Adverto: 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.
Adverto
Largest movements
- Cash +€311,343
up €311,343 (+2701.0%), from €11,527 to €322,870
mainly Net result for the year (+€200,075) and Receivables within one year (+€104,641)
- Receivables within one year -€104,641
down €104,641 (-91.3%), from €114,628 to €9,988
of which Trade receivables: -€98,899
- Tangible fixed assets +€36,354
up €36,354 (+62.0%), from €58,604 to €94,957
of which Leasing and similar rights: +€25,393
- Stocks and contracts -€9,737
down €9,737 (-49.1%), from €19,826 to €10,089
- Reserves +€200,075
up €200,075 (+582.8%), from €34,332 to €234,407
- Tax, wage and social debts +€92,730
up €92,730 (+1871.0%), from €4,956 to €97,686
of which Taxes: +€90,352
- Accrued charges and deferred income -€83,885
down €83,885 (-98.7%), from €84,982 to €1,098
- Debts after one year +€17,512
up €17,512 (+37.0%), from €47,325 to €64,837
- Current portion of long-term debt +€8,474
up €8,474 (+75.5%), from €11,219 to €19,693
- Gross operating margin +€265,272
up €265,272 (+509.0%), from €52,118 to €317,390
- Taxes +€74,920
up €74,920 (+574.9%), from €13,032 to €87,952
- Depreciation +€17,502
up €17,502 (+2033.3%), from €861 to €18,362
- Financial charges +€5,451
up €5,451 (+160.9%), from €3,387 to €8,838
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 | €207,287 | €441,407 | +€234,120 | +112.9% |
| Fixed assets | 21/28 | €58,604 | €94,957 | +€36,354 | +62.0% |
| Tangible fixed assets | 22/27 | €58,604 | €94,957 | +€36,354 | +62.0% |
| Plant, machinery and equipment | 23 | - | €10,961 | +€10,961 | |
| Leasing and similar rights | 25 | €58,604 | €83,996 | +€25,393 | +43.3% |
| Current assets | 29/58 | €148,683 | €346,450 | +€197,766 | +133.0% |
| Stocks and contracts in progress | 3 | €19,826 | €10,089 | -€9,737 | -49.1% |
| Stocks | 30/36 | €19,826 | €10,089 | -€9,737 | -49.1% |
| Amounts receivable within one year | 40/41 | €114,628 | €9,988 | -€104,641 | -91.3% |
| Trade receivables | 40 | €101,640 | €2,741 | -€98,899 | -97.3% |
| Other amounts receivable | 41 | €12,988 | €7,246 | -€5,742 | -44.2% |
| Cash at bank and in hand | 54/58 | €11,527 | €322,870 | +€311,343 | +2701.0% |
| Deferred charges and accrued income | 490/1 | €2,702 | €3,503 | +€801 | +29.6% |
| Total equity and liabilities | 10/49 | €207,287 | €441,407 | +€234,120 | +112.9% |
| Equity | 10/15 | €54,332 | €254,407 | +€200,075 | +368.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €34,332 | €234,407 | +€200,075 | +582.8% |
| Distributable reserves | 133 | €34,332 | €234,407 | +€200,075 | +582.8% |
| Amounts payable | 17/49 | €152,955 | €187,000 | +€34,045 | +22.3% |
| Amounts payable after more than one year | 17 | €47,325 | €64,837 | +€17,512 | +37.0% |
| Financial debts | 170/4 | €47,325 | €64,837 | +€17,512 | +37.0% |
| Amounts payable within one year | 42/48 | €20,647 | €121,065 | +€100,418 | +486.3% |
| Current portion of amounts payable after more than one year | 42 | €11,219 | €19,693 | +€8,474 | +75.5% |
| Trade debts | 44 | €1,398 | €74 | -€1,325 | -94.7% |
| Suppliers | 440/4 | €1,398 | €74 | -€1,325 | -94.7% |
| Taxes, remuneration and social security | 45 | €4,956 | €97,686 | +€92,730 | +1871.0% |
| Taxes | 450/3 | €2,667 | €93,019 | +€90,352 | +3387.8% |
| Remuneration and social security | 454/9 | €2,289 | €4,667 | +€2,378 | +103.9% |
| Other amounts payable | 47/48 | €3,074 | €3,612 | +€539 | +17.5% |
| Accrued charges and deferred income | 492/3 | €84,982 | €1,098 | -€83,885 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €861 | €18,362 | +€17,502 | +2033.3% |
| Other operating charges | 640/8 | €506 | €2,163 | +€1,657 | +327.3% |
| Gross operating margin | 9900 | €52,118 | €317,390 | +€265,272 | +509.0% |
| Operating profit (loss) | 9901 | €50,751 | €296,864 | +€246,113 | +484.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,387 | €8,838 | +€5,451 | +160.9% |
| Recurring financial charges | 65 | €3,387 | €8,838 | +€5,451 | +160.9% |
| Profit (loss) for the period before taxes | 9903 | €47,364 | €288,027 | +€240,663 | +508.1% |
| Income taxes | 67/77 | €13,032 | €87,952 | +€74,920 | +574.9% |
| Profit (loss) for the period | 9904 | €34,332 | €200,075 | +€165,743 | +482.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,332 | €200,075 | +€165,743 | +482.8% |
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 4 October 2026 via checked.be.