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
- Cash +€46,236
up €46,236 (+19.8%), from €233,594 to €279,830
mainly Trade debts (+€28,438) and Receivables within one year (+€12,669)
- Receivables within one year -€12,669
down €12,669 (-8.7%), from €145,291 to €132,622
of which Trade receivables: -€11,198
- Trade debts +€28,438
up €28,438 (+23.3%), from €121,900 to €150,337
- Reserves +€9,491
up €9,491 (+3.9%), from €241,631 to €251,122
of which Non-distributable reserves: +€9,490
- Other debts -€4,771
down €4,771 (-64.6%), from €7,384 to €2,613
- Gross operating margin +€26,340
up €26,340, from -€4,339 to €22,001
- Depreciation -€8,098
down €8,098 (-69.6%), from €11,640 to €3,542
- Financial charges +€2,342
up €2,342 (+49.7%), from €4,713 to €7,056
of which Financial charges: +€1,908
- Financial income -€1,855
down €1,855 (-58.3%), from €3,180 to €1,325
- Taxes +€856
up €856 (+143.4%), from €597 to €1,454
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 | €391,940 | €425,922 | +€33,982 | +8.7% |
| Fixed assets | 21/28 | €10,370 | €8,260 | -€2,111 | -20.4% |
| Intangible fixed assets | 21 | €5,380 | €3,855 | -€1,526 | -28.4% |
| Tangible fixed assets | 22/27 | €4,990 | €4,405 | -€585 | -11.7% |
| Plant, machinery and equipment | 23 | €3,489 | €3,408 | -€80 | -2.3% |
| Furniture and vehicles | 24 | €1,501 | €997 | -€504 | -33.6% |
| Current assets | 29/58 | €381,570 | €417,662 | +€36,093 | +9.5% |
| Amounts receivable within one year | 40/41 | €145,291 | €132,622 | -€12,669 | -8.7% |
| Trade receivables | 40 | €128,392 | €117,194 | -€11,198 | -8.7% |
| Other amounts receivable | 41 | €16,899 | €15,428 | -€1,471 | -8.7% |
| Cash at bank and in hand | 54/58 | €233,594 | €279,830 | +€46,236 | +19.8% |
| Deferred charges and accrued income | 490/1 | €2,685 | €5,210 | +€2,525 | +94.0% |
| Total equity and liabilities | 10/49 | €391,940 | €425,922 | +€33,982 | +8.7% |
| Equity | 10/15 | €260,231 | €269,722 | +€9,491 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €241,631 | €251,122 | +€9,491 | +3.9% |
| Non-distributable reserves | 130/1 | €119,350 | €128,840 | +€9,490 | +8.0% |
| Other | 1319 | €119,350 | €128,840 | +€9,490 | +8.0% |
| Distributable reserves | 133 | €122,281 | €122,282 | +€1 | 0.0% |
| Amounts payable | 17/49 | €131,709 | €156,200 | +€24,491 | +18.6% |
| Amounts payable within one year | 42/48 | €131,709 | €156,200 | +€24,491 | +18.6% |
| Trade debts | 44 | €121,900 | €150,337 | +€28,438 | +23.3% |
| Suppliers | 440/4 | €121,900 | €150,337 | +€28,438 | +23.3% |
| Taxes, remuneration and social security | 45 | €2,425 | €3,250 | +€825 | +34.0% |
| Taxes | 450/3 | - | €825 | +€825 | |
| Remuneration and social security | 454/9 | €2,425 | €2,425 | = | 0.0% |
| Other amounts payable | 47/48 | €7,384 | €2,613 | -€4,771 | -64.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,640 | €3,542 | -€8,098 | -69.6% |
| Other operating charges | 640/8 | €1,142 | €1,784 | +€643 | +56.3% |
| Gross operating margin | 9900 | -€4,339 | €22,001 | +€26,340 | |
| Operating profit (loss) | 9901 | -€17,121 | €16,675 | +€33,796 | |
| Financial income | 75/76B | €3,180 | €1,325 | -€1,855 | -58.3% |
| Recurring financial income | 75 | €3,180 | €1,325 | -€1,855 | -58.3% |
| Financial charges | 65/66B | €4,713 | €7,056 | +€2,342 | +49.7% |
| Recurring financial charges | 65 | €4,548 | €6,456 | +€1,908 | +42.0% |
| Non-recurring financial charges | 66B | €166 | €600 | +€434 | +262.0% |
| Profit (loss) for the period before taxes | 9903 | -€18,654 | €10,944 | +€29,599 | |
| Income taxes | 67/77 | €597 | €1,454 | +€856 | +143.4% |
| Profit (loss) for the period | 9904 | -€19,252 | €9,491 | +€28,742 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,252 | €9,491 | +€28,742 |
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 2 October 2026 via checked.be.