AD MAT: 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 MAT
Largest movements
- Tangible fixed assets +€39,546
up €39,546 (+65.9%), from €60,032 to €99,577
of which Plant, machinery and equipment: +€22,264
- Receivables within one year +€29,658
up €29,658 (+18.4%), from €161,131 to €190,788
of which Trade receivables: +€26,201
- Deferred charges and accrued income +€4,397
up €4,397 (+50.8%), from €8,662 to €13,059
- Trade debts +€80,078
up €80,078 (+179%), from €44,699 to €124,777
- Other debts -€49,628
down €49,628 (-23.4%), from €212,529 to €162,902
- Profit (loss) carried forward +€36,071
no longer reported in 2025 (was -€36,071)
- Tax, wage and social debts +€4,927
up €4,927 (+137%), from €3,586 to €8,512
of which Taxes: +€2,999
- Gross operating margin +€91,786
up €91,786 (+60.6%), from €151,358 to €243,144
- Staff costs +€46,826
up €46,826 (+41.2%), from €113,663 to €160,489
- Other operating charges +€12,772
up €12,772 (+461%), from €2,768 to €15,541
- Taxes +€11,312
up €11,312 (+6,077%), from €186 to €11,499
- Depreciation +€2,964
up €2,964 (+23.6%), from €12,561 to €15,524
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €232,803 | €305,971 | +€73,168 | +31.4% |
| Fixed assets | 21/28 | €61,359 | €100,904 | +€39,546 | +64.4% |
| Tangible fixed assets | 22/27 | €60,032 | €99,577 | +€39,546 | +65.9% |
| Plant, machinery and equipment | 23 | €13,898 | €36,162 | +€22,264 | +160% |
| Furniture and vehicles | 24 | €34,085 | €53,582 | +€19,497 | +57.2% |
| Leasing and similar rights | 25 | €12,049 | €9,833 | -€2,215 | -18.4% |
| Financial fixed assets | 28 | €1,327 | €1,327 | = | 0.0% |
| Current assets | 29/58 | €171,444 | €205,067 | +€33,623 | +19.6% |
| Amounts receivable within one year | 40/41 | €161,131 | €190,788 | +€29,658 | +18.4% |
| Trade receivables | 40 | €150,008 | €176,209 | +€26,201 | +17.5% |
| Other amounts receivable | 41 | €11,123 | €14,579 | +€3,457 | +31.1% |
| Cash at bank and in hand | 54/58 | €1,651 | €1,220 | -€432 | -26.1% |
| Deferred charges and accrued income | 490/1 | €8,662 | €13,059 | +€4,397 | +50.8% |
| Total equity and liabilities | 10/49 | €232,803 | €305,971 | +€73,168 | +31.4% |
| Equity | 10/15 | -€28,011 | €9,780 | +€37,791 | |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | - | €1,720 | +€1,720 | |
| Distributable reserves | 133 | - | €1,720 | +€1,720 | |
| Profit (loss) carried forward | 14 | -€36,071 | - | +€36,071 | |
| Amounts payable | 17/49 | €260,814 | €296,191 | +€35,377 | +13.6% |
| Amounts payable within one year | 42/48 | €260,814 | €296,191 | +€35,377 | +13.6% |
| Trade debts | 44 | €44,699 | €124,777 | +€80,078 | +179% |
| Suppliers | 440/4 | €44,699 | €124,777 | +€80,078 | +179% |
| Taxes, remuneration and social security | 45 | €3,586 | €8,512 | +€4,927 | +137% |
| Taxes | 450/3 | €322 | €3,320 | +€2,999 | +932% |
| Remuneration and social security | 454/9 | €3,264 | €5,192 | +€1,928 | +59.1% |
| Other amounts payable | 47/48 | €212,529 | €162,902 | -€49,628 | -23.4% |
| Remuneration, social security and pensions | 62 | €113,663 | €160,489 | +€46,826 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,561 | €15,524 | +€2,964 | +23.6% |
| Other operating charges | 640/8 | €2,768 | €15,541 | +€12,772 | +461% |
| Gross operating margin | 9900 | €151,358 | €243,144 | +€91,786 | +60.6% |
| Operating profit (loss) | 9901 | €22,366 | €51,590 | +€29,223 | +131% |
| Financial income | 75/76B | €8 | €3 | -€5 | -65.3% |
| Recurring financial income | 75 | €8 | €3 | -€5 | -65.3% |
| Financial charges | 65/66B | €4,926 | €2,303 | -€2,623 | -53.3% |
| Recurring financial charges | 65 | €4,926 | €2,303 | -€2,623 | -53.3% |
| Profit (loss) for the period before taxes | 9903 | €17,448 | €49,290 | +€31,842 | +182% |
| Income taxes | 67/77 | €186 | €11,499 | +€11,312 | +6,077% |
| Profit (loss) for the period | 9904 | €17,262 | €37,791 | +€20,529 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €17,262 | €37,791 | +€20,529 | +119% |
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 13 October 2026 via checked.be.