AD WORKS: 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 WORKS
Largest movements
- Tangible fixed assets -€23,364
down €23,364 (-22.0%), from €106,045 to €82,682
of which Land and buildings: -€13,786
- Receivables within one year +€7,945
up €7,945 (+23.4%), from €33,906 to €41,851
of which Trade receivables: +€7,658
- Cash +€5,424
up €5,424 (+7.9%), from €68,953 to €74,377
mainly Depreciation (+€23,364) and Net result for the year (+€16,331)
- Debts after one year -€19,774
down €19,774 (-26.2%), from €75,400 to €55,627
- Reserves +€16,331
up €16,331 (+31.3%), from €52,246 to €68,577
- Other debts -€7,340
down €7,340 (-19.7%), from €37,319 to €29,979
- Current portion of long-term debt +€2,284
up €2,284 (+11.9%), from €19,172 to €21,456
- Depreciation +€5,835
up €5,835 (+33.3%), from €17,529 to €23,364
- Gross operating margin +€1,973
up €1,973 (+3.8%), from €51,301 to €53,274
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.
Cash bridge derived
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 | €210,536 | €200,475 | -€10,061 | -4.8% |
| Fixed assets | 21/28 | €106,045 | €82,682 | -€23,364 | -22.0% |
| Tangible fixed assets | 22/27 | €106,045 | €82,682 | -€23,364 | -22.0% |
| Land and buildings | 22 | €67,593 | €53,806 | -€13,786 | -20.4% |
| Furniture and vehicles | 24 | €38,453 | €28,875 | -€9,578 | -24.9% |
| Current assets | 29/58 | €104,491 | €117,793 | +€13,302 | +12.7% |
| Amounts receivable within one year | 40/41 | €33,906 | €41,851 | +€7,945 | +23.4% |
| Trade receivables | 40 | €33,906 | €41,565 | +€7,658 | +22.6% |
| Other amounts receivable | 41 | - | €286 | +€286 | |
| Cash at bank and in hand | 54/58 | €68,953 | €74,377 | +€5,424 | +7.9% |
| Deferred charges and accrued income | 490/1 | €1,631 | €1,565 | -€66 | -4.0% |
| Total equity and liabilities | 10/49 | €210,536 | €200,475 | -€10,061 | -4.8% |
| Equity | 10/15 | €53,246 | €69,577 | +€16,331 | +30.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €52,246 | €68,577 | +€16,331 | +31.3% |
| Distributable reserves | 133 | €52,246 | €68,577 | +€16,331 | +31.3% |
| Amounts payable | 17/49 | €157,290 | €130,898 | -€26,392 | -16.8% |
| Amounts payable after more than one year | 17 | €75,400 | €55,627 | -€19,774 | -26.2% |
| Financial debts | 170/4 | €75,400 | €55,627 | -€19,774 | -26.2% |
| Amounts payable within one year | 42/48 | €81,890 | €75,271 | -€6,618 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €19,172 | €21,456 | +€2,284 | +11.9% |
| Trade debts | 44 | €21,294 | €19,395 | -€1,899 | -8.9% |
| Suppliers | 440/4 | €21,294 | €19,395 | -€1,899 | -8.9% |
| Taxes, remuneration and social security | 45 | €4,105 | €4,441 | +€336 | +8.2% |
| Taxes | 450/3 | €4,105 | €4,441 | +€336 | +8.2% |
| Other amounts payable | 47/48 | €37,319 | €29,979 | -€7,340 | -19.7% |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,529 | €23,364 | +€5,835 | +33.3% |
| Other operating charges | 640/8 | €2,122 | €2,089 | -€33 | -1.6% |
| Gross operating margin | 9900 | €51,301 | €53,274 | +€1,973 | +3.8% |
| Operating profit (loss) | 9901 | €31,650 | €27,821 | -€3,829 | -12.1% |
| Financial income | 75/76B | €91 | €80 | -€12 | -13.0% |
| Recurring financial income | 75 | €91 | €80 | -€12 | -13.0% |
| Financial charges | 65/66B | €3,116 | €2,835 | -€281 | -9.0% |
| Recurring financial charges | 65 | €3,116 | €2,835 | -€281 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €28,625 | €25,065 | -€3,560 | -12.4% |
| Income taxes | 67/77 | €9,181 | €8,735 | -€446 | -4.9% |
| Profit (loss) for the period | 9904 | €19,444 | €16,331 | -€3,114 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,444 | €16,331 | -€3,114 | -16.0% |
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 10 October 2026 via checked.be.