AD CLEF: 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 CLEF
Largest movements
- Current investments -€53,780
down €53,780 (-29.9%), from €180,000 to €126,220
- Tangible fixed assets -€11,783
down €11,783 (-5.0%), from €233,917 to €222,134
- Receivables within one year +€11,252
up €11,252 (+1462.4%), from €769 to €12,021
- Cash +€6,796
up €6,796 (+19.8%), from €34,396 to €41,192
mainly Current investments (+€53,780) and Other debts (+€30,377)
- Reserves -€90,875
down €90,875 (-37.3%), from €243,734 to €152,859
of which Tax-exempt reserves: -€152,375
- Other debts +€30,377
up €30,377 (+91.0%), from €33,373 to €63,750
- Tax, wage and social debts +€12,934
up €12,934 (+9750.4%), from €133 to €13,067
- Financial income -€147,528
down €147,528 (-96.6%), from €152,764 to €5,235
of which Non-recurring financial income: -€152,375
- Taxes +€49,388
up €49,388 (+940.9%), from €5,249 to €54,637
- Gross operating margin -€2,298
down €2,298 (-6.4%), from €36,181 to €33,882
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 | €449,899 | €401,902 | -€47,997 | -10.7% |
| Formation expenses | 20 | €605 | €290 | -€315 | -52.1% |
| Fixed assets | 21/28 | €233,917 | €222,134 | -€11,783 | -5.0% |
| Tangible fixed assets | 22/27 | €233,917 | €222,134 | -€11,783 | -5.0% |
| Land and buildings | 22 | €233,917 | €222,134 | -€11,783 | -5.0% |
| Current assets | 29/58 | €215,377 | €179,478 | -€35,900 | -16.7% |
| Amounts receivable within one year | 40/41 | €769 | €12,021 | +€11,252 | +1462.4% |
| Other amounts receivable | 41 | €769 | €12,021 | +€11,252 | +1462.4% |
| Current investments | 50/53 | €180,000 | €126,220 | -€53,780 | -29.9% |
| Cash at bank and in hand | 54/58 | €34,396 | €41,192 | +€6,796 | +19.8% |
| Deferred charges and accrued income | 490/1 | €212 | €45 | -€167 | -78.9% |
| Total equity and liabilities | 10/49 | €449,899 | €401,902 | -€47,997 | -10.7% |
| Equity | 10/15 | €410,034 | €319,237 | -€90,797 | -22.1% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €243,734 | €152,859 | -€90,875 | -37.3% |
| Tax-exempt reserves | 132 | €152,375 | - | -€152,375 | |
| Distributable reserves | 133 | €91,359 | €152,859 | +€61,500 | +67.3% |
| Profit (loss) carried forward | 14 | €153,905 | €153,984 | +€78 | +0.1% |
| Amounts payable | 17/49 | €39,865 | €82,664 | +€42,799 | +107.4% |
| Amounts payable after more than one year | 17 | €2,837 | €726 | -€2,111 | -74.4% |
| Financial debts | 170/4 | €2,837 | €726 | -€2,111 | -74.4% |
| Amounts payable within one year | 42/48 | €37,016 | €81,328 | +€44,312 | +119.7% |
| Current portion of amounts payable after more than one year | 42 | €2,013 | €2,111 | +€98 | +4.9% |
| Trade debts | 44 | €1,498 | €2,401 | +€903 | +60.3% |
| Suppliers | 440/4 | €1,498 | €2,401 | +€903 | +60.3% |
| Taxes, remuneration and social security | 45 | €133 | €13,067 | +€12,934 | +9750.4% |
| Taxes | 450/3 | €133 | €13,067 | +€12,934 | +9750.4% |
| Other amounts payable | 47/48 | €33,373 | €63,750 | +€30,377 | +91.0% |
| Accrued charges and deferred income | 492/3 | €12 | €610 | +€598 | +5082.7% |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,485 | €14,760 | +€275 | +1.9% |
| Other operating charges | 640/8 | €4,592 | €4,341 | -€251 | -5.5% |
| Gross operating margin | 9900 | €36,181 | €33,882 | -€2,298 | -6.4% |
| Operating profit (loss) | 9901 | €16,716 | €14,382 | -€2,334 | -14.0% |
| Financial income | 75/76B | €152,764 | €5,235 | -€147,528 | -96.6% |
| Recurring financial income | 75 | €388 | €5,235 | +€4,847 | +1247.7% |
| Non-recurring financial income | 76B | €152,375 | - | -€152,375 | |
| Financial charges | 65/66B | €533 | €277 | -€256 | -48.1% |
| Recurring financial charges | 65 | €533 | €277 | -€256 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | €168,947 | €19,340 | -€149,606 | -88.6% |
| Income taxes | 67/77 | €5,249 | €54,637 | +€49,388 | +940.9% |
| Profit (loss) for the period | 9904 | €163,697 | -€35,297 | -€198,994 | |
| Transfer from tax-exempt reserves | 789 | - | €152,375 | +€152,375 | |
| Transfer to tax-exempt reserves | 689 | €152,375 | - | -€152,375 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,322 | €117,078 | +€105,756 | +934.0% |
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 1 October 2026 via checked.be.