AD VINCI: 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 VINCI
Largest movements
- Receivables within one year +€279,045
up €279,045 (+108%), from €257,767 to €536,812
of which Trade receivables: +€234,571
- Trade debts +€265,578
up €265,578 (+280%), from €94,876 to €360,455
- Gross operating margin +€27,650
up €27,650, from -€24,086 to €3,565
- Other operating charges -€10,661
down €10,661 (-89.0%), from €11,980 to €1,319
- Financial charges -€930
down €930 (-16.8%), from €5,528 to €4,598
- Depreciation -€364
down €364 (-25.9%), from €1,409 to €1,045
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €343,558 | €617,502 | +€273,944 | +79.7% |
| Fixed assets | 21/28 | €79,983 | €78,938 | -€1,045 | -1.3% |
| Tangible fixed assets | 22/27 | €3,724 | €2,680 | -€1,045 | -28.1% |
| Plant, machinery and equipment | 23 | €848 | €383 | -€465 | -54.8% |
| Furniture and vehicles | 24 | €2,876 | €2,296 | -€580 | -20.2% |
| Financial fixed assets | 28 | €76,259 | €76,259 | = | 0.0% |
| Current assets | 29/58 | €263,575 | €538,564 | +€274,989 | +104% |
| Amounts receivable within one year | 40/41 | €257,767 | €536,812 | +€279,045 | +108% |
| Trade receivables | 40 | €246 | €234,817 | +€234,571 | +95,408% |
| Other amounts receivable | 41 | €257,521 | €301,996 | +€44,474 | +17.3% |
| Deferred charges and accrued income | 490/1 | €5,808 | €1,751 | -€4,056 | -69.8% |
| Total equity and liabilities | 10/49 | €343,558 | €617,502 | +€273,944 | +79.7% |
| Equity | 10/15 | €225,013 | €225,816 | +€803 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €204,553 | €205,356 | +€803 | +0.4% |
| Amounts payable | 17/49 | €118,545 | €391,686 | +€273,141 | +230% |
| Amounts payable within one year | 42/48 | €118,545 | €391,686 | +€273,141 | +230% |
| Financial debts | 43 | €23,266 | €27,142 | +€3,876 | +16.7% |
| Credit institutions | 430/8 | €23,266 | €27,142 | +€3,876 | +16.7% |
| Trade debts | 44 | €94,876 | €360,455 | +€265,578 | +280% |
| Suppliers | 440/4 | €94,876 | €360,455 | +€265,578 | +280% |
| Taxes, remuneration and social security | 45 | €402 | €4,089 | +€3,686 | +916% |
| Taxes | 450/3 | €402 | €4,089 | +€3,686 | +916% |
| Remuneration, social security and pensions | 62 | €160 | - | -€160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,409 | €1,045 | -€364 | -25.9% |
| Other operating charges | 640/8 | €11,980 | €1,319 | -€10,661 | -89.0% |
| Gross operating margin | 9900 | -€24,086 | €3,565 | +€27,650 | |
| Operating profit (loss) | 9901 | -€37,635 | €1,201 | +€38,836 | |
| Financial income | 75/76B | €4,518 | €4,393 | -€125 | -2.8% |
| Recurring financial income | 75 | €4,518 | €4,393 | -€125 | -2.8% |
| Financial charges | 65/66B | €5,528 | €4,598 | -€930 | -16.8% |
| Recurring financial charges | 65 | €5,528 | €4,598 | -€930 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | -€38,645 | €996 | +€39,642 | |
| Income taxes | 67/77 | €213 | €194 | -€20 | -9.2% |
| Profit (loss) for the period | 9904 | -€38,859 | €803 | +€39,661 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,859 | €803 | +€39,661 |
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 25 October 2026 via checked.be.