AD 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€18,002
down €18,002 (-3.2%), from €570,097 to €552,095
of which Land and buildings: -€18,002
- Profit (loss) carried forward -€11,150
down €11,150, from €9,147 to -€2,003
- Reserves -€10,455
down €10,455 (-4.1%), from €255,723 to €245,269
of which Tax-exempt reserves: -€10,455
- Gross operating margin +€3,293
up €3,293 (+28.0%), from €11,768 to €15,061
- Other operating charges +€2,502
up €2,502 (+96.1%), from €2,603 to €5,105
- Depreciation +€1,185
up €1,185 (+3.9%), from €30,363 to €31,548
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 | €576,642 | €556,125 | -€20,517 | -3.6% |
| Fixed assets | 21/28 | €570,097 | €552,095 | -€18,002 | -3.2% |
| Tangible fixed assets | 22/27 | €570,097 | €552,095 | -€18,002 | -3.2% |
| Land and buildings | 22 | €560,797 | €542,795 | -€18,002 | -3.2% |
| Furniture and vehicles | 24 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €6,545 | €4,029 | -€2,515 | -38.4% |
| Amounts receivable within one year | 40/41 | €2,420 | - | -€2,420 | |
| Other amounts receivable | 41 | €2,420 | - | -€2,420 | |
| Current investments | 50/53 | €4,021 | - | -€4,021 | |
| Cash at bank and in hand | 54/58 | €104 | €4,029 | +€3,926 | +3788.2% |
| Total equity and liabilities | 10/49 | €576,642 | €556,125 | -€20,517 | -3.6% |
| Equity | 10/15 | €309,871 | €288,266 | -€21,605 | -7.0% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €255,723 | €245,269 | -€10,455 | -4.1% |
| Non-distributable reserves | 130/1 | €4,500 | €4,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,500 | €4,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €251,223 | €240,769 | -€10,455 | -4.2% |
| Profit (loss) carried forward | 14 | €9,147 | -€2,003 | -€11,150 | |
| Amounts payable | 17/49 | €266,771 | €267,859 | +€1,088 | +0.4% |
| Amounts payable within one year | 42/48 | €266,771 | €267,859 | +€1,088 | +0.4% |
| Trade debts | 44 | €2,750 | €1,987 | -€763 | -27.7% |
| Suppliers | 440/4 | €2,750 | €1,987 | -€763 | -27.7% |
| Other amounts payable | 47/48 | €264,021 | €265,872 | +€1,851 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,363 | €31,548 | +€1,185 | +3.9% |
| Other operating charges | 640/8 | €2,603 | €5,105 | +€2,502 | +96.1% |
| Gross operating margin | 9900 | €11,768 | €15,061 | +€3,293 | +28.0% |
| Operating profit (loss) | 9901 | -€21,198 | -€21,592 | -€394 | -1.9% |
| Financial income | 75/76B | €45 | €18 | -€28 | -61.0% |
| Recurring financial income | 75 | €45 | €18 | -€28 | -61.0% |
| Financial charges | 65/66B | - | €30 | +€30 | |
| Recurring financial charges | 65 | - | €30 | +€30 | |
| Profit (loss) for the period before taxes | 9903 | -€21,153 | -€21,604 | -€451 | -2.1% |
| Income taxes | 67/77 | €14 | €1 | -€13 | -92.2% |
| Profit (loss) for the period | 9904 | -€21,166 | -€21,605 | -€439 | -2.1% |
| Transfer from tax-exempt reserves | 789 | €10,455 | €10,455 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,712 | -€11,150 | -€439 | -4.1% |
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 4 October 2026 via checked.be.