AD-SA: what changed
Two fiscal 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-SA
Largest movements
- Receivables within one year -€24,090
down €24,090 (-20.4%), from €118,278 to €94,188
of which Other amounts receivable: -€21,452
- Cash +€22,551
up €22,551, from €0 to €22,551
mainly Receivables within one year (+€24,090) and Depreciation (+€12,478)
- Tangible fixed assets -€12,478
down €12,478 (-36.1%), from €34,528 to €22,050
of which Furniture and vehicles: -€12,478
- Trade debts -€20,976
down €20,976 (-28.3%), from €74,127 to €53,151
- Profit (loss) carried forward +€10,432
up €10,432 (+10.4%), from €100,786 to €111,218
- Other debts +€8,157
up €8,157 (+2.7%), from €302,216 to €310,373
- Gross operating margin +€34,917
up €34,917 (+46.7%), from €74,783 to €109,700
- Staff costs -€10,078
down €10,078 (-10.8%), from €92,932 to €82,855
- Depreciation +€4,305
up €4,305 (+52.7%), from €8,174 to €12,478
- Financial income -€1,462
down €1,462 (-95.2%), from €1,535 to €73
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.
Cash bridge derived
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 | €548,453 | €536,293 | -€12,160 | -2.2% |
| Fixed assets | 21/28 | €34,528 | €22,050 | -€12,478 | -36.1% |
| Tangible fixed assets | 22/27 | €34,528 | €22,050 | -€12,478 | -36.1% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €34,528 | €22,050 | -€12,478 | -36.1% |
| Current assets | 29/58 | €513,925 | €514,244 | +€319 | +0.1% |
| Stocks and contracts in progress | 3 | €395,647 | €395,647 | = | 0.0% |
| Stocks | 30/36 | €395,647 | €395,647 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €118,278 | €94,188 | -€24,090 | -20.4% |
| Trade receivables | 40 | €61,405 | €58,767 | -€2,638 | -4.3% |
| Other amounts receivable | 41 | €56,873 | €35,421 | -€21,452 | -37.7% |
| Cash at bank and in hand | 54/58 | €0 | €22,551 | +€22,551 | |
| Deferred charges and accrued income | 490/1 | - | €1,857 | +€1,857 | |
| Total equity and liabilities | 10/49 | €548,453 | €536,293 | -€12,160 | -2.2% |
| Equity | 10/15 | €136,216 | €146,648 | +€10,432 | +7.7% |
| Contributions | 10/11 | €32,210 | €32,210 | = | 0.0% |
| Reserves | 13 | €3,221 | €3,221 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,221 | €3,221 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,221 | €3,221 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,786 | €111,218 | +€10,432 | +10.4% |
| Amounts payable | 17/49 | €412,237 | €389,645 | -€22,592 | -5.5% |
| Amounts payable after more than one year | 17 | €4,562 | - | -€4,562 | |
| Financial debts | 170/4 | €4,562 | - | -€4,562 | |
| Amounts payable within one year | 42/48 | €407,674 | €389,645 | -€18,029 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €4,764 | €4,562 | -€202 | -4.2% |
| Financial debts | 43 | €2,606 | - | -€2,606 | |
| Credit institutions | 430/8 | €2,606 | - | -€2,606 | |
| Trade debts | 44 | €74,127 | €53,151 | -€20,976 | -28.3% |
| Suppliers | 440/4 | €74,127 | €53,151 | -€20,976 | -28.3% |
| Taxes, remuneration and social security | 45 | €23,962 | €21,559 | -€2,403 | -10.0% |
| Taxes | 450/3 | €9,138 | €6,734 | -€2,404 | -26.3% |
| Remuneration and social security | 454/9 | €14,823 | €14,824 | +€1 | 0.0% |
| Other amounts payable | 47/48 | €302,216 | €310,373 | +€8,157 | +2.7% |
| Remuneration, social security and pensions | 62 | €92,932 | €82,855 | -€10,078 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,174 | €12,478 | +€4,305 | +52.7% |
| Other operating charges | 640/8 | €1,868 | €1,368 | -€500 | -26.8% |
| Gross operating margin | 9900 | €74,783 | €109,700 | +€34,917 | +46.7% |
| Operating profit (loss) | 9901 | -€28,192 | €12,999 | +€41,190 | |
| Financial income | 75/76B | €1,535 | €73 | -€1,462 | -95.2% |
| Recurring financial income | 75 | €1,535 | €73 | -€1,462 | -95.2% |
| Financial charges | 65/66B | €2,668 | €2,640 | -€28 | -1.0% |
| Recurring financial charges | 65 | €2,668 | €2,640 | -€28 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,324 | €10,432 | +€39,756 | |
| Profit (loss) for the period | 9904 | -€29,324 | €10,432 | +€39,756 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,324 | €10,432 | +€39,756 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.