AD-EX: 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-EX
Largest movements
- Cash +€112,725
up €112,725 (+128.8%), from €87,492 to €200,217
mainly Receivables within one year (+€64,989) and Net result for the year (+€48,280)
- Receivables within one year -€64,989
down €64,989 (-40.6%), from €160,001 to €95,012
of which Trade receivables: -€46,807
- Tangible fixed assets -€20,616
down €20,616 (-2.4%), from €869,439 to €848,823
of which Land and buildings: -€34,557
- Reserves +€48,280
up €48,280 (+61.1%), from €78,981 to €127,261
- Debts after one year -€26,254
down €26,254 (-5.1%), from €510,266 to €484,012
- Gross operating margin -€28,068
down €28,068 (-6.5%), from €428,604 to €400,535
- Taxes -€17,471
down €17,471 (-37.2%), from €46,950 to €29,479
- Other operating charges +€10,715
up €10,715 (+286.8%), from €3,736 to €14,451
- Staff costs +€10,366
up €10,366 (+4.4%), from €237,305 to €247,672
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 | €1,119,215 | €1,146,228 | +€27,013 | +2.4% |
| Fixed assets | 21/28 | €869,686 | €849,070 | -€20,616 | -2.4% |
| Tangible fixed assets | 22/27 | €869,439 | €848,823 | -€20,616 | -2.4% |
| Land and buildings | 22 | €838,817 | €804,260 | -€34,557 | -4.1% |
| Plant, machinery and equipment | 23 | €2,171 | €11,441 | +€9,270 | +427.0% |
| Furniture and vehicles | 24 | €28,450 | €8,029 | -€20,421 | -71.8% |
| Leasing and similar rights | 25 | - | €25,092 | +€25,092 | |
| Financial fixed assets | 28 | €247 | €247 | = | 0.0% |
| Current assets | 29/58 | €249,529 | €297,158 | +€47,629 | +19.1% |
| Amounts receivable within one year | 40/41 | €160,001 | €95,012 | -€64,989 | -40.6% |
| Trade receivables | 40 | €122,412 | €75,605 | -€46,807 | -38.2% |
| Other amounts receivable | 41 | €37,589 | €19,407 | -€18,182 | -48.4% |
| Cash at bank and in hand | 54/58 | €87,492 | €200,217 | +€112,725 | +128.8% |
| Deferred charges and accrued income | 490/1 | €2,037 | €1,929 | -€107 | -5.3% |
| Total equity and liabilities | 10/49 | €1,119,215 | €1,146,228 | +€27,013 | +2.4% |
| Equity | 10/15 | €467,175 | €515,456 | +€48,280 | +10.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €78,981 | €127,261 | +€48,280 | +61.1% |
| Distributable reserves | 133 | €78,981 | €127,261 | +€48,280 | +61.1% |
| Profit (loss) carried forward | 14 | €375,795 | €375,795 | = | 0.0% |
| Amounts payable | 17/49 | €652,040 | €630,772 | -€21,267 | -3.3% |
| Amounts payable after more than one year | 17 | €510,266 | €484,012 | -€26,254 | -5.1% |
| Financial debts | 170/4 | €510,266 | €484,012 | -€26,254 | -5.1% |
| Amounts payable within one year | 42/48 | €141,774 | €146,760 | +€4,986 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €53,454 | €51,690 | -€1,764 | -3.3% |
| Trade debts | 44 | €39,855 | €36,235 | -€3,620 | -9.1% |
| Suppliers | 440/4 | €39,855 | €36,235 | -€3,620 | -9.1% |
| Taxes, remuneration and social security | 45 | €48,465 | €58,835 | +€10,371 | +21.4% |
| Taxes | 450/3 | €27,316 | €29,977 | +€2,661 | +9.7% |
| Remuneration and social security | 454/9 | €21,149 | €28,859 | +€7,710 | +36.5% |
| Remuneration, social security and pensions | 62 | €237,305 | €247,672 | +€10,366 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,882 | €43,684 | -€2,199 | -4.8% |
| Other operating charges | 640/8 | €3,736 | €14,451 | +€10,715 | +286.8% |
| Gross operating margin | 9900 | €428,604 | €400,535 | -€28,068 | -6.5% |
| Operating profit (loss) | 9901 | €141,680 | €94,729 | -€46,951 | -33.1% |
| Financial income | 75/76B | €2 | €0 | -€1 | -76.3% |
| Recurring financial income | 75 | €2 | €0 | -€1 | -76.3% |
| Financial charges | 65/66B | €17,611 | €16,970 | -€641 | -3.6% |
| Recurring financial charges | 65 | €17,611 | €16,970 | -€641 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €124,071 | €77,759 | -€46,311 | -37.3% |
| Income taxes | 67/77 | €46,950 | €29,479 | -€17,471 | -37.2% |
| Profit (loss) for the period | 9904 | €77,121 | €48,280 | -€28,840 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €77,121 | €48,280 | -€28,840 | -37.4% |
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 3 October 2026 via checked.be.