Ad Rem Consultancy: 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 Consultancy
Largest movements
- Current investments -€2.5m
no longer reported in 2025 (was €2.5m)
- Cash -€523,827
down €523,827 (-83.3%), from €628,978 to €105,152
mainly Other debts (-€2.1m) and Tax, wage and social debts (-€531,680)
- Financial fixed assets +€90,000
up €90,000 (+21.9%), from €410,600 to €500,600
- Tangible fixed assets +€75,360
up €75,360 (+12.4%), from €606,648 to €682,008
of which Furniture and vehicles: +€82,389
- Receivables within one year +€59,227
up €59,227 (+171%), from €34,677 to €93,904
of which Trade receivables: +€59,159
- Other debts -€2.1m
down €2.1m (-85.5%), from €2.4m to €350,417
- Tax, wage and social debts -€531,680
down €531,680 (-98.0%), from €542,680 to €11,000
- Debts after one year -€196,213
down €196,213 (-84.2%), from €232,992 to €36,779
- Current portion of long-term debt -€100,544
down €100,544 (-84.2%), from €119,464 to €18,920
- Reserves +€97,735
up €97,735 (+10.6%), from €925,423 to €1.0m
- Financial income -€3.6m
down €3.6m (-99.4%), from €3.6m to €20,474
- Gross operating margin -€63,917
down €63,917 (-29.4%), from €217,665 to €153,748
- Depreciation -€18,803
down €18,803 (-34.1%), from €55,129 to €36,327
- Taxes -€14,710
down €14,710 (-36.8%), from €40,004 to €25,294
- Financial charges -€13,182
down €13,182 (-57.3%), from €22,990 to €9,808
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 | €4,279,064 | €1,484,710 | -€2.8m | -65.3% |
| Fixed assets | 21/28 | €1,017,248 | €1,182,608 | +€165,360 | +16.3% |
| Tangible fixed assets | 22/27 | €606,648 | €682,008 | +€75,360 | +12.4% |
| Land and buildings | 22 | €553,678 | €547,668 | -€6,010 | -1.1% |
| Plant, machinery and equipment | 23 | €2,591 | €1,572 | -€1,019 | -39.3% |
| Furniture and vehicles | 24 | €50,380 | €132,769 | +€82,389 | +164% |
| Financial fixed assets | 28 | €410,600 | €500,600 | +€90,000 | +21.9% |
| Current assets | 29/58 | €3,261,816 | €302,101 | -€3.0m | -90.7% |
| Amounts receivable after more than one year | 29 | €89,250 | €89,250 | = | 0.0% |
| Other amounts receivable | 291 | €89,250 | €89,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,677 | €93,904 | +€59,227 | +171% |
| Trade receivables | 40 | €24,728 | €83,886 | +€59,159 | +239% |
| Other amounts receivable | 41 | €9,950 | €10,017 | +€68 | +0.7% |
| Current investments | 50/53 | €2,500,000 | - | -€2.5m | |
| Cash at bank and in hand | 54/58 | €628,978 | €105,152 | -€523,827 | -83.3% |
| Deferred charges and accrued income | 490/1 | €8,910 | €13,796 | +€4,886 | +54.8% |
| Total equity and liabilities | 10/49 | €4,279,064 | €1,484,710 | -€2.8m | -65.3% |
| Equity | 10/15 | €944,023 | €1,041,759 | +€97,735 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €925,423 | €1,023,159 | +€97,735 | +10.6% |
| Distributable reserves | 133 | €925,423 | €1,023,159 | +€97,735 | +10.6% |
| Amounts payable | 17/49 | €3,335,040 | €442,951 | -€2.9m | -86.7% |
| Amounts payable after more than one year | 17 | €232,992 | €36,779 | -€196,213 | -84.2% |
| Financial debts | 170/4 | €232,992 | €36,779 | -€196,213 | -84.2% |
| Amounts payable within one year | 42/48 | €3,102,048 | €406,172 | -€2.7m | -86.9% |
| Current portion of amounts payable after more than one year | 42 | €119,464 | €18,920 | -€100,544 | -84.2% |
| Trade debts | 44 | €30,396 | €25,836 | -€4,561 | -15.0% |
| Suppliers | 440/4 | €30,396 | €25,836 | -€4,561 | -15.0% |
| Taxes, remuneration and social security | 45 | €542,680 | €11,000 | -€531,680 | -98.0% |
| Taxes | 450/3 | €542,680 | €11,000 | -€531,680 | -98.0% |
| Other amounts payable | 47/48 | €2,409,508 | €350,417 | -€2.1m | -85.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,129 | €36,327 | -€18,803 | -34.1% |
| Other operating charges | 640/8 | €8,442 | €5,058 | -€3,383 | -40.1% |
| Gross operating margin | 9900 | €217,665 | €153,748 | -€63,917 | -29.4% |
| Operating profit (loss) | 9901 | €154,094 | €112,363 | -€41,731 | -27.1% |
| Financial income | 75/76B | €3,599,811 | €20,474 | -€3.6m | -99.4% |
| Recurring financial income | 75 | €3,599,811 | €20,474 | -€3.6m | -99.4% |
| Financial charges | 65/66B | €22,990 | €9,808 | -€13,182 | -57.3% |
| Recurring financial charges | 65 | €22,990 | €9,808 | -€13,182 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | €3,730,915 | €123,029 | -€3.6m | -96.7% |
| Income taxes | 67/77 | €40,004 | €25,294 | -€14,710 | -36.8% |
| Profit (loss) for the period | 9904 | €3,690,911 | €97,735 | -€3.6m | -97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,690,911 | €97,735 | -€3.6m | -97.4% |
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 18 October 2026 via checked.be.