AD Build: 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 Build
Largest movements
- Stocks and contracts +€291,243
new in 2025: €291,243
- Tangible fixed assets -€29,978
down €29,978 (-2.2%), from €1.3m to €1.3m
- Other debts +€308,320
up €308,320 (+20.3%), from €1.5m to €1.8m
- Profit (loss) carried forward -€41,084
down €41,084 (-7.3%), from -€560,512 to -€601,596
- Financial charges -€39,856
down €39,856 (-54.2%), from €73,503 to €33,646
- Gross operating margin -€15,582
down €15,582 (-34.8%), from €44,795 to €29,213
- Other operating charges +€3,235
up €3,235 (+94.1%), from €3,437 to €6,672
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 | €1,368,915 | €1,633,383 | +€264,468 | +19.3% |
| Fixed assets | 21/28 | €1,346,060 | €1,316,082 | -€29,978 | -2.2% |
| Tangible fixed assets | 22/27 | €1,346,060 | €1,316,082 | -€29,978 | -2.2% |
| Land and buildings | 22 | €1,346,060 | €1,316,082 | -€29,978 | -2.2% |
| Current assets | 29/58 | €22,855 | €317,302 | +€294,446 | +1288.3% |
| Stocks and contracts in progress | 3 | - | €291,243 | +€291,243 | |
| Stocks | 30/36 | - | €291,243 | +€291,243 | |
| Amounts receivable within one year | 40/41 | €861 | €6,324 | +€5,463 | +634.6% |
| Trade receivables | 40 | €648 | €6,111 | +€5,463 | +843.3% |
| Other amounts receivable | 41 | €213 | €213 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,753 | €19,458 | -€2,295 | -10.6% |
| Deferred charges and accrued income | 490/1 | €241 | €276 | +€35 | +14.6% |
| Total equity and liabilities | 10/49 | €1,368,915 | €1,633,383 | +€264,468 | +19.3% |
| Equity | 10/15 | -€260,512 | -€301,596 | -€41,084 | -15.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€560,512 | -€601,596 | -€41,084 | -7.3% |
| Amounts payable | 17/49 | €1,629,427 | €1,934,979 | +€305,552 | +18.8% |
| Amounts payable after more than one year | 17 | €75,337 | €65,963 | -€9,375 | -12.4% |
| Financial debts | 170/4 | €75,337 | €65,963 | -€9,375 | -12.4% |
| Amounts payable within one year | 42/48 | €1,533,079 | €1,852,203 | +€319,124 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €9,213 | €9,375 | +€162 | +1.8% |
| Trade debts | 44 | €5,424 | €16,066 | +€10,642 | +196.2% |
| Suppliers | 440/4 | €5,424 | €16,066 | +€10,642 | +196.2% |
| Other amounts payable | 47/48 | €1,518,442 | €1,826,762 | +€308,320 | +20.3% |
| Accrued charges and deferred income | 492/3 | €21,011 | €16,814 | -€4,197 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,978 | €29,978 | = | 0.0% |
| Other operating charges | 640/8 | €3,437 | €6,672 | +€3,235 | +94.1% |
| Gross operating margin | 9900 | €44,795 | €29,213 | -€15,582 | -34.8% |
| Operating profit (loss) | 9901 | €11,380 | -€7,437 | -€18,817 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €73,503 | €33,646 | -€39,856 | -54.2% |
| Recurring financial charges | 65 | €73,503 | €33,646 | -€39,856 | -54.2% |
| Profit (loss) for the period before taxes | 9903 | -€62,123 | -€41,084 | +€21,040 | +33.9% |
| Profit (loss) for the period | 9904 | -€62,123 | -€41,084 | +€21,040 | +33.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,123 | -€41,084 | +€21,040 | +33.9% |
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 7 October 2026 via checked.be.