Ad'OR: 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.
What changed
Ad'OR
NACE 55.203, Holiday cottages, homes and apartments
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
-€49,658
2025 · -€17,110-€32,548
Equity
-€2,433
2025 · €47,226-€49,658
Cash
€15,966
2025 · €8,958+€7,009
Balance sheet total
€1.1m
2025 · €1.1m-€33,872
Largest movements
Assets
- Tangible fixed assets -€42,283
down €42,283 (-3.9%), from €1.1m to €1.0m
of which Land and buildings: -€34,300
Equity and liabilities
- Profit (loss) carried forward -€49,658
down €49,658 (-26.8%), from -€185,374 to -€235,033
- Debts after one year +€19,420
up €19,420 (+2.7%), from €709,100 to €728,520
of which Other amounts payable: +€60,000
Income statement
- Gross operating margin -€33,801
down €33,801 (-63.9%), from €52,889 to €19,088
- Provisions -€1,181
down €1,181 (-18.5%), from -€6,381 to -€7,563
- Depreciation +€534
up €534 (+1.3%), from €41,749 to €42,283
From the 2025 result to the 2026 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.
Result 2025
-€17,110
Gross operating margin
-€33,801
Depreciation
-€534
Provisions
+€1,181
Other operating charges
+€117
Financial income
+€8
Financial charges
+€482
Taxes
-€2
Result 2026
-€49,658
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€12,898
Investment
€0
Financing
+€19,907
Cash 2025
€8,958
From operations (derived)
-€12,898
Net result for the year
-€49,658
Depreciation
+€42,283
Receivables within one year
-€1,430
Smaller working-capital items
-€1
Provisions
-€7,563
Trade debts
+€775
Other debts
+€2,696
Financing
+€19,907
Debts after one year
+€19,420
Current portion of long-term debt
+€487
Cash 2026
€15,966
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,096,442 | €1,062,570 | -€33,872 | -3.1% |
| Fixed assets | 21/28 | €1,082,425 | €1,040,142 | -€42,283 | -3.9% |
| Tangible fixed assets | 22/27 | €1,082,425 | €1,040,142 | -€42,283 | -3.9% |
| Land and buildings | 22 | €1,044,473 | €1,010,173 | -€34,300 | -3.3% |
| Plant, machinery and equipment | 23 | €30,822 | €26,549 | -€4,273 | -13.9% |
| Furniture and vehicles | 24 | €7,130 | €3,420 | -€3,710 | -52.0% |
| Current assets | 29/58 | €14,016 | €22,427 | +€8,411 | +60.0% |
| Amounts receivable within one year | 40/41 | €1,722 | €3,153 | +€1,430 | +83.1% |
| Trade receivables | 40 | €1,722 | €2,482 | +€760 | +44.1% |
| Other amounts receivable | 41 | - | €670 | +€670 | |
| Cash at bank and in hand | 54/58 | €8,958 | €15,966 | +€7,009 | +78.2% |
| Deferred charges and accrued income | 490/1 | €3,336 | €3,308 | -€28 | -0.8% |
| Total equity and liabilities | 10/49 | €1,096,442 | €1,062,570 | -€33,872 | -3.1% |
| Equity | 10/15 | €47,226 | -€2,433 | -€49,658 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €214,000 | €214,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€185,374 | -€235,033 | -€49,658 | -26.8% |
| Provisions and deferred taxes | 16 | €286,536 | €278,974 | -€7,563 | -2.6% |
| Provisions for liabilities and charges | 160/5 | €286,536 | €278,974 | -€7,563 | -2.6% |
| Environmental obligations | 163 | €286,536 | €101,318 | -€185,218 | -64.6% |
| Other liabilities and charges | 164/5 | - | €177,656 | +€177,656 | |
| Amounts payable | 17/49 | €762,680 | €786,029 | +€23,349 | +3.1% |
| Amounts payable after more than one year | 17 | €709,100 | €728,520 | +€19,420 | +2.7% |
| Financial debts | 170/4 | €269,100 | €228,520 | -€40,580 | -15.1% |
| Other amounts payable | 178/9 | €440,000 | €500,000 | +€60,000 | +13.6% |
| Amounts payable within one year | 42/48 | €52,786 | €56,663 | +€3,876 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €40,093 | €40,580 | +€487 | +1.2% |
| Trade debts | 44 | €4,830 | €5,605 | +€775 | +16.0% |
| Suppliers | 440/4 | €4,830 | €5,605 | +€775 | +16.0% |
| Taxes, remuneration and social security | 45 | €259 | €177 | -€82 | -31.6% |
| Taxes | 450/3 | €259 | €177 | -€82 | -31.6% |
| Other amounts payable | 47/48 | €7,604 | €10,300 | +€2,696 | +35.5% |
| Accrued charges and deferred income | 492/3 | €793 | €846 | +€53 | +6.7% |
| Non-recurring operating income | 76A | €7,097 | - | -€7,097 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,749 | €42,283 | +€534 | +1.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€6,381 | -€7,563 | -€1,181 | -18.5% |
| Other operating charges | 640/8 | €4,937 | €4,820 | -€117 | -2.4% |
| Gross operating margin | 9900 | €52,889 | €19,088 | -€33,801 | -63.9% |
| Operating profit (loss) | 9901 | €12,584 | -€20,453 | -€33,037 | |
| Financial income | 75/76B | €2 | €10 | +€8 | +499% |
| Recurring financial income | 75 | €2 | €10 | +€8 | +499% |
| Financial charges | 65/66B | €29,521 | €29,038 | -€482 | -1.6% |
| Recurring financial charges | 65 | €29,521 | €29,038 | -€482 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,935 | -€49,481 | -€32,546 | -192% |
| Income taxes | 67/77 | €175 | €177 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€17,110 | -€49,658 | -€32,548 | -190% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,110 | -€49,658 | -€32,548 | -190% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.