AD-CO: 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-CO
Largest movements
- Intangible fixed assets +€175,262
up €175,262 (+31.3%), from €559,078 to €734,340
- Tangible fixed assets -€79,827
down €79,827 (-37.5%), from €212,733 to €132,905
of which Furniture and vehicles: -€74,769
- Deferred charges and accrued income +€50,749
up €50,749 (+4,324%), from €1,174 to €51,923
- Reserves +€114,368
up €114,368 (+14.2%), from €808,159 to €922,527
of which Distributable reserves: +€114,368
- Tax, wage and social debts +€43,607
up €43,607 (+22.5%), from €193,496 to €237,103
of which Taxes: +€26,681
- Other debts +€27,161
up €27,161 (+14.4%), from €188,346 to €215,508
- Gross operating margin +€139,472
up €139,472 (+12.6%), from €1.1m to €1.2m
- Staff costs +€92,433
up €92,433 (+14.4%), from €640,346 to €732,778
- Depreciation +€40,239
up €40,239 (+16.2%), from €248,781 to €289,020
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 | €2,528,194 | €2,694,046 | +€165,852 | +6.6% |
| Fixed assets | 21/28 | €1,976,810 | €2,072,245 | +€95,435 | +4.8% |
| Intangible fixed assets | 21 | €559,078 | €734,340 | +€175,262 | +31.3% |
| Tangible fixed assets | 22/27 | €212,733 | €132,905 | -€79,827 | -37.5% |
| Plant, machinery and equipment | 23 | €9,833 | €4,775 | -€5,058 | -51.4% |
| Furniture and vehicles | 24 | €202,900 | €128,131 | -€74,769 | -36.9% |
| Financial fixed assets | 28 | €1,205,000 | €1,205,000 | = | 0.0% |
| Current assets | 29/58 | €551,384 | €621,800 | +€70,417 | +12.8% |
| Amounts receivable within one year | 40/41 | €460,847 | €469,124 | +€8,277 | +1.8% |
| Trade receivables | 40 | €460,847 | €469,124 | +€8,277 | +1.8% |
| Cash at bank and in hand | 54/58 | €89,363 | €100,754 | +€11,391 | +12.7% |
| Deferred charges and accrued income | 490/1 | €1,174 | €51,923 | +€50,749 | +4,324% |
| Total equity and liabilities | 10/49 | €2,528,194 | €2,694,046 | +€165,852 | +6.6% |
| Equity | 10/15 | €1,018,159 | €1,132,527 | +€114,368 | +11.2% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €808,159 | €922,527 | +€114,368 | +14.2% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €805,159 | €919,527 | +€114,368 | +14.2% |
| Amounts payable | 17/49 | €1,510,035 | €1,561,518 | +€51,483 | +3.4% |
| Amounts payable after more than one year | 17 | €665,185 | €640,409 | -€24,775 | -3.7% |
| Financial debts | 170/4 | €665,185 | €640,409 | -€24,775 | -3.7% |
| Amounts payable within one year | 42/48 | €841,845 | €917,836 | +€75,991 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €78,608 | €94,775 | +€16,168 | +20.6% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €131,395 | €120,451 | -€10,945 | -8.3% |
| Suppliers | 440/4 | €131,395 | €120,451 | -€10,945 | -8.3% |
| Taxes, remuneration and social security | 45 | €193,496 | €237,103 | +€43,607 | +22.5% |
| Taxes | 450/3 | €105,838 | €132,519 | +€26,681 | +25.2% |
| Remuneration and social security | 454/9 | €87,658 | €104,584 | +€16,926 | +19.3% |
| Other amounts payable | 47/48 | €188,346 | €215,508 | +€27,161 | +14.4% |
| Accrued charges and deferred income | 492/3 | €3,005 | €3,273 | +€267 | +8.9% |
| Non-recurring operating income | 76A | - | €22,780 | +€22,780 | |
| Remuneration, social security and pensions | 62 | €640,346 | €732,778 | +€92,433 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,781 | €289,020 | +€40,239 | +16.2% |
| Other operating charges | 640/8 | €3,171 | €3,225 | +€54 | +1.7% |
| Gross operating margin | 9900 | €1,105,362 | €1,244,834 | +€139,472 | +12.6% |
| Operating profit (loss) | 9901 | €213,064 | €219,811 | +€6,747 | +3.2% |
| Financial income | 75/76B | €31 | €1 | -€30 | -98.0% |
| Recurring financial income | 75 | €31 | €1 | -€30 | -98.0% |
| Financial charges | 65/66B | €50,977 | €48,779 | -€2,198 | -4.3% |
| Recurring financial charges | 65 | €50,977 | €48,779 | -€2,198 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €162,118 | €171,032 | +€8,914 | +5.5% |
| Income taxes | 67/77 | €51,613 | €56,664 | +€5,051 | +9.8% |
| Profit (loss) for the period | 9904 | €110,505 | €114,368 | +€3,864 | +3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €110,505 | €114,368 | +€3,864 | +3.5% |
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 13 October 2026 via checked.be.