AD EQUINE: what changed
Two fiscal 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 EQUINE
Largest movements
- Cash +€39,295
up €39,295 (+385.9%), from €10,183 to €49,478
mainly Other debts (+€85,565) and Depreciation (+€16,986)
- Stocks and contracts +€34,917
up €34,917 (+14.3%), from €244,506 to €279,424
- Tangible fixed assets +€9,232
up €9,232 (+26.8%), from €34,461 to €43,693
of which Furniture and vehicles: +€8,810
- Receivables within one year +€7,139
up €7,139 (+38.7%), from €18,450 to €25,589
of which Other amounts receivable: +€10,360
- Other debts +€85,565
up €85,565 (+29.2%), from €293,127 to €378,692
- Reserves +€16,168
up €16,168 (+85.9%), from €18,826 to €34,993
- Tax, wage and social debts -€9,350
down €9,350 (-81.9%), from €11,423 to €2,073
of which Remuneration and social security: -€9,349
- Gross operating margin +€42,979
up €42,979 (+714.8%), from €6,012 to €48,991
- Taxes +€7,750
up €7,750 (+2312.7%), from €335 to €8,085
- Staff costs +€6,327
new in 2025: €6,327
- Depreciation +€4,067
up €4,067 (+31.5%), from €12,919 to €16,986
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 | €307,600 | €400,284 | +€92,684 | +30.1% |
| Fixed assets | 21/28 | €34,461 | €43,693 | +€9,232 | +26.8% |
| Tangible fixed assets | 22/27 | €34,461 | €43,693 | +€9,232 | +26.8% |
| Land and buildings | 22 | €4,970 | €5,911 | +€942 | +19.0% |
| Plant, machinery and equipment | 23 | €1,873 | €1,353 | -€520 | -27.8% |
| Furniture and vehicles | 24 | €27,619 | €36,429 | +€8,810 | +31.9% |
| Current assets | 29/58 | €273,139 | €356,591 | +€83,452 | +30.6% |
| Stocks and contracts in progress | 3 | €244,506 | €279,424 | +€34,917 | +14.3% |
| Stocks | 30/36 | €244,506 | €279,424 | +€34,917 | +14.3% |
| Amounts receivable within one year | 40/41 | €18,450 | €25,589 | +€7,139 | +38.7% |
| Trade receivables | 40 | €15,338 | €12,117 | -€3,221 | -21.0% |
| Other amounts receivable | 41 | €3,112 | €13,472 | +€10,360 | +332.9% |
| Cash at bank and in hand | 54/58 | €10,183 | €49,478 | +€39,295 | +385.9% |
| Deferred charges and accrued income | 490/1 | €0 | €2,100 | +€2,100 | |
| Total equity and liabilities | 10/49 | €307,600 | €400,284 | +€92,684 | +30.1% |
| Equity | 10/15 | -€2,714 | €13,454 | +€16,168 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €18,826 | €34,993 | +€16,168 | +85.9% |
| Distributable reserves | 133 | €18,826 | €34,993 | +€16,168 | +85.9% |
| Profit (loss) carried forward | 14 | -€26,540 | -€26,540 | = | 0.0% |
| Amounts payable | 17/49 | €310,314 | €386,830 | +€76,516 | +24.7% |
| Amounts payable within one year | 42/48 | €310,314 | €386,830 | +€76,516 | +24.7% |
| Trade debts | 44 | €5,764 | €6,065 | +€301 | +5.2% |
| Suppliers | 440/4 | €5,764 | €6,065 | +€301 | +5.2% |
| Taxes, remuneration and social security | 45 | €11,423 | €2,073 | -€9,350 | -81.9% |
| Taxes | 450/3 | €1,423 | €1,422 | -€1 | -0.1% |
| Remuneration and social security | 454/9 | €10,000 | €651 | -€9,349 | -93.5% |
| Other amounts payable | 47/48 | €293,127 | €378,692 | +€85,565 | +29.2% |
| Remuneration, social security and pensions | 62 | - | €6,327 | +€6,327 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,919 | €16,986 | +€4,067 | +31.5% |
| Other operating charges | 640/8 | €1,321 | €1,160 | -€161 | -12.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €6,012 | €48,991 | +€42,979 | +714.8% |
| Operating profit (loss) | 9901 | -€8,228 | €24,518 | +€32,746 | |
| Financial income | 75/76B | €651 | €269 | -€382 | -58.7% |
| Recurring financial income | 75 | €651 | €269 | -€382 | -58.7% |
| Financial charges | 65/66B | €407 | €534 | +€127 | +31.2% |
| Recurring financial charges | 65 | €407 | €534 | +€127 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,984 | €24,253 | +€32,237 | |
| Income taxes | 67/77 | €335 | €8,085 | +€7,750 | +2312.7% |
| Profit (loss) for the period | 9904 | -€8,319 | €16,168 | +€24,487 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,319 | €16,168 | +€24,487 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.