A.D.S. 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.S. PROJECTS
Largest movements
- Receivables within one year -€5,506
down €5,506 (-4.7%), from €118,345 to €112,839
of which Trade receivables: -€5,600
- Trade debts -€4,635
down €4,635 (-42.2%), from €10,984 to €6,350
- Tax, wage and social debts -€3,323
down €3,323 (-31.3%), from €10,627 to €7,304
of which Remuneration and social security: -€3,081
- Other debts +€3,239
up €3,239 (+6.1%), from €52,861 to €56,100
- Reserves -€2,320
down €2,320 (-12.7%), from €18,328 to €16,008
of which Distributable reserves: -€2,320
- Short-term financial debts +€1,280
up €1,280 (+13.0%), from €9,823 to €11,103
- Financial charges -€13,521
down €13,521 (-70.9%), from €19,070 to €5,549
- Gross operating margin -€5,681
down €5,681 (-7.5%), from €75,544 to €69,863
- Staff costs -€2,785
down €2,785 (-4.0%), from €69,014 to €66,230
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 | €121,223 | €115,464 | -€5,759 | -4.8% |
| Fixed assets | 21/28 | - | €1,015 | +€1,015 | |
| Tangible fixed assets | 22/27 | - | €1,015 | +€1,015 | |
| Furniture and vehicles | 24 | - | €1,015 | +€1,015 | |
| Current assets | 29/58 | €121,223 | €114,449 | -€6,774 | -5.6% |
| Amounts receivable within one year | 40/41 | €118,345 | €112,839 | -€5,506 | -4.7% |
| Trade receivables | 40 | €40,009 | €34,409 | -€5,600 | -14.0% |
| Other amounts receivable | 41 | €78,335 | €78,430 | +€94 | +0.1% |
| Cash at bank and in hand | 54/58 | €1,728 | €1,610 | -€118 | -6.8% |
| Deferred charges and accrued income | 490/1 | €1,151 | - | -€1,151 | |
| Total equity and liabilities | 10/49 | €121,223 | €115,464 | -€5,759 | -4.8% |
| Equity | 10/15 | €36,928 | €34,608 | -€2,320 | -6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,328 | €16,008 | -€2,320 | -12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €16,468 | €14,148 | -€2,320 | -14.1% |
| Amounts payable | 17/49 | €84,295 | €80,856 | -€3,439 | -4.1% |
| Amounts payable within one year | 42/48 | €84,295 | €80,856 | -€3,439 | -4.1% |
| Financial debts | 43 | €9,823 | €11,103 | +€1,280 | +13.0% |
| Credit institutions | 430/8 | €9,823 | €11,103 | +€1,280 | +13.0% |
| Trade debts | 44 | €10,984 | €6,350 | -€4,635 | -42.2% |
| Suppliers | 440/4 | €10,984 | €6,350 | -€4,635 | -42.2% |
| Taxes, remuneration and social security | 45 | €10,627 | €7,304 | -€3,323 | -31.3% |
| Taxes | 450/3 | €451 | €208 | -€242 | -53.8% |
| Remuneration and social security | 454/9 | €10,176 | €7,095 | -€3,081 | -30.3% |
| Other amounts payable | 47/48 | €52,861 | €56,100 | +€3,239 | +6.1% |
| Remuneration, social security and pensions | 62 | €69,014 | €66,230 | -€2,785 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €354 | +€354 | |
| Other operating charges | 640/8 | €242 | €66 | -€176 | -72.9% |
| Gross operating margin | 9900 | €75,544 | €69,863 | -€5,681 | -7.5% |
| Operating profit (loss) | 9901 | €6,287 | €3,214 | -€3,073 | -48.9% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €19,070 | €5,549 | -€13,521 | -70.9% |
| Recurring financial charges | 65 | €19,070 | €5,549 | -€13,521 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,783 | -€2,320 | +€10,463 | +81.9% |
| Profit (loss) for the period | 9904 | -€12,783 | -€2,320 | +€10,463 | +81.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,783 | -€2,320 | +€10,463 | +81.9% |
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 8 October 2026 via checked.be.