AD & Co: 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 & Co
Largest movements
- Tangible fixed assets +€47,734
up €47,734 (+66.6%), from €71,648 to €119,381
of which Furniture and vehicles: +€47,054
- Cash +€16,615
up €16,615 (+41.3%), from €40,239 to €56,854
mainly Other debts (+€50,000) and Debts after one year (+€34,562)
- Receivables within one year -€14,539
down €14,539 (-67.7%), from €21,475 to €6,936
of which Other amounts receivable: -€12,645
- Reserves -€53,041
down €53,041 (-63.2%), from €83,967 to €30,926
- Other debts +€50,000
new in 2025: €50,000
- Debts after one year +€34,562
up €34,562 (+106.3%), from €32,507 to €67,069
- Current portion of long-term debt +€13,222
up €13,222 (+171.0%), from €7,733 to €20,954
- Tax, wage and social debts +€6,533
up €6,533 (+102.4%), from €6,381 to €12,914
- Depreciation +€23,826
up €23,826 (+349.2%), from €6,822 to €30,648
- Gross operating margin +€11,808
up €11,808 (+36.1%), from €32,676 to €44,484
- Taxes -€2,379
down €2,379 (-36.4%), from €6,544 to €4,165
- Financial charges +€2,259
up €2,259 (+193.7%), from €1,166 to €3,425
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 | €133,362 | €184,086 | +€50,724 | +38.0% |
| Fixed assets | 21/28 | €71,648 | €119,381 | +€47,734 | +66.6% |
| Tangible fixed assets | 22/27 | €71,648 | €119,381 | +€47,734 | +66.6% |
| Plant, machinery and equipment | 23 | €1,621 | €2,301 | +€680 | +41.9% |
| Furniture and vehicles | 24 | €70,026 | €117,080 | +€47,054 | +67.2% |
| Current assets | 29/58 | €61,714 | €64,705 | +€2,990 | +4.8% |
| Amounts receivable within one year | 40/41 | €21,475 | €6,936 | -€14,539 | -67.7% |
| Trade receivables | 40 | €8,235 | €6,340 | -€1,894 | -23.0% |
| Other amounts receivable | 41 | €13,241 | €596 | -€12,645 | -95.5% |
| Cash at bank and in hand | 54/58 | €40,239 | €56,854 | +€16,615 | +41.3% |
| Deferred charges and accrued income | 490/1 | - | €915 | +€915 | |
| Total equity and liabilities | 10/49 | €133,362 | €184,086 | +€50,724 | +38.0% |
| Equity | 10/15 | €85,767 | €32,726 | -€53,041 | -61.8% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Reserves | 13 | €83,967 | €30,926 | -€53,041 | -63.2% |
| Distributable reserves | 133 | €83,967 | €30,926 | -€53,041 | -63.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €47,595 | €151,360 | +€103,765 | +218.0% |
| Amounts payable after more than one year | 17 | €32,507 | €67,069 | +€34,562 | +106.3% |
| Financial debts | 170/4 | €32,507 | €67,069 | +€34,562 | +106.3% |
| Amounts payable within one year | 42/48 | €15,088 | €84,291 | +€69,203 | +458.7% |
| Current portion of amounts payable after more than one year | 42 | €7,733 | €20,954 | +€13,222 | +171.0% |
| Trade debts | 44 | €974 | €423 | -€552 | -56.6% |
| Suppliers | 440/4 | €974 | €423 | -€552 | -56.6% |
| Taxes, remuneration and social security | 45 | €6,381 | €12,914 | +€6,533 | +102.4% |
| Taxes | 450/3 | €6,381 | €12,914 | +€6,533 | +102.4% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,822 | €30,648 | +€23,826 | +349.2% |
| Other operating charges | 640/8 | €777 | €711 | -€66 | -8.5% |
| Gross operating margin | 9900 | €32,676 | €44,484 | +€11,808 | +36.1% |
| Operating profit (loss) | 9901 | €25,077 | €13,126 | -€11,951 | -47.7% |
| Financial income | 75/76B | €542 | €246 | -€296 | -54.6% |
| Recurring financial income | 75 | €542 | €246 | -€296 | -54.6% |
| Financial charges | 65/66B | €1,166 | €3,425 | +€2,259 | +193.7% |
| Recurring financial charges | 65 | €1,166 | €3,425 | +€2,259 | +193.7% |
| Profit (loss) for the period before taxes | 9903 | €24,453 | €9,947 | -€14,506 | -59.3% |
| Income taxes | 67/77 | €6,544 | €4,165 | -€2,379 | -36.4% |
| Profit (loss) for the period | 9904 | €17,910 | €5,782 | -€12,127 | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,910 | €5,782 | -€12,127 | -67.7% |
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.