AD ANTWERP: 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.
What changed
AD ANTWERP
NACE 14.299, Manufacture of wearing apparel
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€461,952
2024 · -€146,381+€608,334
Equity
-€7.9m
2024 · -€8.4m+€461,952
Cash
€1.1m
2024 · €866,693+€255,515
Balance sheet total
€4.6m
2024 · €5.3m-€641,002
Largest movements
Assets
- Receivables within one year -€1.0m
down €1.0m (-46.5%), from €2.3m to €1.2m
of which Trade receivables: -€1.6m
- Cash +€255,515
up €255,515 (+29.5%), from €866,693 to €1.1m
mainly Receivables within one year (+€1.0m) and Net result for the year (+€461,952)
- Stocks and contracts +€185,243
up €185,243 (+23.8%), from €777,189 to €962,432
- Tangible fixed assets -€76,700
down €76,700 (-20.0%), from €383,365 to €306,665
of which Other tangible fixed assets: -€83,508
Equity and liabilities
- Other debts -€632,775
down €632,775 (-8.3%), from €7.6m to €7.0m
- Trade debts -€616,449
down €616,449 (-33.3%), from €1.8m to €1.2m
of which Suppliers: -€533,034
- Profit (loss) carried forward +€461,952
up €461,952 (+5.5%), from -€8.4m to -€7.9m
- Accrued charges and deferred income +€138,866
up €138,866 (+20.7%), from €672,073 to €810,939
Income statement
- Financial charges -€602,104
down €602,104, from €162,891 to -€439,213
- Goods and materials -€369,168
down €369,168 (-33.9%), from €1.1m to €718,646
of which Purchases: -€237,177
- Other operating income -€290,286
down €290,286 (-47.2%), from €615,383 to €325,096
- Turnover -€92,128
down €92,128 (-6.2%), from €1.5m to €1.4m
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.
Result 2024
-€146,381
Turnover
-€92,128
Other operating income
-€290,286
Goods and materials
+€369,168
Services and other goods
+€12,422
Staff costs
-€10,227
Depreciation
+€10,806
Other operating charges
-€498
Financial income
+€6,973
Financial charges
+€602,104
Result 2025
€461,952
raises the resultlowers the result
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.
From operations
+€307,646
Investment
-€52,131
Financing
€0
Cash 2024
€866,693
From operations (derived)
+€307,646
Net result for the year
+€461,952
Depreciation
+€90,562
Stocks and contracts
-€185,243
Receivables within one year
+€1.0m
Deferred charges and accrued income
-€4,780
Trade debts
-€616,449
Tax, wage and social debts
+€8,713
Advances received
-€1,309
Other debts
-€632,775
Accrued charges and deferred income
+€138,866
Investment (derived)
-€52,131
Investment in fixed assets (net)
-€52,131
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,285,932 | €4,644,930 | -€641,002 | -12.1% |
| Fixed assets | 21/28 | €1,364,731 | €1,326,300 | -€38,431 | -2.8% |
| Tangible fixed assets | 22/27 | €383,365 | €306,665 | -€76,700 | -20.0% |
| Land and buildings | 22 | €2,478 | €13,278 | +€10,800 | +436% |
| Plant, machinery and equipment | 23 | €8,000 | €3,831 | -€4,169 | -52.1% |
| Furniture and vehicles | 24 | €1,722 | €1,899 | +€177 | +10.3% |
| Other tangible fixed assets | 26 | €371,165 | €287,657 | -€83,508 | -22.5% |
| Financial fixed assets | 28 | €981,366 | €1,019,635 | +€38,269 | +3.9% |
| Affiliated companies | 280/1 | €967,663 | €974,682 | +€7,019 | +0.7% |
| Amounts receivable | 281 | €967,663 | €974,682 | +€7,019 | +0.7% |
| Other financial fixed assets | 284/8 | €13,703 | €44,953 | +€31,250 | +228% |
| Amounts receivable and cash guarantees | 285/8 | €13,703 | €44,953 | +€31,250 | +228% |
| Current assets | 29/58 | €3,921,201 | €3,318,630 | -€602,571 | -15.4% |
| Stocks and contracts in progress | 3 | €777,189 | €962,432 | +€185,243 | +23.8% |
| Stocks | 30/36 | €777,189 | €962,432 | +€185,243 | +23.8% |
| Goods purchased for resale | 34 | €777,189 | €962,432 | +€185,243 | +23.8% |
| Amounts receivable within one year | 40/41 | €2,254,607 | €1,206,498 | -€1.0m | -46.5% |
| Trade receivables | 40 | €2,248,066 | €598,219 | -€1.6m | -73.4% |
| Other amounts receivable | 41 | €6,541 | €608,278 | +€601,737 | +9,200% |
| Cash at bank and in hand | 54/58 | €866,693 | €1,122,208 | +€255,515 | +29.5% |
| Deferred charges and accrued income | 490/1 | €22,713 | €27,493 | +€4,780 | +21.0% |
| Total equity and liabilities | 10/49 | €5,285,932 | €4,644,930 | -€641,002 | -12.1% |
| Equity | 10/15 | -€8,371,740 | -€7,909,788 | +€461,952 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,392,200 | -€7,930,248 | +€461,952 | +5.5% |
| Amounts payable | 17/49 | €13,657,672 | €12,554,718 | -€1.1m | -8.1% |
| Amounts payable after more than one year | 17 | €3,436,638 | €3,436,638 | = | 0.0% |
| Other amounts payable | 178/9 | €3,436,638 | €3,436,638 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,548,962 | €8,307,141 | -€1.2m | -13.0% |
| Trade debts | 44 | €1,849,125 | €1,232,676 | -€616,449 | -33.3% |
| Suppliers | 440/4 | €1,765,710 | €1,232,676 | -€533,034 | -30.2% |
| Bills of exchange payable | 441 | €83,415 | - | -€83,415 | |
| Advances received on contracts in progress | 46 | €7,235 | €5,926 | -€1,309 | -18.1% |
| Taxes, remuneration and social security | 45 | €61,028 | €69,740 | +€8,713 | +14.3% |
| Taxes | 450/3 | €12,754 | €12,120 | -€634 | -5.0% |
| Remuneration and social security | 454/9 | €48,273 | €57,620 | +€9,347 | +19.4% |
| Other amounts payable | 47/48 | €7,631,574 | €6,998,800 | -€632,775 | -8.3% |
| Accrued charges and deferred income | 492/3 | €672,073 | €810,939 | +€138,866 | +20.7% |
| Operating income | 70/76A | €2,111,640 | €1,729,226 | -€382,414 | -18.1% |
| Turnover | 70 | €1,496,258 | €1,404,130 | -€92,128 | -6.2% |
| Other operating income | 74 | €615,383 | €325,096 | -€290,286 | -47.2% |
| Operating charges | 60/66A | €2,097,615 | €1,715,945 | -€381,670 | -18.2% |
| Goods for resale, raw materials and consumables | 60 | €1,087,814 | €718,646 | -€369,168 | -33.9% |
| Purchases | 600/8 | €1,141,066 | €903,889 | -€237,177 | -20.8% |
| Change in stocks: decrease (increase) | 609 | -€53,252 | -€185,243 | -€131,991 | -248% |
| Services and other goods | 61 | €482,085 | €469,663 | -€12,422 | -2.6% |
| Remuneration, social security and pensions | 62 | €419,369 | €429,595 | +€10,227 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,368 | €90,562 | -€10,806 | -10.7% |
| Other operating charges | 640/8 | €6,980 | €7,478 | +€498 | +7.1% |
| Operating profit (loss) | 9901 | €14,025 | €13,282 | -€744 | -5.3% |
| Financial income | 75/76B | €2,484 | €9,458 | +€6,973 | +281% |
| Recurring financial income | 75 | €2,484 | €9,458 | +€6,973 | +281% |
| Income from financial fixed assets | 750 | €2,436 | €9,455 | +€7,019 | +288% |
| Other financial income | 752/9 | €49 | €3 | -€46 | -93.9% |
| Financial charges | 65/66B | €162,891 | -€439,213 | -€602,104 | |
| Recurring financial charges | 65 | €162,891 | -€439,213 | -€602,104 | |
| Debt charges | 650 | €158,337 | €158,519 | +€183 | +0.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | -€601,737 | -€601,737 | |
| Other financial charges | 652/9 | €4,555 | €4,005 | -€549 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | -€146,381 | €461,952 | +€608,334 | |
| Profit (loss) for the period | 9904 | -€146,381 | €461,952 | +€608,334 | |
| Profit (loss) for the period to be appropriated | 9905 | -€146,381 | €461,952 | +€608,334 |
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 22 October 2026 via checked.be.