ADSD: what changed
Two fiscal 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.
ADSD
Largest movements
- Cash -€11,911
down €11,911 (-21.7%), from €54,786 to €42,875
mainly Net result for the year (-€20,238) and Accrued charges and deferred income (-€13,337)
- Tangible fixed assets -€9,323
down €9,323 (-42.1%), from €22,149 to €12,826
of which Furniture and vehicles: -€5,869
- Receivables within one year +€1,613
up €1,613 (+3.3%), from €49,049 to €50,662
of which Other amounts receivable: +€1,426
- Deferred charges and accrued income -€1,513
no longer reported in 2025 (was €1,513)
- Profit (loss) carried forward -€20,238
down €20,238 (-99.3%), from -€20,384 to -€40,622
- Trade debts +€20,215
up €20,215 (+29.4%), from €68,847 to €89,061
- Accrued charges and deferred income -€13,337
no longer reported in 2025 (was €13,337)
- Other debts -€5,720
down €5,720 (-8.4%), from €67,995 to €62,275
- Tax, wage and social debts -€2,918
down €2,918 (-98.4%), from €2,965 to €47
of which Remuneration and social security: -€1,873
- Other operating charges +€6,373
up €6,373 (+144.8%), from €4,403 to €10,775
- Gross operating margin -€5,797
down €5,797, from €5,398 to -€399
- Staff costs -€158
no longer reported in 2025 (was €158)
- Financial income +€156
up €156 (+51.6%), from €301 to €457
of which Non-recurring financial income: +€406
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 | €135,760 | €113,762 | -€21,998 | -16.2% |
| Fixed assets | 21/28 | €25,159 | €15,836 | -€9,323 | -37.1% |
| Tangible fixed assets | 22/27 | €22,149 | €12,826 | -€9,323 | -42.1% |
| Plant, machinery and equipment | 23 | €1,415 | €595 | -€820 | -57.9% |
| Furniture and vehicles | 24 | €10,201 | €4,332 | -€5,869 | -57.5% |
| Other tangible fixed assets | 26 | €10,532 | €7,899 | -€2,634 | -25.0% |
| Financial fixed assets | 28 | €3,010 | €3,010 | = | 0.0% |
| Current assets | 29/58 | €110,601 | €97,926 | -€12,675 | -11.5% |
| Stocks and contracts in progress | 3 | €5,254 | €4,389 | -€865 | -16.5% |
| Stocks | 30/36 | €5,254 | €4,389 | -€865 | -16.5% |
| Amounts receivable within one year | 40/41 | €49,049 | €50,662 | +€1,613 | +3.3% |
| Trade receivables | 40 | €40,654 | €40,841 | +€187 | +0.5% |
| Other amounts receivable | 41 | €8,395 | €9,821 | +€1,426 | +17.0% |
| Cash at bank and in hand | 54/58 | €54,786 | €42,875 | -€11,911 | -21.7% |
| Deferred charges and accrued income | 490/1 | €1,513 | - | -€1,513 | |
| Total equity and liabilities | 10/49 | €135,760 | €113,762 | -€21,998 | -16.2% |
| Equity | 10/15 | -€17,384 | -€37,622 | -€20,238 | -116.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,384 | -€40,622 | -€20,238 | -99.3% |
| Amounts payable | 17/49 | €153,144 | €151,384 | -€1,760 | -1.1% |
| Amounts payable within one year | 42/48 | €139,807 | €151,384 | +€11,577 | +8.3% |
| Trade debts | 44 | €68,847 | €89,061 | +€20,215 | +29.4% |
| Suppliers | 440/4 | €68,847 | €89,061 | +€20,215 | +29.4% |
| Taxes, remuneration and social security | 45 | €2,965 | €47 | -€2,918 | -98.4% |
| Taxes | 450/3 | €1,074 | €29 | -€1,045 | -97.3% |
| Remuneration and social security | 454/9 | €1,892 | €19 | -€1,873 | -99.0% |
| Other amounts payable | 47/48 | €67,995 | €62,275 | -€5,720 | -8.4% |
| Accrued charges and deferred income | 492/3 | €13,337 | - | -€13,337 | |
| Remuneration, social security and pensions | 62 | €158 | - | -€158 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,323 | €9,323 | -€0 | 0.0% |
| Other operating charges | 640/8 | €4,403 | €10,775 | +€6,373 | +144.8% |
| Gross operating margin | 9900 | €5,398 | -€399 | -€5,797 | |
| Operating profit (loss) | 9901 | -€8,486 | -€20,498 | -€12,011 | -141.5% |
| Financial income | 75/76B | €301 | €457 | +€156 | +51.6% |
| Recurring financial income | 75 | €301 | €51 | -€250 | -83.1% |
| Non-recurring financial income | 76B | - | €406 | +€406 | |
| Financial charges | 65/66B | €235 | €197 | -€38 | -16.2% |
| Recurring financial charges | 65 | €164 | €197 | +€33 | +20.2% |
| Non-recurring financial charges | 66B | €71 | - | -€71 | |
| Profit (loss) for the period before taxes | 9903 | -€8,420 | -€20,238 | -€11,818 | -140.4% |
| Income taxes | 67/77 | €4 | - | -€4 | |
| Profit (loss) for the period | 9904 | -€8,424 | -€20,238 | -€11,814 | -140.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,424 | -€20,238 | -€11,814 | -140.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.