AD'2: 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'2
Largest movements
- Cash +€28,903
up €28,903 (+47.2%), from €61,290 to €90,193
mainly Net result for the year (+€51,602) and Depreciation (+€40,687)
- Tangible fixed assets -€22,438
down €22,438 (-7.1%), from €315,894 to €293,455
of which Furniture and vehicles: -€16,680
- Receivables within one year +€14,554
up €14,554 (+27.5%), from €52,887 to €67,441
of which Trade receivables: +€14,099
- Debts after one year -€31,600
down €31,600 (-16.4%), from €192,893 to €161,293
- Tax, wage and social debts +€22,675
up €22,675 (+67.7%), from €33,493 to €56,168
- Trade debts +€19,972
up €19,972 (+128.6%), from €15,534 to €35,505
- Other debts +€6,937
up €6,937 (+13.8%), from €50,255 to €57,192
- Gross operating margin +€10,903
up €10,903 (+9.5%), from €114,964 to €125,867
- Taxes +€5,093
up €5,093 (+21.2%), from €23,978 to €29,071
- Depreciation +€4,586
up €4,586 (+12.7%), from €36,101 to €40,687
- Other operating charges +€2,424
up €2,424 (+76.0%), from €3,190 to €5,614
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 | €649,790 | €664,888 | +€15,098 | +2.3% |
| Fixed assets | 21/28 | €316,144 | €293,705 | -€22,438 | -7.1% |
| Tangible fixed assets | 22/27 | €315,894 | €293,455 | -€22,438 | -7.1% |
| Land and buildings | 22 | €246,984 | €242,035 | -€4,950 | -2.0% |
| Plant, machinery and equipment | 23 | €2,072 | €1,263 | -€808 | -39.0% |
| Furniture and vehicles | 24 | €66,837 | €50,157 | -€16,680 | -25.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €333,646 | €371,182 | +€37,536 | +11.3% |
| Amounts receivable after more than one year | 29 | €212,500 | €206,500 | -€6,000 | -2.8% |
| Other amounts receivable | 291 | €212,500 | €206,500 | -€6,000 | -2.8% |
| Amounts receivable within one year | 40/41 | €52,887 | €67,441 | +€14,554 | +27.5% |
| Trade receivables | 40 | €15,143 | €29,242 | +€14,099 | +93.1% |
| Other amounts receivable | 41 | €37,744 | €38,198 | +€455 | +1.2% |
| Cash at bank and in hand | 54/58 | €61,290 | €90,193 | +€28,903 | +47.2% |
| Deferred charges and accrued income | 490/1 | €6,969 | €7,049 | +€80 | +1.1% |
| Total equity and liabilities | 10/49 | €649,790 | €664,888 | +€15,098 | +2.3% |
| Equity | 10/15 | €325,084 | €320,996 | -€4,088 | -1.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €273,105 | €269,017 | -€4,088 | -1.5% |
| Distributable reserves | 133 | €273,105 | €269,017 | -€4,088 | -1.5% |
| Profit (loss) carried forward | 14 | €33,428 | €33,428 | = | 0.0% |
| Amounts payable | 17/49 | €324,706 | €343,892 | +€19,186 | +5.9% |
| Amounts payable after more than one year | 17 | €192,893 | €161,293 | -€31,600 | -16.4% |
| Financial debts | 170/4 | €192,893 | €161,293 | -€31,600 | -16.4% |
| Amounts payable within one year | 42/48 | €129,993 | €180,724 | +€50,731 | +39.0% |
| Current portion of amounts payable after more than one year | 42 | €30,712 | €31,600 | +€888 | +2.9% |
| Financial debts | 43 | - | €260 | +€260 | |
| Credit institutions | 430/8 | - | €260 | +€260 | |
| Trade debts | 44 | €15,534 | €35,505 | +€19,972 | +128.6% |
| Suppliers | 440/4 | €15,534 | €35,505 | +€19,972 | +128.6% |
| Taxes, remuneration and social security | 45 | €33,493 | €56,168 | +€22,675 | +67.7% |
| Taxes | 450/3 | €33,493 | €56,168 | +€22,675 | +67.7% |
| Other amounts payable | 47/48 | €50,255 | €57,192 | +€6,937 | +13.8% |
| Accrued charges and deferred income | 492/3 | €1,820 | €1,875 | +€55 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,101 | €40,687 | +€4,586 | +12.7% |
| Other operating charges | 640/8 | €3,190 | €5,614 | +€2,424 | +76.0% |
| Gross operating margin | 9900 | €114,964 | €125,867 | +€10,903 | +9.5% |
| Operating profit (loss) | 9901 | €75,673 | €79,565 | +€3,893 | +5.1% |
| Financial income | 75/76B | €7,105 | €7,449 | +€343 | +4.8% |
| Recurring financial income | 75 | €7,105 | €7,449 | +€343 | +4.8% |
| Financial charges | 65/66B | €5,865 | €6,341 | +€476 | +8.1% |
| Recurring financial charges | 65 | €5,865 | €6,341 | +€476 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €76,913 | €80,673 | +€3,761 | +4.9% |
| Income taxes | 67/77 | €23,978 | €29,071 | +€5,093 | +21.2% |
| Profit (loss) for the period | 9904 | €52,935 | €51,602 | -€1,333 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,935 | €51,602 | -€1,333 | -2.5% |
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 3 October 2026 via checked.be.