AD BELUX: 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.
AD BELUX
Largest movements
- Tangible fixed assets +€65,738
up €65,738 (+21.1%), from €310,821 to €376,559
of which Other tangible fixed assets: +€92,592
- Receivables within one year -€10,078
down €10,078 (-77.3%), from €13,044 to €2,966
of which Trade receivables: -€10,140
- Deferred charges and accrued income -€4,650
no longer reported in 2025 (was €4,650)
- Debts after one year +€73,255
up €73,255 (+52.3%), from €140,090 to €213,345
- Profit (loss) carried forward -€25,929
down €25,929 (-26.7%), from -€97,251 to -€123,181
- Current portion of long-term debt +€4,080
up €4,080 (+22.9%), from €17,857 to €21,938
- Depreciation +€3,976
up €3,976 (+9.2%), from €43,251 to €47,227
- Gross operating margin +€2,915
up €2,915 (+11.2%), from €25,939 to €28,854
- Financial charges +€1,176
up €1,176 (+23.7%), from €4,957 to €6,134
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €340,865 | €393,543 | +€52,678 | +15.5% |
| Fixed assets | 21/28 | €310,821 | €376,559 | +€65,738 | +21.1% |
| Tangible fixed assets | 22/27 | €310,821 | €376,559 | +€65,738 | +21.1% |
| Land and buildings | 22 | €213,571 | €186,717 | -€26,854 | -12.6% |
| Other tangible fixed assets | 26 | €97,250 | €189,842 | +€92,592 | +95.2% |
| Current assets | 29/58 | €30,044 | €16,984 | -€13,060 | -43.5% |
| Amounts receivable within one year | 40/41 | €13,044 | €2,966 | -€10,078 | -77.3% |
| Trade receivables | 40 | €13,044 | €2,904 | -€10,140 | -77.7% |
| Other amounts receivable | 41 | - | €62 | +€62 | |
| Cash at bank and in hand | 54/58 | €12,350 | €14,018 | +€1,668 | +13.5% |
| Deferred charges and accrued income | 490/1 | €4,650 | - | -€4,650 | |
| Total equity and liabilities | 10/49 | €340,865 | €393,543 | +€52,678 | +15.5% |
| Equity | 10/15 | €60,175 | €34,245 | -€25,929 | -43.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Revaluation surpluses | 12 | €136,966 | €136,966 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,251 | -€123,181 | -€25,929 | -26.7% |
| Amounts payable | 17/49 | €280,690 | €359,297 | +€78,607 | +28.0% |
| Amounts payable after more than one year | 17 | €140,090 | €213,345 | +€73,255 | +52.3% |
| Financial debts | 170/4 | €140,090 | €213,345 | +€73,255 | +52.3% |
| Amounts payable within one year | 42/48 | €140,600 | €144,023 | +€3,422 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €17,857 | €21,938 | +€4,080 | +22.9% |
| Trade debts | 44 | €1,404 | €895 | -€509 | -36.2% |
| Suppliers | 440/4 | €1,404 | €895 | -€509 | -36.2% |
| Taxes, remuneration and social security | 45 | €3,700 | - | -€3,700 | |
| Taxes | 450/3 | €3,700 | - | -€3,700 | |
| Other amounts payable | 47/48 | €117,639 | €121,190 | +€3,551 | +3.0% |
| Accrued charges and deferred income | 492/3 | - | €1,930 | +€1,930 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,251 | €47,227 | +€3,976 | +9.2% |
| Other operating charges | 640/8 | €1,379 | €1,422 | +€43 | +3.2% |
| Gross operating margin | 9900 | €25,939 | €28,854 | +€2,915 | +11.2% |
| Operating profit (loss) | 9901 | -€18,691 | -€19,796 | -€1,104 | -5.9% |
| Financial charges | 65/66B | €4,957 | €6,134 | +€1,176 | +23.7% |
| Recurring financial charges | 65 | €4,957 | €6,134 | +€1,176 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | -€23,648 | -€25,929 | -€2,281 | -9.6% |
| Profit (loss) for the period | 9904 | -€23,648 | -€25,929 | -€2,281 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,648 | -€25,929 | -€2,281 | -9.6% |
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 16 October 2026 via checked.be.