ADS-INVEST: 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-INVEST
Largest movements
- Tangible fixed assets +€397,467
up €397,467 (+43.9%), from €904,738 to €1.3m
of which Assets under construction and advance payments: +€223,060
- Receivables within one year -€259,336
down €259,336 (-94.9%), from €273,413 to €14,077
of which Trade receivables: -€252,813
- Reserves +€115,089
up €115,089 (+19.0%), from €607,000 to €722,089
of which Distributable reserves: +€123,401
- Other debts +€73,097
up €73,097 (+18.0%), from €406,970 to €480,066
- Debts after one year -€58,153
down €58,153 (-44.2%), from €131,678 to €73,525
- Short-term financial debts +€38,148
new in 2025: €38,148
- Tax, wage and social debts -€36,199
down €36,199 (-80.9%), from €44,760 to €8,562
of which Taxes: -€36,199
- Gross operating margin -€79,999
down €79,999 (-18.7%), from €428,191 to €348,192
- Taxes -€40,024
down €40,024 (-35.9%), from €111,548 to €71,524
- Depreciation +€16,043
up €16,043 (+32.2%), from €49,860 to €65,902
- Other operating charges +€11,788
up €11,788 (+56.8%), from €20,740 to €32,527
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 | €1,355,401 | €1,486,508 | +€131,108 | +9.7% |
| Fixed assets | 21/28 | €904,738 | €1,302,205 | +€397,467 | +43.9% |
| Tangible fixed assets | 22/27 | €904,738 | €1,302,205 | +€397,467 | +43.9% |
| Land and buildings | 22 | €868,267 | €950,688 | +€82,421 | +9.5% |
| Furniture and vehicles | 24 | €780 | €92,765 | +€91,985 | +11,796% |
| Assets under construction and advance payments | 27 | €35,692 | €258,752 | +€223,060 | +625% |
| Current assets | 29/58 | €450,663 | €184,304 | -€266,359 | -59.1% |
| Amounts receivable after more than one year | 29 | €10,455 | - | -€10,455 | |
| Other amounts receivable | 291 | €10,455 | - | -€10,455 | |
| Amounts receivable within one year | 40/41 | €273,413 | €14,077 | -€259,336 | -94.9% |
| Trade receivables | 40 | €252,813 | - | -€252,813 | |
| Other amounts receivable | 41 | €20,600 | €14,077 | -€6,524 | -31.7% |
| Cash at bank and in hand | 54/58 | €166,598 | €169,392 | +€2,794 | +1.7% |
| Deferred charges and accrued income | 490/1 | €196 | €835 | +€639 | +326% |
| Total equity and liabilities | 10/49 | €1,355,401 | €1,486,508 | +€131,108 | +9.7% |
| Equity | 10/15 | €685,946 | €800,311 | +€114,365 | +16.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €607,000 | €722,089 | +€115,089 | +19.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,143 | €11,831 | -€8,312 | -41.3% |
| Distributable reserves | 133 | €580,657 | €704,058 | +€123,401 | +21.3% |
| Investment grants | 15 | €16,946 | €16,222 | -€724 | -4.3% |
| Provisions and deferred taxes | 16 | €12,363 | €9,351 | -€3,012 | -24.4% |
| Deferred taxes | 168 | €12,363 | €9,351 | -€3,012 | -24.4% |
| Amounts payable | 17/49 | €657,092 | €676,846 | +€19,754 | +3.0% |
| Amounts payable after more than one year | 17 | €131,678 | €73,525 | -€58,153 | -44.2% |
| Financial debts | 170/4 | €131,678 | €73,525 | -€58,153 | -44.2% |
| Amounts payable within one year | 42/48 | €520,492 | €597,207 | +€76,715 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €57,567 | €58,153 | +€586 | +1.0% |
| Financial debts | 43 | - | €38,148 | +€38,148 | |
| Other loans | 439 | - | €38,148 | +€38,148 | |
| Trade debts | 44 | €11,195 | €12,278 | +€1,082 | +9.7% |
| Suppliers | 440/4 | €11,195 | €12,278 | +€1,082 | +9.7% |
| Taxes, remuneration and social security | 45 | €44,760 | €8,562 | -€36,199 | -80.9% |
| Taxes | 450/3 | €41,960 | €5,762 | -€36,199 | -86.3% |
| Remuneration and social security | 454/9 | €2,800 | €2,800 | = | 0.0% |
| Other amounts payable | 47/48 | €406,970 | €480,066 | +€73,097 | +18.0% |
| Accrued charges and deferred income | 492/3 | €4,922 | €6,114 | +€1,193 | +24.2% |
| Non-recurring operating income | 76A | - | €22,041 | +€22,041 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,860 | €65,902 | +€16,043 | +32.2% |
| Other operating charges | 640/8 | €20,740 | €32,527 | +€11,788 | +56.8% |
| Gross operating margin | 9900 | €428,191 | €348,192 | -€79,999 | -18.7% |
| Operating profit (loss) | 9901 | €357,592 | €249,763 | -€107,829 | -30.2% |
| Financial income | 75/76B | €1,948 | €1,740 | -€208 | -10.7% |
| Recurring financial income | 75 | €1,948 | €1,740 | -€208 | -10.7% |
| Financial charges | 65/66B | €7,592 | €8,695 | +€1,103 | +14.5% |
| Recurring financial charges | 65 | €7,592 | €8,695 | +€1,103 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €351,949 | €242,809 | -€109,140 | -31.0% |
| Transfer from deferred taxes | 780 | €3,012 | €3,012 | = | 0.0% |
| Income taxes | 67/77 | €111,548 | €71,524 | -€40,024 | -35.9% |
| Profit (loss) for the period | 9904 | €243,413 | €174,297 | -€69,116 | -28.4% |
| Transfer from tax-exempt reserves | 789 | €8,312 | €8,312 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €251,725 | €182,609 | -€69,116 | -27.5% |
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 1 November 2026 via checked.be.