Ad Finance: what changed
Ad Finance
Largest movements
- Current investments -€33,888
down €33,888 (-40.5%), from €83,729 to €49,841
- Cash -€23,646
down €23,646 (-31.5%), from €74,975 to €51,329
mainly Contributions, distributions and other (-€30,695) and Other debts (-€19,162)
- Tangible fixed assets -€17,991
down €17,991 (-22.0%), from €81,751 to €63,760
of which Furniture and vehicles: -€10,440
- Reserves -€30,695
down €30,695 (-15.9%), from €193,293 to €162,598
- Other debts -€19,162
down €19,162 (-61.2%), from €31,288 to €12,126
- Profit (loss) carried forward -€11,096
new in 2025: -€11,096
- Current portion of long-term debt -€10,223
no longer reported in 2025 (was €10,223)
- Tax, wage and social debts -€4,113
down €4,113 (-28.6%), from €14,373 to €10,260
- Gross operating margin -€63,845
down €63,845, from €57,236 to -€6,609
- Financial income +€13,235
up €13,235 (+755%), from €1,753 to €14,988
- Taxes -€10,719
down €10,719 (-98.5%), from €10,885 to €167
- Depreciation +€3,435
up €3,435 (+23.6%), from €14,557 to €17,991
- Financial charges -€2,399
down €2,399 (-73.1%), from €3,280 to €881
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €264,276 | €188,678 | -€75,598 | -28.6% |
| Fixed assets | 21/28 | €82,051 | €64,060 | -€17,991 | -21.9% |
| Tangible fixed assets | 22/27 | €81,751 | €63,760 | -€17,991 | -22.0% |
| Plant, machinery and equipment | 23 | €653 | €239 | -€414 | -63.4% |
| Furniture and vehicles | 24 | €20,567 | €10,127 | -€10,440 | -50.8% |
| Other tangible fixed assets | 26 | €60,530 | €53,393 | -€7,137 | -11.8% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €182,225 | €124,618 | -€57,607 | -31.6% |
| Amounts receivable within one year | 40/41 | €23,521 | €22,464 | -€1,057 | -4.5% |
| Trade receivables | 40 | €19,058 | €18,150 | -€908 | -4.8% |
| Other amounts receivable | 41 | €4,464 | €4,314 | -€150 | -3.3% |
| Current investments | 50/53 | €83,729 | €49,841 | -€33,888 | -40.5% |
| Cash at bank and in hand | 54/58 | €74,975 | €51,329 | -€23,646 | -31.5% |
| Deferred charges and accrued income | 490/1 | - | €983 | +€983 | |
| Total equity and liabilities | 10/49 | €264,276 | €188,678 | -€75,598 | -28.6% |
| Equity | 10/15 | €205,693 | €163,902 | -€41,791 | -20.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €193,293 | €162,598 | -€30,695 | -15.9% |
| Distributable reserves | 133 | €193,293 | €162,598 | -€30,695 | -15.9% |
| Profit (loss) carried forward | 14 | - | -€11,096 | -€11,096 | |
| Amounts payable | 17/49 | €58,583 | €24,776 | -€33,807 | -57.7% |
| Amounts payable within one year | 42/48 | €58,265 | €24,776 | -€33,489 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €10,223 | - | -€10,223 | |
| Trade debts | 44 | €2,381 | €2,389 | +€8 | +0.4% |
| Suppliers | 440/4 | €2,381 | €2,389 | +€8 | +0.4% |
| Taxes, remuneration and social security | 45 | €14,373 | €10,260 | -€4,113 | -28.6% |
| Taxes | 450/3 | €14,373 | €10,260 | -€4,113 | -28.6% |
| Other amounts payable | 47/48 | €31,288 | €12,126 | -€19,162 | -61.2% |
| Accrued charges and deferred income | 492/3 | €318 | - | -€318 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,557 | €17,991 | +€3,435 | +23.6% |
| Other operating charges | 640/8 | €474 | €435 | -€39 | -8.2% |
| Gross operating margin | 9900 | €57,236 | -€6,609 | -€63,845 | |
| Operating profit (loss) | 9901 | €42,205 | -€25,036 | -€67,240 | |
| Financial income | 75/76B | €1,753 | €14,988 | +€13,235 | +755% |
| Recurring financial income | 75 | €1,753 | €14,988 | +€13,235 | +755% |
| Financial charges | 65/66B | €3,280 | €881 | -€2,399 | -73.1% |
| Recurring financial charges | 65 | €3,280 | €881 | -€2,399 | -73.1% |
| Profit (loss) for the period before taxes | 9903 | €40,677 | -€10,929 | -€51,606 | |
| Income taxes | 67/77 | €10,885 | €167 | -€10,719 | -98.5% |
| Profit (loss) for the period | 9904 | €29,792 | -€11,096 | -€40,887 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,792 | -€11,096 | -€40,887 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.