A.D.S: 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.S
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Receivables within one year -€498,619
down €498,619 (-97.4%), from €512,000 to €13,381
- Tangible fixed assets +€20,976
up €20,976 (+19.2%), from €109,081 to €130,057
- Cash +€15,593
up €15,593 (+355.3%), from €4,389 to €19,982
mainly Receivables within one year (+€498,619) and Net result for the year (+€37,434)
- Profit (loss) carried forward +€37,433
up €37,433 (+9.3%), from €402,576 to €440,009
- Current portion of long-term debt +€30,402
up €30,402 (+102.6%), from €29,643 to €60,045
- Debts after one year -€30,045
down €30,045 (-18.2%), from €165,015 to €134,970
- Financial income +€4,658
new in 2025: €4,658
of which Financial income: +€4,658
- Gross operating margin +€3,160
up €3,160 (+4.5%), from €70,835 to €73,995
- Depreciation +€2,067
up €2,067 (+43.9%), from €4,710 to €6,777
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 | €950,470 | €988,420 | +€37,950 | +4.0% |
| Fixed assets | 21/28 | €434,081 | €455,057 | +€20,976 | +4.8% |
| Tangible fixed assets | 22/27 | €109,081 | €130,057 | +€20,976 | +19.2% |
| Land and buildings | 22 | €109,081 | €130,057 | +€20,976 | +19.2% |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Current assets | 29/58 | €516,389 | €533,363 | +€16,974 | +3.3% |
| Amounts receivable within one year | 40/41 | €512,000 | €13,381 | -€498,619 | -97.4% |
| Other amounts receivable | 41 | €512,000 | €13,381 | -€498,619 | -97.4% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €4,389 | €19,982 | +€15,593 | +355.3% |
| Total equity and liabilities | 10/49 | €950,470 | €988,420 | +€37,950 | +4.0% |
| Equity | 10/15 | €752,432 | €789,865 | +€37,433 | +5.0% |
| Contributions | 10/11 | €159,177 | €159,177 | = | 0.0% |
| Capital | 10 | €156,793 | €156,793 | = | 0.0% |
| Issued capital | 100 | €156,793 | €156,793 | = | 0.0% |
| Outside capital | 11 | €2,384 | €2,384 | = | 0.0% |
| Share premium | 1100/10 | €2,384 | €2,384 | = | 0.0% |
| Reserves | 13 | €190,679 | €190,679 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,679 | €15,679 | = | 0.0% |
| Legal reserve | 130 | €15,679 | €15,679 | = | 0.0% |
| Distributable reserves | 133 | €175,000 | €175,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €402,576 | €440,009 | +€37,433 | +9.3% |
| Amounts payable | 17/49 | €198,038 | €198,555 | +€517 | +0.3% |
| Amounts payable after more than one year | 17 | €165,015 | €134,970 | -€30,045 | -18.2% |
| Financial debts | 170/4 | €165,015 | €134,970 | -€30,045 | -18.2% |
| Amounts payable within one year | 42/48 | €29,643 | €60,045 | +€30,402 | +102.6% |
| Current portion of amounts payable after more than one year | 42 | €29,643 | €60,045 | +€30,402 | +102.6% |
| Accrued charges and deferred income | 492/3 | €3,380 | €3,540 | +€160 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,710 | €6,777 | +€2,067 | +43.9% |
| Other operating charges | 640/8 | €20,398 | €19,835 | -€563 | -2.8% |
| Gross operating margin | 9900 | €70,835 | €73,995 | +€3,160 | +4.5% |
| Operating profit (loss) | 9901 | €45,727 | €47,383 | +€1,656 | +3.6% |
| Financial income | 75/76B | - | €4,658 | +€4,658 | |
| Recurring financial income | 75 | - | €4,658 | +€4,658 | |
| Non-recurring financial income | 76B | - | €4,658 | +€4,658 | |
| Financial charges | 65/66B | €3,251 | €3,988 | +€737 | +22.7% |
| Recurring financial charges | 65 | €3,251 | €3,988 | +€737 | +22.7% |
| Profit (loss) for the period before taxes | 9903 | €42,476 | €48,053 | +€5,577 | +13.1% |
| Income taxes | 67/77 | €10,276 | €10,619 | +€343 | +3.3% |
| Profit (loss) for the period | 9904 | €32,200 | €37,434 | +€5,234 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,200 | €37,434 | +€5,234 | +16.3% |
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 7 October 2026 via checked.be.