Ad Opes: 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 Opes
Largest movements
- Tangible fixed assets +€253,886
up €253,886 (+50.4%), from €503,441 to €757,327
of which Land and buildings: +€264,916
- Cash -€177,748
down €177,748 (-28.0%), from €634,786 to €457,038
mainly Investment in fixed assets (net) (-€293,424) and Receivables within one year (-€67,305)
- Receivables within one year +€67,305
up €67,305 (+3.4%), from €2.0m to €2.0m
of which Trade receivables: +€50,090
- Current investments -€49,257
down €49,257 (-16.9%), from €291,421 to €242,164
- Debts after one year +€86,372
up €86,372 (+18.3%), from €472,980 to €559,352
- Gross operating margin +€29,190
up €29,190 (+526.5%), from €5,544 to €34,734
- Depreciation +€14,397
up €14,397 (+57.3%), from €25,141 to €39,538
- Financial income +€8,171
up €8,171 (+220.4%), from €3,707 to €11,879
- Other operating charges +€2,955
up €2,955 (+248.8%), from €1,188 to €4,143
- Financial charges +€1,867
up €1,867 (+24.5%), from €7,609 to €9,477
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 | €4,771,702 | €4,865,890 | +€94,187 | +2.0% |
| Fixed assets | 21/28 | €1,857,941 | €2,111,827 | +€253,886 | +13.7% |
| Tangible fixed assets | 22/27 | €503,441 | €757,327 | +€253,886 | +50.4% |
| Land and buildings | 22 | €450,086 | €715,002 | +€264,916 | +58.9% |
| Plant, machinery and equipment | 23 | €46,264 | €36,118 | -€10,146 | -21.9% |
| Furniture and vehicles | 24 | €7,091 | €6,207 | -€884 | -12.5% |
| Financial fixed assets | 28 | €1,354,500 | €1,354,500 | = | 0.0% |
| Current assets | 29/58 | €2,913,761 | €2,754,062 | -€159,699 | -5.5% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 291 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,957,555 | €2,024,860 | +€67,305 | +3.4% |
| Trade receivables | 40 | €97,136 | €147,226 | +€50,090 | +51.6% |
| Other amounts receivable | 41 | €1,860,419 | €1,877,634 | +€17,215 | +0.9% |
| Current investments | 50/53 | €291,421 | €242,164 | -€49,257 | -16.9% |
| Cash at bank and in hand | 54/58 | €634,786 | €457,038 | -€177,748 | -28.0% |
| Total equity and liabilities | 10/49 | €4,771,702 | €4,865,890 | +€94,187 | +2.0% |
| Equity | 10/15 | €3,721,004 | €3,719,116 | -€1,888 | -0.1% |
| Contributions | 10/11 | €22,610 | €22,610 | = | 0.0% |
| Reserves | 13 | €3,698,394 | €3,696,506 | -€1,888 | -0.1% |
| Non-distributable reserves | 130/1 | €3,500 | - | -€3,500 | |
| Reserves not available under the articles | 1311 | €3,500 | - | -€3,500 | |
| Tax-exempt reserves | 132 | €423,220 | €409,761 | -€13,458 | -3.2% |
| Distributable reserves | 133 | €3,271,674 | €3,286,745 | +€15,071 | +0.5% |
| Provisions and deferred taxes | 16 | €141,073 | €135,259 | -€5,814 | -4.1% |
| Deferred taxes | 168 | €141,073 | €135,259 | -€5,814 | -4.1% |
| Amounts payable | 17/49 | €909,625 | €1,011,514 | +€101,889 | +11.2% |
| Amounts payable after more than one year | 17 | €472,980 | €559,352 | +€86,372 | +18.3% |
| Financial debts | 170/4 | €472,980 | €559,352 | +€86,372 | +18.3% |
| Amounts payable within one year | 42/48 | €436,646 | €450,163 | +€13,517 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €102,319 | €113,789 | +€11,470 | +11.2% |
| Trade debts | 44 | €66,823 | €38,554 | -€28,269 | -42.3% |
| Suppliers | 440/4 | €66,823 | €38,554 | -€28,269 | -42.3% |
| Taxes, remuneration and social security | 45 | €17,805 | €3,943 | -€13,862 | -77.9% |
| Taxes | 450/3 | €5,805 | €3,943 | -€1,862 | -32.1% |
| Remuneration and social security | 454/9 | €12,000 | - | -€12,000 | |
| Other amounts payable | 47/48 | €249,698 | €293,876 | +€44,178 | +17.7% |
| Accrued charges and deferred income | 492/3 | - | €2,000 | +€2,000 | |
| Non-recurring operating income | 76A | - | €580 | +€580 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,141 | €39,538 | +€14,397 | +57.3% |
| Other operating charges | 640/8 | €1,188 | €4,143 | +€2,955 | +248.8% |
| Gross operating margin | 9900 | €5,544 | €34,734 | +€29,190 | +526.5% |
| Operating profit (loss) | 9901 | -€20,784 | -€8,946 | +€11,838 | +57.0% |
| Financial income | 75/76B | €3,707 | €11,879 | +€8,171 | +220.4% |
| Recurring financial income | 75 | €3,707 | €11,879 | +€8,171 | +220.4% |
| Financial charges | 65/66B | €7,609 | €9,477 | +€1,867 | +24.5% |
| Recurring financial charges | 65 | €7,609 | €9,477 | +€1,867 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | -€24,687 | -€6,545 | +€18,142 | +73.5% |
| Transfer from deferred taxes | 780 | - | €5,814 | +€5,814 | |
| Income taxes | 67/77 | €976 | €1,157 | +€181 | +18.6% |
| Profit (loss) for the period | 9904 | -€25,662 | -€1,888 | +€23,774 | +92.6% |
| Transfer from tax-exempt reserves | 789 | €15,379 | €13,458 | -€1,921 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,283 | €11,571 | +€21,854 |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.