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.
What changed
AD REM
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€56,678
2024 · €39,094+€17,584
Equity
€138,814
2024 · €122,136+€16,678
Cash
€57,093
2024 · €60,366-€3,272
Balance sheet total
€632,375
2024 · €611,798+€20,577
Largest movements
Assets
- Receivables within one year +€19,919
up €19,919 (+5.0%), from €400,745 to €420,664
of which Trade receivables: +€19,889
Equity and liabilities
- Profit (loss) carried forward +€16,678
up €16,678 (+32.9%), from €50,636 to €67,314
Income statement
- Gross operating margin +€42,440
up €42,440 (+52.0%), from €81,579 to €124,019
- Financial charges +€18,469
up €18,469 (+1,261%), from €1,465 to €19,934
- Taxes +€6,574
up €6,574 (+50.5%), from €13,031 to €19,606
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.
Result 2024
€39,094
Gross operating margin
+€42,440
Depreciation
+€760
Other operating charges
-€572
Financial income
-€0
Financial charges
-€18,469
Taxes
-€6,574
Result 2025
€56,678
raises the resultlowers the result
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.
From operations
+€53,631
Investment
-€16,903
Financing
-€40,000
Cash 2024
€60,366
From operations (derived)
+€53,631
Net result for the year
+€56,678
Depreciation
+€13,022
Receivables within one year
-€19,919
Smaller working-capital items
+€59
Trade debts
+€596
Tax, wage and social debts
+€4,074
Other debts
-€879
Investment (derived)
-€16,903
Investment in fixed assets (net)
-€16,903
Financing
-€40,000
Contributions, distributions and other
-€40,000
Cash 2025
€57,093
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €611,798 | €632,375 | +€20,577 | +3.4% |
| Fixed assets | 21/28 | €148,001 | €151,882 | +€3,882 | +2.6% |
| Tangible fixed assets | 22/27 | €146,761 | €150,643 | +€3,882 | +2.6% |
| Land and buildings | 22 | €90,879 | €104,296 | +€13,417 | +14.8% |
| Plant, machinery and equipment | 23 | €55,883 | €46,347 | -€9,536 | -17.1% |
| Financial fixed assets | 28 | €1,239 | €1,239 | = | 0.0% |
| Current assets | 29/58 | €463,797 | €480,492 | +€16,696 | +3.6% |
| Amounts receivable within one year | 40/41 | €400,745 | €420,664 | +€19,919 | +5.0% |
| Trade receivables | 40 | €738 | €20,627 | +€19,889 | +2,694% |
| Other amounts receivable | 41 | €400,007 | €400,037 | +€30 | 0.0% |
| Cash at bank and in hand | 54/58 | €60,366 | €57,093 | -€3,272 | -5.4% |
| Deferred charges and accrued income | 490/1 | €2,686 | €2,735 | +€49 | +1.8% |
| Total equity and liabilities | 10/49 | €611,798 | €632,375 | +€20,577 | +3.4% |
| Equity | 10/15 | €122,136 | €138,814 | +€16,678 | +13.7% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €6,500 | €6,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,636 | €67,314 | +€16,678 | +32.9% |
| Amounts payable | 17/49 | €489,662 | €493,561 | +€3,900 | +0.8% |
| Amounts payable within one year | 42/48 | €485,072 | €488,863 | +€3,792 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €2,706 | €3,302 | +€596 | +22.0% |
| Suppliers | 440/4 | €2,706 | €3,302 | +€596 | +22.0% |
| Taxes, remuneration and social security | 45 | €3,031 | €7,106 | +€4,074 | +134% |
| Taxes | 450/3 | €3,031 | €7,106 | +€4,074 | +134% |
| Other amounts payable | 47/48 | €79,335 | €78,456 | -€879 | -1.1% |
| Accrued charges and deferred income | 492/3 | €4,590 | €4,698 | +€108 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,782 | €13,022 | -€760 | -5.5% |
| Other operating charges | 640/8 | €14,208 | €14,780 | +€572 | +4.0% |
| Gross operating margin | 9900 | €81,579 | €124,019 | +€42,440 | +52.0% |
| Operating profit (loss) | 9901 | €53,589 | €96,217 | +€42,628 | +79.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -33.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -33.3% |
| Financial charges | 65/66B | €1,465 | €19,934 | +€18,469 | +1,261% |
| Recurring financial charges | 65 | €1,465 | €19,934 | +€18,469 | +1,261% |
| Profit (loss) for the period before taxes | 9903 | €52,125 | €76,283 | +€24,158 | +46.3% |
| Income taxes | 67/77 | €13,031 | €19,606 | +€6,574 | +50.5% |
| Profit (loss) for the period | 9904 | €39,094 | €56,678 | +€17,584 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,094 | €56,678 | +€17,584 | +45.0% |
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 21 October 2026 via checked.be.