Ad Fontem: 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 Fontem
Largest movements
- Cash +€21,510
up €21,510 (+16.8%), from €127,735 to €149,245
mainly Net result for the year (+€20,850) and Depreciation (+€16,130)
- Tangible fixed assets -€14,412
down €14,412 (-30.3%), from €47,624 to €33,212
of which Furniture and vehicles: -€11,157
- Receivables within one year +€9,822
up €9,822 (+39.0%), from €25,203 to €35,024
of which Trade receivables: +€9,822
- Reserves +€20,850
up €20,850 (+14.7%), from €142,238 to €163,088
of which Distributable reserves: +€20,850
- Tax, wage and social debts -€7,156
down €7,156 (-19.9%), from €35,904 to €28,748
- Trade debts +€4,970
up €4,970 (+120%), from €4,132 to €9,102
- Gross operating margin -€3,514
down €3,514 (-6.8%), from €51,471 to €47,957
- Taxes -€3,482
down €3,482 (-26.5%), from €13,164 to €9,681
- Depreciation -€783
down €783 (-4.6%), from €16,913 to €16,130
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 | €201,562 | €218,482 | +€16,920 | +8.4% |
| Fixed assets | 21/28 | €48,624 | €34,212 | -€14,412 | -29.6% |
| Tangible fixed assets | 22/27 | €47,624 | €33,212 | -€14,412 | -30.3% |
| Plant, machinery and equipment | 23 | €8,965 | €6,250 | -€2,715 | -30.3% |
| Furniture and vehicles | 24 | €38,120 | €26,963 | -€11,157 | -29.3% |
| Other tangible fixed assets | 26 | €540 | - | -€540 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €152,938 | €184,269 | +€31,332 | +20.5% |
| Amounts receivable within one year | 40/41 | €25,203 | €35,024 | +€9,822 | +39.0% |
| Trade receivables | 40 | €24,442 | €34,263 | +€9,822 | +40.2% |
| Other amounts receivable | 41 | €761 | €761 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €127,735 | €149,245 | +€21,510 | +16.8% |
| Total equity and liabilities | 10/49 | €201,562 | €218,482 | +€16,920 | +8.4% |
| Equity | 10/15 | €148,438 | €169,288 | +€20,850 | +14.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €142,238 | €163,088 | +€20,850 | +14.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €140,378 | €161,228 | +€20,850 | +14.9% |
| Amounts payable | 17/49 | €53,124 | €49,194 | -€3,930 | -7.4% |
| Amounts payable within one year | 42/48 | €53,124 | €49,194 | -€3,930 | -7.4% |
| Trade debts | 44 | €4,132 | €9,102 | +€4,970 | +120% |
| Suppliers | 440/4 | €4,132 | €9,102 | +€4,970 | +120% |
| Taxes, remuneration and social security | 45 | €35,904 | €28,748 | -€7,156 | -19.9% |
| Taxes | 450/3 | €35,904 | €28,748 | -€7,156 | -19.9% |
| Other amounts payable | 47/48 | €13,087 | €11,344 | -€1,744 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,913 | €16,130 | -€783 | -4.6% |
| Other operating charges | 640/8 | €1,017 | €1,089 | +€73 | +7.2% |
| Gross operating margin | 9900 | €51,471 | €47,957 | -€3,514 | -6.8% |
| Operating profit (loss) | 9901 | €33,541 | €30,738 | -€2,803 | -8.4% |
| Financial charges | 65/66B | €357 | €207 | -€150 | -42.1% |
| Recurring financial charges | 65 | €357 | €207 | -€150 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €33,185 | €30,531 | -€2,654 | -8.0% |
| Income taxes | 67/77 | €13,164 | €9,681 | -€3,482 | -26.5% |
| Profit (loss) for the period | 9904 | €20,021 | €20,850 | +€829 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,021 | €20,850 | +€829 | +4.1% |
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 18 October 2026 via checked.be.