A.D. REALISATIONS: 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. REALISATIONS
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-35.0%), from €3.3m to €2.1m
of which Trade receivables: -€1.0m
- Tangible fixed assets -€1.1m
down €1.1m (-96.2%), from €1.1m to €43,051
of which Assets under construction and advance payments: -€800,729
- Stocks and contracts -€380,085
down €380,085 (-5.2%), from €7.3m to €6.9m
- Cash +€176,858
up €176,858 (+12049.2%), from €1,468 to €178,325
mainly Receivables within one year (+€1.1m) and Investment in fixed assets (net) (+€1.1m)
- Debts after one year -€1.5m
down €1.5m (-97.2%), from €1.5m to €42,862
of which Financial debts: -€1.5m
- Short-term financial debts -€651,856
down €651,856 (-10.1%), from €6.4m to €5.8m
- Current portion of long-term debt -€237,317
down €237,317 (-76.3%), from €310,981 to €73,664
- Tax, wage and social debts +€219,681
up €219,681 (+85.6%), from €256,597 to €476,278
of which Taxes: +€203,139
- Profit (loss) carried forward -€169,140
down €169,140 (-6.1%), from €2.8m to €2.6m
- Financial charges -€489,894
down €489,894, from €429,515 to -€60,378
of which Financial charges: -€510,476
- Gross operating margin -€465,969
down €465,969 (-82.0%), from €568,201 to €102,233
- Write-downs +€242,779
up €242,779, from -€40,129 to €202,651
- Depreciation -€32,711
down €32,711 (-63.5%), from €51,549 to €18,839
- Staff costs -€7,558
down €7,558 (-6.4%), from €118,429 to €110,872
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 | €12,082,174 | €9,648,018 | -€2.4m | -20.1% |
| Fixed assets | 21/28 | €1,516,442 | €425,156 | -€1.1m | -72.0% |
| Intangible fixed assets | 21 | €740 | €440 | -€300 | -40.6% |
| Tangible fixed assets | 22/27 | €1,134,037 | €43,051 | -€1.1m | -96.2% |
| Land and buildings | 22 | €98,787 | €0 | -€98,787 | -100.0% |
| Plant, machinery and equipment | 23 | - | €8,352 | +€8,352 | |
| Furniture and vehicles | 24 | €234,520 | €34,699 | -€199,821 | -85.2% |
| Assets under construction and advance payments | 27 | €800,729 | €0 | -€800,729 | -100.0% |
| Financial fixed assets | 28 | €381,665 | €381,665 | = | 0.0% |
| Current assets | 29/58 | €10,565,732 | €9,222,862 | -€1.3m | -12.7% |
| Stocks and contracts in progress | 3 | €7,303,085 | €6,923,000 | -€380,085 | -5.2% |
| Stocks | 30/36 | €7,303,085 | €6,923,000 | -€380,085 | -5.2% |
| Amounts receivable within one year | 40/41 | €3,254,252 | €2,115,375 | -€1.1m | -35.0% |
| Trade receivables | 40 | €1,391,225 | €378,218 | -€1.0m | -72.8% |
| Other amounts receivable | 41 | €1,863,027 | €1,737,157 | -€125,870 | -6.8% |
| Cash at bank and in hand | 54/58 | €1,468 | €178,325 | +€176,858 | +12049.2% |
| Deferred charges and accrued income | 490/1 | €6,927 | €6,161 | -€766 | -11.1% |
| Total equity and liabilities | 10/49 | €12,082,174 | €9,648,018 | -€2.4m | -20.1% |
| Equity | 10/15 | €2,895,302 | €2,726,162 | -€169,140 | -5.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €79,645 | €79,645 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €35,945 | €35,945 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,753,657 | €2,584,518 | -€169,140 | -6.1% |
| Provisions and deferred taxes | 16 | €11,545 | €6,819 | -€4,726 | -40.9% |
| Provisions for liabilities and charges | 160/5 | €11,545 | €6,819 | -€4,726 | -40.9% |
| Other liabilities and charges | 164/5 | €11,545 | €6,819 | -€4,726 | -40.9% |
| Amounts payable | 17/49 | €9,175,327 | €6,915,036 | -€2.3m | -24.6% |
| Amounts payable after more than one year | 17 | €1,544,814 | €42,862 | -€1.5m | -97.2% |
| Financial debts | 170/4 | €1,544,079 | €42,127 | -€1.5m | -97.3% |
| Other amounts payable | 178/9 | €735 | €735 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,629,622 | €6,848,576 | -€781,046 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €310,981 | €73,664 | -€237,317 | -76.3% |
| Financial debts | 43 | €6,426,694 | €5,774,838 | -€651,856 | -10.1% |
| Credit institutions | 430/8 | €6,426,694 | €5,774,838 | -€651,856 | -10.1% |
| Trade debts | 44 | €357,965 | €246,835 | -€111,130 | -31.0% |
| Suppliers | 440/4 | €357,965 | €246,835 | -€111,130 | -31.0% |
| Advances received on contracts in progress | 46 | €20,591 | €20,591 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €256,597 | €476,278 | +€219,681 | +85.6% |
| Taxes | 450/3 | €237,104 | €440,242 | +€203,139 | +85.7% |
| Remuneration and social security | 454/9 | €19,493 | €36,036 | +€16,542 | +84.9% |
| Other amounts payable | 47/48 | €256,794 | €256,371 | -€424 | -0.2% |
| Accrued charges and deferred income | 492/3 | €891 | €23,598 | +€22,707 | +2548.1% |
| Remuneration, social security and pensions | 62 | €118,429 | €110,872 | -€7,558 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,549 | €18,839 | -€32,711 | -63.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€40,129 | €202,651 | +€242,779 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,899 | -€4,726 | +€173 | +3.5% |
| Other operating charges | 640/8 | €32,262 | €28,974 | -€3,288 | -10.2% |
| Gross operating margin | 9900 | €568,201 | €102,233 | -€465,969 | -82.0% |
| Operating profit (loss) | 9901 | €410,988 | -€254,376 | -€665,365 | |
| Financial income | 75/76B | €35,109 | €32,429 | -€2,679 | -7.6% |
| Recurring financial income | 75 | €35,109 | €32,429 | -€2,679 | -7.6% |
| Financial charges | 65/66B | €429,515 | -€60,378 | -€489,894 | |
| Recurring financial charges | 65 | €429,515 | -€80,961 | -€510,476 | |
| Non-recurring financial charges | 66B | - | €20,583 | +€20,583 | |
| Profit (loss) for the period before taxes | 9903 | €16,582 | -€161,569 | -€178,150 | |
| Income taxes | 67/77 | €10,000 | €7,571 | -€2,429 | -24.3% |
| Profit (loss) for the period | 9904 | €6,582 | -€169,140 | -€175,721 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,582 | -€169,140 | -€175,721 |
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 10 October 2026 via checked.be.