A.T.D.: 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.
A.T.D.
Largest movements
- Tangible fixed assets -€193,077
down €193,077 (-21.5%), from €896,532 to €703,455
- Cash -€66,851
down €66,851 (-22.0%), from €303,506 to €236,656
mainly Other debts (-€650,000) and Investment in fixed assets (net) (-€273,844)
- Intangible fixed assets -€59,257
down €59,257 (-66.8%), from €88,644 to €29,388
- Receivables within one year +€51,341
up €51,341 (+2.9%), from €1.8m to €1.8m
of which Trade receivables: +€56,898
- Other debts -€650,000
no longer reported in 2025 (was €650,000)
- Profit (loss) carried forward +€459,148
up €459,148 (+20.4%), from -€2.3m to -€1.8m
- Short-term financial debts +€300,000
up €300,000 (+31.4%), from €956,901 to €1.3m
- Tax, wage and social debts -€131,842
down €131,842 (-32.0%), from €412,637 to €280,795
of which Taxes: -€97,724
- Current portion of long-term debt -€108,772
down €108,772 (-51.2%), from €212,355 to €103,582
- Gross operating margin +€247,028
up €247,028 (+6.9%), from €3.6m to €3.8m
- Staff costs -€168,924
down €168,924 (-5.8%), from €2.9m to €2.8m
- Depreciation -€121,700
down €121,700 (-19.0%), from €639,086 to €517,386
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,636,494 | €4,395,208 | -€241,287 | -5.2% |
| Fixed assets | 21/28 | €2,125,213 | €1,881,670 | -€243,543 | -11.5% |
| Intangible fixed assets | 21 | €88,644 | €29,388 | -€59,257 | -66.8% |
| Tangible fixed assets | 22/27 | €896,532 | €703,455 | -€193,077 | -21.5% |
| Plant, machinery and equipment | 23 | €12,353 | €11,043 | -€1,309 | -10.6% |
| Furniture and vehicles | 24 | €718,110 | €623,268 | -€94,842 | -13.2% |
| Leasing and similar rights | 25 | €73,011 | €1,199 | -€71,812 | -98.4% |
| Other tangible fixed assets | 26 | €93,058 | €67,944 | -€25,114 | -27.0% |
| Financial fixed assets | 28 | €1,140,037 | €1,148,828 | +€8,791 | +0.8% |
| Current assets | 29/58 | €2,511,281 | €2,513,537 | +€2,256 | +0.1% |
| Stocks and contracts in progress | 3 | €315,079 | €297,437 | -€17,642 | -5.6% |
| Stocks | 30/36 | €315,079 | €297,437 | -€17,642 | -5.6% |
| Amounts receivable within one year | 40/41 | €1,780,137 | €1,831,477 | +€51,341 | +2.9% |
| Trade receivables | 40 | €1,714,729 | €1,771,627 | +€56,898 | +3.3% |
| Other amounts receivable | 41 | €65,407 | €59,850 | -€5,557 | -8.5% |
| Cash at bank and in hand | 54/58 | €303,506 | €236,656 | -€66,851 | -22.0% |
| Deferred charges and accrued income | 490/1 | €112,560 | €147,968 | +€35,408 | +31.5% |
| Total equity and liabilities | 10/49 | €4,636,494 | €4,395,208 | -€241,287 | -5.2% |
| Equity | 10/15 | €1,112,938 | €1,572,086 | +€459,148 | +41.3% |
| Contributions | 10/11 | €2,772,173 | €2,772,173 | = | 0.0% |
| Capital | 10 | €2,772,173 | €2,772,173 | = | 0.0% |
| Issued capital | 100 | €2,772,173 | €2,772,173 | = | 0.0% |
| Reserves | 13 | €595,615 | €595,615 | = | 0.0% |
| Non-distributable reserves | 130/1 | €70,284 | €70,284 | = | 0.0% |
| Legal reserve | 130 | €70,284 | €70,284 | = | 0.0% |
| Distributable reserves | 133 | €525,331 | €525,331 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,254,850 | -€1,795,702 | +€459,148 | +20.4% |
| Amounts payable | 17/49 | €3,523,556 | €2,823,121 | -€700,435 | -19.9% |
| Amounts payable after more than one year | 17 | €521,937 | €415,101 | -€106,836 | -20.5% |
| Financial debts | 170/4 | €121,937 | €15,101 | -€106,836 | -87.6% |
| Other amounts payable | 178/9 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,973,705 | €2,386,848 | -€586,857 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €212,355 | €103,582 | -€108,772 | -51.2% |
| Financial debts | 43 | €956,901 | €1,256,901 | +€300,000 | +31.4% |
| Credit institutions | 430/8 | €956,901 | €1,256,901 | +€300,000 | +31.4% |
| Trade debts | 44 | €741,812 | €745,569 | +€3,757 | +0.5% |
| Suppliers | 440/4 | €741,812 | €745,569 | +€3,757 | +0.5% |
| Taxes, remuneration and social security | 45 | €412,637 | €280,795 | -€131,842 | -32.0% |
| Taxes | 450/3 | €132,328 | €34,604 | -€97,724 | -73.8% |
| Remuneration and social security | 454/9 | €280,309 | €246,191 | -€34,118 | -12.2% |
| Other amounts payable | 47/48 | €650,000 | - | -€650,000 | |
| Accrued charges and deferred income | 492/3 | €27,915 | €21,173 | -€6,742 | -24.2% |
| Remuneration, social security and pensions | 62 | €2,919,610 | €2,750,686 | -€168,924 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €639,086 | €517,386 | -€121,700 | -19.0% |
| Other operating charges | 640/8 | €5,011 | €1,781 | -€3,230 | -64.5% |
| Gross operating margin | 9900 | €3,595,558 | €3,842,586 | +€247,028 | +6.9% |
| Operating profit (loss) | 9901 | €31,850 | €572,732 | +€540,882 | +1,698% |
| Financial income | 75/76B | €7,303 | €4,984 | -€2,319 | -31.8% |
| Recurring financial income | 75 | €7,303 | €4,984 | -€2,319 | -31.8% |
| Financial charges | 65/66B | €140,976 | €112,571 | -€28,405 | -20.1% |
| Recurring financial charges | 65 | €140,976 | €112,571 | -€28,405 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€101,824 | €465,144 | +€566,968 | |
| Income taxes | 67/77 | €7,412 | €5,996 | -€1,417 | -19.1% |
| Profit (loss) for the period | 9904 | -€109,236 | €459,148 | +€568,384 | |
| Profit (loss) for the period to be appropriated | 9905 | -€109,236 | €459,148 | +€568,384 |
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 14 October 2026 via checked.be.