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
- Receivables within one year +€91,243
up €91,243 (+103%), from €88,875 to €180,118
of which Other amounts receivable: +€71,907
- Tangible fixed assets +€23,068
up €23,068 (+128%), from €18,032 to €41,100
of which Furniture and vehicles: +€22,380
- Stocks and contracts -€3,547
down €3,547 (-41.5%), from €8,547 to €5,000
- Profit (loss) carried forward +€49,541
up €49,541 (+278%), from €17,841 to €67,382
- Trade debts +€41,329
up €41,329 (+216%), from €19,102 to €60,431
- Debts after one year +€24,916
new in 2025: €24,916
- Tax, wage and social debts -€6,212
down €6,212 (-27.2%), from €22,871 to €16,659
- Current portion of long-term debt +€2,750
up €2,750 (+52.4%), from €5,249 to €7,999
- Gross operating margin +€52,924
up €52,924 (+191%), from €27,692 to €80,617
- Other operating charges +€6,900
new in 2025: €6,900
- Taxes +€5,340
up €5,340 (+92.0%), from €5,805 to €11,145
- Depreciation +€3,121
up €3,121 (+47.0%), from €6,644 to €9,765
- Financial charges +€2,830
up €2,830 (+649%), from €436 to €3,265
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 | €116,892 | €228,805 | +€111,914 | +95.7% |
| Fixed assets | 21/28 | €18,237 | €41,100 | +€22,863 | +125% |
| Tangible fixed assets | 22/27 | €18,032 | €41,100 | +€23,068 | +128% |
| Land and buildings | 22 | €7,219 | €6,853 | -€366 | -5.1% |
| Plant, machinery and equipment | 23 | €216 | €1,270 | +€1,054 | +489% |
| Furniture and vehicles | 24 | €10,597 | €32,977 | +€22,380 | +211% |
| Financial fixed assets | 28 | €205 | - | -€205 | |
| Current assets | 29/58 | €98,655 | €187,705 | +€89,050 | +90.3% |
| Stocks and contracts in progress | 3 | €8,547 | €5,000 | -€3,547 | -41.5% |
| Stocks | 30/36 | €8,547 | €5,000 | -€3,547 | -41.5% |
| Amounts receivable within one year | 40/41 | €88,875 | €180,118 | +€91,243 | +103% |
| Trade receivables | 40 | €23,025 | €42,360 | +€19,336 | +84.0% |
| Other amounts receivable | 41 | €65,851 | €137,758 | +€71,907 | +109% |
| Cash at bank and in hand | 54/58 | €772 | €2,180 | +€1,408 | +182% |
| Deferred charges and accrued income | 490/1 | €460 | €407 | -€53 | -11.6% |
| Total equity and liabilities | 10/49 | €116,892 | €228,805 | +€111,914 | +95.7% |
| Equity | 10/15 | €69,205 | €118,746 | +€49,541 | +71.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,364 | €46,364 | = | 0.0% |
| Distributable reserves | 133 | €46,364 | €46,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,841 | €67,382 | +€49,541 | +278% |
| Amounts payable | 17/49 | €47,687 | €110,059 | +€62,372 | +131% |
| Amounts payable after more than one year | 17 | - | €24,916 | +€24,916 | |
| Financial debts | 170/4 | - | €24,916 | +€24,916 | |
| Amounts payable within one year | 42/48 | €47,222 | €85,089 | +€37,867 | +80.2% |
| Current portion of amounts payable after more than one year | 42 | €5,249 | €7,999 | +€2,750 | +52.4% |
| Trade debts | 44 | €19,102 | €60,431 | +€41,329 | +216% |
| Suppliers | 440/4 | €19,102 | €60,431 | +€41,329 | +216% |
| Taxes, remuneration and social security | 45 | €22,871 | €16,659 | -€6,212 | -27.2% |
| Taxes | 450/3 | €22,871 | €16,659 | -€6,212 | -27.2% |
| Accrued charges and deferred income | 492/3 | €465 | €55 | -€410 | -88.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,644 | €9,765 | +€3,121 | +47.0% |
| Other operating charges | 640/8 | - | €6,900 | +€6,900 | |
| Non-recurring operating charges | 66A | €182 | - | -€182 | |
| Gross operating margin | 9900 | €27,692 | €80,617 | +€52,924 | +191% |
| Operating profit (loss) | 9901 | €20,867 | €63,952 | +€43,085 | +206% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €436 | €3,265 | +€2,830 | +649% |
| Recurring financial charges | 65 | €436 | €3,265 | +€2,830 | +649% |
| Profit (loss) for the period before taxes | 9903 | €20,431 | €60,686 | +€40,255 | +197% |
| Income taxes | 67/77 | €5,805 | €11,145 | +€5,340 | +92.0% |
| Profit (loss) for the period | 9904 | €14,626 | €49,541 | +€34,916 | +239% |
| Profit (loss) for the period to be appropriated | 9905 | €14,626 | €49,541 | +€34,916 | +239% |
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 14 October 2026 via checked.be.