AD WAR SRL: 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 WAR SRL
Largest movements
- Tangible fixed assets -€94,446
down €94,446 (-8.7%), from €1.1m to €996,022
of which Plant, machinery and equipment: -€79,736
- Receivables within one year -€89,961
down €89,961 (-42.0%), from €213,948 to €123,988
of which Other amounts receivable: -€137,303
- Stocks and contracts +€87,593
up €87,593 (+22.9%), from €381,788 to €469,381
- Receivables after one year -€45,000
no longer reported in 2025 (was €45,000)
- Cash +€37,950
up €37,950 (+65.0%), from €58,381 to €96,332
mainly Net result for the year (+€209,381) and Depreciation (+€94,446)
- Profit (loss) carried forward +€209,381
up €209,381, from -€184,364 to €25,017
- Trade debts -€198,611
down €198,611 (-26.6%), from €747,026 to €548,415
- Debts after one year -€140,408
down €140,408 (-16.8%), from €837,951 to €697,542
of which Financial debts: -€140,408
- Other debts -€38,148
down €38,148 (-30.4%), from €125,438 to €87,291
- Short-term financial debts +€29,010
new in 2025: €29,010
- Gross operating margin +€267,597
up €267,597 (+42.1%), from €635,171 to €902,768
- Staff costs +€17,124
up €17,124 (+3.3%), from €522,092 to €539,216
- Taxes +€16,146
new in 2025: €16,146
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 | €1,790,901 | €1,687,894 | -€103,007 | -5.8% |
| Fixed assets | 21/28 | €1,090,468 | €996,022 | -€94,446 | -8.7% |
| Tangible fixed assets | 22/27 | €1,090,468 | €996,022 | -€94,446 | -8.7% |
| Plant, machinery and equipment | 23 | €1,008,375 | €928,639 | -€79,736 | -7.9% |
| Furniture and vehicles | 24 | €4,830 | €1,920 | -€2,910 | -60.2% |
| Leasing and similar rights | 25 | €77,263 | €65,463 | -€11,800 | -15.3% |
| Current assets | 29/58 | €700,433 | €691,872 | -€8,561 | -1.2% |
| Amounts receivable after more than one year | 29 | €45,000 | - | -€45,000 | |
| Other amounts receivable | 291 | €45,000 | - | -€45,000 | |
| Stocks and contracts in progress | 3 | €381,788 | €469,381 | +€87,593 | +22.9% |
| Stocks | 30/36 | €381,788 | €469,381 | +€87,593 | +22.9% |
| Amounts receivable within one year | 40/41 | €213,948 | €123,988 | -€89,961 | -42.0% |
| Trade receivables | 40 | €52,014 | €99,356 | +€47,342 | +91.0% |
| Other amounts receivable | 41 | €161,935 | €24,632 | -€137,303 | -84.8% |
| Cash at bank and in hand | 54/58 | €58,381 | €96,332 | +€37,950 | +65.0% |
| Deferred charges and accrued income | 490/1 | €1,315 | €2,171 | +€856 | +65.1% |
| Total equity and liabilities | 10/49 | €1,790,901 | €1,687,894 | -€103,007 | -5.8% |
| Equity | 10/15 | -€183,364 | €26,017 | +€209,381 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€184,364 | €25,017 | +€209,381 | |
| Amounts payable | 17/49 | €1,974,265 | €1,661,877 | -€312,388 | -15.8% |
| Amounts payable after more than one year | 17 | €837,951 | €697,542 | -€140,408 | -16.8% |
| Financial debts | 170/4 | €552,951 | €412,542 | -€140,408 | -25.4% |
| Other amounts payable | 178/9 | €285,000 | €285,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,111,295 | €915,509 | -€195,787 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €146,648 | €140,408 | -€6,239 | -4.3% |
| Financial debts | 43 | - | €29,010 | +€29,010 | |
| Credit institutions | 430/8 | - | €29,010 | +€29,010 | |
| Trade debts | 44 | €747,026 | €548,415 | -€198,611 | -26.6% |
| Suppliers | 440/4 | €747,026 | €548,415 | -€198,611 | -26.6% |
| Taxes, remuneration and social security | 45 | €92,184 | €110,385 | +€18,201 | +19.7% |
| Taxes | 450/3 | €2,312 | €17,235 | +€14,923 | +645% |
| Remuneration and social security | 454/9 | €89,871 | €93,150 | +€3,279 | +3.6% |
| Other amounts payable | 47/48 | €125,438 | €87,291 | -€38,148 | -30.4% |
| Accrued charges and deferred income | 492/3 | €25,019 | €48,826 | +€23,807 | +95.2% |
| Remuneration, social security and pensions | 62 | €522,092 | €539,216 | +€17,124 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,334 | €94,446 | +€112 | +0.1% |
| Other operating charges | 640/8 | €14,208 | €14,402 | +€194 | +1.4% |
| Non-recurring operating charges | 66A | €17,365 | - | -€17,365 | |
| Gross operating margin | 9900 | €635,171 | €902,768 | +€267,597 | +42.1% |
| Operating profit (loss) | 9901 | -€12,827 | €254,704 | +€267,532 | |
| Financial income | 75/76B | €2,941 | €217 | -€2,724 | -92.6% |
| Recurring financial income | 75 | €2,941 | €217 | -€2,724 | -92.6% |
| Financial charges | 65/66B | €30,519 | €29,394 | -€1,125 | -3.7% |
| Recurring financial charges | 65 | €30,519 | €29,394 | -€1,125 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€40,406 | €225,527 | +€265,933 | |
| Income taxes | 67/77 | - | €16,146 | +€16,146 | |
| Profit (loss) for the period | 9904 | -€40,406 | €209,381 | +€249,787 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,406 | €209,381 | +€249,787 |
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 28 October 2026 via checked.be.