AD Law: 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 Law
Largest movements
- Cash +€591,997
up €591,997 (+1,222%), from €48,445 to €640,442
mainly Net result for the year (+€454,464) and Other debts (+€336,734)
- Receivables within one year +€72,954
up €72,954 (+1,432%), from €5,093 to €78,048
of which Trade receivables: +€78,048
- Tangible fixed assets -€43,684
down €43,684 (-3.0%), from €1.4m to €1.4m
of which Other tangible fixed assets: -€29,442
- Other debts +€336,734
up €336,734 (+142%), from €237,280 to €574,014
- Profit (loss) carried forward +€149,076
no longer reported in 2025 (was -€149,076)
- Tax, wage and social debts +€103,054
new in 2025: €103,054
- Trade debts +€93,491
up €93,491 (+3,086%), from €3,030 to €96,521
- Debts after one year -€61,481
down €61,481 (-10.5%), from €585,960 to €524,479
- Gross operating margin +€633,539
up €633,539 (+2,665%), from €23,774 to €657,313
- Taxes +€100,826
new in 2025: €100,826
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 | €1,492,268 | €2,113,626 | +€621,358 | +41.6% |
| Fixed assets | 21/28 | €1,437,759 | €1,394,076 | -€43,684 | -3.0% |
| Tangible fixed assets | 22/27 | €1,437,759 | €1,394,076 | -€43,684 | -3.0% |
| Land and buildings | 22 | €420,666 | €406,424 | -€14,242 | -3.4% |
| Other tangible fixed assets | 26 | €1,017,093 | €987,651 | -€29,442 | -2.9% |
| Current assets | 29/58 | €54,509 | €719,550 | +€665,042 | +1,220% |
| Amounts receivable within one year | 40/41 | €5,093 | €78,048 | +€72,954 | +1,432% |
| Trade receivables | 40 | - | €78,048 | +€78,048 | |
| Other amounts receivable | 41 | €5,093 | - | -€5,093 | |
| Cash at bank and in hand | 54/58 | €48,445 | €640,442 | +€591,997 | +1,222% |
| Deferred charges and accrued income | 490/1 | €971 | €1,061 | +€90 | +9.2% |
| Total equity and liabilities | 10/49 | €1,492,268 | €2,113,626 | +€621,358 | +41.6% |
| Equity | 10/15 | €605,001 | €754,077 | +€149,076 | +24.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €741,677 | €741,677 | = | 0.0% |
| 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 | €739,817 | €739,817 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€149,076 | - | +€149,076 | |
| Amounts payable | 17/49 | €887,267 | €1,359,549 | +€472,282 | +53.2% |
| Amounts payable after more than one year | 17 | €585,960 | €524,479 | -€61,481 | -10.5% |
| Financial debts | 170/4 | €585,960 | €524,479 | -€61,481 | -10.5% |
| Amounts payable within one year | 42/48 | €301,308 | €835,070 | +€533,762 | +177% |
| Current portion of amounts payable after more than one year | 42 | €60,998 | €61,481 | +€483 | +0.8% |
| Trade debts | 44 | €3,030 | €96,521 | +€93,491 | +3,086% |
| Suppliers | 440/4 | €3,030 | €96,521 | +€93,491 | +3,086% |
| Taxes, remuneration and social security | 45 | - | €103,054 | +€103,054 | |
| Taxes | 450/3 | - | €103,054 | +€103,054 | |
| Other amounts payable | 47/48 | €237,280 | €574,014 | +€336,734 | +142% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,821 | €88,313 | +€3,492 | +4.1% |
| Other operating charges | 640/8 | €2,619 | €4,598 | +€1,979 | +75.6% |
| Gross operating margin | 9900 | €23,774 | €657,313 | +€633,539 | +2,665% |
| Operating profit (loss) | 9901 | -€63,666 | €564,401 | +€628,067 | |
| Financial income | 75/76B | - | €1,915 | +€1,915 | |
| Recurring financial income | 75 | - | €1,915 | +€1,915 | |
| Financial charges | 65/66B | €12,013 | €11,027 | -€986 | -8.2% |
| Recurring financial charges | 65 | €12,013 | €11,027 | -€986 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€75,679 | €555,289 | +€630,969 | |
| Income taxes | 67/77 | - | €100,826 | +€100,826 | |
| Profit (loss) for the period | 9904 | -€75,679 | €454,464 | +€530,143 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,679 | €454,464 | +€530,143 |
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 29 October 2026 via checked.be.