AD Project: what changed
AD Project
Largest movements
- Tangible fixed assets -€12,905
down €12,905 (-43.9%), from €29,387 to €16,482
of which Furniture and vehicles: -€7,935
- Cash -€11,789
no longer reported in 2025 (was €11,789)
mainly Debts after one year (-€21,735) and Trade debts (-€18,982)
- Intangible fixed assets -€8,900
down €8,900 (-11.0%), from €80,562 to €71,662
- Deferred charges and accrued income +€8,107
up €8,107 (+1,140%), from €711 to €8,818
- Stocks and contracts +€7,869
up €7,869 (+46.4%), from €16,947 to €24,816
- Debts after one year -€21,735
down €21,735 (-30.9%), from €70,293 to €48,558
- Other debts +€19,171
up €19,171 (+45.1%), from €42,487 to €61,659
- Trade debts -€18,982
down €18,982 (-59.0%), from €32,162 to €13,180
- Short-term financial debts +€5,922
new in 2025: €5,922
- Tax, wage and social debts -€2,712
down €2,712 (-13.5%), from €20,019 to €17,307
of which Remuneration and social security: -€7,131
- Gross operating margin -€31,345
down €31,345 (-20.9%), from €149,773 to €118,428
- Depreciation -€8,332
down €8,332 (-27.6%), from €30,138 to €21,805
- Staff costs -€4,781
down €4,781 (-5.3%), from €90,864 to €86,083
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €194,120 | €177,071 | -€17,048 | -8.8% |
| Fixed assets | 21/28 | €121,049 | €99,244 | -€21,805 | -18.0% |
| Intangible fixed assets | 21 | €80,562 | €71,662 | -€8,900 | -11.0% |
| Tangible fixed assets | 22/27 | €29,387 | €16,482 | -€12,905 | -43.9% |
| Plant, machinery and equipment | 23 | €11,635 | €6,665 | -€4,971 | -42.7% |
| Furniture and vehicles | 24 | €17,752 | €9,818 | -€7,935 | -44.7% |
| Financial fixed assets | 28 | €11,100 | €11,100 | = | 0.0% |
| Current assets | 29/58 | €73,070 | €77,827 | +€4,757 | +6.5% |
| Stocks and contracts in progress | 3 | €16,947 | €24,816 | +€7,869 | +46.4% |
| Stocks | 30/36 | €16,947 | €24,816 | +€7,869 | +46.4% |
| Amounts receivable within one year | 40/41 | €43,624 | €44,194 | +€570 | +1.3% |
| Trade receivables | 40 | €39,462 | €43,031 | +€3,569 | +9.0% |
| Other amounts receivable | 41 | €4,161 | €1,163 | -€2,999 | -72.1% |
| Cash at bank and in hand | 54/58 | €11,789 | - | -€11,789 | |
| Deferred charges and accrued income | 490/1 | €711 | €8,818 | +€8,107 | +1,140% |
| Total equity and liabilities | 10/49 | €194,120 | €177,071 | -€17,048 | -8.8% |
| Equity | 10/15 | €755 | €1,605 | +€851 | +113% |
| Reserves | 13 | €3,321 | €3,321 | = | 0.0% |
| Distributable reserves | 133 | €3,321 | €3,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,566 | -€1,716 | +€851 | +33.1% |
| Amounts payable | 17/49 | €193,365 | €175,466 | -€17,899 | -9.3% |
| Amounts payable after more than one year | 17 | €70,293 | €48,558 | -€21,735 | -30.9% |
| Financial debts | 170/4 | €70,293 | €48,558 | -€21,735 | -30.9% |
| Amounts payable within one year | 42/48 | €123,072 | €126,908 | +€3,836 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €28,403 | €28,841 | +€438 | +1.5% |
| Financial debts | 43 | - | €5,922 | +€5,922 | |
| Credit institutions | 430/8 | - | €5,922 | +€5,922 | |
| Trade debts | 44 | €32,162 | €13,180 | -€18,982 | -59.0% |
| Suppliers | 440/4 | €32,162 | €13,180 | -€18,982 | -59.0% |
| Taxes, remuneration and social security | 45 | €20,019 | €17,307 | -€2,712 | -13.5% |
| Taxes | 450/3 | €3,730 | €8,149 | +€4,419 | +118% |
| Remuneration and social security | 454/9 | €16,290 | €9,158 | -€7,131 | -43.8% |
| Other amounts payable | 47/48 | €42,487 | €61,659 | +€19,171 | +45.1% |
| Remuneration, social security and pensions | 62 | €90,864 | €86,083 | -€4,781 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,138 | €21,805 | -€8,332 | -27.6% |
| Other operating charges | 640/8 | €2,781 | €1,776 | -€1,004 | -36.1% |
| Gross operating margin | 9900 | €149,773 | €118,428 | -€31,345 | -20.9% |
| Operating profit (loss) | 9901 | €25,991 | €8,764 | -€17,227 | -66.3% |
| Financial income | 75/76B | €9 | €19 | +€10 | +115% |
| Recurring financial income | 75 | €9 | €19 | +€10 | +115% |
| Financial charges | 65/66B | €7,937 | €7,932 | -€5 | -0.1% |
| Recurring financial charges | 65 | €7,937 | €7,932 | -€5 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €18,063 | €851 | -€17,212 | -95.3% |
| Profit (loss) for the period | 9904 | €18,063 | €851 | -€17,212 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,063 | €851 | -€17,212 | -95.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.