AD PROJEKT: 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 PROJEKT
Largest movements
- Cash +€33,581
up €33,581 (+79.7%), from €42,161 to €75,742
mainly Net result for the year (+€59,280) and Investment in fixed assets (net) (+€25,637)
- Tangible fixed assets -€26,042
down €26,042 (-97.7%), from €26,659 to €618
of which Land and buildings: -€23,340
- Receivables within one year -€9,577
down €9,577 (-19.1%), from €50,196 to €40,619
of which Trade receivables: -€8,214
- Profit (loss) carried forward +€59,280
up €59,280 (+80.4%), from -€73,722 to -€14,442
- Other debts -€23,797
down €23,797 (-40.8%), from €58,385 to €34,588
- Debts after one year -€17,729
down €17,729 (-60.2%), from €29,442 to €11,714
- Current portion of long-term debt -€13,625
down €13,625 (-69.3%), from €19,656 to €6,031
- Tax, wage and social debts -€5,798
down €5,798 (-61.7%), from €9,393 to €3,596
of which Taxes: -€5,550
- Gross operating margin +€123,415
up €123,415, from -€60,967 to €62,449
- Financial income -€5,130
down €5,130 (-96.4%), from €5,322 to €192
of which Non-recurring financial income: -€4,977
- Staff costs -€5,001
no longer reported in 2025 (was €5,001)
- Depreciation -€2,586
down €2,586 (-86.5%), from €2,990 to €404
- Financial charges -€1,383
down €1,383 (-48.7%), from €2,840 to €1,457
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 | €135,461 | €133,043 | -€2,418 | -1.8% |
| Fixed assets | 21/28 | €26,821 | €779 | -€26,042 | -97.1% |
| Tangible fixed assets | 22/27 | €26,659 | €618 | -€26,042 | -97.7% |
| Land and buildings | 22 | €23,340 | - | -€23,340 | |
| Furniture and vehicles | 24 | €3,319 | €618 | -€2,701 | -81.4% |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €108,640 | €132,264 | +€23,624 | +21.7% |
| Amounts receivable within one year | 40/41 | €50,196 | €40,619 | -€9,577 | -19.1% |
| Trade receivables | 40 | €16,814 | €8,600 | -€8,214 | -48.9% |
| Other amounts receivable | 41 | €33,381 | €32,018 | -€1,363 | -4.1% |
| Cash at bank and in hand | 54/58 | €42,161 | €75,742 | +€33,581 | +79.7% |
| Deferred charges and accrued income | 490/1 | €16,284 | €15,903 | -€381 | -2.3% |
| Total equity and liabilities | 10/49 | €135,461 | €133,043 | -€2,418 | -1.8% |
| Equity | 10/15 | -€6,305 | €52,976 | +€59,280 | |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €42,628 | €42,628 | = | 0.0% |
| Distributable reserves | 133 | €42,628 | €42,628 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,722 | -€14,442 | +€59,280 | +80.4% |
| Amounts payable | 17/49 | €141,765 | €80,067 | -€61,698 | -43.5% |
| Amounts payable after more than one year | 17 | €29,442 | €11,714 | -€17,729 | -60.2% |
| Financial debts | 170/4 | €29,442 | €11,714 | -€17,729 | -60.2% |
| Amounts payable within one year | 42/48 | €112,202 | €68,353 | -€43,848 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €19,656 | €6,031 | -€13,625 | -69.3% |
| Trade debts | 44 | €24,767 | €24,138 | -€629 | -2.5% |
| Suppliers | 440/4 | €24,767 | €24,138 | -€629 | -2.5% |
| Taxes, remuneration and social security | 45 | €9,393 | €3,596 | -€5,798 | -61.7% |
| Taxes | 450/3 | €7,912 | €2,362 | -€5,550 | -70.1% |
| Remuneration and social security | 454/9 | €1,482 | €1,234 | -€248 | -16.7% |
| Other amounts payable | 47/48 | €58,385 | €34,588 | -€23,797 | -40.8% |
| Accrued charges and deferred income | 492/3 | €121 | - | -€121 | |
| Non-recurring operating income | 76A | - | €94,453 | +€94,453 | |
| Remuneration, social security and pensions | 62 | €5,001 | - | -€5,001 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,990 | €404 | -€2,586 | -86.5% |
| Other operating charges | 640/8 | €603 | €1,442 | +€839 | +139% |
| Non-recurring operating charges | 66A | €5,950 | - | -€5,950 | |
| Gross operating margin | 9900 | -€60,967 | €62,449 | +€123,415 | |
| Operating profit (loss) | 9901 | -€75,511 | €60,602 | +€136,113 | |
| Financial income | 75/76B | €5,322 | €192 | -€5,130 | -96.4% |
| Recurring financial income | 75 | €345 | €192 | -€153 | -44.3% |
| Non-recurring financial income | 76B | €4,977 | - | -€4,977 | |
| Financial charges | 65/66B | €2,840 | €1,457 | -€1,383 | -48.7% |
| Recurring financial charges | 65 | €2,840 | €1,457 | -€1,383 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | -€73,029 | €59,337 | +€132,366 | |
| Income taxes | 67/77 | €693 | €57 | -€637 | -91.8% |
| Profit (loss) for the period | 9904 | -€73,722 | €59,280 | +€133,002 | |
| Profit (loss) for the period to be appropriated | 9905 | -€73,722 | €59,280 | +€133,002 |
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 27 October 2026 via checked.be.