AD MARGINEM: 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 MARGINEM
Largest movements
- Receivables within one year +€60,306
up €60,306 (+443%), from €13,599 to €73,905
of which Trade receivables: +€58,875
- Cash -€59,448
down €59,448 (-70.3%), from €84,520 to €25,073
mainly Receivables within one year (-€60,306) and Receivables after one year (-€35,000)
- Receivables after one year +€35,000
new in 2025: €35,000
- Profit (loss) carried forward +€37,579
up €37,579 (+53.4%), from €70,370 to €107,948
- Tax, wage and social debts +€5,185
up €5,185 (+24.8%), from €20,871 to €26,056
of which Taxes: +€6,865
- Other debts -€4,584
down €4,584 (-81.7%), from €5,613 to €1,029
- Gross operating margin -€30,639
down €30,639 (-34.5%), from €88,712 to €58,073
- Taxes +€8,341
up €8,341 (+44.2%), from €18,871 to €27,213
- Financial income +€7,316
up €7,316 (+468%), from €1,565 to €8,881
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 | €101,414 | €138,242 | +€36,828 | +36.3% |
| Fixed assets | 21/28 | €3,295 | €4,208 | +€913 | +27.7% |
| Tangible fixed assets | 22/27 | €3,295 | €4,208 | +€913 | +27.7% |
| Furniture and vehicles | 24 | €3,295 | €4,208 | +€913 | +27.7% |
| Current assets | 29/58 | €98,119 | €134,035 | +€35,915 | +36.6% |
| Amounts receivable after more than one year | 29 | - | €35,000 | +€35,000 | |
| Trade receivables | 290 | - | €35,000 | +€35,000 | |
| Amounts receivable within one year | 40/41 | €13,599 | €73,905 | +€60,306 | +443% |
| Trade receivables | 40 | €10,480 | €69,355 | +€58,875 | +562% |
| Other amounts receivable | 41 | €3,119 | €4,550 | +€1,431 | +45.9% |
| Cash at bank and in hand | 54/58 | €84,520 | €25,073 | -€59,448 | -70.3% |
| Deferred charges and accrued income | 490/1 | - | €57 | +€57 | |
| Total equity and liabilities | 10/49 | €101,414 | €138,242 | +€36,828 | +36.3% |
| Equity | 10/15 | €73,370 | €110,948 | +€37,579 | +51.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,370 | €107,948 | +€37,579 | +53.4% |
| Amounts payable | 17/49 | €28,045 | €27,294 | -€751 | -2.7% |
| Amounts payable within one year | 42/48 | €28,045 | €27,294 | -€751 | -2.7% |
| Trade debts | 44 | €1,561 | €210 | -€1,351 | -86.6% |
| Suppliers | 440/4 | €1,561 | €210 | -€1,351 | -86.6% |
| Taxes, remuneration and social security | 45 | €20,871 | €26,056 | +€5,185 | +24.8% |
| Taxes | 450/3 | €18,871 | €25,736 | +€6,865 | +36.4% |
| Remuneration and social security | 454/9 | €2,000 | €320 | -€1,680 | -84.0% |
| Other amounts payable | 47/48 | €5,613 | €1,029 | -€4,584 | -81.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €360 | €974 | +€614 | +170% |
| Gross operating margin | 9900 | €88,712 | €58,073 | -€30,639 | -34.5% |
| Operating profit (loss) | 9901 | €88,352 | €57,099 | -€31,254 | -35.4% |
| Financial income | 75/76B | €1,565 | €8,881 | +€7,316 | +468% |
| Recurring financial income | 75 | €1,565 | €8,881 | +€7,316 | +468% |
| Financial charges | 65/66B | €676 | €356 | -€320 | -47.4% |
| Recurring financial charges | 65 | €676 | €356 | -€320 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €89,241 | €65,624 | -€23,617 | -26.5% |
| Income taxes | 67/77 | €18,871 | €27,213 | +€8,341 | +44.2% |
| Profit (loss) for the period | 9904 | €70,370 | €38,412 | -€31,958 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €70,370 | €38,412 | -€31,958 | -45.4% |
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 17 October 2026 via checked.be.