AdShoe: 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.
AdShoe
Largest movements
- Tangible fixed assets -€30,419
down €30,419 (-21.6%), from €140,871 to €110,452
of which Plant, machinery and equipment: -€20,496
- Cash -€4,759
down €4,759 (-54.8%), from €8,688 to €3,929
mainly Debts after one year (-€13,719) and Other debts (-€12,885)
- Debts after one year -€13,719
down €13,719 (-16.8%), from €81,710 to €67,991
- Other debts -€12,885
down €12,885 (-98.2%), from €13,121 to €236
- Trade debts -€5,306
down €5,306 (-55.2%), from €9,612 to €4,306
- Tax, wage and social debts -€4,807
down €4,807 (-28.8%), from €16,707 to €11,900
of which Remuneration and social security: -€6,021
- Profit (loss) carried forward +€3,648
no longer reported in 2025 (was -€3,648)
- Depreciation -€1,949
down €1,949 (-5.8%), from €33,391 to €31,442
- Staff costs -€1,783
down €1,783 (-3.7%), from €48,303 to €46,520
- Taxes +€1,283
up €1,283 (+497%), from €258 to €1,541
- Financial charges -€1,195
down €1,195 (-34.7%), from €3,441 to €2,246
- Gross operating margin -€1,057
down €1,057 (-1.2%), from €87,641 to €86,584
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 | €160,638 | €124,512 | -€36,126 | -22.5% |
| Fixed assets | 21/28 | €140,871 | €110,452 | -€30,419 | -21.6% |
| Tangible fixed assets | 22/27 | €140,871 | €110,452 | -€30,419 | -21.6% |
| Land and buildings | 22 | €27,324 | €24,427 | -€2,897 | -10.6% |
| Plant, machinery and equipment | 23 | €59,586 | €39,090 | -€20,496 | -34.4% |
| Furniture and vehicles | 24 | €2,269 | €1,204 | -€1,065 | -46.9% |
| Other tangible fixed assets | 26 | €51,692 | €45,731 | -€5,961 | -11.5% |
| Current assets | 29/58 | €19,767 | €14,060 | -€5,707 | -28.9% |
| Amounts receivable within one year | 40/41 | €10,579 | €10,131 | -€448 | -4.2% |
| Trade receivables | 40 | €10,179 | €9,731 | -€448 | -4.4% |
| Other amounts receivable | 41 | €400 | €400 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,688 | €3,929 | -€4,759 | -54.8% |
| Deferred charges and accrued income | 490/1 | €500 | - | -€500 | |
| Total equity and liabilities | 10/49 | €160,638 | €124,512 | -€36,126 | -22.5% |
| Equity | 10/15 | €30,742 | €34,412 | +€3,670 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,790 | €15,812 | +€22 | +0.1% |
| Non-distributable reserves | 130/1 | €15,790 | €1,860 | -€13,930 | -88.2% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Financial assistance | 1313 | €13,930 | - | -€13,930 | |
| Distributable reserves | 133 | - | €13,952 | +€13,952 | |
| Profit (loss) carried forward | 14 | -€3,648 | - | +€3,648 | |
| Amounts payable | 17/49 | €129,896 | €90,100 | -€39,796 | -30.6% |
| Amounts payable after more than one year | 17 | €81,710 | €67,991 | -€13,719 | -16.8% |
| Financial debts | 170/4 | €81,710 | €67,991 | -€13,719 | -16.8% |
| Amounts payable within one year | 42/48 | €48,186 | €22,109 | -€26,077 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €8,746 | €5,667 | -€3,079 | -35.2% |
| Trade debts | 44 | €9,612 | €4,306 | -€5,306 | -55.2% |
| Suppliers | 440/4 | €9,612 | €4,306 | -€5,306 | -55.2% |
| Taxes, remuneration and social security | 45 | €16,707 | €11,900 | -€4,807 | -28.8% |
| Taxes | 450/3 | €9,297 | €10,511 | +€1,214 | +13.1% |
| Remuneration and social security | 454/9 | €7,410 | €1,389 | -€6,021 | -81.3% |
| Other amounts payable | 47/48 | €13,121 | €236 | -€12,885 | -98.2% |
| Remuneration, social security and pensions | 62 | €48,303 | €46,520 | -€1,783 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,391 | €31,442 | -€1,949 | -5.8% |
| Other operating charges | 640/8 | €1,154 | €1,167 | +€13 | +1.1% |
| Gross operating margin | 9900 | €87,641 | €86,584 | -€1,057 | -1.2% |
| Operating profit (loss) | 9901 | €4,793 | €7,455 | +€2,662 | +55.5% |
| Financial income | 75/76B | €3 | €3 | = | 0.0% |
| Recurring financial income | 75 | €3 | €3 | = | 0.0% |
| Financial charges | 65/66B | €3,441 | €2,246 | -€1,195 | -34.7% |
| Recurring financial charges | 65 | €3,441 | €2,246 | -€1,195 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €1,355 | €5,212 | +€3,857 | +285% |
| Income taxes | 67/77 | €258 | €1,541 | +€1,283 | +497% |
| Profit (loss) for the period | 9904 | €1,097 | €3,671 | +€2,574 | +235% |
| Profit (loss) for the period to be appropriated | 9905 | €1,097 | €3,671 | +€2,574 | +235% |
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 29 October 2026 via checked.be.