AD-connect: 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-connect
Largest movements
- Cash -€106,795
down €106,795 (-85.5%), from €124,916 to €18,121
mainly Tax, wage and social debts (-€94,153) and Current investments (-€42,912)
- Current investments +€42,912
up €42,912 (+1.6%), from €2.8m to €2.8m
- Tax, wage and social debts -€94,153
down €94,153 (-91.3%), from €103,153 to €9,000
- Reserves +€68,427
up €68,427 (+2.5%), from €2.8m to €2.8m
- Financial income -€887,811
down €887,811 (-93.1%), from €953,133 to €65,323
- Taxes -€61,952
down €61,952 (-62.0%), from €99,989 to €38,037
- Gross operating margin +€22,242
up €22,242 (+52.9%), from €42,023 to €64,266
- Financial charges +€21,603
up €21,603, from -€14,388 to €7,215
- Depreciation -€2,941
down €2,941 (-18.2%), from €16,173 to €13,233
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 | €3,645,607 | €3,597,511 | -€48,096 | -1.3% |
| Fixed assets | 21/28 | €291,691 | €276,058 | -€15,634 | -5.4% |
| Tangible fixed assets | 22/27 | €291,691 | €276,058 | -€15,634 | -5.4% |
| Land and buildings | 22 | €285,310 | €275,764 | -€9,546 | -3.3% |
| Furniture and vehicles | 24 | €6,381 | €294 | -€6,088 | -95.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €3,353,916 | €3,321,453 | -€32,462 | -1.0% |
| Amounts receivable after more than one year | 29 | €450,000 | €450,000 | = | 0.0% |
| Other amounts receivable | 291 | €450,000 | €450,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,965 | €47,566 | +€31,601 | +197.9% |
| Trade receivables | 40 | €15,125 | €15,322 | +€197 | +1.3% |
| Other amounts receivable | 41 | €840 | €32,245 | +€31,405 | +3738.7% |
| Current investments | 50/53 | €2,762,702 | €2,805,614 | +€42,912 | +1.6% |
| Cash at bank and in hand | 54/58 | €124,916 | €18,121 | -€106,795 | -85.5% |
| Deferred charges and accrued income | 490/1 | €333 | €152 | -€181 | -54.4% |
| Total equity and liabilities | 10/49 | €3,645,607 | €3,597,511 | -€48,096 | -1.3% |
| Equity | 10/15 | €3,304,505 | €3,372,932 | +€68,427 | +2.1% |
| Contributions | 10/11 | €540,795 | €540,795 | = | 0.0% |
| Reserves | 13 | €2,763,710 | €2,832,137 | +€68,427 | +2.5% |
| Distributable reserves | 133 | €2,763,710 | €2,832,137 | +€68,427 | +2.5% |
| Amounts payable | 17/49 | €341,102 | €224,579 | -€116,523 | -34.2% |
| Amounts payable after more than one year | 17 | €205,999 | €194,430 | -€11,570 | -5.6% |
| Financial debts | 170/4 | €205,999 | €194,430 | -€11,570 | -5.6% |
| Amounts payable within one year | 42/48 | €133,086 | €30,149 | -€102,936 | -77.3% |
| Current portion of amounts payable after more than one year | 42 | €11,295 | €11,570 | +€274 | +2.4% |
| Trade debts | 44 | €3,688 | €110 | -€3,577 | -97.0% |
| Suppliers | 440/4 | €3,688 | €110 | -€3,577 | -97.0% |
| Advances received on contracts in progress | 46 | - | €9,470 | +€9,470 | |
| Taxes, remuneration and social security | 45 | €103,153 | €9,000 | -€94,153 | -91.3% |
| Taxes | 450/3 | €103,153 | €9,000 | -€94,153 | -91.3% |
| Other amounts payable | 47/48 | €14,949 | €0 | -€14,949 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,017 | €0 | -€2,017 | -100.0% |
| Non-recurring operating income | 76A | - | €1,656 | +€1,656 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,173 | €13,233 | -€2,941 | -18.2% |
| Other operating charges | 640/8 | €2,623 | €2,676 | +€53 | +2.0% |
| Gross operating margin | 9900 | €42,023 | €64,266 | +€22,242 | +52.9% |
| Operating profit (loss) | 9901 | €23,227 | €48,357 | +€25,131 | +108.2% |
| Financial income | 75/76B | €953,133 | €65,323 | -€887,811 | -93.1% |
| Recurring financial income | 75 | €953,133 | €65,323 | -€887,811 | -93.1% |
| Financial charges | 65/66B | -€14,388 | €7,215 | +€21,603 | |
| Recurring financial charges | 65 | -€14,388 | €7,215 | +€21,603 | |
| Profit (loss) for the period before taxes | 9903 | €990,748 | €106,464 | -€884,283 | -89.3% |
| Income taxes | 67/77 | €99,989 | €38,037 | -€61,952 | -62.0% |
| Profit (loss) for the period | 9904 | €890,759 | €68,427 | -€822,331 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €890,759 | €68,427 | -€822,331 | -92.3% |
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 10 October 2026 via checked.be.