AD Louise: 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 Louise
Largest movements
- Receivables within one year +€284,789
up €284,789 (+128%), from €223,119 to €507,908
of which Trade receivables: +€258,467
- Tangible fixed assets -€67,015
down €67,015 (-16.0%), from €418,938 to €351,923
of which Other tangible fixed assets: -€53,295
- Cash +€27,173
up €27,173 (+105%), from €25,818 to €52,990
mainly Trade debts (+€283,820) and Depreciation (+€90,748)
- Trade debts +€283,820
up €283,820 (+239%), from €118,543 to €402,364
- Tax, wage and social debts -€75,498
down €75,498 (-25.9%), from €291,359 to €215,861
of which Remuneration and social security: -€42,929
- Other debts +€75,348
up €75,348 (+25.9%), from €290,553 to €365,901
- Debts after one year -€27,241
down €27,241 (-74.8%), from €36,441 to €9,201
- Other operating charges -€27,790
down €27,790 (-91.0%), from €30,528 to €2,737
- Staff costs +€17,656
up €17,656 (+3.7%), from €476,795 to €494,451
- Gross operating margin -€9,241
down €9,241 (-1.5%), from €620,694 to €611,453
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €795,201 | €1,050,788 | +€255,587 | +32.1% |
| Formation expenses | 20 | €995 | €750 | -€245 | -24.6% |
| Fixed assets | 21/28 | €487,017 | €410,978 | -€76,040 | -15.6% |
| Intangible fixed assets | 21 | €38,759 | €29,735 | -€9,025 | -23.3% |
| Tangible fixed assets | 22/27 | €418,938 | €351,923 | -€67,015 | -16.0% |
| Plant, machinery and equipment | 23 | €74,400 | €65,544 | -€8,856 | -11.9% |
| Furniture and vehicles | 24 | €22,481 | €17,617 | -€4,864 | -21.6% |
| Other tangible fixed assets | 26 | €322,058 | €268,763 | -€53,295 | -16.5% |
| Financial fixed assets | 28 | €29,320 | €29,320 | = | 0.0% |
| Current assets | 29/58 | €307,189 | €639,060 | +€331,871 | +108% |
| Stocks and contracts in progress | 3 | €31,586 | €41,721 | +€10,135 | +32.1% |
| Stocks | 30/36 | €31,586 | €41,721 | +€10,135 | +32.1% |
| Amounts receivable within one year | 40/41 | €223,119 | €507,908 | +€284,789 | +128% |
| Trade receivables | 40 | €56,778 | €315,245 | +€258,467 | +455% |
| Other amounts receivable | 41 | €166,341 | €192,663 | +€26,322 | +15.8% |
| Cash at bank and in hand | 54/58 | €25,818 | €52,990 | +€27,173 | +105% |
| Deferred charges and accrued income | 490/1 | €26,667 | €36,441 | +€9,774 | +36.7% |
| Total equity and liabilities | 10/49 | €795,201 | €1,050,788 | +€255,587 | +32.1% |
| Equity | 10/15 | €6,599 | €5,222 | -€1,377 | -20.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,095 | -€27,701 | +€1,393 | +4.8% |
| Investment grants | 15 | €17,093 | €14,323 | -€2,770 | -16.2% |
| Amounts payable | 17/49 | €788,603 | €1,045,566 | +€256,964 | +32.6% |
| Amounts payable after more than one year | 17 | €36,441 | €9,201 | -€27,241 | -74.8% |
| Financial debts | 170/4 | €36,441 | €9,201 | -€27,241 | -74.8% |
| Amounts payable within one year | 42/48 | €752,161 | €1,036,365 | +€284,204 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €26,706 | €27,241 | +€534 | +2.0% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €118,543 | €402,364 | +€283,820 | +239% |
| Suppliers | 440/4 | €118,543 | €402,364 | +€283,820 | +239% |
| Taxes, remuneration and social security | 45 | €291,359 | €215,861 | -€75,498 | -25.9% |
| Taxes | 450/3 | €159,461 | €126,892 | -€32,569 | -20.4% |
| Remuneration and social security | 454/9 | €131,897 | €88,968 | -€42,929 | -32.5% |
| Other amounts payable | 47/48 | €290,553 | €365,901 | +€75,348 | +25.9% |
| Remuneration, social security and pensions | 62 | €476,795 | €494,451 | +€17,656 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,240 | €90,748 | +€3,508 | +4.0% |
| Other operating charges | 640/8 | €30,528 | €2,737 | -€27,790 | -91.0% |
| Gross operating margin | 9900 | €620,694 | €611,453 | -€9,241 | -1.5% |
| Operating profit (loss) | 9901 | €26,131 | €23,516 | -€2,615 | -10.0% |
| Financial income | 75/76B | €3,975 | €2,770 | -€1,204 | -30.3% |
| Recurring financial income | 75 | €3,975 | €2,770 | -€1,204 | -30.3% |
| Financial charges | 65/66B | €21,469 | €24,893 | +€3,423 | +15.9% |
| Recurring financial charges | 65 | €21,469 | €24,893 | +€3,423 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €8,636 | €1,393 | -€7,243 | -83.9% |
| Profit (loss) for the period | 9904 | €8,636 | €1,393 | -€7,243 | -83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,636 | €1,393 | -€7,243 | -83.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.