A.D. Value: 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.
What changed
A.D. Value
NACE 71.112, Activities of interior architects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.1m
2024 · €934,635+€4.1m
Equity
€22.6m
2024 · €4.8m+€17.8m
Cash
€46,650
2024 · €3,266+€43,384
Balance sheet total
€25.0m
2024 · €7.4m+€17.6m
Largest movements
Assets
- Financial fixed assets +€11.7m
up €11.7m (+1,016%), from €1.2m to €12.9m
- Tangible fixed assets +€4.6m
up €4.6m (+106%), from €4.3m to €8.9m
of which Land and buildings: +€4.2m
- Receivables within one year +€1.2m
up €1.2m (+139%), from €853,822 to €2.0m
of which Other amounts receivable: +€737,890
Equity and liabilities
- Revaluation surpluses +€12.7m
up €12.7m (+12,248%), from €103,604 to €12.8m
- Profit (loss) carried forward +€4.6m
up €4.6m (+386%), from €1.2m to €5.8m
- Advances received -€638,731
no longer reported in 2025 (was €638,731)
- Reserves +€546,948
up €546,948 (+16.0%), from €3.4m to €4.0m
of which Tax-exempt reserves: +€991,650
- Trade debts +€377,752
up €377,752 (+106%), from €357,973 to €735,725
Income statement
- Financial income +€3.0m
up €3.0m (+6,228%), from €47,670 to €3.0m
- Gross operating margin +€2.1m
up €2.1m (+122%), from €1.7m to €3.9m
- Depreciation +€404,785
up €404,785 (+129%), from €314,822 to €719,607
- Taxes +€245,476
up €245,476 (+64.8%), from €378,690 to €624,166
- Other operating charges +€175,395
up €175,395 (+470%), from €37,293 to €212,688
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.
Result 2024
€934,635
Gross operating margin
+€2.1m
Staff costs
-€54,502
Depreciation
-€404,785
Other operating charges
-€175,395
Other operating items
+€231
Financial income
+€3.0m
Financial charges
-€73,421
Taxes
-€245,476
Deferred taxes and other
-€734
Result 2025
€5.1m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€4.6m
Investment
-€17.1m
Financing
+€12.5m
Cash 2024
€3,266
From operations (derived)
+€4.6m
Net result for the year
+€5.1m
Depreciation
+€719,607
Receivables within one year
-€1.2m
Smaller working-capital items
-€34,959
Trade debts
+€377,752
Tax, wage and social debts
+€153,506
Advances received
-€638,731
Other debts
+€122,100
Investment (derived)
-€17.1m
Investment in fixed assets (net)
-€17.1m
Financing
+€12.5m
Debts after one year
+€46,387
Current portion of long-term debt
-€93,592
Short-term financial debts
-€163,561
Contributions, distributions and other
+€12.7m
Cash 2025
€46,650
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,415,622 | €25,020,629 | +€17.6m | +237% |
| Fixed assets | 21/28 | €5,468,929 | €21,811,234 | +€16.3m | +299% |
| Intangible fixed assets | 21 | - | €38,884 | +€38,884 | |
| Tangible fixed assets | 22/27 | €4,312,689 | €8,872,250 | +€4.6m | +106% |
| Land and buildings | 22 | €3,228,572 | €7,380,908 | +€4.2m | +129% |
| Plant, machinery and equipment | 23 | €5,611 | €193,787 | +€188,176 | +3,354% |
| Furniture and vehicles | 24 | €229,789 | €493,076 | +€263,286 | +115% |
| Other tangible fixed assets | 26 | €848,717 | €804,478 | -€44,239 | -5.2% |
| Financial fixed assets | 28 | €1,156,240 | €12,900,100 | +€11.7m | +1,016% |
| Current assets | 29/58 | €1,946,693 | €3,209,395 | +€1.3m | +64.9% |
| Amounts receivable after more than one year | 29 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €853,822 | €2,039,429 | +€1.2m | +139% |
| Trade receivables | 40 | €87,632 | €535,349 | +€447,717 | +511% |
| Other amounts receivable | 41 | €766,190 | €1,504,079 | +€737,890 | +96.3% |
| Cash at bank and in hand | 54/58 | €3,266 | €46,650 | +€43,384 | +1,328% |
| Deferred charges and accrued income | 490/1 | €89,605 | €123,316 | +€33,711 | +37.6% |
| Total equity and liabilities | 10/49 | €7,415,622 | €25,020,629 | +€17.6m | +237% |
| Equity | 10/15 | €4,757,658 | €22,560,052 | +€17.8m | +374% |
| 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% |
| Revaluation surpluses | 12 | €103,604 | €12,792,638 | +€12.7m | +12,248% |
| Reserves | 13 | €3,408,187 | €3,955,134 | +€546,948 | +16.0% |
| Non-distributable reserves | 130/1 | €46,879 | €46,879 | = | 0.0% |
| Legal reserve | 130 | €46,879 | €46,879 | = | 0.0% |
| Tax-exempt reserves | 132 | €595,963 | €1,587,613 | +€991,650 | +166% |
| Distributable reserves | 133 | €2,765,344 | €2,320,642 | -€444,702 | -16.1% |
| Profit (loss) carried forward | 14 | €1,183,867 | €5,750,279 | +€4.6m | +386% |
| Provisions and deferred taxes | 16 | €21,083 | €19,043 | -€2,040 | -9.7% |
| Deferred taxes | 168 | €21,083 | €19,043 | -€2,040 | -9.7% |
| Amounts payable | 17/49 | €2,636,881 | €2,441,534 | -€195,346 | -7.4% |
| Amounts payable after more than one year | 17 | €696,378 | €742,765 | +€46,387 | +6.7% |
| Financial debts | 170/4 | €696,378 | €742,765 | +€46,387 | +6.7% |
| Amounts payable within one year | 42/48 | €1,940,429 | €1,697,904 | -€242,525 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €574,235 | €480,643 | -€93,592 | -16.3% |
| Financial debts | 43 | €163,561 | - | -€163,561 | |
| Credit institutions | 430/8 | €163,561 | - | -€163,561 | |
| Trade debts | 44 | €357,973 | €735,725 | +€377,752 | +106% |
| Suppliers | 440/4 | €357,973 | €735,725 | +€377,752 | +106% |
| Advances received on contracts in progress | 46 | €638,731 | - | -€638,731 | |
| Taxes, remuneration and social security | 45 | €96,550 | €250,056 | +€153,506 | +159% |
| Taxes | 450/3 | €86,868 | €241,115 | +€154,247 | +178% |
| Remuneration and social security | 454/9 | €9,682 | €8,941 | -€741 | -7.7% |
| Other amounts payable | 47/48 | €109,380 | €231,480 | +€122,100 | +112% |
| Accrued charges and deferred income | 492/3 | €74 | €865 | +€792 | +1,073% |
| Remuneration, social security and pensions | 62 | €78,721 | €133,223 | +€54,502 | +69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314,822 | €719,607 | +€404,785 | +129% |
| Other operating charges | 640/8 | €37,293 | €212,688 | +€175,395 | +470% |
| Non-recurring operating charges | 66A | €736 | €506 | -€231 | -31.4% |
| Gross operating margin | 9900 | €1,741,458 | €3,865,767 | +€2.1m | +122% |
| Operating profit (loss) | 9901 | €1,309,885 | €2,799,743 | +€1.5m | +114% |
| Financial income | 75/76B | €47,670 | €3,016,298 | +€3.0m | +6,228% |
| Recurring financial income | 75 | €47,670 | €3,016,298 | +€3.0m | +6,228% |
| Financial charges | 65/66B | €47,003 | €120,424 | +€73,421 | +156% |
| Recurring financial charges | 65 | €47,003 | €120,424 | +€73,421 | +156% |
| Profit (loss) for the period before taxes | 9903 | €1,310,552 | €5,695,617 | +€4.4m | +335% |
| Transfer from deferred taxes | 780 | €2,774 | €2,040 | -€734 | -26.5% |
| Income taxes | 67/77 | €378,690 | €624,166 | +€245,476 | +64.8% |
| Profit (loss) for the period | 9904 | €934,635 | €5,073,491 | +€4.1m | +443% |
| Transfer from tax-exempt reserves | 789 | €5,386 | €6,120 | +€734 | +13.6% |
| Transfer to tax-exempt reserves | 689 | €488,360 | €997,770 | +€509,410 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €451,662 | €4,081,841 | +€3.6m | +804% |
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 18 October 2026 via checked.be.