AD-FIX: 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-FIX
Largest movements
- Tangible fixed assets +€34,256
up €34,256 (+7.0%), from €488,254 to €522,510
of which Land and buildings: +€44,793
- Current investments -€25,000
down €25,000 (-100%), from €25,000 to €0
- Profit (loss) carried forward -€62,520
down €62,520 (-28.3%), from €220,752 to €158,232
- Debts after one year +€60,856
up €60,856 (+11.6%), from €525,626 to €586,482
- Current portion of long-term debt +€29,447
up €29,447 (+117%), from €25,067 to €54,514
- Trade debts -€23,160
down €23,160 (-92.8%), from €24,951 to €1,791
- Financial charges +€40,938
up €40,938 (+195%), from €20,943 to €61,880
- Gross operating margin +€32,400
up €32,400 (+26.9%), from €120,258 to €152,657
- Depreciation +€6,115
up €6,115 (+32.0%), from €19,086 to €25,201
- Taxes -€4,563
down €4,563 (-20.8%), from €21,921 to €17,358
- Financial income -€2,313
down €2,313 (-60.1%), from €3,846 to €1,533
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,737,069 | €1,757,487 | +€20,418 | +1.2% |
| Fixed assets | 21/28 | €1,531,323 | €1,565,579 | +€34,256 | +2.2% |
| Tangible fixed assets | 22/27 | €488,254 | €522,510 | +€34,256 | +7.0% |
| Land and buildings | 22 | €445,640 | €490,433 | +€44,793 | +10.1% |
| Furniture and vehicles | 24 | €42,614 | €32,077 | -€10,537 | -24.7% |
| Financial fixed assets | 28 | €1,043,069 | €1,043,069 | = | 0.0% |
| Current assets | 29/58 | €205,746 | €191,908 | -€13,838 | -6.7% |
| Amounts receivable within one year | 40/41 | €147,883 | €161,970 | +€14,087 | +9.5% |
| Trade receivables | 40 | €97,519 | €107,213 | +€9,693 | +9.9% |
| Other amounts receivable | 41 | €50,364 | €54,757 | +€4,393 | +8.7% |
| Current investments | 50/53 | €25,000 | €0 | -€25,000 | -100% |
| Cash at bank and in hand | 54/58 | €31,417 | €29,236 | -€2,181 | -6.9% |
| Deferred charges and accrued income | 490/1 | €1,445 | €702 | -€743 | -51.4% |
| Total equity and liabilities | 10/49 | €1,737,069 | €1,757,487 | +€20,418 | +1.2% |
| Equity | 10/15 | €223,752 | €161,232 | -€62,520 | -27.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €220,752 | €158,232 | -€62,520 | -28.3% |
| Amounts payable | 17/49 | €1,513,317 | €1,596,256 | +€82,939 | +5.5% |
| Amounts payable after more than one year | 17 | €525,626 | €586,482 | +€60,856 | +11.6% |
| Financial debts | 170/4 | €525,626 | €586,482 | +€60,856 | +11.6% |
| Amounts payable within one year | 42/48 | €984,511 | €1,001,175 | +€16,664 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €25,067 | €54,514 | +€29,447 | +117% |
| Trade debts | 44 | €24,951 | €1,791 | -€23,160 | -92.8% |
| Suppliers | 440/4 | €24,951 | €1,791 | -€23,160 | -92.8% |
| Taxes, remuneration and social security | 45 | €30,562 | €29,674 | -€888 | -2.9% |
| Taxes | 450/3 | €30,562 | €29,674 | -€888 | -2.9% |
| Other amounts payable | 47/48 | €903,932 | €915,197 | +€11,265 | +1.2% |
| Accrued charges and deferred income | 492/3 | €3,180 | €8,599 | +€5,419 | +170% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,086 | €25,201 | +€6,115 | +32.0% |
| Other operating charges | 640/8 | €630 | €2,272 | +€1,642 | +261% |
| Gross operating margin | 9900 | €120,258 | €152,657 | +€32,400 | +26.9% |
| Operating profit (loss) | 9901 | €100,542 | €125,185 | +€24,643 | +24.5% |
| Financial income | 75/76B | €3,846 | €1,533 | -€2,313 | -60.1% |
| Recurring financial income | 75 | €3,846 | €1,533 | -€2,313 | -60.1% |
| Financial charges | 65/66B | €20,943 | €61,880 | +€40,938 | +195% |
| Recurring financial charges | 65 | €20,943 | €61,880 | +€40,938 | +195% |
| Profit (loss) for the period before taxes | 9903 | €83,445 | €64,838 | -€18,608 | -22.3% |
| Income taxes | 67/77 | €21,921 | €17,358 | -€4,563 | -20.8% |
| Profit (loss) for the period | 9904 | €61,524 | €47,480 | -€14,044 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,524 | €47,480 | -€14,044 | -22.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.