AD WEST: 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 WEST
Largest movements
- Receivables within one year -€95,289
down €95,289 (-20.4%), from €466,405 to €371,116
of which Trade receivables: -€110,794
- Tangible fixed assets -€40,919
down €40,919 (-17.3%), from €237,031 to €196,112
of which Other tangible fixed assets: -€23,297
- Cash -€20,607
down €20,607 (-49.8%), from €41,347 to €20,740
mainly Net result for the year (-€161,640) and Tax, wage and social debts (-€131,477)
- Trade debts +€175,750
up €175,750 (+86.1%), from €204,088 to €379,838
- Profit (loss) carried forward -€161,640
down €161,640 (-449%), from -€36,008 to -€197,648
- Tax, wage and social debts -€131,477
down €131,477 (-61.8%), from €212,727 to €81,250
of which Taxes: -€75,643
- Debts after one year -€35,317
down €35,317 (-22.2%), from €159,007 to €123,690
- Gross operating margin -€136,340
down €136,340 (-31.2%), from €436,422 to €300,082
- Staff costs -€14,178
down €14,178 (-3.4%), from €418,107 to €403,929
- Other operating charges -€10,785
down €10,785 (-96.5%), from €11,172 to €387
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 | €800,402 | €649,029 | -€151,373 | -18.9% |
| Formation expenses | 20 | €557 | €294 | -€263 | -47.2% |
| Fixed assets | 21/28 | €238,647 | €197,728 | -€40,919 | -17.1% |
| Tangible fixed assets | 22/27 | €237,031 | €196,112 | -€40,919 | -17.3% |
| Plant, machinery and equipment | 23 | €49,166 | €35,927 | -€13,239 | -26.9% |
| Furniture and vehicles | 24 | €12,375 | €7,992 | -€4,383 | -35.4% |
| Other tangible fixed assets | 26 | €175,491 | €152,193 | -€23,297 | -13.3% |
| Financial fixed assets | 28 | €1,616 | €1,616 | = | 0.0% |
| Current assets | 29/58 | €561,198 | €451,008 | -€110,190 | -19.6% |
| Stocks and contracts in progress | 3 | €11,657 | €10,225 | -€1,432 | -12.3% |
| Stocks | 30/36 | €11,657 | €10,225 | -€1,432 | -12.3% |
| Amounts receivable within one year | 40/41 | €466,405 | €371,116 | -€95,289 | -20.4% |
| Trade receivables | 40 | €307,931 | €197,137 | -€110,794 | -36.0% |
| Other amounts receivable | 41 | €158,474 | €173,979 | +€15,505 | +9.8% |
| Cash at bank and in hand | 54/58 | €41,347 | €20,740 | -€20,607 | -49.8% |
| Deferred charges and accrued income | 490/1 | €41,788 | €48,927 | +€7,139 | +17.1% |
| Total equity and liabilities | 10/49 | €800,402 | €649,029 | -€151,373 | -18.9% |
| Equity | 10/15 | -€6,008 | -€167,648 | -€161,640 | -2,691% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,008 | -€197,648 | -€161,640 | -449% |
| Amounts payable | 17/49 | €806,410 | €816,678 | +€10,268 | +1.3% |
| Amounts payable after more than one year | 17 | €159,007 | €123,690 | -€35,317 | -22.2% |
| Financial debts | 170/4 | €159,007 | €123,690 | -€35,317 | -22.2% |
| Amounts payable within one year | 42/48 | €646,831 | €692,416 | +€45,585 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €36,893 | €38,205 | +€1,312 | +3.6% |
| Trade debts | 44 | €204,088 | €379,838 | +€175,750 | +86.1% |
| Suppliers | 440/4 | €204,088 | €379,838 | +€175,750 | +86.1% |
| Taxes, remuneration and social security | 45 | €212,727 | €81,250 | -€131,477 | -61.8% |
| Taxes | 450/3 | €97,155 | €21,512 | -€75,643 | -77.9% |
| Remuneration and social security | 454/9 | €115,571 | €59,738 | -€55,833 | -48.3% |
| Other amounts payable | 47/48 | €193,123 | €193,123 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €571 | €571 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €418,107 | €403,929 | -€14,178 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,190 | €45,023 | +€833 | +1.9% |
| Other operating charges | 640/8 | €11,172 | €387 | -€10,785 | -96.5% |
| Gross operating margin | 9900 | €436,422 | €300,082 | -€136,340 | -31.2% |
| Operating profit (loss) | 9901 | -€37,047 | -€149,257 | -€112,210 | -303% |
| Financial income | 75/76B | €6,676 | €5,912 | -€765 | -11.5% |
| Recurring financial income | 75 | €6,676 | €5,912 | -€765 | -11.5% |
| Financial charges | 65/66B | €21,114 | €18,295 | -€2,819 | -13.4% |
| Recurring financial charges | 65 | €21,114 | €18,295 | -€2,819 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€51,485 | -€161,640 | -€110,156 | -214% |
| Profit (loss) for the period | 9904 | -€51,485 | -€161,640 | -€110,156 | -214% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,485 | -€161,640 | -€110,156 | -214% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.