AD & RACE: 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 & RACE
Largest movements
- Tangible fixed assets -€30,167
down €30,167 (-19.8%), from €152,680 to €122,513
of which Furniture and vehicles: -€18,038
- Cash -€13,755
down €13,755 (-34.2%), from €40,200 to €26,445
mainly Debts after one year (-€25,601) and Contributions, distributions and other (-€25,000)
- Receivables within one year +€8,896
up €8,896 (+10.6%), from €84,008 to €92,904
of which Trade receivables: +€16,015
- Debts after one year -€25,601
down €25,601 (-27.9%), from €91,884 to €66,283
- Other debts -€17,900
down €17,900 (-43.4%), from €41,275 to €23,375
- Reserves +€10,000
up €10,000 (+37.2%), from €26,860 to €36,860
of which Distributable reserves: +€10,000
- Trade debts -€3,918
down €3,918 (-92.3%), from €4,243 to €325
- Gross operating margin -€12,715
down €12,715 (-12.8%), from €99,284 to €86,569
- Depreciation -€2,624
down €2,624 (-7.1%), from €36,760 to €34,136
- Taxes +€1,313
up €1,313 (+9.9%), from €13,297 to €14,610
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 | €280,524 | €246,106 | -€34,418 | -12.3% |
| Fixed assets | 21/28 | €152,722 | €122,555 | -€30,167 | -19.8% |
| Tangible fixed assets | 22/27 | €152,680 | €122,513 | -€30,167 | -19.8% |
| Land and buildings | 22 | €84,573 | €72,444 | -€12,129 | -14.3% |
| Furniture and vehicles | 24 | €68,108 | €50,069 | -€18,038 | -26.5% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €127,803 | €123,552 | -€4,251 | -3.3% |
| Amounts receivable within one year | 40/41 | €84,008 | €92,904 | +€8,896 | +10.6% |
| Trade receivables | 40 | €42,490 | €58,505 | +€16,015 | +37.7% |
| Other amounts receivable | 41 | €41,518 | €34,399 | -€7,119 | -17.1% |
| Cash at bank and in hand | 54/58 | €40,200 | €26,445 | -€13,755 | -34.2% |
| Deferred charges and accrued income | 490/1 | €3,595 | €4,203 | +€608 | +16.9% |
| Total equity and liabilities | 10/49 | €280,524 | €246,106 | -€34,418 | -12.3% |
| Equity | 10/15 | €79,397 | €89,983 | +€10,586 | +13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,860 | €36,860 | +€10,000 | +37.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Profit (loss) carried forward | 14 | €33,937 | €34,523 | +€586 | +1.7% |
| Amounts payable | 17/49 | €201,127 | €156,123 | -€45,004 | -22.4% |
| Amounts payable after more than one year | 17 | €91,884 | €66,283 | -€25,601 | -27.9% |
| Financial debts | 170/4 | €91,884 | €66,283 | -€25,601 | -27.9% |
| Amounts payable within one year | 42/48 | €109,244 | €89,840 | -€19,403 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €25,192 | €25,601 | +€409 | +1.6% |
| Trade debts | 44 | €4,243 | €325 | -€3,918 | -92.3% |
| Suppliers | 440/4 | €4,243 | €325 | -€3,918 | -92.3% |
| Taxes, remuneration and social security | 45 | €38,534 | €40,539 | +€2,006 | +5.2% |
| Taxes | 450/3 | €35,534 | €37,539 | +€2,006 | +5.6% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €41,275 | €23,375 | -€17,900 | -43.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,760 | €34,136 | -€2,624 | -7.1% |
| Other operating charges | 640/8 | €854 | €970 | +€116 | +13.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €99,284 | €86,569 | -€12,715 | -12.8% |
| Operating profit (loss) | 9901 | €61,670 | €51,463 | -€10,206 | -16.5% |
| Financial income | 75/76B | €1,643 | €923 | -€721 | -43.9% |
| Recurring financial income | 75 | €1,643 | €923 | -€721 | -43.9% |
| Financial charges | 65/66B | €2,814 | €2,190 | -€624 | -22.2% |
| Recurring financial charges | 65 | €2,814 | €2,190 | -€624 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €60,499 | €50,196 | -€10,303 | -17.0% |
| Income taxes | 67/77 | €13,297 | €14,610 | +€1,313 | +9.9% |
| Profit (loss) for the period | 9904 | €47,203 | €35,586 | -€11,617 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,203 | €35,586 | -€11,617 | -24.6% |
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.