AD 37: 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 37
Largest movements
- Stocks and contracts +€1.4m
new in 2025: €1.4m
- Cash +€979,458
up €979,458 (+209263.5%), from €468 to €979,926
mainly Debts after one year (+€2.0m) and Investment in fixed assets (net) (+€522,854)
- Tangible fixed assets -€522,854
no longer reported in 2025 (was €522,854)
- Debts after one year +€2.0m
up €2.0m (+506.4%), from €398,600 to €2.4m
- Short-term financial debts -€370,000
no longer reported in 2025 (was €370,000)
- Profit (loss) carried forward +€308,789
up €308,789 (+95.8%), from -€322,384 to -€13,596
- Accrued charges and deferred income -€69,905
no longer reported in 2025 (was €69,905)
- Gross operating margin +€334,782
up €334,782, from -€25,111 to €309,671
- Financial charges -€40,556
down €40,556 (-99.1%), from €40,937 to €380
- Depreciation -€8,250
no longer reported in 2025 (was €8,250)
- Other operating charges -€4,486
down €4,486 (-89.9%), from €4,987 to €501
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 | €524,136 | €2,412,485 | +€1.9m | +360.3% |
| Fixed assets | 21/28 | €522,854 | - | -€522,854 | |
| Tangible fixed assets | 22/27 | €522,854 | - | -€522,854 | |
| Land and buildings | 22 | €522,854 | - | -€522,854 | |
| Current assets | 29/58 | €1,282 | €2,412,485 | +€2.4m | +188140.1% |
| Stocks and contracts in progress | 3 | - | €1,421,435 | +€1.4m | |
| Stocks | 30/36 | - | €1,421,435 | +€1.4m | |
| Amounts receivable within one year | 40/41 | €56 | €7,838 | +€7,782 | +13881.4% |
| Trade receivables | 40 | €56 | - | -€56 | |
| Other amounts receivable | 41 | - | €7,838 | +€7,838 | |
| Cash at bank and in hand | 54/58 | €468 | €979,926 | +€979,458 | +209263.5% |
| Deferred charges and accrued income | 490/1 | €757 | €3,286 | +€2,528 | +333.8% |
| Total equity and liabilities | 10/49 | €524,136 | €2,412,485 | +€1.9m | +360.3% |
| Equity | 10/15 | -€314,384 | -€5,596 | +€308,789 | +98.2% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€322,384 | -€13,596 | +€308,789 | +95.8% |
| Amounts payable | 17/49 | €838,520 | €2,418,080 | +€1.6m | +188.4% |
| Amounts payable after more than one year | 17 | €398,600 | €2,417,092 | +€2.0m | +506.4% |
| Financial debts | 170/4 | €398,600 | €2,417,092 | +€2.0m | +506.4% |
| Amounts payable within one year | 42/48 | €370,015 | €988 | -€369,027 | -99.7% |
| Financial debts | 43 | €370,000 | - | -€370,000 | |
| Credit institutions | 430/8 | €370,000 | - | -€370,000 | |
| Trade debts | 44 | €15 | €988 | +€973 | +6487.0% |
| Suppliers | 440/4 | €15 | €988 | +€973 | +6487.0% |
| Accrued charges and deferred income | 492/3 | €69,905 | - | -€69,905 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,250 | - | -€8,250 | |
| Other operating charges | 640/8 | €4,987 | €501 | -€4,486 | -89.9% |
| Gross operating margin | 9900 | -€25,111 | €309,671 | +€334,782 | |
| Operating profit (loss) | 9901 | -€38,348 | €309,169 | +€347,517 | |
| Financial charges | 65/66B | €40,937 | €380 | -€40,556 | -99.1% |
| Recurring financial charges | 65 | €40,937 | €380 | -€40,556 | -99.1% |
| Profit (loss) for the period before taxes | 9903 | -€79,285 | €308,789 | +€388,074 | |
| Profit (loss) for the period | 9904 | -€79,285 | €308,789 | +€388,074 | |
| Profit (loss) for the period to be appropriated | 9905 | -€79,285 | €308,789 | +€388,074 |
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 4 October 2026 via checked.be.