Ad Valor: 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 Valor
Largest movements
- Cash +€86,675
up €86,675 (+826%), from €10,497 to €97,172
mainly Net result for the year (+€49,129) and Other debts (+€47,303)
- Tangible fixed assets -€2,225
down €2,225 (-11.9%), from €18,759 to €16,535
of which Furniture and vehicles: -€3,375
- Other debts +€47,303
up €47,303 (+934%), from €5,062 to €52,365
- Tax, wage and social debts +€30,093
up €30,093 (+706%), from €4,263 to €34,355
of which Taxes: +€26,350
- Trade debts +€7,387
up €7,387 (+165%), from €4,467 to €11,854
- Gross operating margin +€66,205
up €66,205 (+788%), from €8,397 to €74,602
- Taxes +€10,951
up €10,951 (+463%), from €2,367 to €13,318
- Staff costs +€4,336
up €4,336, from €0 to €4,336
- Depreciation +€2,159
up €2,159 (+56.8%), from €3,799 to €5,957
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 | €41,254 | €126,436 | +€85,182 | +206% |
| Fixed assets | 21/28 | €18,759 | €16,535 | -€2,225 | -11.9% |
| Tangible fixed assets | 22/27 | €18,759 | €16,535 | -€2,225 | -11.9% |
| Plant, machinery and equipment | 23 | €402 | €2,151 | +€1,749 | +435% |
| Furniture and vehicles | 24 | €17,443 | €14,068 | -€3,375 | -19.3% |
| Other tangible fixed assets | 26 | €914 | €315 | -€599 | -65.5% |
| Current assets | 29/58 | €22,495 | €109,901 | +€87,406 | +389% |
| Amounts receivable within one year | 40/41 | €11,149 | €10,913 | -€236 | -2.1% |
| Trade receivables | 40 | €3,517 | €10,913 | +€7,397 | +210% |
| Other amounts receivable | 41 | €7,633 | €0 | -€7,633 | -100% |
| Cash at bank and in hand | 54/58 | €10,497 | €97,172 | +€86,675 | +826% |
| Deferred charges and accrued income | 490/1 | €848 | €1,816 | +€967 | +114% |
| Total equity and liabilities | 10/49 | €41,254 | €126,436 | +€85,182 | +206% |
| Equity | 10/15 | €27,462 | €27,462 | = | 0.0% |
| Reserves | 13 | €27,462 | €27,462 | = | 0.0% |
| Distributable reserves | 133 | €27,462 | €27,462 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,792 | €98,974 | +€85,182 | +618% |
| Amounts payable within one year | 42/48 | €13,792 | €98,574 | +€84,782 | +615% |
| Trade debts | 44 | €4,467 | €11,854 | +€7,387 | +165% |
| Suppliers | 440/4 | €4,467 | €11,854 | +€7,387 | +165% |
| Taxes, remuneration and social security | 45 | €4,263 | €34,355 | +€30,093 | +706% |
| Taxes | 450/3 | €4,263 | €30,613 | +€26,350 | +618% |
| Remuneration and social security | 454/9 | - | €3,742 | +€3,742 | |
| Other amounts payable | 47/48 | €5,062 | €52,365 | +€47,303 | +934% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €0 | €4,336 | +€4,336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,799 | €5,957 | +€2,159 | +56.8% |
| Other operating charges | 640/8 | €1,209 | €1,543 | +€334 | +27.6% |
| Gross operating margin | 9900 | €8,397 | €74,602 | +€66,205 | +788% |
| Operating profit (loss) | 9901 | €3,389 | €62,765 | +€59,376 | +1,752% |
| Financial income | 75/76B | €15 | €85 | +€69 | +449% |
| Recurring financial income | 75 | €15 | €85 | +€69 | +449% |
| Financial charges | 65/66B | €353 | €402 | +€50 | +14.1% |
| Recurring financial charges | 65 | €353 | €402 | +€50 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €3,052 | €62,448 | +€59,396 | +1,946% |
| Income taxes | 67/77 | €2,367 | €13,318 | +€10,951 | +463% |
| Profit (loss) for the period | 9904 | €684 | €49,129 | +€48,445 | +7,078% |
| Profit (loss) for the period to be appropriated | 9905 | €684 | €49,129 | +€48,445 | +7,078% |
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 15 October 2026 via checked.be.