AD REYERS: 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 REYERS
Largest movements
- Tangible fixed assets -€339,470
down €339,470 (-17.6%), from €1.9m to €1.6m
of which Other tangible fixed assets: -€277,347
- Cash +€190,934
up €190,934 (+26.7%), from €714,982 to €905,916
mainly Net result for the year (+€437,821) and Depreciation (+€390,530)
- Receivables within one year +€163,875
up €163,875 (+27.5%), from €596,830 to €760,705
of which Trade receivables: +€179,936
- Deferred charges and accrued income -€81,053
down €81,053 (-83.6%), from €96,954 to €15,901
- Debts after one year -€219,049
down €219,049 (-32.0%), from €684,234 to €465,185
- Trade debts +€215,414
up €215,414 (+10.4%), from €2.1m to €2.3m
- Other debts -€47,348
down €47,348 (-13.0%), from €364,834 to €317,486
- Gross operating margin +€206,065
up €206,065 (+9.5%), from €2.2m to €2.4m
- Staff costs +€81,078
up €81,078 (+8.1%), from €995,633 to €1.1m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,122,015 | €4,093,199 | -€28,816 | -0.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,933,825 | €1,594,355 | -€339,470 | -17.6% |
| Tangible fixed assets | 22/27 | €1,933,825 | €1,594,355 | -€339,470 | -17.6% |
| Plant, machinery and equipment | 23 | €6,772 | €5,094 | -€1,678 | -24.8% |
| Furniture and vehicles | 24 | €12,879 | €7,878 | -€5,001 | -38.8% |
| Leasing and similar rights | 25 | €109,522 | €54,078 | -€55,444 | -50.6% |
| Other tangible fixed assets | 26 | €1,804,652 | €1,527,305 | -€277,347 | -15.4% |
| Current assets | 29/58 | €2,188,190 | €2,498,844 | +€310,654 | +14.2% |
| Stocks and contracts in progress | 3 | €779,424 | €816,322 | +€36,898 | +4.7% |
| Stocks | 30/36 | €779,424 | €816,322 | +€36,898 | +4.7% |
| Amounts receivable within one year | 40/41 | €596,830 | €760,705 | +€163,875 | +27.5% |
| Trade receivables | 40 | €385,805 | €565,741 | +€179,936 | +46.6% |
| Other amounts receivable | 41 | €211,025 | €194,964 | -€16,061 | -7.6% |
| Cash at bank and in hand | 54/58 | €714,982 | €905,916 | +€190,934 | +26.7% |
| Deferred charges and accrued income | 490/1 | €96,954 | €15,901 | -€81,053 | -83.6% |
| Total equity and liabilities | 10/49 | €4,122,015 | €4,093,199 | -€28,816 | -0.7% |
| Equity | 10/15 | €682,120 | €687,309 | +€5,189 | +0.8% |
| Contributions | 10/11 | €440,000 | €440,000 | = | 0.0% |
| Capital | 10 | €440,000 | €440,000 | = | 0.0% |
| Issued capital | 100 | €440,000 | €440,000 | = | 0.0% |
| Reserves | 13 | €44,000 | €44,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €44,000 | €44,000 | = | 0.0% |
| Legal reserve | 130 | €44,000 | €44,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,694 | €62,515 | +€37,821 | +153% |
| Investment grants | 15 | €173,426 | €140,794 | -€32,632 | -18.8% |
| Amounts payable | 17/49 | €3,439,895 | €3,405,890 | -€34,005 | -1.0% |
| Amounts payable after more than one year | 17 | €684,234 | €465,185 | -€219,049 | -32.0% |
| Financial debts | 170/4 | €684,234 | €465,185 | -€219,049 | -32.0% |
| Amounts payable within one year | 42/48 | €2,755,661 | €2,940,705 | +€185,044 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €219,525 | €219,049 | -€476 | -0.2% |
| Trade debts | 44 | €2,078,913 | €2,294,327 | +€215,414 | +10.4% |
| Suppliers | 440/4 | €2,078,913 | €2,294,327 | +€215,414 | +10.4% |
| Taxes, remuneration and social security | 45 | €92,389 | €109,843 | +€17,454 | +18.9% |
| Taxes | 450/3 | €4,331 | €5,716 | +€1,385 | +32.0% |
| Remuneration and social security | 454/9 | €88,058 | €104,127 | +€16,069 | +18.2% |
| Other amounts payable | 47/48 | €364,834 | €317,486 | -€47,348 | -13.0% |
| Non-recurring operating income | 76A | €13,602 | - | -€13,602 | |
| Remuneration, social security and pensions | 62 | €995,633 | €1,076,711 | +€81,078 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €396,170 | €390,530 | -€5,640 | -1.4% |
| Other operating charges | 640/8 | €144,811 | €161,192 | +€16,381 | +11.3% |
| Gross operating margin | 9900 | €2,169,803 | €2,375,868 | +€206,065 | +9.5% |
| Operating profit (loss) | 9901 | €633,189 | €747,435 | +€114,246 | +18.0% |
| Financial income | 75/76B | €32,841 | €32,632 | -€209 | -0.6% |
| Recurring financial income | 75 | €32,841 | €32,632 | -€209 | -0.6% |
| Financial charges | 65/66B | €88,064 | €99,672 | +€11,608 | +13.2% |
| Recurring financial charges | 65 | €88,064 | €99,672 | +€11,608 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €577,966 | €680,395 | +€102,429 | +17.7% |
| Income taxes | 67/77 | €219,160 | €242,574 | +€23,414 | +10.7% |
| Profit (loss) for the period | 9904 | €358,806 | €437,821 | +€79,015 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €358,806 | €437,821 | +€79,015 | +22.0% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.