AD MED: 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 MED
Largest movements
- Receivables after one year -€88,695
down €88,695 (-100.0%), from €88,695 to €0
- Cash +€48,974
up €48,974 (+109.5%), from €44,714 to €93,688
mainly Receivables after one year (+€88,695) and Net result for the year (+€68,327)
- Tangible fixed assets -€17,693
down €17,693 (-12.9%), from €136,709 to €119,016
of which Land and buildings: -€13,952
- Receivables within one year +€6,343
up €6,343 (+410.5%), from €1,545 to €7,888
of which Other amounts receivable: +€6,439
- Profit (loss) carried forward -€82,563
down €82,563 (-100.0%), from €82,563 to €0
- Other debts +€66,834
up €66,834 (+278.0%), from €24,037 to €90,872
- Reserves -€15,524
down €15,524 (-32.4%), from €47,879 to €32,355
- Tax, wage and social debts -€13,529
down €13,529 (-93.3%), from €14,497 to €968
- Debts after one year -€9,775
down €9,775 (-9.6%), from €101,975 to €92,200
- Gross operating margin -€18,125
down €18,125 (-13.6%), from €133,759 to €115,633
- Taxes -€5,759
down €5,759 (-19.7%), from €29,241 to €23,482
- Financial income -€3,682
down €3,682 (-87.6%), from €4,206 to €524
- Depreciation -€1,720
down €1,720 (-8.4%), from €20,392 to €18,672
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 | €299,305 | €244,884 | -€54,421 | -18.2% |
| Fixed assets | 21/28 | €138,932 | €120,260 | -€18,672 | -13.4% |
| Intangible fixed assets | 21 | €2,223 | €1,243 | -€979 | -44.1% |
| Tangible fixed assets | 22/27 | €136,709 | €119,016 | -€17,693 | -12.9% |
| Land and buildings | 22 | €127,652 | €113,700 | -€13,952 | -10.9% |
| Plant, machinery and equipment | 23 | €4,227 | €1,810 | -€2,417 | -57.2% |
| Furniture and vehicles | 24 | €4,830 | €3,506 | -€1,324 | -27.4% |
| Current assets | 29/58 | €160,374 | €124,625 | -€35,749 | -22.3% |
| Amounts receivable after more than one year | 29 | €88,695 | €0 | -€88,695 | -100.0% |
| Other amounts receivable | 291 | €88,695 | €0 | -€88,695 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,545 | €7,888 | +€6,343 | +410.5% |
| Trade receivables | 40 | €96 | €0 | -€96 | -100.0% |
| Other amounts receivable | 41 | €1,449 | €7,888 | +€6,439 | +444.3% |
| Cash at bank and in hand | 54/58 | €44,714 | €93,688 | +€48,974 | +109.5% |
| Deferred charges and accrued income | 490/1 | €25,419 | €23,048 | -€2,371 | -9.3% |
| Total equity and liabilities | 10/49 | €299,305 | €244,884 | -€54,421 | -18.2% |
| Equity | 10/15 | €149,042 | €50,955 | -€98,087 | -65.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,879 | €32,355 | -€15,524 | -32.4% |
| Distributable reserves | 133 | €47,879 | €32,355 | -€15,524 | -32.4% |
| Profit (loss) carried forward | 14 | €82,563 | €0 | -€82,563 | -100.0% |
| Amounts payable | 17/49 | €150,263 | €193,929 | +€43,666 | +29.1% |
| Amounts payable after more than one year | 17 | €101,975 | €92,200 | -€9,775 | -9.6% |
| Financial debts | 170/4 | €101,975 | €92,200 | -€9,775 | -9.6% |
| Amounts payable within one year | 42/48 | €48,287 | €101,728 | +€53,441 | +110.7% |
| Current portion of amounts payable after more than one year | 42 | €9,666 | €9,775 | +€109 | +1.1% |
| Trade debts | 44 | €87 | €113 | +€27 | +30.5% |
| Suppliers | 440/4 | €87 | €113 | +€27 | +30.5% |
| Taxes, remuneration and social security | 45 | €14,497 | €968 | -€13,529 | -93.3% |
| Taxes | 450/3 | €14,497 | €968 | -€13,529 | -93.3% |
| Other amounts payable | 47/48 | €24,037 | €90,872 | +€66,834 | +278.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,392 | €18,672 | -€1,720 | -8.4% |
| Other operating charges | 640/8 | €3,201 | €3,295 | +€94 | +2.9% |
| Gross operating margin | 9900 | €133,759 | €115,633 | -€18,125 | -13.6% |
| Operating profit (loss) | 9901 | €110,166 | €93,666 | -€16,500 | -15.0% |
| Financial income | 75/76B | €4,206 | €524 | -€3,682 | -87.6% |
| Recurring financial income | 75 | €4,206 | €524 | -€3,682 | -87.6% |
| Financial charges | 65/66B | €2,567 | €2,380 | -€187 | -7.3% |
| Recurring financial charges | 65 | €2,567 | €2,380 | -€187 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €111,805 | €91,809 | -€19,995 | -17.9% |
| Income taxes | 67/77 | €29,241 | €23,482 | -€5,759 | -19.7% |
| Profit (loss) for the period | 9904 | €82,563 | €68,327 | -€14,236 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,563 | €68,327 | -€14,236 | -17.2% |
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.