AD CORP: 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 CORP
Largest movements
- Receivables within one year -€13,764
down €13,764 (-96.1%), from €14,318 to €554
of which Trade receivables: -€14,269
- Current portion of long-term debt -€15,107
down €15,107 (-36.8%), from €41,019 to €25,911
- Other debts +€3,981
new in 2025: €3,981
- Profit (loss) carried forward -€3,467
down €3,467 (-5.9%), from -€59,241 to -€62,708
- Debts after one year +€2,833
up €2,833 (+1.5%), from €184,002 to €186,834
of which Other amounts payable: +€28,744
- Gross operating margin +€8,439
up €8,439 (+82.6%), from -€10,218 to -€1,779
- Financial charges -€2,232
down €2,232 (-64.4%), from €3,467 to €1,235
- Other operating charges -€1,070
down €1,070 (-68.7%), from €1,558 to €487
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 | €220,112 | €204,205 | -€15,907 | -7.2% |
| Formation expenses | 20 | €203,325 | €203,325 | = | 0.0% |
| Current assets | 29/58 | €16,788 | €880 | -€15,907 | -94.8% |
| Amounts receivable within one year | 40/41 | €14,318 | €554 | -€13,764 | -96.1% |
| Trade receivables | 40 | €14,318 | €49 | -€14,269 | -99.7% |
| Other amounts receivable | 41 | - | €505 | +€505 | |
| Cash at bank and in hand | 54/58 | €2,470 | €327 | -€2,144 | -86.8% |
| Total equity and liabilities | 10/49 | €220,112 | €204,205 | -€15,907 | -7.2% |
| Equity | 10/15 | -€38,781 | -€42,248 | -€3,467 | -8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,241 | -€62,708 | -€3,467 | -5.9% |
| Amounts payable | 17/49 | €258,893 | €246,453 | -€12,440 | -4.8% |
| Amounts payable after more than one year | 17 | €184,002 | €186,834 | +€2,833 | +1.5% |
| Financial debts | 170/4 | €25,911 | - | -€25,911 | |
| Other amounts payable | 178/9 | €158,090 | €186,834 | +€28,744 | +18.2% |
| Amounts payable within one year | 42/48 | €65,830 | €52,114 | -€13,716 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €41,019 | €25,911 | -€15,107 | -36.8% |
| Trade debts | 44 | €23,584 | €22,222 | -€1,362 | -5.8% |
| Suppliers | 440/4 | €23,584 | €22,222 | -€1,362 | -5.8% |
| Taxes, remuneration and social security | 45 | €1,227 | - | -€1,227 | |
| Taxes | 450/3 | €1,227 | - | -€1,227 | |
| Other amounts payable | 47/48 | - | €3,981 | +€3,981 | |
| Accrued charges and deferred income | 492/3 | €9,062 | €7,505 | -€1,558 | -17.2% |
| Non-recurring operating income | 76A | €54 | - | -€54 | |
| Other operating charges | 640/8 | €1,558 | €487 | -€1,070 | -68.7% |
| Gross operating margin | 9900 | -€10,218 | -€1,779 | +€8,439 | +82.6% |
| Operating profit (loss) | 9901 | -€11,776 | -€2,267 | +€9,509 | +80.7% |
| Financial income | 75/76B | - | €35 | +€35 | |
| Recurring financial income | 75 | - | €35 | +€35 | |
| Financial charges | 65/66B | €3,467 | €1,235 | -€2,232 | -64.4% |
| Recurring financial charges | 65 | €3,467 | €1,235 | -€2,232 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,243 | -€3,467 | +€11,776 | +77.3% |
| Profit (loss) for the period | 9904 | -€15,243 | -€3,467 | +€11,776 | +77.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,243 | -€3,467 | +€11,776 | +77.3% |
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 17 October 2026 via checked.be.