H - AD REM: 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.
What changed
H - AD REM
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€5,393
2024 · €110,784-€116,177
Equity
€262,661
2024 · €268,054-€5,393
Cash
€9,263
2024 · €242,014-€232,752
Balance sheet total
€563,739
2024 · €817,252-€253,513
Largest movements
Assets
- Cash -€232,752
down €232,752 (-96.2%), from €242,014 to €9,263
mainly Other debts (-€243,173) and Net result for the year (-€5,393)
- Tangible fixed assets -€14,348
down €14,348 (-2.6%), from €551,595 to €537,248
Equity and liabilities
- Other debts -€243,173
down €243,173 (-68.7%), from €353,852 to €110,679
Income statement
- Gross operating margin -€151,550
down €151,550 (-93.6%), from €161,964 to €10,413
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.
Result 2024
€110,784
Gross operating margin
-€151,550
Depreciation
-€214
Other operating charges
-€719
Financial charges
+€614
Deferred taxes and other
+€35,692
Result 2025
-€5,393
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.
From operations
-€230,252
Investment
€0
Financing
-€2,500
Cash 2024
€242,014
From operations (derived)
-€230,252
Net result for the year
-€5,393
Depreciation
+€14,348
Receivables within one year
+€5,625
Deferred charges and accrued income
+€789
Provisions
-€1,914
Trade debts
-€533
Other debts
-€243,173
Financing
-€2,500
Debts after one year
-€2,500
Cash 2025
€9,263
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €817,252 | €563,739 | -€253,513 | -31.0% |
| Fixed assets | 21/28 | €551,595 | €537,248 | -€14,348 | -2.6% |
| Tangible fixed assets | 22/27 | €551,595 | €537,248 | -€14,348 | -2.6% |
| Land and buildings | 22 | €551,595 | €537,248 | -€14,348 | -2.6% |
| Current assets | 29/58 | €265,657 | €26,491 | -€239,166 | -90.0% |
| Amounts receivable within one year | 40/41 | €22,853 | €17,228 | -€5,625 | -24.6% |
| Other amounts receivable | 41 | €22,853 | €17,228 | -€5,625 | -24.6% |
| Cash at bank and in hand | 54/58 | €242,014 | €9,263 | -€232,752 | -96.2% |
| Deferred charges and accrued income | 490/1 | €789 | - | -€789 | |
| Total equity and liabilities | 10/49 | €817,252 | €563,739 | -€253,513 | -31.0% |
| Equity | 10/15 | €268,054 | €262,661 | -€5,393 | -2.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €229,279 | €223,537 | -€5,742 | -2.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €223,081 | €217,340 | -€5,742 | -2.6% |
| Profit (loss) carried forward | 14 | -€23,198 | -€22,849 | +€349 | +1.5% |
| Provisions and deferred taxes | 16 | €74,360 | €72,447 | -€1,914 | -2.6% |
| Deferred taxes | 168 | €74,360 | €72,447 | -€1,914 | -2.6% |
| Amounts payable | 17/49 | €474,838 | €228,631 | -€246,207 | -51.9% |
| Amounts payable after more than one year | 17 | €77,500 | €75,000 | -€2,500 | -3.2% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,500 | - | -€2,500 | |
| Amounts payable within one year | 42/48 | €354,661 | €110,955 | -€243,707 | -68.7% |
| Trade debts | 44 | €809 | €276 | -€533 | -65.9% |
| Suppliers | 440/4 | €809 | €276 | -€533 | -65.9% |
| Other amounts payable | 47/48 | €353,852 | €110,679 | -€243,173 | -68.7% |
| Accrued charges and deferred income | 492/3 | €42,677 | €42,677 | = | 0.0% |
| Non-recurring operating income | 76A | €165,159 | - | -€165,159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,133 | €14,348 | +€214 | +1.5% |
| Other operating charges | 640/8 | €2,537 | €3,256 | +€719 | +28.3% |
| Gross operating margin | 9900 | €161,964 | €10,413 | -€151,550 | -93.6% |
| Operating profit (loss) | 9901 | €145,293 | -€7,190 | -€152,483 | |
| Financial charges | 65/66B | €731 | €117 | -€614 | -84.0% |
| Recurring financial charges | 65 | €731 | €117 | -€614 | -84.0% |
| Profit (loss) for the period before taxes | 9903 | €144,562 | -€7,307 | -€151,869 | |
| Transfer from deferred taxes | 780 | €7,512 | €1,914 | -€5,598 | -74.5% |
| Transfer to deferred taxes | 680 | €41,290 | - | -€41,290 | |
| Profit (loss) for the period | 9904 | €110,784 | -€5,393 | -€116,177 | |
| Transfer from tax-exempt reserves | 789 | €22,535 | €5,742 | -€16,794 | -74.5% |
| Transfer to tax-exempt reserves | 689 | €123,869 | - | -€123,869 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,450 | €349 | -€9,102 | -96.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.