Ad Meliora: 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 Meliora
Largest movements
- Financial fixed assets +€387,623
up €387,623 (+30.2%), from €1.3m to €1.7m
- Receivables within one year +€36,194
up €36,194 (+226%), from €16,016 to €52,209
of which Trade receivables: +€31,604
- Tangible fixed assets +€35,328
up €35,328 (+188%), from €18,789 to €54,116
of which Land and buildings: +€28,126
- Current investments +€21,488
new in 2025: €21,488
- Profit (loss) carried forward +€462,986
up €462,986 (+37.6%), from €1.2m to €1.7m
- Other debts +€64,266
up €64,266 (+133%), from €48,273 to €112,540
- Debts after one year -€39,797
down €39,797 (-26.1%), from €152,364 to €112,568
- Financial income -€120,989
down €120,989 (-30.3%), from €399,907 to €278,918
- Gross operating margin +€23,210
up €23,210 (+9.8%), from €236,142 to €259,353
- Taxes +€6,225
up €6,225 (+10.3%), from €60,664 to €66,889
- Depreciation +€4,666
up €4,666 (+667%), from €700 to €5,366
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 | €1,521,026 | €2,013,154 | +€492,129 | +32.4% |
| Fixed assets | 21/28 | €1,302,679 | €1,725,630 | +€422,951 | +32.5% |
| Tangible fixed assets | 22/27 | €18,789 | €54,116 | +€35,328 | +188% |
| Land and buildings | 22 | €2,584 | €30,710 | +€28,126 | +1,089% |
| Plant, machinery and equipment | 23 | €10,040 | €15,611 | +€5,571 | +55.5% |
| Furniture and vehicles | 24 | €6,165 | €7,796 | +€1,631 | +26.4% |
| Financial fixed assets | 28 | €1,283,890 | €1,671,514 | +€387,623 | +30.2% |
| Current assets | 29/58 | €218,347 | €287,525 | +€69,178 | +31.7% |
| Amounts receivable within one year | 40/41 | €16,016 | €52,209 | +€36,194 | +226% |
| Trade receivables | 40 | €14,399 | €46,003 | +€31,604 | +219% |
| Other amounts receivable | 41 | €1,617 | €6,206 | +€4,589 | +284% |
| Current investments | 50/53 | - | €21,488 | +€21,488 | |
| Cash at bank and in hand | 54/58 | €201,065 | €208,901 | +€7,835 | +3.9% |
| Deferred charges and accrued income | 490/1 | €1,266 | €4,927 | +€3,661 | +289% |
| Total equity and liabilities | 10/49 | €1,521,026 | €2,013,154 | +€492,129 | +32.4% |
| Equity | 10/15 | €1,256,796 | €1,719,782 | +€462,986 | +36.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,231,796 | €1,694,782 | +€462,986 | +37.6% |
| Amounts payable | 17/49 | €264,230 | €293,373 | +€29,143 | +11.0% |
| Amounts payable after more than one year | 17 | €152,364 | €112,568 | -€39,797 | -26.1% |
| Financial debts | 170/4 | €152,364 | €112,568 | -€39,797 | -26.1% |
| Amounts payable within one year | 42/48 | €111,865 | €180,805 | +€68,940 | +61.6% |
| Current portion of amounts payable after more than one year | 42 | €39,205 | €39,797 | +€592 | +1.5% |
| Trade debts | 44 | €1,313 | €3,795 | +€2,481 | +189% |
| Suppliers | 440/4 | €1,313 | €3,795 | +€2,481 | +189% |
| Taxes, remuneration and social security | 45 | €23,074 | €24,674 | +€1,600 | +6.9% |
| Taxes | 450/3 | €23,074 | €24,674 | +€1,600 | +6.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €48,273 | €112,540 | +€64,266 | +133% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €700 | €5,366 | +€4,666 | +667% |
| Other operating charges | 640/8 | €1,869 | €1,378 | -€490 | -26.2% |
| Gross operating margin | 9900 | €236,142 | €259,353 | +€23,210 | +9.8% |
| Operating profit (loss) | 9901 | €233,574 | €252,609 | +€19,035 | +8.1% |
| Financial income | 75/76B | €399,907 | €278,918 | -€120,989 | -30.3% |
| Recurring financial income | 75 | €399,907 | €278,918 | -€120,989 | -30.3% |
| Financial charges | 65/66B | €3,552 | €1,651 | -€1,901 | -53.5% |
| Recurring financial charges | 65 | €3,552 | €1,651 | -€1,901 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €629,929 | €529,875 | -€100,054 | -15.9% |
| Income taxes | 67/77 | €60,664 | €66,889 | +€6,225 | +10.3% |
| Profit (loss) for the period | 9904 | €569,265 | €462,986 | -€106,279 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €569,265 | €462,986 | -€106,279 | -18.7% |
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 22 October 2026 via checked.be.