AD PRO: what changed
Two fiscal 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 PRO
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+116.2%), from €936,563 to €2.0m
of which Other amounts receivable: +€668,544
- Stocks and contracts -€212,008
down €212,008 (-74.9%), from €283,000 to €70,992
- Cash -€179,034
down €179,034 (-69.7%), from €256,884 to €77,850
mainly Receivables within one year (-€1.1m) and Investment in fixed assets (net) (-€206,404)
- Tangible fixed assets +€131,314
up €131,314 (+51.2%), from €256,331 to €387,645
of which Land and buildings: +€186,330
- Trade debts +€607,495
up €607,495 (+64.9%), from €936,554 to €1.5m
- Reserves +€316,936
up €316,936 (+78.2%), from €405,201 to €722,137
- Other debts -€131,446
down €131,446 (-60.0%), from €218,974 to €87,528
- Debts after one year +€59,277
up €59,277 (+81.0%), from €73,181 to €132,458
- Gross operating margin +€160,354
up €160,354 (+40.9%), from €391,900 to €552,254
- Staff costs -€76,017
down €76,017 (-70.2%), from €108,221 to €32,204
- Taxes +€54,768
up €54,768 (+100.9%), from €54,288 to €109,056
- Depreciation +€16,492
up €16,492 (+28.1%), from €58,598 to €75,090
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 | €1,748,351 | €2,577,475 | +€829,124 | +47.4% |
| Fixed assets | 21/28 | €258,131 | €389,445 | +€131,314 | +50.9% |
| Tangible fixed assets | 22/27 | €256,331 | €387,645 | +€131,314 | +51.2% |
| Land and buildings | 22 | €52,844 | €239,174 | +€186,330 | +352.6% |
| Plant, machinery and equipment | 23 | €1,098 | €1,181 | +€83 | +7.6% |
| Furniture and vehicles | 24 | €202,390 | €147,290 | -€55,100 | -27.2% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €1,490,220 | €2,188,030 | +€697,810 | +46.8% |
| Stocks and contracts in progress | 3 | €283,000 | €70,992 | -€212,008 | -74.9% |
| Stocks | 30/36 | €283,000 | €70,992 | -€212,008 | -74.9% |
| Amounts receivable within one year | 40/41 | €936,563 | €2,024,766 | +€1.1m | +116.2% |
| Trade receivables | 40 | €605,462 | €1,025,120 | +€419,659 | +69.3% |
| Other amounts receivable | 41 | €331,101 | €999,645 | +€668,544 | +201.9% |
| Cash at bank and in hand | 54/58 | €256,884 | €77,850 | -€179,034 | -69.7% |
| Deferred charges and accrued income | 490/1 | €13,773 | €14,422 | +€650 | +4.7% |
| Total equity and liabilities | 10/49 | €1,748,351 | €2,577,475 | +€829,124 | +47.4% |
| Equity | 10/15 | €423,801 | €740,737 | +€316,936 | +74.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €405,201 | €722,137 | +€316,936 | +78.2% |
| Distributable reserves | 133 | €405,201 | €722,137 | +€316,936 | +78.2% |
| Amounts payable | 17/49 | €1,324,550 | €1,836,738 | +€512,188 | +38.7% |
| Amounts payable after more than one year | 17 | €73,181 | €132,458 | +€59,277 | +81.0% |
| Financial debts | 170/4 | €73,181 | €132,458 | +€59,277 | +81.0% |
| Amounts payable within one year | 42/48 | €1,249,444 | €1,704,280 | +€454,836 | +36.4% |
| Current portion of amounts payable after more than one year | 42 | €36,137 | €28,590 | -€7,547 | -20.9% |
| Trade debts | 44 | €936,554 | €1,544,049 | +€607,495 | +64.9% |
| Suppliers | 440/4 | €936,554 | €1,544,049 | +€607,495 | +64.9% |
| Taxes, remuneration and social security | 45 | €57,780 | €44,114 | -€13,666 | -23.7% |
| Taxes | 450/3 | €57,780 | €37,522 | -€20,258 | -35.1% |
| Remuneration and social security | 454/9 | - | €6,592 | +€6,592 | |
| Other amounts payable | 47/48 | €218,974 | €87,528 | -€131,446 | -60.0% |
| Accrued charges and deferred income | 492/3 | €1,925 | - | -€1,925 | |
| Remuneration, social security and pensions | 62 | €108,221 | €32,204 | -€76,017 | -70.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,598 | €75,090 | +€16,492 | +28.1% |
| Other operating charges | 640/8 | €10,045 | €13,701 | +€3,656 | +36.4% |
| Gross operating margin | 9900 | €391,900 | €552,254 | +€160,354 | +40.9% |
| Operating profit (loss) | 9901 | €215,037 | €431,259 | +€216,222 | +100.6% |
| Financial income | 75/76B | €0 | €34 | +€34 | +67460.0% |
| Recurring financial income | 75 | €0 | €34 | +€34 | +67460.0% |
| Financial charges | 65/66B | €6,586 | €5,301 | -€1,285 | -19.5% |
| Recurring financial charges | 65 | €6,586 | €5,301 | -€1,285 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €208,451 | €425,992 | +€217,541 | +104.4% |
| Income taxes | 67/77 | €54,288 | €109,056 | +€54,768 | +100.9% |
| Profit (loss) for the period | 9904 | €154,162 | €316,936 | +€162,773 | +105.6% |
| Profit (loss) for the period to be appropriated | 9905 | €154,162 | €316,936 | +€162,773 | +105.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.