AD VALOREM IMMO: 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 VALOREM IMMO
Largest movements
- Cash -€20,720
down €20,720 (-91.1%), from €22,736 to €2,017
mainly Investment in fixed assets (net) (-€18,756) and Net result for the year (-€18,254)
- Tangible fixed assets -€6,109
down €6,109 (-1.9%), from €325,486 to €319,377
of which Land and buildings: -€14,442
- Profit (loss) carried forward -€16,437
down €16,437, from €5,422 to -€11,015
- Other debts +€14,330
up €14,330 (+17.4%), from €82,172 to €96,503
- Debts after one year -€10,474
down €10,474 (-6.0%), from €174,640 to €164,166
- Tax, wage and social debts -€10,400
no longer reported in 2024 (was €10,400)
of which Taxes: -€7,000
- Gross operating margin -€2,851
down €2,851 (-14.8%), from €19,325 to €16,475
- Depreciation +€2,346
up €2,346 (+10.4%), from €22,520 to €24,865
- Taxes +€702
new in 2024: €702
- Other operating charges -€561
down €561 (-8.2%), from €6,849 to €6,289
- Financial charges -€384
down €384 (-9.1%), from €4,221 to €3,837
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €348,222 | €321,393 | -€26,829 | -7.7% |
| Fixed assets | 21/28 | €325,486 | €319,377 | -€6,109 | -1.9% |
| Tangible fixed assets | 22/27 | €325,486 | €319,377 | -€6,109 | -1.9% |
| Land and buildings | 22 | €295,527 | €281,084 | -€14,442 | -4.9% |
| Plant, machinery and equipment | 23 | €16,653 | €29,682 | +€13,029 | +78.2% |
| Furniture and vehicles | 24 | €13,306 | €8,610 | -€4,696 | -35.3% |
| Current assets | 29/58 | €22,736 | €2,017 | -€20,720 | -91.1% |
| Cash at bank and in hand | 54/58 | €22,736 | €2,017 | -€20,720 | -91.1% |
| Total equity and liabilities | 10/49 | €348,222 | €321,393 | -€26,829 | -7.7% |
| Equity | 10/15 | €53,128 | €34,875 | -€18,254 | -34.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €29,115 | €27,298 | -€1,817 | -6.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,256 | €25,439 | -€1,817 | -6.7% |
| Profit (loss) carried forward | 14 | €5,422 | -€11,015 | -€16,437 | |
| Provisions and deferred taxes | 16 | €14,113 | €13,177 | -€936 | -6.6% |
| Deferred taxes | 168 | €14,113 | €13,177 | -€936 | -6.6% |
| Amounts payable | 17/49 | €280,981 | €273,341 | -€7,640 | -2.7% |
| Amounts payable after more than one year | 17 | €174,640 | €164,166 | -€10,474 | -6.0% |
| Financial debts | 170/4 | €174,640 | €164,166 | -€10,474 | -6.0% |
| Amounts payable within one year | 42/48 | €106,341 | €109,175 | +€2,834 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €13,257 | €10,474 | -€2,783 | -21.0% |
| Trade debts | 44 | €511 | €2,198 | +€1,687 | +330.0% |
| Suppliers | 440/4 | €511 | €2,198 | +€1,687 | +330.0% |
| Taxes, remuneration and social security | 45 | €10,400 | - | -€10,400 | |
| Taxes | 450/3 | €7,000 | - | -€7,000 | |
| Remuneration and social security | 454/9 | €3,400 | - | -€3,400 | |
| Other amounts payable | 47/48 | €82,172 | €96,503 | +€14,330 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,520 | €24,865 | +€2,346 | +10.4% |
| Other operating charges | 640/8 | €6,849 | €6,289 | -€561 | -8.2% |
| Gross operating margin | 9900 | €19,325 | €16,475 | -€2,851 | -14.8% |
| Operating profit (loss) | 9901 | -€10,044 | -€14,679 | -€4,635 | -46.2% |
| Financial income | 75/76B | €56 | €28 | -€28 | -50.1% |
| Recurring financial income | 75 | €56 | €28 | -€28 | -50.1% |
| Financial charges | 65/66B | €4,221 | €3,837 | -€384 | -9.1% |
| Recurring financial charges | 65 | €4,221 | €3,837 | -€384 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | -€14,209 | -€18,488 | -€4,279 | -30.1% |
| Transfer from deferred taxes | 780 | €864 | €936 | +€72 | +8.3% |
| Income taxes | 67/77 | - | €702 | +€702 | |
| Profit (loss) for the period | 9904 | -€13,345 | -€18,254 | -€4,909 | -36.8% |
| Transfer from tax-exempt reserves | 789 | €1,817 | €1,817 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,528 | -€16,437 | -€4,909 | -42.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.