A.D.L.S.: 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.L.S.
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€25,855
down €25,855 (-6.0%), from €432,775 to €406,920
- Reserves +€15,807
up €15,807 (+7.7%), from €205,789 to €221,596
of which Distributable reserves: +€15,807
- Current portion of long-term debt +€9,348
up €9,348 (+15.7%), from €59,649 to €68,997
- Gross operating margin -€5,653
down €5,653 (-5.4%), from €104,038 to €98,385
- Depreciation +€3,403
up €3,403 (+6.7%), from €51,051 to €54,454
- Taxes -€2,226
down €2,226 (-40.8%), from €5,458 to €3,232
- Other operating charges -€2,033
down €2,033 (-12.3%), from €16,570 to €14,537
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €764,994 | €760,043 | -€4,951 | -0.6% |
| Fixed assets | 21/28 | €722,736 | €728,281 | +€5,545 | +0.8% |
| Tangible fixed assets | 22/27 | €722,736 | €728,281 | +€5,545 | +0.8% |
| Land and buildings | 22 | €722,736 | €728,281 | +€5,545 | +0.8% |
| Current assets | 29/58 | €42,258 | €31,762 | -€10,496 | -24.8% |
| Amounts receivable within one year | 40/41 | €39,281 | €31,762 | -€7,519 | -19.1% |
| Trade receivables | 40 | - | €5,974 | +€5,974 | |
| Other amounts receivable | 41 | €39,281 | €25,788 | -€13,493 | -34.3% |
| Deferred charges and accrued income | 490/1 | €2,977 | €0 | -€2,977 | -100% |
| Total equity and liabilities | 10/49 | €764,994 | €760,043 | -€4,951 | -0.6% |
| Equity | 10/15 | €267,289 | €283,096 | +€15,807 | +5.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €205,789 | €221,596 | +€15,807 | +7.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €199,639 | €215,446 | +€15,807 | +7.9% |
| Amounts payable | 17/49 | €497,705 | €476,947 | -€20,758 | -4.2% |
| Amounts payable after more than one year | 17 | €432,775 | €406,920 | -€25,855 | -6.0% |
| Financial debts | 170/4 | €432,775 | €406,920 | -€25,855 | -6.0% |
| Amounts payable within one year | 42/48 | €64,930 | €70,027 | +€5,097 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €59,649 | €68,997 | +€9,348 | +15.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,281 | €1,030 | -€4,251 | -80.5% |
| Suppliers | 440/4 | €5,281 | €1,030 | -€4,251 | -80.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,051 | €54,454 | +€3,403 | +6.7% |
| Other operating charges | 640/8 | €16,570 | €14,537 | -€2,033 | -12.3% |
| Gross operating margin | 9900 | €104,038 | €98,385 | -€5,653 | -5.4% |
| Operating profit (loss) | 9901 | €36,417 | €29,394 | -€7,023 | -19.3% |
| Financial charges | 65/66B | €10,405 | €10,355 | -€50 | -0.5% |
| Recurring financial charges | 65 | €10,405 | €10,355 | -€50 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €26,011 | €19,039 | -€6,972 | -26.8% |
| Income taxes | 67/77 | €5,458 | €3,232 | -€2,226 | -40.8% |
| Profit (loss) for the period | 9904 | €20,553 | €15,807 | -€4,746 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,553 | €15,807 | -€4,746 | -23.1% |
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 28 October 2026 via checked.be.