AD-PROJECTS: 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-PROJECTS
Largest movements
- Receivables within one year -€29,219
down €29,219 (-62.0%), from €47,120 to €17,901
of which Other amounts receivable: -€24,715
- Tangible fixed assets +€25,460
up €25,460 (+1421.8%), from €1,791 to €27,251
of which Other tangible fixed assets: +€16,660
- Current investments -€12,175
down €12,175 (-11.4%), from €106,475 to €94,300
- Cash -€2,869
down €2,869 (-24.6%), from €11,674 to €8,805
mainly Contributions, distributions and other (-€75,000) and Other debts (-€62,737)
- Other debts -€62,737
down €62,737 (-66.1%), from €94,892 to €32,155
- Reserves +€41,160
up €41,160 (+91.1%), from €45,192 to €86,352
- Tax, wage and social debts +€2,828
up €2,828 (+18.0%), from €15,706 to €18,534
- Financial income +€15,872
up €15,872 (+98.8%), from €16,058 to €31,931
- Gross operating margin +€6,642
up €6,642 (+6.1%), from €108,793 to €115,435
- Depreciation +€1,745
up €1,745 (+469.1%), from €372 to €2,117
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 | €168,151 | €149,417 | -€18,733 | -11.1% |
| Fixed assets | 21/28 | €1,791 | €27,251 | +€25,460 | +1421.8% |
| Tangible fixed assets | 22/27 | €1,791 | €27,251 | +€25,460 | +1421.8% |
| Plant, machinery and equipment | 23 | €1,067 | €6,831 | +€5,763 | +540.0% |
| Furniture and vehicles | 24 | €723 | €3,760 | +€3,037 | +419.9% |
| Other tangible fixed assets | 26 | - | €16,660 | +€16,660 | |
| Current assets | 29/58 | €166,360 | €122,167 | -€44,194 | -26.6% |
| Amounts receivable within one year | 40/41 | €47,120 | €17,901 | -€29,219 | -62.0% |
| Trade receivables | 40 | €22,406 | €17,901 | -€4,504 | -20.1% |
| Other amounts receivable | 41 | €24,715 | - | -€24,715 | |
| Current investments | 50/53 | €106,475 | €94,300 | -€12,175 | -11.4% |
| Cash at bank and in hand | 54/58 | €11,674 | €8,805 | -€2,869 | -24.6% |
| Deferred charges and accrued income | 490/1 | €1,091 | €1,160 | +€69 | +6.4% |
| Total equity and liabilities | 10/49 | €168,151 | €149,417 | -€18,733 | -11.1% |
| Equity | 10/15 | €55,192 | €96,352 | +€41,160 | +74.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €45,192 | €86,352 | +€41,160 | +91.1% |
| Distributable reserves | 133 | €45,192 | €86,352 | +€41,160 | +91.1% |
| Amounts payable | 17/49 | €112,959 | €53,066 | -€59,894 | -53.0% |
| Amounts payable within one year | 42/48 | €112,959 | €53,066 | -€59,894 | -53.0% |
| Trade debts | 44 | €2,361 | €2,376 | +€15 | +0.6% |
| Suppliers | 440/4 | €2,361 | €2,376 | +€15 | +0.6% |
| Taxes, remuneration and social security | 45 | €15,706 | €18,534 | +€2,828 | +18.0% |
| Taxes | 450/3 | €15,706 | €18,534 | +€2,828 | +18.0% |
| Other amounts payable | 47/48 | €94,892 | €32,155 | -€62,737 | -66.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €372 | €2,117 | +€1,745 | +469.1% |
| Other operating charges | 640/8 | €1,813 | €1,007 | -€806 | -44.4% |
| Gross operating margin | 9900 | €108,793 | €115,435 | +€6,642 | +6.1% |
| Operating profit (loss) | 9901 | €106,608 | €112,311 | +€5,703 | +5.3% |
| Financial income | 75/76B | €16,058 | €31,931 | +€15,872 | +98.8% |
| Recurring financial income | 75 | €16,058 | €31,931 | +€15,872 | +98.8% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €122,621 | €144,196 | +€21,575 | +17.6% |
| Income taxes | 67/77 | €27,729 | €28,036 | +€307 | +1.1% |
| Profit (loss) for the period | 9904 | €94,892 | €116,160 | +€21,268 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €94,892 | €116,160 | +€21,268 | +22.4% |
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 9 October 2026 via checked.be.