AD CONNECTIONS: 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 CONNECTIONS
Largest movements
- Receivables within one year +€23,409
up €23,409 (+295%), from €7,928 to €31,336
of which Other amounts receivable: +€15,866
- Cash -€14,395
down €14,395 (-66.0%), from €21,805 to €7,411
mainly Receivables within one year (-€23,409) and Investment in fixed assets (net) (-€12,475)
- Tangible fixed assets +€8,969
up €8,969 (+131%), from €6,873 to €15,842
of which Furniture and vehicles: +€10,599
- Stocks and contracts -€5,416
down €5,416 (-26.0%), from €20,811 to €15,396
- Reserves +€13,340
up €13,340 (+33.8%), from €39,418 to €52,757
- Depreciation +€1,419
up €1,419 (+68.0%), from €2,087 to €3,506
- Gross operating margin -€1,354
down €1,354 (-5.4%), from €24,879 to €23,526
- Other operating charges +€717
up €717 (+63.1%), from €1,136 to €1,853
- Financial income +€480
new in 2025: €480
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 | €57,418 | €69,985 | +€12,567 | +21.9% |
| Fixed assets | 21/28 | €6,873 | €15,842 | +€8,969 | +131% |
| Tangible fixed assets | 22/27 | €6,873 | €15,842 | +€8,969 | +131% |
| Plant, machinery and equipment | 23 | €2,799 | €1,169 | -€1,630 | -58.2% |
| Furniture and vehicles | 24 | €4,074 | €14,674 | +€10,599 | +260% |
| Current assets | 29/58 | €50,545 | €54,143 | +€3,598 | +7.1% |
| Stocks and contracts in progress | 3 | €20,811 | €15,396 | -€5,416 | -26.0% |
| Contracts in progress | 37 | €20,811 | €15,396 | -€5,416 | -26.0% |
| Amounts receivable within one year | 40/41 | €7,928 | €31,336 | +€23,409 | +295% |
| Trade receivables | 40 | €4,800 | €12,342 | +€7,542 | +157% |
| Other amounts receivable | 41 | €3,128 | €18,994 | +€15,866 | +507% |
| Cash at bank and in hand | 54/58 | €21,805 | €7,411 | -€14,395 | -66.0% |
| Total equity and liabilities | 10/49 | €57,418 | €69,985 | +€12,567 | +21.9% |
| Equity | 10/15 | €44,418 | €57,757 | +€13,340 | +30.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €39,418 | €52,757 | +€13,340 | +33.8% |
| Distributable reserves | 133 | €39,418 | €52,757 | +€13,340 | +33.8% |
| Amounts payable | 17/49 | €13,000 | €12,228 | -€772 | -5.9% |
| Amounts payable within one year | 42/48 | €13,000 | €12,228 | -€772 | -5.9% |
| Trade debts | 44 | €7,557 | €7,125 | -€431 | -5.7% |
| Suppliers | 440/4 | €7,557 | €7,125 | -€431 | -5.7% |
| Taxes, remuneration and social security | 45 | €5,349 | €5,102 | -€247 | -4.6% |
| Taxes | 450/3 | €5,349 | €5,102 | -€247 | -4.6% |
| Other amounts payable | 47/48 | €94 | - | -€94 | |
| Remuneration, social security and pensions | 62 | €420 | €458 | +€38 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,087 | €3,506 | +€1,419 | +68.0% |
| Other operating charges | 640/8 | €1,136 | €1,853 | +€717 | +63.1% |
| Gross operating margin | 9900 | €24,879 | €23,526 | -€1,354 | -5.4% |
| Operating profit (loss) | 9901 | €21,236 | €17,709 | -€3,527 | -16.6% |
| Financial income | 75/76B | - | €480 | +€480 | |
| Recurring financial income | 75 | - | €480 | +€480 | |
| Financial charges | 65/66B | €226 | €217 | -€10 | -4.4% |
| Recurring financial charges | 65 | €226 | €217 | -€10 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €21,010 | €17,973 | -€3,037 | -14.5% |
| Income taxes | 67/77 | €4,838 | €4,634 | -€204 | -4.2% |
| Profit (loss) for the period | 9904 | €16,172 | €13,340 | -€2,832 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,172 | €13,340 | -€2,832 | -17.5% |
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 28 October 2026 via checked.be.