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
- Receivables within one year -€96,049
down €96,049 (-12.7%), from €754,334 to €658,285
- Tangible fixed assets -€20,232
down €20,232 (-50.1%), from €40,343 to €20,111
of which Plant, machinery and equipment: -€15,832
- Stocks and contracts -€16,098
no longer reported in 2025 (was €16,098)
- Trade debts -€100,827
down €100,827 (-16.6%), from €606,189 to €505,362
- Profit (loss) carried forward -€34,697
down €34,697 (-21.1%), from €164,245 to €129,547
- Staff costs -€48,565
down €48,565 (-6.8%), from €715,208 to €666,643
- Financial income +€24,077
up €24,077 (+155.9%), from €15,445 to €39,522
of which Non-recurring financial income: +€30,222
- Gross operating margin +€7,042
up €7,042 (+1.1%), from €626,629 to €633,671
- Depreciation -€6,889
down €6,889 (-25.4%), from €27,121 to €20,232
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €860,923 | €728,835 | -€132,087 | -15.3% |
| Fixed assets | 21/28 | €89,921 | €69,690 | -€20,232 | -22.5% |
| Tangible fixed assets | 22/27 | €40,343 | €20,111 | -€20,232 | -50.1% |
| Plant, machinery and equipment | 23 | €28,609 | €12,777 | -€15,832 | -55.3% |
| Furniture and vehicles | 24 | €11,733 | €7,333 | -€4,400 | -37.5% |
| Financial fixed assets | 28 | €49,579 | €49,579 | = | 0.0% |
| Current assets | 29/58 | €771,001 | €659,146 | -€111,855 | -14.5% |
| Stocks and contracts in progress | 3 | €16,098 | - | -€16,098 | |
| Stocks | 30/36 | €16,098 | - | -€16,098 | |
| Amounts receivable within one year | 40/41 | €754,334 | €658,285 | -€96,049 | -12.7% |
| Other amounts receivable | 41 | €754,334 | €658,285 | -€96,049 | -12.7% |
| Deferred charges and accrued income | 490/1 | €570 | €861 | +€292 | +51.2% |
| Total equity and liabilities | 10/49 | €860,923 | €728,835 | -€132,087 | -15.3% |
| Equity | 10/15 | €233,677 | €198,979 | -€34,697 | -14.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,932 | €6,932 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,932 | €6,932 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Other | 1319 | €682 | €682 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,245 | €129,547 | -€34,697 | -21.1% |
| Amounts payable | 17/49 | €627,246 | €529,856 | -€97,390 | -15.5% |
| Amounts payable within one year | 42/48 | €627,246 | €529,856 | -€97,390 | -15.5% |
| Trade debts | 44 | €606,189 | €505,362 | -€100,827 | -16.6% |
| Suppliers | 440/4 | €606,189 | €505,362 | -€100,827 | -16.6% |
| Taxes, remuneration and social security | 45 | €21,057 | €24,494 | +€3,437 | +16.3% |
| Remuneration and social security | 454/9 | €21,057 | €24,494 | +€3,437 | +16.3% |
| Remuneration, social security and pensions | 62 | €715,208 | €666,643 | -€48,565 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,121 | €20,232 | -€6,889 | -25.4% |
| Other operating charges | 640/8 | €19,642 | €20,627 | +€985 | +5.0% |
| Gross operating margin | 9900 | €626,629 | €633,671 | +€7,042 | +1.1% |
| Operating profit (loss) | 9901 | -€135,341 | -€73,830 | +€61,511 | +45.4% |
| Financial income | 75/76B | €15,445 | €39,522 | +€24,077 | +155.9% |
| Recurring financial income | 75 | €13,623 | €7,478 | -€6,145 | -45.1% |
| Non-recurring financial income | 76B | €1,822 | €32,043 | +€30,222 | +1659.0% |
| Financial charges | 65/66B | €496 | €388 | -€107 | -21.7% |
| Recurring financial charges | 65 | €496 | €388 | -€107 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | -€120,392 | -€34,697 | +€85,695 | +71.2% |
| Income taxes | 67/77 | -€696 | - | +€696 | |
| Profit (loss) for the period | 9904 | -€119,696 | -€34,697 | +€84,999 | +71.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€119,696 | -€34,697 | +€84,999 | +71.0% |
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.