AD: 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.
AD
Largest movements
- Cash +€432,786
up €432,786 (+1334.4%), from €32,434 to €465,221
mainly Trade debts (+€568,572) and Depreciation (+€66,287)
- Stocks and contracts +€121,080
up €121,080 (+67.2%), from €180,107 to €301,188
- Tangible fixed assets -€41,749
down €41,749 (-41.0%), from €101,715 to €59,966
of which Leasing and similar rights: -€30,026
- Deferred charges and accrued income +€28,531
up €28,531 (+102.6%), from €27,801 to €56,332
- Financial fixed assets +€26,842
up €26,842 (+16775.9%), from €160 to €27,002
- Trade debts +€568,572
up €568,572 (+261.7%), from €217,297 to €785,869
- Reserves -€31,092
down €31,092 (-3.6%), from €862,783 to €831,691
- Other debts +€21,175
new in 2025: €21,175
- Staff costs +€148,620
up €148,620 (+35.6%), from €417,936 to €566,556
- Taxes -€39,229
down €39,229 (-83.3%), from €47,120 to €7,892
- Gross operating margin -€39,182
down €39,182 (-5.8%), from €673,576 to €634,394
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 | €1,268,461 | €1,814,007 | +€545,546 | +43.0% |
| Fixed assets | 21/28 | €101,875 | €86,968 | -€14,908 | -14.6% |
| Tangible fixed assets | 22/27 | €101,715 | €59,966 | -€41,749 | -41.0% |
| Plant, machinery and equipment | 23 | €50,921 | €44,958 | -€5,963 | -11.7% |
| Furniture and vehicles | 24 | €11,479 | €5,718 | -€5,761 | -50.2% |
| Leasing and similar rights | 25 | €39,316 | €9,290 | -€30,026 | -76.4% |
| Financial fixed assets | 28 | €160 | €27,002 | +€26,842 | +16775.9% |
| Current assets | 29/58 | €1,166,586 | €1,727,040 | +€560,454 | +48.0% |
| Stocks and contracts in progress | 3 | €180,107 | €301,188 | +€121,080 | +67.2% |
| Contracts in progress | 37 | €180,107 | €301,188 | +€121,080 | +67.2% |
| Amounts receivable within one year | 40/41 | €926,243 | €904,299 | -€21,944 | -2.4% |
| Trade receivables | 40 | €615,605 | €589,357 | -€26,248 | -4.3% |
| Other amounts receivable | 41 | €310,639 | €314,942 | +€4,304 | +1.4% |
| Cash at bank and in hand | 54/58 | €32,434 | €465,221 | +€432,786 | +1334.4% |
| Deferred charges and accrued income | 490/1 | €27,801 | €56,332 | +€28,531 | +102.6% |
| Total equity and liabilities | 10/49 | €1,268,461 | €1,814,007 | +€545,546 | +43.0% |
| Equity | 10/15 | €949,783 | €918,691 | -€31,092 | -3.3% |
| Contributions | 10/11 | €87,000 | €87,000 | = | 0.0% |
| Reserves | 13 | €862,783 | €831,691 | -€31,092 | -3.6% |
| Distributable reserves | 133 | €862,783 | €831,691 | -€31,092 | -3.6% |
| Amounts payable | 17/49 | €318,678 | €895,316 | +€576,638 | +180.9% |
| Amounts payable after more than one year | 17 | €12,322 | - | -€12,322 | |
| Financial debts | 170/4 | €12,322 | - | -€12,322 | |
| Amounts payable within one year | 42/48 | €306,356 | €895,100 | +€588,744 | +192.2% |
| Current portion of amounts payable after more than one year | 42 | €15,526 | €12,322 | -€3,204 | -20.6% |
| Trade debts | 44 | €217,297 | €785,869 | +€568,572 | +261.7% |
| Suppliers | 440/4 | €217,297 | €785,869 | +€568,572 | +261.7% |
| Taxes, remuneration and social security | 45 | €73,534 | €75,734 | +€2,201 | +3.0% |
| Taxes | 450/3 | €48,000 | €22,849 | -€25,151 | -52.4% |
| Remuneration and social security | 454/9 | €25,534 | €52,886 | +€27,352 | +107.1% |
| Other amounts payable | 47/48 | - | €21,175 | +€21,175 | |
| Accrued charges and deferred income | 492/3 | - | €216 | +€216 | |
| Non-recurring operating income | 76A | €29,500 | - | -€29,500 | |
| Remuneration, social security and pensions | 62 | €417,936 | €566,556 | +€148,620 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,619 | €66,287 | -€4,332 | -6.1% |
| Other operating charges | 640/8 | €7,442 | €8,845 | +€1,403 | +18.9% |
| Non-recurring operating charges | 66A | €18,191 | €1,903 | -€16,288 | -89.5% |
| Gross operating margin | 9900 | €673,576 | €634,394 | -€39,182 | -5.8% |
| Operating profit (loss) | 9901 | €159,387 | -€9,198 | -€168,585 | |
| Financial income | 75/76B | €13,173 | €9,749 | -€3,424 | -26.0% |
| Recurring financial income | 75 | €13,173 | €9,749 | -€3,424 | -26.0% |
| Financial charges | 65/66B | €23,006 | €21,769 | -€1,236 | -5.4% |
| Recurring financial charges | 65 | €23,006 | €21,769 | -€1,236 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €149,554 | -€21,219 | -€170,773 | |
| Income taxes | 67/77 | €47,120 | €7,892 | -€39,229 | -83.3% |
| Profit (loss) for the period | 9904 | €102,434 | -€29,110 | -€131,544 | |
| Profit (loss) for the period to be appropriated | 9905 | €102,434 | -€29,110 | -€131,544 |
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.