A.D. INVEST: 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. INVEST
Largest movements
- Cash +€30,490
up €30,490 (+1,643%), from €1,856 to €32,346
mainly Investment in fixed assets (net) (+€29,137) and Net result for the year (+€17,665)
- Tangible fixed assets -€29,461
down €29,461 (-45.9%), from €64,123 to €34,662
of which Other tangible fixed assets: -€59,637
- Receivables within one year -€5,518
down €5,518 (-56.7%), from €9,730 to €4,212
of which Trade receivables: -€5,518
- Stocks and contracts +€4,500
up €4,500 (+1.6%), from €284,040 to €288,540
- Profit (loss) carried forward +€17,665
up €17,665 (+86.9%), from -€20,318 to -€2,653
- Other debts -€12,080
down €12,080 (-4.6%), from €262,465 to €250,386
- Current portion of long-term debt -€11,599
no longer reported in 2025 (was €11,599)
- Financial charges -€38,877
down €38,877 (-99.9%), from €38,917 to €40
- Gross operating margin -€22,893
down €22,893 (-51.0%), from €44,877 to €21,985
- Taxes +€475
new in 2025: €475
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 | €447,529 | €444,060 | -€3,468 | -0.8% |
| Fixed assets | 21/28 | €148,423 | €118,962 | -€29,461 | -19.8% |
| Tangible fixed assets | 22/27 | €64,123 | €34,662 | -€29,461 | -45.9% |
| Land and buildings | 22 | €2,986 | €33,162 | +€30,176 | +1,011% |
| Other tangible fixed assets | 26 | €61,137 | €1,500 | -€59,637 | -97.5% |
| Financial fixed assets | 28 | €84,300 | €84,300 | = | 0.0% |
| Current assets | 29/58 | €299,106 | €325,099 | +€25,992 | +8.7% |
| Stocks and contracts in progress | 3 | €284,040 | €288,540 | +€4,500 | +1.6% |
| Stocks | 30/36 | €284,040 | €288,540 | +€4,500 | +1.6% |
| Amounts receivable within one year | 40/41 | €9,730 | €4,212 | -€5,518 | -56.7% |
| Trade receivables | 40 | €5,518 | - | -€5,518 | |
| Other amounts receivable | 41 | €4,212 | €4,212 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €1,856 | €32,346 | +€30,490 | +1,643% |
| Deferred charges and accrued income | 490/1 | €3,480 | - | -€3,480 | |
| Total equity and liabilities | 10/49 | €447,529 | €444,060 | -€3,468 | -0.8% |
| Equity | 10/15 | €19,204 | €36,869 | +€17,665 | +92.0% |
| Contributions | 10/11 | €38,592 | €38,592 | = | 0.0% |
| Reserves | 13 | €930 | €930 | = | 0.0% |
| Non-distributable reserves | 130/1 | €930 | €930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €930 | €930 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,318 | -€2,653 | +€17,665 | +86.9% |
| Amounts payable | 17/49 | €428,325 | €407,191 | -€21,133 | -4.9% |
| Amounts payable after more than one year | 17 | €19,960 | €19,960 | = | 0.0% |
| Financial debts | 170/4 | €19,960 | €19,960 | = | 0.0% |
| Amounts payable within one year | 42/48 | €408,365 | €387,231 | -€21,133 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €11,599 | - | -€11,599 | |
| Financial debts | 43 | €122,562 | €122,562 | = | 0.0% |
| Credit institutions | 430/8 | €122,562 | €122,562 | = | 0.0% |
| Trade debts | 44 | €6,693 | €8,763 | +€2,071 | +30.9% |
| Suppliers | 440/4 | €6,483 | €8,763 | +€2,281 | +35.2% |
| Bills of exchange payable | 441 | €210 | - | -€210 | |
| Advances received on contracts in progress | 46 | €4,400 | €4,400 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €645 | €1,120 | +€475 | +73.6% |
| Taxes | 450/3 | €645 | €1,120 | +€475 | +73.6% |
| Other amounts payable | 47/48 | €262,465 | €250,386 | -€12,080 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324 | €324 | = | 0.0% |
| Other operating charges | 640/8 | €3,227 | €3,480 | +€254 | +7.9% |
| Gross operating margin | 9900 | €44,877 | €21,985 | -€22,893 | -51.0% |
| Operating profit (loss) | 9901 | €41,326 | €18,180 | -€23,146 | -56.0% |
| Financial charges | 65/66B | €38,917 | €40 | -€38,877 | -99.9% |
| Recurring financial charges | 65 | €38,917 | €40 | -€38,877 | -99.9% |
| Profit (loss) for the period before taxes | 9903 | €2,409 | €18,140 | +€15,731 | +653% |
| Income taxes | 67/77 | - | €475 | +€475 | |
| Profit (loss) for the period | 9904 | €2,409 | €17,665 | +€15,256 | +633% |
| Profit (loss) for the period to be appropriated | 9905 | €2,409 | €17,665 | +€15,256 | +633% |
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 31 October 2026 via checked.be.