AD REM MANAGEMENT: 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.
AD REM MANAGEMENT
Largest movements
- Cash +€380,808
up €380,808 (+226.3%), from €168,259 to €549,067
mainly Current investments (+€347,065) and Net result for the year (+€195,638)
- Current investments -€347,065
down €347,065 (-52.0%), from €667,099 to €320,035
- Receivables within one year -€19,221
down €19,221 (-17.8%), from €108,018 to €88,797
of which Trade receivables: -€18,128
- Reserves -€151,897
down €151,897 (-21.3%), from €714,656 to €562,759
- Other debts +€141,922
up €141,922 (+72.8%), from €194,980 to €336,902
- Tax, wage and social debts +€18,457
up €18,457 (+43.6%), from €42,378 to €60,835
of which Taxes: +€18,433
- Gross operating margin +€63,632
up €63,632 (+30.6%), from €207,733 to €271,365
- Taxes +€23,654
up €23,654 (+38.0%), from €62,244 to €85,898
- Financial income +€10,887
up €10,887 (+138.9%), from €7,840 to €18,727
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 | €1,022,505 | €1,030,399 | +€7,894 | +0.8% |
| Fixed assets | 21/28 | €77,950 | €71,247 | -€6,703 | -8.6% |
| Tangible fixed assets | 22/27 | €17,105 | €10,402 | -€6,703 | -39.2% |
| Plant, machinery and equipment | 23 | €2,405 | €1,381 | -€1,023 | -42.6% |
| Furniture and vehicles | 24 | €1,647 | €476 | -€1,171 | -71.1% |
| Other tangible fixed assets | 26 | €13,053 | €8,544 | -€4,509 | -34.5% |
| Financial fixed assets | 28 | €60,845 | €60,845 | = | 0.0% |
| Current assets | 29/58 | €944,556 | €959,152 | +€14,597 | +1.5% |
| Amounts receivable within one year | 40/41 | €108,018 | €88,797 | -€19,221 | -17.8% |
| Trade receivables | 40 | €73,018 | €54,890 | -€18,128 | -24.8% |
| Other amounts receivable | 41 | €35,000 | €33,907 | -€1,093 | -3.1% |
| Current investments | 50/53 | €667,099 | €320,035 | -€347,065 | -52.0% |
| Cash at bank and in hand | 54/58 | €168,259 | €549,067 | +€380,808 | +226.3% |
| Deferred charges and accrued income | 490/1 | €1,180 | €1,255 | +€75 | +6.3% |
| Total equity and liabilities | 10/49 | €1,022,505 | €1,030,399 | +€7,894 | +0.8% |
| Equity | 10/15 | €780,639 | €628,741 | -€151,897 | -19.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €714,656 | €562,759 | -€151,897 | -21.3% |
| Distributable reserves | 133 | €714,656 | €562,759 | -€151,897 | -21.3% |
| Profit (loss) carried forward | 14 | €53,582 | €53,582 | = | 0.0% |
| Amounts payable | 17/49 | €241,867 | €401,658 | +€159,791 | +66.1% |
| Amounts payable within one year | 42/48 | €239,407 | €399,658 | +€160,251 | +66.9% |
| Trade debts | 44 | €2,049 | €1,921 | -€128 | -6.2% |
| Suppliers | 440/4 | €2,049 | €1,921 | -€128 | -6.2% |
| Taxes, remuneration and social security | 45 | €42,378 | €60,835 | +€18,457 | +43.6% |
| Taxes | 450/3 | €40,114 | €58,547 | +€18,433 | +46.0% |
| Remuneration and social security | 454/9 | €2,264 | €2,287 | +€24 | +1.0% |
| Other amounts payable | 47/48 | €194,980 | €336,902 | +€141,922 | +72.8% |
| Accrued charges and deferred income | 492/3 | €2,460 | €2,000 | -€460 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,696 | €6,703 | -€993 | -12.9% |
| Other operating charges | 640/8 | €2,044 | €1,634 | -€410 | -20.1% |
| Gross operating margin | 9900 | €207,733 | €271,365 | +€63,632 | +30.6% |
| Operating profit (loss) | 9901 | €197,993 | €263,028 | +€65,035 | +32.8% |
| Financial income | 75/76B | €7,840 | €18,727 | +€10,887 | +138.9% |
| Recurring financial income | 75 | €7,840 | €18,727 | +€10,887 | +138.9% |
| Financial charges | 65/66B | €34 | €220 | +€186 | +552.8% |
| Recurring financial charges | 65 | €34 | €220 | +€186 | +552.8% |
| Profit (loss) for the period before taxes | 9903 | €205,799 | €281,536 | +€75,737 | +36.8% |
| Income taxes | 67/77 | €62,244 | €85,898 | +€23,654 | +38.0% |
| Profit (loss) for the period | 9904 | €143,555 | €195,638 | +€52,082 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €143,555 | €195,638 | +€52,082 | +36.3% |
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 5 October 2026 via checked.be.