A.D.M.: 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.M.
Largest movements
- Stocks and contracts +€64,690
up €64,690 (+216%), from €30,000 to €94,690
of which Stocks: +€89,690
- Receivables within one year +€44,585
up €44,585 (+33.7%), from €132,295 to €176,880
of which Trade receivables: +€67,357
- Receivables after one year -€35,000
down €35,000 (-43.9%), from €79,797 to €44,797
- Tangible fixed assets +€29,365
up €29,365 (+48.9%), from €60,012 to €89,377
of which Plant, machinery and equipment: +€18,744
- Cash -€20,645
down €20,645 (-11.0%), from €186,959 to €166,313
mainly Stocks and contracts (-€64,690) and Investment in fixed assets (net) (-€59,512)
- Trade debts +€104,463
up €104,463 (+146%), from €71,438 to €175,900
- Tax, wage and social debts +€46,576
up €46,576 (+135%), from €34,482 to €81,058
of which Remuneration and social security: +€23,778
- Short-term financial debts -€24,080
no longer reported in 2025 (was €24,080)
- Reserves -€24,005
down €24,005 (-8.0%), from €301,229 to €277,224
- Gross operating margin +€110,368
up €110,368 (+65.0%), from €169,892 to €280,259
- Staff costs +€98,647
up €98,647 (+86.2%), from €114,435 to €213,082
- Depreciation +€3,109
up €3,109 (+11.5%), from €27,038 to €30,147
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 | €492,489 | €580,158 | +€87,669 | +17.8% |
| Fixed assets | 21/28 | €60,638 | €90,003 | +€29,365 | +48.4% |
| Tangible fixed assets | 22/27 | €60,012 | €89,377 | +€29,365 | +48.9% |
| Land and buildings | 22 | €4,958 | €4,958 | = | 0.0% |
| Plant, machinery and equipment | 23 | €46,059 | €64,803 | +€18,744 | +40.7% |
| Furniture and vehicles | 24 | €8,995 | €19,617 | +€10,622 | +118% |
| Financial fixed assets | 28 | €626 | €626 | = | 0.0% |
| Current assets | 29/58 | €431,851 | €490,155 | +€58,304 | +13.5% |
| Amounts receivable after more than one year | 29 | €79,797 | €44,797 | -€35,000 | -43.9% |
| Other amounts receivable | 291 | €79,797 | €44,797 | -€35,000 | -43.9% |
| Stocks and contracts in progress | 3 | €30,000 | €94,690 | +€64,690 | +216% |
| Stocks | 30/36 | - | €89,690 | +€89,690 | |
| Contracts in progress | 37 | €30,000 | €5,000 | -€25,000 | -83.3% |
| Amounts receivable within one year | 40/41 | €132,295 | €176,880 | +€44,585 | +33.7% |
| Trade receivables | 40 | €96,144 | €163,501 | +€67,357 | +70.1% |
| Other amounts receivable | 41 | €36,151 | €13,380 | -€22,771 | -63.0% |
| Cash at bank and in hand | 54/58 | €186,959 | €166,313 | -€20,645 | -11.0% |
| Deferred charges and accrued income | 490/1 | €2,801 | €7,475 | +€4,674 | +167% |
| Total equity and liabilities | 10/49 | €492,489 | €580,158 | +€87,669 | +17.8% |
| Equity | 10/15 | €314,871 | €290,867 | -€24,005 | -7.6% |
| Contributions | 10/11 | €13,642 | €13,642 | = | 0.0% |
| Reserves | 13 | €301,229 | €277,224 | -€24,005 | -8.0% |
| Distributable reserves | 133 | €301,229 | €277,224 | -€24,005 | -8.0% |
| Amounts payable | 17/49 | €177,618 | €289,292 | +€111,674 | +62.9% |
| Amounts payable after more than one year | 17 | €12,535 | €7,231 | -€5,304 | -42.3% |
| Financial debts | 170/4 | €12,535 | €7,231 | -€5,304 | -42.3% |
| Amounts payable within one year | 42/48 | €165,083 | €282,061 | +€116,977 | +70.9% |
| Current portion of amounts payable after more than one year | 42 | €10,395 | €5,304 | -€5,091 | -49.0% |
| Financial debts | 43 | €24,080 | - | -€24,080 | |
| Credit institutions | 430/8 | €24,080 | - | -€24,080 | |
| Trade debts | 44 | €71,438 | €175,900 | +€104,463 | +146% |
| Suppliers | 440/4 | €71,438 | €175,900 | +€104,463 | +146% |
| Taxes, remuneration and social security | 45 | €34,482 | €81,058 | +€46,576 | +135% |
| Taxes | 450/3 | €21,338 | €44,137 | +€22,799 | +107% |
| Remuneration and social security | 454/9 | €13,144 | €36,922 | +€23,778 | +181% |
| Other amounts payable | 47/48 | €24,689 | €19,798 | -€4,891 | -19.8% |
| Remuneration, social security and pensions | 62 | €114,435 | €213,082 | +€98,647 | +86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,038 | €30,147 | +€3,109 | +11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,109 | €671 | +€1,780 | |
| Other operating charges | 640/8 | €11,353 | €11,882 | +€530 | +4.7% |
| Non-recurring operating charges | 66A | €1,296 | - | -€1,296 | |
| Gross operating margin | 9900 | €169,892 | €280,259 | +€110,368 | +65.0% |
| Operating profit (loss) | 9901 | €16,880 | €24,477 | +€7,597 | +45.0% |
| Financial income | 75/76B | €1,802 | €2,145 | +€342 | +19.0% |
| Recurring financial income | 75 | €1,802 | €2,145 | +€342 | +19.0% |
| Financial charges | 65/66B | €3,414 | €5,816 | +€2,402 | +70.4% |
| Recurring financial charges | 65 | €3,379 | €5,779 | +€2,400 | +71.0% |
| Non-recurring financial charges | 66B | €35 | €37 | +€2 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €15,268 | €20,806 | +€5,538 | +36.3% |
| Income taxes | 67/77 | €6,276 | €7,969 | +€1,693 | +27.0% |
| Profit (loss) for the period | 9904 | €8,992 | €12,838 | +€3,845 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,992 | €12,838 | +€3,845 | +42.8% |
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 18 October 2026 via checked.be.