ADER PRINT: 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.
ADER PRINT
Largest movements
- Cash -€78,344
down €78,344 (-63.8%), from €122,826 to €44,481
mainly Investment in fixed assets (net) (-€99,868) and Other debts (-€70,369)
- Stocks and contracts -€53,474
down €53,474 (-18.2%), from €294,483 to €241,009
- Tangible fixed assets +€38,906
up €38,906 (+23.3%), from €167,231 to €206,137
of which Furniture and vehicles: +€50,293
- Other debts -€70,369
down €70,369 (-19.6%), from €359,340 to €288,970
- Debts after one year -€21,320
no longer reported in 2025 (was €21,320)
- Gross operating margin +€4,401
up €4,401 (+1.4%), from €320,645 to €325,046
- Depreciation +€3,411
up €3,411 (+5.9%), from €57,551 to €60,962
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 | €717,502 | €628,196 | -€89,306 | -12.4% |
| Fixed assets | 21/28 | €167,280 | €206,186 | +€38,906 | +23.3% |
| Tangible fixed assets | 22/27 | €167,231 | €206,137 | +€38,906 | +23.3% |
| Land and buildings | 22 | €51,415 | €52,150 | +€736 | +1.4% |
| Plant, machinery and equipment | 23 | €65,663 | €52,735 | -€12,928 | -19.7% |
| Furniture and vehicles | 24 | €41,181 | €91,474 | +€50,293 | +122.1% |
| Other tangible fixed assets | 26 | €8,971 | €9,778 | +€806 | +9.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €550,222 | €422,010 | -€128,212 | -23.3% |
| Stocks and contracts in progress | 3 | €294,483 | €241,009 | -€53,474 | -18.2% |
| Stocks | 30/36 | €294,483 | €241,009 | -€53,474 | -18.2% |
| Amounts receivable within one year | 40/41 | €122,945 | €119,431 | -€3,514 | -2.9% |
| Trade receivables | 40 | €114,032 | €117,615 | +€3,583 | +3.1% |
| Other amounts receivable | 41 | €8,913 | €1,816 | -€7,097 | -79.6% |
| Cash at bank and in hand | 54/58 | €122,826 | €44,481 | -€78,344 | -63.8% |
| Deferred charges and accrued income | 490/1 | €9,968 | €17,088 | +€7,120 | +71.4% |
| Total equity and liabilities | 10/49 | €717,502 | €628,196 | -€89,306 | -12.4% |
| Equity | 10/15 | €265,036 | €266,431 | +€1,395 | +0.5% |
| Contributions | 10/11 | €108,600 | €108,600 | = | 0.0% |
| Reserves | 13 | €141,312 | €141,312 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,750 | €15,750 | = | 0.0% |
| Distributable reserves | 133 | €125,562 | €125,562 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,124 | €16,519 | +€1,395 | +9.2% |
| Amounts payable | 17/49 | €452,466 | €361,765 | -€90,701 | -20.0% |
| Amounts payable after more than one year | 17 | €21,320 | - | -€21,320 | |
| Financial debts | 170/4 | €21,320 | - | -€21,320 | |
| Amounts payable within one year | 42/48 | €431,146 | €361,765 | -€69,381 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €25,324 | €21,320 | -€4,004 | -15.8% |
| Trade debts | 44 | €11,477 | €11,794 | +€317 | +2.8% |
| Suppliers | 440/4 | €11,477 | €11,794 | +€317 | +2.8% |
| Taxes, remuneration and social security | 45 | €35,005 | €39,680 | +€4,675 | +13.4% |
| Taxes | 450/3 | €8,568 | €11,547 | +€2,979 | +34.8% |
| Remuneration and social security | 454/9 | €26,437 | €28,133 | +€1,696 | +6.4% |
| Other amounts payable | 47/48 | €359,340 | €288,970 | -€70,369 | -19.6% |
| Non-recurring operating income | 76A | €1,594 | - | -€1,594 | |
| Remuneration, social security and pensions | 62 | €236,982 | €237,530 | +€548 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,551 | €60,962 | +€3,411 | +5.9% |
| Other operating charges | 640/8 | €2,060 | €1,493 | -€567 | -27.5% |
| Gross operating margin | 9900 | €320,645 | €325,046 | +€4,401 | +1.4% |
| Operating profit (loss) | 9901 | €24,052 | €25,061 | +€1,009 | +4.2% |
| Financial income | 75/76B | €12,389 | €10,090 | -€2,299 | -18.6% |
| Recurring financial income | 75 | €12,389 | €10,090 | -€2,299 | -18.6% |
| Financial charges | 65/66B | €32,925 | €31,499 | -€1,427 | -4.3% |
| Recurring financial charges | 65 | €32,925 | €31,499 | -€1,427 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €3,515 | €3,652 | +€137 | +3.9% |
| Income taxes | 67/77 | €1,896 | €2,257 | +€361 | +19.0% |
| Profit (loss) for the period | 9904 | €1,619 | €1,395 | -€224 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,619 | €1,395 | -€224 | -13.8% |
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.