 40/41 | €52,942 | €40,949 | -€11,993 | -22.7% |
| Trade receivables | 40 | €50,926 | €40,329 | -€10,598 | -20.8% |
| Other amounts receivable | 41 | €2,015 | €621 | -€1,395 | -69.2% |
| Cash at bank and in hand | 54/58 | €7,655 | €20,527 | +€12,872 | +168% |
| Total equity and liabilities | 10/49 | €71,187 | €93,678 | +€22,491 | +31.6% |
| Equity | 10/15 | €26,118 | €72,030 | +€45,912 | +176% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,118 | €69,030 | +€45,912 | +199% |
| Amounts payable | 17/49 | €45,069 | €21,648 | -€23,421 | -52.0% |
| Amounts payable within one year | 42/48 | €45,069 | €21,648 | -€23,421 | -52.0% |
| Trade debts | 44 | €20,398 | €843 | -€19,556 | -95.9% |
| Suppliers | 440/4 | €20,398 | €843 | -€19,556 | -95.9% |
| Taxes, remuneration and social security | 45 | €16,638 | €20,805 | +€4,167 | +25.0% |
| Taxes | 450/3 | €6,638 | €20,767 | +€14,129 | +213% |
| Remuneration and social security | 454/9 | €10,000 | €38 | -€9,962 | -99.6% |
| Other amounts payable | 47/48 | €8,033 | €0 | -€8,033 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,011 | €13,562 | +€9,550 | +238% |
| Other operating charges | 640/8 | €429 | €2,399 | +€1,970 | +459% |
| Gross operating margin | 9900 | €35,504 | €76,124 | +€40,620 | +114% |
| Operating profit (loss) | 9901 | €31,064 | €60,163 | +€29,099 | +93.7% |
| Financial charges | 65/66B | €160 | €122 | -€39 | -24.0% |
| Recurring financial charges | 65 | €160 | €122 | -€39 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €30,904 | €60,041 | +€29,138 | +94.3% |
| Income taxes | 67/77 | €6,588 | €14,129 | +€7,541 | +114% |
| Profit (loss) for the period | 9904 | €24,316 | €45,912 | +€21,597 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,316 | €45,912 | +€21,597 | +88.8% |
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 20 October 2026 via checked.be.