A.D.F: 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.
A.D.F
Largest movements
- Cash +€9,893
up €9,893 (+9.6%), from €102,957 to €112,850
mainly Tax, wage and social debts (+€11,194) and Net result for the year (+€8,496)
- Stocks and contracts +€8,539
up €8,539 (+7.1%), from €120,400 to €128,939
- Receivables within one year +€8,430
up €8,430 (+238%), from €3,539 to €11,969
of which Other amounts receivable: +€8,249
- Tangible fixed assets -€8,409
down €8,409 (-28.9%), from €29,084 to €20,675
- Tax, wage and social debts +€11,194
up €11,194 (+47.0%), from €23,838 to €35,032
of which Remuneration and social security: +€10,565
- Profit (loss) carried forward +€8,496
up €8,496, from -€1,014 to €7,482
- Gross operating margin +€31,113
up €31,113 (+13.6%), from €228,029 to €259,142
- Depreciation -€16,244
down €16,244 (-74.4%), from €21,820 to €5,577
- Staff costs +€16,147
up €16,147 (+7.7%), from €209,516 to €225,663
- Other operating charges +€6,265
up €6,265 (+68.6%), from €9,139 to €15,404
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 | €261,910 | €279,510 | +€17,600 | +6.7% |
| Fixed assets | 21/28 | €31,384 | €23,425 | -€7,959 | -25.4% |
| Tangible fixed assets | 22/27 | €29,084 | €20,675 | -€8,409 | -28.9% |
| Plant, machinery and equipment | 23 | €13,936 | €9,746 | -€4,191 | -30.1% |
| Furniture and vehicles | 24 | €11,699 | €8,836 | -€2,863 | -24.5% |
| Other tangible fixed assets | 26 | €3,449 | €2,094 | -€1,355 | -39.3% |
| Financial fixed assets | 28 | €2,300 | €2,750 | +€450 | +19.6% |
| Current assets | 29/58 | €230,526 | €256,085 | +€25,559 | +11.1% |
| Stocks and contracts in progress | 3 | €120,400 | €128,939 | +€8,539 | +7.1% |
| Stocks | 30/36 | €120,400 | €128,939 | +€8,539 | +7.1% |
| Amounts receivable within one year | 40/41 | €3,539 | €11,969 | +€8,430 | +238% |
| Trade receivables | 40 | €36 | €218 | +€182 | +500% |
| Other amounts receivable | 41 | €3,502 | €11,751 | +€8,249 | +236% |
| Cash at bank and in hand | 54/58 | €102,957 | €112,850 | +€9,893 | +9.6% |
| Deferred charges and accrued income | 490/1 | €3,630 | €2,327 | -€1,303 | -35.9% |
| Total equity and liabilities | 10/49 | €261,910 | €279,510 | +€17,600 | +6.7% |
| Equity | 10/15 | €49,199 | €57,694 | +€8,496 | +17.3% |
| Contributions | 10/11 | €42,000 | €42,000 | = | 0.0% |
| Contributions outside capital | 11 | €42,000 | €42,000 | = | 0.0% |
| Other | 1109/19 | €42,000 | €42,000 | = | 0.0% |
| Reserves | 13 | €8,212 | €8,212 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,200 | €4,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,200 | €4,200 | = | 0.0% |
| Distributable reserves | 133 | €4,012 | €4,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,014 | €7,482 | +€8,496 | |
| Amounts payable | 17/49 | €212,711 | €221,816 | +€9,105 | +4.3% |
| Amounts payable within one year | 42/48 | €212,711 | €221,816 | +€9,105 | +4.3% |
| Trade debts | 44 | €174,913 | €174,900 | -€12 | 0.0% |
| Suppliers | 440/4 | €174,913 | €174,900 | -€12 | 0.0% |
| Taxes, remuneration and social security | 45 | €23,838 | €35,032 | +€11,194 | +47.0% |
| Taxes | 450/3 | €648 | €1,277 | +€629 | +97.1% |
| Remuneration and social security | 454/9 | €23,190 | €33,755 | +€10,565 | +45.6% |
| Other amounts payable | 47/48 | €13,960 | €11,883 | -€2,077 | -14.9% |
| Remuneration, social security and pensions | 62 | €209,516 | €225,663 | +€16,147 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,820 | €5,577 | -€16,244 | -74.4% |
| Other operating charges | 640/8 | €9,139 | €15,404 | +€6,265 | +68.6% |
| Gross operating margin | 9900 | €228,029 | €259,142 | +€31,113 | +13.6% |
| Operating profit (loss) | 9901 | -€12,447 | €12,498 | +€24,945 | |
| Financial income | 75/76B | €676 | €853 | +€177 | +26.2% |
| Recurring financial income | 75 | €676 | €853 | +€177 | +26.2% |
| Financial charges | 65/66B | €3,572 | €1,442 | -€2,129 | -59.6% |
| Recurring financial charges | 65 | €3,572 | €1,442 | -€2,129 | -59.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,342 | €11,909 | +€27,251 | |
| Income taxes | 67/77 | €967 | €3,414 | +€2,447 | +253% |
| Profit (loss) for the period | 9904 | -€16,309 | €8,496 | +€24,804 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,309 | €8,496 | +€24,804 |
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.