AD MAIORA: 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 MAIORA
Largest movements
- Cash +€33,706
up €33,706 (+123.5%), from €27,283 to €60,989
mainly Other debts (+€491,903) and Net result for the year (+€133,645)
- Other debts +€491,903
up €491,903 (+271.3%), from €181,325 to €673,227
- Profit (loss) carried forward -€409,727
down €409,727 (-100.0%), from €409,727 to €0
- Tax, wage and social debts -€19,728
down €19,728 (-40.9%), from €48,283 to €28,555
of which Taxes: -€17,528
- Reserves -€18,750
down €18,750 (-2.9%), from €641,803 to €623,053
of which Tax-exempt reserves: -€18,750
- Gross operating margin -€201,305
down €201,305 (-53.7%), from €374,704 to €173,399
- Taxes -€69,164
down €69,164 (-59.9%), from €115,412 to €46,248
- Financial income +€22,135
up €22,135 (+595.0%), from €3,720 to €25,855
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 | €1,341,087 | €1,387,009 | +€45,922 | +3.4% |
| Fixed assets | 21/28 | €1,701 | €2,789 | +€1,088 | +64.0% |
| Tangible fixed assets | 22/27 | €1,241 | €2,329 | +€1,088 | +87.7% |
| Furniture and vehicles | 24 | €1,241 | €2,329 | +€1,088 | +87.7% |
| Financial fixed assets | 28 | €460 | €460 | = | 0.0% |
| Current assets | 29/58 | €1,339,386 | €1,384,220 | +€44,834 | +3.3% |
| Amounts receivable within one year | 40/41 | €55,693 | €49,516 | -€6,176 | -11.1% |
| Trade receivables | 40 | €50,632 | €32,557 | -€18,075 | -35.7% |
| Other amounts receivable | 41 | €5,061 | €16,960 | +€11,899 | +235.1% |
| Current investments | 50/53 | €1,253,655 | €1,265,306 | +€11,651 | +0.9% |
| Cash at bank and in hand | 54/58 | €27,283 | €60,989 | +€33,706 | +123.5% |
| Deferred charges and accrued income | 490/1 | €2,755 | €8,408 | +€5,653 | +205.2% |
| Total equity and liabilities | 10/49 | €1,341,087 | €1,387,009 | +€45,922 | +3.4% |
| Equity | 10/15 | €1,070,129 | €641,653 | -€428,477 | -40.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €641,803 | €623,053 | -€18,750 | -2.9% |
| Tax-exempt reserves | 132 | €18,750 | €0 | -€18,750 | -100.0% |
| Distributable reserves | 133 | €623,053 | €623,053 | = | 0.0% |
| Profit (loss) carried forward | 14 | €409,727 | €0 | -€409,727 | -100.0% |
| Amounts payable | 17/49 | €270,958 | €745,356 | +€474,398 | +175.1% |
| Amounts payable within one year | 42/48 | €255,396 | €729,755 | +€474,359 | +185.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €118 | €2,302 | +€2,184 | +1853.2% |
| Suppliers | 440/4 | €118 | €2,302 | +€2,184 | +1853.2% |
| Advances received on contracts in progress | 46 | €25,671 | €25,671 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €48,283 | €28,555 | -€19,728 | -40.9% |
| Taxes | 450/3 | €46,083 | €28,555 | -€17,528 | -38.0% |
| Remuneration and social security | 454/9 | €2,200 | €0 | -€2,200 | -100.0% |
| Other amounts payable | 47/48 | €181,325 | €673,227 | +€491,903 | +271.3% |
| Accrued charges and deferred income | 492/3 | €15,561 | €15,601 | +€40 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,886 | €895 | -€992 | -52.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,634 | €1,782 | +€148 | +9.1% |
| Gross operating margin | 9900 | €374,704 | €173,399 | -€201,305 | -53.7% |
| Operating profit (loss) | 9901 | €371,184 | €170,723 | -€200,461 | -54.0% |
| Financial income | 75/76B | €3,720 | €25,855 | +€22,135 | +595.0% |
| Recurring financial income | 75 | €3,720 | €25,855 | +€22,135 | +595.0% |
| Financial charges | 65/66B | €15,531 | €16,686 | +€1,155 | +7.4% |
| Recurring financial charges | 65 | €15,531 | €16,686 | +€1,155 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €359,373 | €179,892 | -€179,481 | -49.9% |
| Income taxes | 67/77 | €115,412 | €46,248 | -€69,164 | -59.9% |
| Profit (loss) for the period | 9904 | €243,961 | €133,645 | -€110,317 | -45.2% |
| Transfer from tax-exempt reserves | 789 | - | €18,750 | +€18,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €243,961 | €152,395 | -€91,567 | -37.5% |
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 11 October 2026 via checked.be.