A&D PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets +€8,101
up €8,101 (+39.1%), from €20,700 to €28,801
of which Furniture and vehicles: +€13,374
- Stocks and contracts -€4,778
no longer reported in 2025 (was €4,778)
- Cash +€3,476
up €3,476 (+18.2%), from €19,062 to €22,538
mainly Net result for the year (+€20,120) and Depreciation (+€12,749)
- Receivables within one year +€2,722
up €2,722 (+53.4%), from €5,098 to €7,820
of which Other amounts receivable: +€4,106
- Deferred charges and accrued income -€1,052
down €1,052 (-52.2%), from €2,016 to €964
- Profit (loss) carried forward +€20,120
up €20,120, from -€19,041 to €1,079
- Other debts -€5,894
down €5,894 (-11.8%), from €49,855 to €43,961
- Debts after one year -€3,949
down €3,949 (-70.2%), from €5,628 to €1,679
- Tax, wage and social debts -€2,732
no longer reported in 2025 (was €2,732)
- Trade debts +€709
up €709 (+43.6%), from €1,626 to €2,334
- Gross operating margin +€28,565
up €28,565 (+468.4%), from €6,098 to €34,663
- Financial charges -€7,749
down €7,749 (-90.7%), from €8,541 to €791
- Depreciation +€4,001
up €4,001 (+45.7%), from €8,748 to €12,749
- Taxes +€445
up €445 (+285.5%), from €156 to €601
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 | €51,654 | €60,123 | +€8,469 | +16.4% |
| Fixed assets | 21/28 | €20,700 | €28,801 | +€8,101 | +39.1% |
| Tangible fixed assets | 22/27 | €20,700 | €28,801 | +€8,101 | +39.1% |
| Plant, machinery and equipment | 23 | €4,995 | €3,798 | -€1,197 | -24.0% |
| Furniture and vehicles | 24 | €7,553 | €20,927 | +€13,374 | +177.1% |
| Leasing and similar rights | 25 | €8,151 | €4,076 | -€4,076 | -50.0% |
| Current assets | 29/58 | €30,954 | €31,322 | +€368 | +1.2% |
| Stocks and contracts in progress | 3 | €4,778 | - | -€4,778 | |
| Stocks | 30/36 | €4,778 | - | -€4,778 | |
| Amounts receivable within one year | 40/41 | €5,098 | €7,820 | +€2,722 | +53.4% |
| Trade receivables | 40 | €4,380 | €2,996 | -€1,384 | -31.6% |
| Other amounts receivable | 41 | €718 | €4,824 | +€4,106 | +571.5% |
| Cash at bank and in hand | 54/58 | €19,062 | €22,538 | +€3,476 | +18.2% |
| Deferred charges and accrued income | 490/1 | €2,016 | €964 | -€1,052 | -52.2% |
| Total equity and liabilities | 10/49 | €51,654 | €60,123 | +€8,469 | +16.4% |
| Equity | 10/15 | -€11,920 | €8,199 | +€20,120 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €5,121 | €5,121 | = | 0.0% |
| Distributable reserves | 133 | €5,121 | €5,121 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,041 | €1,079 | +€20,120 | |
| Amounts payable | 17/49 | €63,574 | €51,923 | -€11,651 | -18.3% |
| Amounts payable after more than one year | 17 | €5,628 | €1,679 | -€3,949 | -70.2% |
| Financial debts | 170/4 | €5,628 | €1,679 | -€3,949 | -70.2% |
| Amounts payable within one year | 42/48 | €57,946 | €50,244 | -€7,702 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €3,734 | €3,949 | +€216 | +5.8% |
| Trade debts | 44 | €1,626 | €2,334 | +€709 | +43.6% |
| Suppliers | 440/4 | €1,626 | €2,334 | +€709 | +43.6% |
| Taxes, remuneration and social security | 45 | €2,732 | - | -€2,732 | |
| Taxes | 450/3 | €2,732 | - | -€2,732 | |
| Other amounts payable | 47/48 | €49,855 | €43,961 | -€5,894 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,748 | €12,749 | +€4,001 | +45.7% |
| Other operating charges | 640/8 | €649 | €411 | -€238 | -36.7% |
| Gross operating margin | 9900 | €6,098 | €34,663 | +€28,565 | +468.4% |
| Operating profit (loss) | 9901 | -€3,300 | €21,503 | +€24,802 | |
| Financial income | 75/76B | €5 | €9 | +€4 | +78.9% |
| Recurring financial income | 75 | €5 | €9 | +€4 | +78.9% |
| Financial charges | 65/66B | €8,541 | €791 | -€7,749 | -90.7% |
| Recurring financial charges | 65 | €8,541 | €791 | -€7,749 | -90.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,835 | €20,721 | +€32,556 | |
| Income taxes | 67/77 | €156 | €601 | +€445 | +285.5% |
| Profit (loss) for the period | 9904 | -€11,991 | €20,120 | +€32,111 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,991 | €20,120 | +€32,111 |
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 6 October 2026 via checked.be.