A2D: what changed
What changed
A2D
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€57,829
2024 · €46,541+€11,288
Equity
€166,852
2024 · €109,023+€57,829
Cash
€129,757
2024 · €70,775+€58,982
Balance sheet total
€216,233
2024 · €168,634+€47,599
Largest movements
Assets
- Cash +€58,982
up €58,982 (+83.3%), from €70,775 to €129,757
mainly Net result for the year (+€57,829) and Depreciation (+€19,448)
- Tangible fixed assets -€17,280
down €17,280 (-21.1%), from €81,823 to €64,543
of which Furniture and vehicles: -€16,115
- Receivables within one year +€4,599
up €4,599 (+30.6%), from €15,025 to €19,625
of which Trade receivables: +€5,176
Equity and liabilities
- Profit (loss) carried forward +€57,829
up €57,829 (+55.3%), from €104,523 to €162,352
- Debts after one year -€11,240
down €11,240 (-36.9%), from €30,471 to €19,232
Income statement
- Gross operating margin +€17,966
up €17,966 (+23.8%), from €75,421 to €93,387
- Depreciation +€5,818
up €5,818 (+42.7%), from €13,629 to €19,448
- Taxes +€1,135
up €1,135 (+8.4%), from €13,554 to €14,689
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€46,541
Gross operating margin
+€17,966
Depreciation
-€5,818
Other operating charges
-€292
Financial income
-€5
Financial charges
+€572
Taxes
-€1,135
Result 2025
€57,829
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€72,170
Investment
-€2,168
Financing
-€11,020
Cash 2024
€70,775
From operations (derived)
+€72,170
Net result for the year
+€57,829
Depreciation
+€19,448
Receivables within one year
-€4,599
Deferred charges and accrued income
-€1,297
Trade debts
+€234
Tax, wage and social debts
+€1,905
Other debts
-€1,348
Investment (derived)
-€2,168
Investment in fixed assets (net)
-€2,168
Financing
-€11,020
Debts after one year
-€11,240
Current portion of long-term debt
+€219
Cash 2025
€129,757
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €168,634 | €216,233 | +€47,599 | +28.2% |
| Fixed assets | 21/28 | €81,823 | €64,543 | -€17,280 | -21.1% |
| Tangible fixed assets | 22/27 | €81,823 | €64,543 | -€17,280 | -21.1% |
| Furniture and vehicles | 24 | €71,291 | €55,176 | -€16,115 | -22.6% |
| Other tangible fixed assets | 26 | €10,532 | €9,367 | -€1,165 | -11.1% |
| Current assets | 29/58 | €86,811 | €151,690 | +€64,879 | +74.7% |
| Amounts receivable within one year | 40/41 | €15,025 | €19,625 | +€4,599 | +30.6% |
| Trade receivables | 40 | €14,394 | €19,570 | +€5,176 | +36.0% |
| Other amounts receivable | 41 | €631 | €55 | -€576 | -91.3% |
| Cash at bank and in hand | 54/58 | €70,775 | €129,757 | +€58,982 | +83.3% |
| Deferred charges and accrued income | 490/1 | €1,011 | €2,308 | +€1,297 | +128% |
| Total equity and liabilities | 10/49 | €168,634 | €216,233 | +€47,599 | +28.2% |
| Equity | 10/15 | €109,023 | €166,852 | +€57,829 | +53.0% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,523 | €162,352 | +€57,829 | +55.3% |
| Amounts payable | 17/49 | €59,611 | €49,381 | -€10,230 | -17.2% |
| Amounts payable after more than one year | 17 | €30,471 | €19,232 | -€11,240 | -36.9% |
| Financial debts | 170/4 | €30,471 | €19,232 | -€11,240 | -36.9% |
| Amounts payable within one year | 42/48 | €28,875 | €29,884 | +€1,010 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €11,020 | €11,240 | +€219 | +2.0% |
| Trade debts | 44 | €269 | €503 | +€234 | +86.8% |
| Suppliers | 440/4 | €269 | €503 | +€234 | +86.8% |
| Taxes, remuneration and social security | 45 | €13,334 | €15,239 | +€1,905 | +14.3% |
| Taxes | 450/3 | €10,819 | €12,746 | +€1,927 | +17.8% |
| Remuneration and social security | 454/9 | €2,515 | €2,493 | -€22 | -0.9% |
| Other amounts payable | 47/48 | €4,251 | €2,903 | -€1,348 | -31.7% |
| Accrued charges and deferred income | 492/3 | €265 | €265 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,629 | €19,448 | +€5,818 | +42.7% |
| Other operating charges | 640/8 | €332 | €623 | +€292 | +87.9% |
| Gross operating margin | 9900 | €75,421 | €93,387 | +€17,966 | +23.8% |
| Operating profit (loss) | 9901 | €61,460 | €73,316 | +€11,856 | +19.3% |
| Financial income | 75/76B | €6 | €0 | -€5 | -99.8% |
| Recurring financial income | 75 | €6 | €0 | -€5 | -99.8% |
| Financial charges | 65/66B | €1,370 | €799 | -€572 | -41.7% |
| Recurring financial charges | 65 | €1,370 | €799 | -€572 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €60,095 | €72,517 | +€12,422 | +20.7% |
| Income taxes | 67/77 | €13,554 | €14,689 | +€1,135 | +8.4% |
| Profit (loss) for the period | 9904 | €46,541 | €57,829 | +€11,288 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,541 | €57,829 | +€11,288 | +24.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.