A.D.H.: 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.H.
Largest movements
- Cash +€462,459
up €462,459 (+62.8%), from €735,985 to €1.2m
mainly Debts after one year (+€674,712) and Net result for the year (+€453,133)
- Debts after one year +€674,712
new in 2025: €674,712
- Other debts -€514,591
down €514,591 (-70.7%), from €727,942 to €213,351
- Reserves +€451,025
up €451,025 (+58.3%), from €773,917 to €1.2m
of which Distributable reserves: +€328,093
- Contributions -€250,000
down €250,000 (-11.0%), from €2.3m to €2.0m
- Gross operating margin +€202,497
up €202,497 (+45.0%), from €450,243 to €652,740
- Taxes +€49,300
up €49,300 (+36.3%), from €135,671 to €184,971
- Financial income +€25,656
up €25,656 (+179.9%), from €14,262 to €39,918
- Financial charges +€11,306
up €11,306 (+47.8%), from €23,652 to €34,958
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 | €3,865,989 | €4,272,602 | +€406,613 | +10.5% |
| Fixed assets | 21/28 | €2,860,506 | €2,844,305 | -€16,202 | -0.6% |
| Tangible fixed assets | 22/27 | €68,106 | €51,904 | -€16,202 | -23.8% |
| Plant, machinery and equipment | 23 | €3,546 | €3,332 | -€215 | -6.1% |
| Furniture and vehicles | 24 | €64,559 | €48,572 | -€15,987 | -24.8% |
| Financial fixed assets | 28 | €2,792,401 | €2,792,401 | = | 0.0% |
| Current assets | 29/58 | €1,005,483 | €1,428,298 | +€422,815 | +42.1% |
| Amounts receivable within one year | 40/41 | €254,867 | €224,000 | -€30,867 | -12.1% |
| Other amounts receivable | 41 | €254,867 | €224,000 | -€30,867 | -12.1% |
| Cash at bank and in hand | 54/58 | €735,985 | €1,198,444 | +€462,459 | +62.8% |
| Deferred charges and accrued income | 490/1 | €14,631 | €5,853 | -€8,777 | -60.0% |
| Total equity and liabilities | 10/49 | €3,865,989 | €4,272,602 | +€406,613 | +10.5% |
| Equity | 10/15 | €3,054,201 | €3,255,227 | +€201,025 | +6.6% |
| Contributions | 10/11 | €2,280,284 | €2,030,284 | -€250,000 | -11.0% |
| Reserves | 13 | €773,917 | €1,224,943 | +€451,025 | +58.3% |
| Tax-exempt reserves | 132 | €87,568 | €210,500 | +€122,932 | +140.4% |
| Distributable reserves | 133 | €686,349 | €1,014,443 | +€328,093 | +47.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €811,788 | €1,017,376 | +€205,588 | +25.3% |
| Amounts payable after more than one year | 17 | - | €674,712 | +€674,712 | |
| Other amounts payable | 178/9 | - | €674,712 | +€674,712 | |
| Amounts payable within one year | 42/48 | €800,839 | €320,411 | -€480,428 | -60.0% |
| Trade debts | 44 | €1,369 | €1,564 | +€194 | +14.2% |
| Suppliers | 440/4 | €1,369 | €1,564 | +€194 | +14.2% |
| Taxes, remuneration and social security | 45 | €71,528 | €105,496 | +€33,968 | +47.5% |
| Taxes | 450/3 | €71,528 | €105,496 | +€33,968 | +47.5% |
| Other amounts payable | 47/48 | €727,942 | €213,351 | -€514,591 | -70.7% |
| Accrued charges and deferred income | 492/3 | €10,948 | €22,252 | +€11,304 | +103.2% |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,764 | €17,423 | +€659 | +3.9% |
| Other operating charges | 640/8 | €1,489 | €2,173 | +€684 | +45.9% |
| Gross operating margin | 9900 | €450,243 | €652,740 | +€202,497 | +45.0% |
| Operating profit (loss) | 9901 | €431,989 | €633,144 | +€201,154 | +46.6% |
| Financial income | 75/76B | €14,262 | €39,918 | +€25,656 | +179.9% |
| Recurring financial income | 75 | €14,262 | €39,918 | +€25,656 | +179.9% |
| Financial charges | 65/66B | €23,652 | €34,958 | +€11,306 | +47.8% |
| Recurring financial charges | 65 | €23,652 | €34,958 | +€11,306 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | €422,600 | €638,103 | +€215,504 | +51.0% |
| Income taxes | 67/77 | €135,671 | €184,971 | +€49,300 | +36.3% |
| Profit (loss) for the period | 9904 | €286,928 | €453,133 | +€166,204 | +57.9% |
| Transfer from tax-exempt reserves | 789 | €0 | €63,150 | +€63,150 | |
| Transfer to tax-exempt reserves | 689 | €0 | €186,082 | +€186,082 | |
| Profit (loss) for the period to be appropriated | 9905 | €286,928 | €330,201 | +€43,272 | +15.1% |
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 8 October 2026 via checked.be.