AD IMMOBILIER: 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 IMMOBILIER
Largest movements
- Tangible fixed assets +€270,968
up €270,968 (+41.1%), from €658,537 to €929,505
of which Other tangible fixed assets: +€283,590
- Cash -€24,991
down €24,991 (-71.4%), from €34,989 to €9,997
mainly Investment in fixed assets (net) (-€321,562) and Receivables within one year (-€13,576)
- Receivables within one year +€13,576
up €13,576 (+7.8%), from €174,614 to €188,190
of which Other amounts receivable: +€15,250
- Debts after one year +€207,764
up €207,764 (+36.4%), from €570,803 to €778,567
- Profit (loss) carried forward +€33,460
up €33,460 (+20.8%), from €160,659 to €194,119
- Current portion of long-term debt +€24,673
up €24,673 (+53.8%), from €45,842 to €70,515
- Other debts -€12,500
down €12,500 (-16.4%), from €76,227 to €63,727
- Gross operating margin +€78,508
up €78,508 (+126%), from €62,140 to €140,649
- Depreciation +€29,165
up €29,165 (+136%), from €21,429 to €50,594
- Taxes +€11,937
up €11,937 (+288%), from €4,140 to €16,077
- Other operating charges +€10,649
up €10,649 (+221%), from €4,809 to €15,458
- Financial charges +€4,178
up €4,178 (+20.6%), from €20,284 to €24,462
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 | €880,782 | €1,140,334 | +€259,552 | +29.5% |
| Fixed assets | 21/28 | €671,179 | €942,147 | +€270,968 | +40.4% |
| Tangible fixed assets | 22/27 | €658,537 | €929,505 | +€270,968 | +41.1% |
| Land and buildings | 22 | €479,265 | €466,643 | -€12,623 | -2.6% |
| Other tangible fixed assets | 26 | €179,272 | €462,862 | +€283,590 | +158% |
| Financial fixed assets | 28 | €12,642 | €12,642 | = | 0.0% |
| Current assets | 29/58 | €209,603 | €198,187 | -€11,416 | -5.4% |
| Amounts receivable within one year | 40/41 | €174,614 | €188,190 | +€13,576 | +7.8% |
| Trade receivables | 40 | €1,674 | - | -€1,674 | |
| Other amounts receivable | 41 | €172,941 | €188,190 | +€15,250 | +8.8% |
| Cash at bank and in hand | 54/58 | €34,989 | €9,997 | -€24,991 | -71.4% |
| Total equity and liabilities | 10/49 | €880,782 | €1,140,334 | +€259,552 | +29.5% |
| Equity | 10/15 | €168,719 | €202,179 | +€33,460 | +19.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €160,659 | €194,119 | +€33,460 | +20.8% |
| Amounts payable | 17/49 | €712,063 | €938,156 | +€226,093 | +31.8% |
| Amounts payable after more than one year | 17 | €570,803 | €778,567 | +€207,764 | +36.4% |
| Financial debts | 170/4 | €570,803 | €778,567 | +€207,764 | +36.4% |
| Amounts payable within one year | 42/48 | €141,260 | €159,589 | +€18,329 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €45,842 | €70,515 | +€24,673 | +53.8% |
| Trade debts | 44 | €15,965 | €13,444 | -€2,521 | -15.8% |
| Suppliers | 440/4 | €15,965 | €13,444 | -€2,521 | -15.8% |
| Taxes, remuneration and social security | 45 | €3,227 | €11,903 | +€8,677 | +269% |
| Taxes | 450/3 | €3,227 | €11,903 | +€8,677 | +269% |
| Other amounts payable | 47/48 | €76,227 | €63,727 | -€12,500 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,429 | €50,594 | +€29,165 | +136% |
| Other operating charges | 640/8 | €4,809 | €15,458 | +€10,649 | +221% |
| Non-recurring operating charges | 66A | - | €1,158 | +€1,158 | |
| Gross operating margin | 9900 | €62,140 | €140,649 | +€78,508 | +126% |
| Operating profit (loss) | 9901 | €35,902 | €73,439 | +€37,537 | +105% |
| Financial income | 75/76B | - | €560 | +€560 | |
| Recurring financial income | 75 | - | €560 | +€560 | |
| Financial charges | 65/66B | €20,284 | €24,462 | +€4,178 | +20.6% |
| Recurring financial charges | 65 | €20,284 | €24,462 | +€4,178 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €15,618 | €49,537 | +€33,919 | +217% |
| Income taxes | 67/77 | €4,140 | €16,077 | +€11,937 | +288% |
| Profit (loss) for the period | 9904 | €11,478 | €33,460 | +€21,982 | +192% |
| Profit (loss) for the period to be appropriated | 9905 | €11,478 | €33,460 | +€21,982 | +192% |
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 31 October 2026 via checked.be.