AD ELEC: 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 ELEC
Largest movements
- Cash -€37,489
down €37,489 (-76.0%), from €49,344 to €11,854
mainly Investment in fixed assets (net) (-€26,979) and Receivables within one year (-€26,311)
- Receivables within one year +€26,311
up €26,311 (+125%), from €21,029 to €47,340
of which Trade receivables: +€29,129
- Tangible fixed assets +€23,088
up €23,088 (+907%), from €2,546 to €25,634
of which Furniture and vehicles: +€20,787
- Deferred charges and accrued income -€4,585
down €4,585 (-58.8%), from €7,796 to €3,210
- Stocks and contracts -€4,141
down €4,141 (-31.4%), from €13,194 to €9,053
- Trade debts -€19,492
down €19,492 (-49.7%), from €39,248 to €19,756
- Debts after one year +€10,260
new in 2025: €10,260
- Current portion of long-term debt +€6,550
new in 2025: €6,550
- Tax, wage and social debts +€6,525
up €6,525 (+86.1%), from €7,579 to €14,104
of which Remuneration and social security: +€4,739
- Gross operating margin -€31,413
down €31,413 (-28.9%), from €108,535 to €77,122
- Staff costs -€27,472
down €27,472 (-28.4%), from €96,573 to €69,101
- Depreciation +€2,833
up €2,833 (+268%), from €1,059 to €3,891
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 | €94,455 | €97,639 | +€3,184 | +3.4% |
| Fixed assets | 21/28 | €3,093 | €26,181 | +€23,088 | +747% |
| Tangible fixed assets | 22/27 | €2,546 | €25,634 | +€23,088 | +907% |
| Plant, machinery and equipment | 23 | €0 | €2,301 | +€2,301 | |
| Furniture and vehicles | 24 | €2,546 | €23,333 | +€20,787 | +816% |
| Financial fixed assets | 28 | €547 | €547 | = | 0.0% |
| Current assets | 29/58 | €91,363 | €71,458 | -€19,904 | -21.8% |
| Stocks and contracts in progress | 3 | €13,194 | €9,053 | -€4,141 | -31.4% |
| Stocks | 30/36 | €13,194 | €9,053 | -€4,141 | -31.4% |
| Amounts receivable within one year | 40/41 | €21,029 | €47,340 | +€26,311 | +125% |
| Trade receivables | 40 | €13,645 | €42,774 | +€29,129 | +213% |
| Other amounts receivable | 41 | €7,384 | €4,566 | -€2,818 | -38.2% |
| Cash at bank and in hand | 54/58 | €49,344 | €11,854 | -€37,489 | -76.0% |
| Deferred charges and accrued income | 490/1 | €7,796 | €3,210 | -€4,585 | -58.8% |
| Total equity and liabilities | 10/49 | €94,455 | €97,639 | +€3,184 | +3.4% |
| Equity | 10/15 | €47,607 | €46,970 | -€637 | -1.3% |
| Contributions | 10/11 | €21,084 | €21,084 | = | 0.0% |
| Reserves | 13 | €12,400 | €12,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Distributable reserves | 133 | €9,300 | €9,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,123 | €13,486 | -€637 | -4.5% |
| Amounts payable | 17/49 | €46,849 | €50,669 | +€3,821 | +8.2% |
| Amounts payable after more than one year | 17 | - | €10,260 | +€10,260 | |
| Financial debts | 170/4 | - | €10,260 | +€10,260 | |
| Amounts payable within one year | 42/48 | €46,849 | €40,410 | -€6,439 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | - | €6,550 | +€6,550 | |
| Trade debts | 44 | €39,248 | €19,756 | -€19,492 | -49.7% |
| Suppliers | 440/4 | €39,248 | €19,756 | -€19,492 | -49.7% |
| Taxes, remuneration and social security | 45 | €7,579 | €14,104 | +€6,525 | +86.1% |
| Taxes | 450/3 | - | €1,786 | +€1,786 | |
| Remuneration and social security | 454/9 | €7,579 | €12,318 | +€4,739 | +62.5% |
| Other amounts payable | 47/48 | €21 | - | -€21 | |
| Remuneration, social security and pensions | 62 | €96,573 | €69,101 | -€27,472 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,059 | €3,891 | +€2,833 | +268% |
| Other operating charges | 640/8 | €740 | €1,739 | +€998 | +135% |
| Gross operating margin | 9900 | €108,535 | €77,122 | -€31,413 | -28.9% |
| Operating profit (loss) | 9901 | €10,163 | €2,390 | -€7,772 | -76.5% |
| Financial income | 75/76B | €86 | €86 | -€0 | -0.5% |
| Recurring financial income | 75 | €86 | €86 | -€0 | -0.5% |
| Financial charges | 65/66B | €817 | €1,643 | +€826 | +101% |
| Recurring financial charges | 65 | €817 | €1,643 | +€826 | +101% |
| Profit (loss) for the period before taxes | 9903 | €9,432 | €833 | -€8,599 | -91.2% |
| Income taxes | 67/77 | €2,330 | €1,470 | -€860 | -36.9% |
| Profit (loss) for the period | 9904 | €7,102 | -€637 | -€7,739 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,102 | -€637 | -€7,739 |
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 16 October 2026 via checked.be.