ADS: 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.
ADS
Largest movements
- Cash +€301,440
up €301,440 (+223%), from €135,009 to €436,449
mainly Net result for the year (+€315,901) and Other debts (+€281,383)
- Current investments -€103,818
down €103,818 (-4.6%), from €2.3m to €2.1m
- Receivables within one year +€34,609
up €34,609 (+113%), from €30,552 to €65,161
of which Trade receivables: +€22,225
- Other debts +€281,383
up €281,383 (+780%), from €36,070 to €317,452
- Tax, wage and social debts -€75,835
down €75,835 (-65.8%), from €115,165 to €39,330
of which Taxes: -€65,123
- Gross operating margin +€48,778
up €48,778 (+11.2%), from €435,593 to €484,370
- Financial income -€28,933
down €28,933 (-44.1%), from €65,675 to €36,742
- Financial charges +€8,646
up €8,646 (+845%), from €1,023 to €9,670
- Staff costs +€4,980
up €4,980 (+18.6%), from €26,733 to €31,713
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 | €2,498,844 | €2,702,400 | +€203,556 | +8.1% |
| Fixed assets | 21/28 | €67,737 | €49,958 | -€17,779 | -26.2% |
| Tangible fixed assets | 22/27 | €67,187 | €49,408 | -€17,779 | -26.5% |
| Land and buildings | 22 | €44,874 | €43,624 | -€1,250 | -2.8% |
| Furniture and vehicles | 24 | €20,965 | €5,784 | -€15,181 | -72.4% |
| Other tangible fixed assets | 26 | €1,348 | €0 | -€1,348 | -100% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €2,431,107 | €2,652,443 | +€221,335 | +9.1% |
| Amounts receivable within one year | 40/41 | €30,552 | €65,161 | +€34,609 | +113% |
| Trade receivables | 40 | €30,552 | €52,777 | +€22,225 | +72.7% |
| Other amounts receivable | 41 | - | €12,384 | +€12,384 | |
| Current investments | 50/53 | €2,250,000 | €2,146,182 | -€103,818 | -4.6% |
| Cash at bank and in hand | 54/58 | €135,009 | €436,449 | +€301,440 | +223% |
| Deferred charges and accrued income | 490/1 | €15,546 | €4,650 | -€10,896 | -70.1% |
| Total equity and liabilities | 10/49 | €2,498,844 | €2,702,400 | +€203,556 | +8.1% |
| Equity | 10/15 | €2,299,308 | €2,297,757 | -€1,551 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,280,708 | €2,279,157 | -€1,551 | -0.1% |
| Distributable reserves | 133 | €2,280,708 | €2,279,157 | -€1,551 | -0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €199,536 | €404,643 | +€205,107 | +103% |
| Amounts payable within one year | 42/48 | €199,447 | €404,557 | +€205,110 | +103% |
| Trade debts | 44 | €47,948 | €47,509 | -€438 | -0.9% |
| Suppliers | 440/4 | €47,948 | €47,509 | -€438 | -0.9% |
| Advances received on contracts in progress | 46 | €265 | €265 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €115,165 | €39,330 | -€75,835 | -65.8% |
| Taxes | 450/3 | €104,453 | €39,330 | -€65,123 | -62.3% |
| Remuneration and social security | 454/9 | €10,712 | €0 | -€10,712 | -100% |
| Other amounts payable | 47/48 | €36,070 | €317,452 | +€281,383 | +780% |
| Accrued charges and deferred income | 492/3 | €89 | €86 | -€2 | -2.6% |
| Non-recurring operating income | 76A | €826 | €0 | -€826 | -100% |
| Remuneration, social security and pensions | 62 | €26,733 | €31,713 | +€4,980 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,450 | €13,253 | -€2,197 | -14.2% |
| Other operating charges | 640/8 | €1,919 | €1,979 | +€60 | +3.1% |
| Gross operating margin | 9900 | €435,593 | €484,370 | +€48,778 | +11.2% |
| Operating profit (loss) | 9901 | €391,490 | €437,424 | +€45,934 | +11.7% |
| Financial income | 75/76B | €65,675 | €36,742 | -€28,933 | -44.1% |
| Recurring financial income | 75 | €65,675 | €36,742 | -€28,933 | -44.1% |
| Financial charges | 65/66B | €1,023 | €9,670 | +€8,646 | +845% |
| Recurring financial charges | 65 | €1,023 | €9,670 | +€8,646 | +845% |
| Profit (loss) for the period before taxes | 9903 | €456,142 | €464,497 | +€8,355 | +1.8% |
| Income taxes | 67/77 | €143,974 | €148,595 | +€4,621 | +3.2% |
| Profit (loss) for the period | 9904 | €312,168 | €315,901 | +€3,733 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €312,168 | €315,901 | +€3,733 | +1.2% |
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 17 October 2026 via checked.be.