AD Placement: 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 Placement
Largest movements
- Tangible fixed assets -€84,339
down €84,339 (-13.5%), from €626,146 to €541,807
- Stocks and contracts -€36,768
down €36,768 (-100%), from €36,768 to €0
- Cash -€28,859
down €28,859 (-76.9%), from €37,523 to €8,663
mainly Short-term financial debts (-€200,000) and Contributions, distributions and other (-€85,159)
- Other debts +€215,326
up €215,326 (+122%), from €176,783 to €392,109
- Short-term financial debts -€200,000
down €200,000 (-100%), from €200,000 to €0
- Tax, wage and social debts -€66,233
down €66,233 (-79.5%), from €83,317 to €17,084
of which Remuneration and social security: -€54,283
- Debts after one year -€51,212
down €51,212 (-36.4%), from €140,728 to €89,516
- Trade debts -€34,830
down €34,830 (-77.2%), from €45,130 to €10,299
- Staff costs -€368,479
down €368,479 (-47.1%), from €782,161 to €413,682
- Gross operating margin -€317,930
down €317,930 (-35.4%), from €898,754 to €580,823
- Depreciation -€23,288
down €23,288 (-31.1%), from €74,826 to €51,539
- Financial charges -€14,017
down €14,017 (-47.7%), from €29,370 to €15,353
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 | €1,094,651 | €943,818 | -€150,833 | -13.8% |
| Fixed assets | 21/28 | €629,336 | €542,107 | -€87,229 | -13.9% |
| Tangible fixed assets | 22/27 | €626,146 | €541,807 | -€84,339 | -13.5% |
| Land and buildings | 22 | €543,530 | €503,373 | -€40,157 | -7.4% |
| Plant, machinery and equipment | 23 | €37,066 | €30,761 | -€6,305 | -17.0% |
| Furniture and vehicles | 24 | €9,986 | €0 | -€9,986 | -100% |
| Leasing and similar rights | 25 | €35,564 | €7,673 | -€27,891 | -78.4% |
| Financial fixed assets | 28 | €3,190 | €300 | -€2,890 | -90.6% |
| Current assets | 29/58 | €465,315 | €401,711 | -€63,604 | -13.7% |
| Stocks and contracts in progress | 3 | €36,768 | €0 | -€36,768 | -100% |
| Stocks | 30/36 | €36,768 | €0 | -€36,768 | -100% |
| Amounts receivable within one year | 40/41 | €387,392 | €387,789 | +€397 | +0.1% |
| Trade receivables | 40 | €254,894 | €178,629 | -€76,264 | -29.9% |
| Other amounts receivable | 41 | €132,498 | €209,160 | +€76,662 | +57.9% |
| Cash at bank and in hand | 54/58 | €37,523 | €8,663 | -€28,859 | -76.9% |
| Deferred charges and accrued income | 490/1 | €3,633 | €5,258 | +€1,626 | +44.8% |
| Total equity and liabilities | 10/49 | €1,094,651 | €943,818 | -€150,833 | -13.8% |
| Equity | 10/15 | €374,867 | €378,734 | +€3,866 | +1.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €131,000 | €139,500 | +€8,500 | +6.5% |
| Distributable reserves | 133 | €131,000 | €139,500 | +€8,500 | +6.5% |
| Profit (loss) carried forward | 14 | €158,309 | €158,835 | +€526 | +0.3% |
| Investment grants | 15 | €65,559 | €60,399 | -€5,159 | -7.9% |
| Amounts payable | 17/49 | €719,784 | €565,084 | -€154,700 | -21.5% |
| Amounts payable after more than one year | 17 | €140,728 | €89,516 | -€51,212 | -36.4% |
| Financial debts | 170/4 | €140,728 | €89,516 | -€51,212 | -36.4% |
| Amounts payable within one year | 42/48 | €575,086 | €473,938 | -€101,148 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €69,855 | €54,445 | -€15,410 | -22.1% |
| Financial debts | 43 | €200,000 | €0 | -€200,000 | -100% |
| Credit institutions | 430/8 | €200,000 | €0 | -€200,000 | -100% |
| Trade debts | 44 | €45,130 | €10,299 | -€34,830 | -77.2% |
| Suppliers | 440/4 | €45,130 | €10,299 | -€34,830 | -77.2% |
| Taxes, remuneration and social security | 45 | €83,317 | €17,084 | -€66,233 | -79.5% |
| Taxes | 450/3 | €14,593 | €2,643 | -€11,950 | -81.9% |
| Remuneration and social security | 454/9 | €68,724 | €14,441 | -€54,283 | -79.0% |
| Other amounts payable | 47/48 | €176,783 | €392,109 | +€215,326 | +122% |
| Accrued charges and deferred income | 492/3 | €3,970 | €1,630 | -€2,340 | -58.9% |
| Non-recurring operating income | 76A | €1,338 | €65,700 | +€64,361 | +4,809% |
| Remuneration, social security and pensions | 62 | €782,161 | €413,682 | -€368,479 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,826 | €51,539 | -€23,288 | -31.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,980 | €0 | -€2,980 | -100% |
| Other operating charges | 640/8 | €12,270 | €12,388 | +€118 | +1.0% |
| Gross operating margin | 9900 | €898,754 | €580,823 | -€317,930 | -35.4% |
| Operating profit (loss) | 9901 | €26,516 | €103,215 | +€76,699 | +289% |
| Financial income | 75/76B | €5,291 | €5,222 | -€69 | -1.3% |
| Recurring financial income | 75 | €5,291 | €5,222 | -€69 | -1.3% |
| Financial charges | 65/66B | €29,370 | €15,353 | -€14,017 | -47.7% |
| Recurring financial charges | 65 | €29,370 | €15,353 | -€14,017 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €2,437 | €93,084 | +€90,647 | +3,720% |
| Income taxes | 67/77 | €4,690 | €4,058 | -€632 | -13.5% |
| Profit (loss) for the period | 9904 | -€2,253 | €89,026 | +€91,279 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,253 | €89,026 | +€91,279 |
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 17 October 2026 via checked.be.