AD REM: 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 REM
Largest movements
- Tangible fixed assets -€40,597
down €40,597 (-36.6%), from €110,982 to €70,384
of which Furniture and vehicles: -€21,601
- Cash +€28,555
up €28,555 (+1,192%), from €2,395 to €30,950
mainly Depreciation (+€40,597) and Net result for the year (+€32,482)
- Debts after one year -€41,488
down €41,488 (-23.3%), from €178,041 to €136,553
of which Other amounts payable: -€30,500
- Reserves +€22,482
up €22,482 (+5.0%), from €450,884 to €473,365
of which Distributable reserves: +€20,689
- Gross operating margin +€53,386
up €53,386 (+1,044%), from €5,112 to €58,497
- Depreciation +€8,385
up €8,385 (+26.0%), from €32,212 to €40,597
- Financial charges -€836
down €836 (-8.2%), from €10,146 to €9,309
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 | €1,756,223 | €1,734,112 | -€22,111 | -1.3% |
| Fixed assets | 21/28 | €418,432 | €377,834 | -€40,597 | -9.7% |
| Tangible fixed assets | 22/27 | €110,982 | €70,384 | -€40,597 | -36.6% |
| Furniture and vehicles | 24 | €70,644 | €49,043 | -€21,601 | -30.6% |
| Other tangible fixed assets | 26 | €40,338 | €21,342 | -€18,996 | -47.1% |
| Financial fixed assets | 28 | €307,450 | €307,450 | = | 0.0% |
| Current assets | 29/58 | €1,337,791 | €1,356,277 | +€18,486 | +1.4% |
| Amounts receivable within one year | 40/41 | €1,333,924 | €1,322,500 | -€11,425 | -0.9% |
| Trade receivables | 40 | €30,648 | €0 | -€30,648 | -100% |
| Other amounts receivable | 41 | €1,303,276 | €1,322,500 | +€19,224 | +1.5% |
| Cash at bank and in hand | 54/58 | €2,395 | €30,950 | +€28,555 | +1,192% |
| Deferred charges and accrued income | 490/1 | €1,471 | €2,827 | +€1,356 | +92.1% |
| Total equity and liabilities | 10/49 | €1,756,223 | €1,734,112 | -€22,111 | -1.3% |
| Equity | 10/15 | €1,450,884 | €1,473,365 | +€22,482 | +1.5% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €450,884 | €473,365 | +€22,482 | +5.0% |
| Non-distributable reserves | 130/1 | €53,807 | €55,600 | +€1,793 | +3.3% |
| Legal reserve | 130 | €53,807 | €55,600 | +€1,793 | +3.3% |
| Distributable reserves | 133 | €397,077 | €417,765 | +€20,689 | +5.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €305,339 | €260,746 | -€44,593 | -14.6% |
| Amounts payable after more than one year | 17 | €178,041 | €136,553 | -€41,488 | -23.3% |
| Financial debts | 170/4 | €44,541 | €33,553 | -€10,988 | -24.7% |
| Other amounts payable | 178/9 | €133,500 | €103,000 | -€30,500 | -22.8% |
| Amounts payable within one year | 42/48 | €111,355 | €115,728 | +€4,373 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €10,569 | €10,988 | +€419 | +4.0% |
| Trade debts | 44 | €323 | €1,387 | +€1,065 | +330% |
| Suppliers | 440/4 | €323 | €1,387 | +€1,065 | +330% |
| Taxes, remuneration and social security | 45 | €212 | €16,715 | +€16,503 | +7,798% |
| Taxes | 450/3 | €177 | €16,715 | +€16,537 | +9,322% |
| Remuneration and social security | 454/9 | €34 | €0 | -€34 | -100% |
| Other amounts payable | 47/48 | €100,252 | €86,638 | -€13,614 | -13.6% |
| Accrued charges and deferred income | 492/3 | €15,943 | €8,465 | -€7,478 | -46.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,212 | €40,597 | +€8,385 | +26.0% |
| Other operating charges | 640/8 | €2,861 | €3,058 | +€197 | +6.9% |
| Gross operating margin | 9900 | €5,112 | €58,497 | +€53,386 | +1,044% |
| Operating profit (loss) | 9901 | -€29,962 | €14,842 | +€44,804 | |
| Financial income | 75/76B | €26,737 | €27,249 | +€512 | +1.9% |
| Recurring financial income | 75 | €26,737 | €27,249 | +€512 | +1.9% |
| Financial charges | 65/66B | €10,146 | €9,309 | -€836 | -8.2% |
| Recurring financial charges | 65 | €10,146 | €9,309 | -€836 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,371 | €32,782 | +€46,153 | |
| Income taxes | 67/77 | €80 | €300 | +€220 | +274% |
| Profit (loss) for the period | 9904 | -€13,451 | €32,482 | +€45,933 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,451 | €32,482 | +€45,933 |
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 26 October 2026 via checked.be.