AD INTERIM MANAGEMENT: 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 INTERIM MANAGEMENT
Largest movements
- Receivables after one year -€310,809
down €310,809 (-100.0%), from €310,809 to €0
- Cash +€294,393
up €294,393 (+264.2%), from €111,449 to €405,842
mainly Receivables after one year (+€310,809) and Investment in fixed assets (net) (+€205,230)
- Tangible fixed assets -€252,735
down €252,735 (-38.7%), from €653,013 to €400,278
of which Land and buildings: -€239,034
- Reserves -€216,380
down €216,380 (-37.0%), from €585,210 to €368,831
- Other debts -€40,107
down €40,107 (-100.0%), from €40,107 to €0
- Debts after one year -€35,626
down €35,626 (-8.8%), from €406,818 to €371,192
- Accrued charges and deferred income +€18,503
up €18,503 (+1550.7%), from €1,193 to €19,697
- Trade debts +€15,195
up €15,195 (+459.9%), from €3,304 to €18,499
- Gross operating margin -€76,913
down €76,913 (-33.7%), from €228,148 to €151,235
- Taxes -€26,316
down €26,316 (-48.9%), from €53,820 to €27,505
- Financial income -€4,951
down €4,951 (-55.9%), from €8,854 to €3,904
- Financial charges +€3,280
up €3,280 (+48.9%), from €6,706 to €9,986
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 | €1,151,973 | €878,803 | -€273,171 | -23.7% |
| Fixed assets | 21/28 | €653,013 | €400,278 | -€252,735 | -38.7% |
| Tangible fixed assets | 22/27 | €653,013 | €400,278 | -€252,735 | -38.7% |
| Land and buildings | 22 | €637,869 | €398,835 | -€239,034 | -37.5% |
| Plant, machinery and equipment | 23 | €13,876 | €1,443 | -€12,433 | -89.6% |
| Furniture and vehicles | 24 | €1,268 | €0 | -€1,268 | -100.0% |
| Current assets | 29/58 | €498,961 | €478,525 | -€20,436 | -4.1% |
| Amounts receivable after more than one year | 29 | €310,809 | €0 | -€310,809 | -100.0% |
| Trade receivables | 290 | €310,809 | €0 | -€310,809 | -100.0% |
| Amounts receivable within one year | 40/41 | €76,703 | €68,599 | -€8,104 | -10.6% |
| Trade receivables | 40 | €69,626 | €33,598 | -€36,027 | -51.7% |
| Other amounts receivable | 41 | €7,077 | €35,001 | +€27,924 | +394.6% |
| Cash at bank and in hand | 54/58 | €111,449 | €405,842 | +€294,393 | +264.2% |
| Deferred charges and accrued income | 490/1 | - | €4,084 | +€4,084 | |
| Total equity and liabilities | 10/49 | €1,151,973 | €878,803 | -€273,171 | -23.7% |
| Equity | 10/15 | €619,110 | €402,731 | -€216,380 | -35.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €585,210 | €368,831 | -€216,380 | -37.0% |
| Distributable reserves | 133 | €585,210 | €368,831 | -€216,380 | -37.0% |
| Profit (loss) carried forward | 14 | €15,300 | €15,300 | = | 0.0% |
| Amounts payable | 17/49 | €532,863 | €476,072 | -€56,791 | -10.7% |
| Amounts payable after more than one year | 17 | €406,818 | €371,192 | -€35,626 | -8.8% |
| Financial debts | 170/4 | €406,818 | €371,192 | -€35,626 | -8.8% |
| Amounts payable within one year | 42/48 | €124,852 | €85,183 | -€39,669 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €45,241 | €45,626 | +€385 | +0.8% |
| Trade debts | 44 | €3,304 | €18,499 | +€15,195 | +459.9% |
| Suppliers | 440/4 | €3,304 | €18,499 | +€15,195 | +459.9% |
| Taxes, remuneration and social security | 45 | €36,200 | €21,058 | -€15,142 | -41.8% |
| Taxes | 450/3 | €36,200 | €21,058 | -€15,142 | -41.8% |
| Other amounts payable | 47/48 | €40,107 | €0 | -€40,107 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,193 | €19,697 | +€18,503 | +1550.7% |
| Non-recurring operating income | 76A | - | €23,086 | +€23,086 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,496 | €47,505 | +€1,009 | +2.2% |
| Other operating charges | 640/8 | €3,200 | €4,466 | +€1,266 | +39.6% |
| Non-recurring operating charges | 66A | €531 | €0 | -€531 | -100.0% |
| Gross operating margin | 9900 | €228,148 | €151,235 | -€76,913 | -33.7% |
| Operating profit (loss) | 9901 | €177,920 | €99,263 | -€78,657 | -44.2% |
| Financial income | 75/76B | €8,854 | €3,904 | -€4,951 | -55.9% |
| Recurring financial income | 75 | €8,854 | €3,904 | -€4,951 | -55.9% |
| Financial charges | 65/66B | €6,706 | €9,986 | +€3,280 | +48.9% |
| Recurring financial charges | 65 | €6,706 | €9,986 | +€3,280 | +48.9% |
| Profit (loss) for the period before taxes | 9903 | €180,069 | €93,182 | -€86,887 | -48.3% |
| Income taxes | 67/77 | €53,820 | €27,505 | -€26,316 | -48.9% |
| Profit (loss) for the period | 9904 | €126,249 | €65,677 | -€60,571 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €126,249 | €65,677 | -€60,571 | -48.0% |
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 5 October 2026 via checked.be.