A.D.G.: 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.G.
Largest movements
- Cash -€129,160
down €129,160 (-39.2%), from €329,384 to €200,225
mainly Current investments (-€99,850) and Advances received (-€16,757)
- Current investments +€99,850
new in 2025: €99,850
- Receivables within one year +€15,658
up €15,658 (+102.2%), from €15,324 to €30,982
of which Other amounts receivable: +€13,406
- Tangible fixed assets -€11,685
down €11,685 (-33.6%), from €34,736 to €23,051
of which Furniture and vehicles: -€10,206
- Stocks and contracts -€9,471
down €9,471 (-14.9%), from €63,483 to €54,012
- Advances received -€16,757
no longer reported in 2025 (was €16,757)
- Trade debts -€10,561
down €10,561 (-47.3%), from €22,321 to €11,760
- Other debts -€10,533
down €10,533 (-70.2%), from €15,000 to €4,467
- Tax, wage and social debts -€8,608
no longer reported in 2025 (was €8,608)
- Gross operating margin -€163,783
down €163,783 (-84.9%), from €192,964 to €29,181
- Taxes -€53,508
down €53,508 (-92.0%), from €58,179 to €4,670
- Financial charges +€1,960
up €1,960 (+68.4%), from €2,865 to €4,825
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 | €481,756 | €437,818 | -€43,938 | -9.1% |
| Fixed assets | 21/28 | €34,736 | €23,051 | -€11,685 | -33.6% |
| Tangible fixed assets | 22/27 | €34,736 | €23,051 | -€11,685 | -33.6% |
| Plant, machinery and equipment | 23 | €8,119 | €6,640 | -€1,479 | -18.2% |
| Furniture and vehicles | 24 | €26,617 | €16,411 | -€10,206 | -38.3% |
| Current assets | 29/58 | €447,020 | €414,767 | -€32,253 | -7.2% |
| Stocks and contracts in progress | 3 | €63,483 | €54,012 | -€9,471 | -14.9% |
| Stocks | 30/36 | €63,483 | €54,012 | -€9,471 | -14.9% |
| Amounts receivable within one year | 40/41 | €15,324 | €30,982 | +€15,658 | +102.2% |
| Trade receivables | 40 | €1,786 | €4,039 | +€2,253 | +126.1% |
| Other amounts receivable | 41 | €13,537 | €26,943 | +€13,406 | +99.0% |
| Current investments | 50/53 | - | €99,850 | +€99,850 | |
| Cash at bank and in hand | 54/58 | €329,384 | €200,225 | -€129,160 | -39.2% |
| Deferred charges and accrued income | 490/1 | €38,829 | €29,698 | -€9,131 | -23.5% |
| Total equity and liabilities | 10/49 | €481,756 | €437,818 | -€43,938 | -9.1% |
| Equity | 10/15 | €417,569 | €421,302 | +€3,733 | +0.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €392,569 | €396,302 | +€3,733 | +1.0% |
| Distributable reserves | 133 | €392,569 | €396,302 | +€3,733 | +1.0% |
| Amounts payable | 17/49 | €64,187 | €16,516 | -€47,671 | -74.3% |
| Amounts payable within one year | 42/48 | €62,686 | €16,228 | -€46,458 | -74.1% |
| Trade debts | 44 | €22,321 | €11,760 | -€10,561 | -47.3% |
| Suppliers | 440/4 | €22,321 | €11,760 | -€10,561 | -47.3% |
| Advances received on contracts in progress | 46 | €16,757 | - | -€16,757 | |
| Taxes, remuneration and social security | 45 | €8,608 | - | -€8,608 | |
| Taxes | 450/3 | €8,608 | - | -€8,608 | |
| Other amounts payable | 47/48 | €15,000 | €4,467 | -€10,533 | -70.2% |
| Accrued charges and deferred income | 492/3 | €1,501 | €288 | -€1,213 | -80.8% |
| Non-recurring operating income | 76A | €22,700 | - | -€22,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,127 | €12,297 | +€170 | +1.4% |
| Other operating charges | 640/8 | €1,835 | €1,760 | -€75 | -4.1% |
| Gross operating margin | 9900 | €192,964 | €29,181 | -€163,783 | -84.9% |
| Operating profit (loss) | 9901 | €179,003 | €15,124 | -€163,878 | -91.6% |
| Financial income | 75/76B | €5,868 | €4,532 | -€1,336 | -22.8% |
| Recurring financial income | 75 | €5,868 | €4,532 | -€1,336 | -22.8% |
| Financial charges | 65/66B | €2,865 | €4,825 | +€1,960 | +68.4% |
| Recurring financial charges | 65 | €2,865 | €4,825 | +€1,960 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | €182,007 | €14,832 | -€167,175 | -91.9% |
| Income taxes | 67/77 | €58,179 | €4,670 | -€53,508 | -92.0% |
| Profit (loss) for the period | 9904 | €123,828 | €10,161 | -€113,667 | -91.8% |
| Profit (loss) for the period to be appropriated | 9905 | €123,828 | €10,161 | -€113,667 | -91.8% |
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 9 October 2026 via checked.be.