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.
What changed
A D M
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€34,237
2024 · -€52,415+€18,178
Equity
€1.3m
2024 · €1.3m-€34,237
Cash
€15,301
2024 · €13,268+€2,033
Balance sheet total
€2.5m
2024 · €2.7m-€172,843
Largest movements
Assets
- Tangible fixed assets -€149,496
down €149,496 (-5.9%), from €2.6m to €2.4m
of which Land and buildings: -€155,477
Equity and liabilities
- Current portion of long-term debt -€59,751
down €59,751 (-53.5%), from €111,683 to €51,932
- Reserves -€45,964
down €45,964 (-11.0%), from €418,939 to €372,975
of which Tax-exempt reserves: -€45,964
- Debts after one year -€43,294
no longer reported in 2025 (was €43,294)
Income statement
- Gross operating margin +€56,644
up €56,644 (+39.8%), from €142,192 to €198,835
- Other operating charges +€41,047
up €41,047 (+100%), from €40,850 to €81,897
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.
Result 2024
-€52,415
Gross operating margin
+€56,644
Depreciation
+€388
Other operating charges
-€41,047
Financial income
+€1,483
Financial charges
+€709
Taxes
+€0
Result 2025
-€34,237
raises the resultlowers the result
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.
From operations
+€122,086
Investment
-€17,009
Financing
-€103,045
Cash 2024
€13,268
From operations (derived)
+€122,086
Net result for the year
-€34,237
Depreciation
+€166,504
Receivables within one year
+€25,380
Provisions
-€15,321
Trade debts
+€3,800
Other debts
-€24,040
Investment (derived)
-€17,009
Investment in fixed assets (net)
-€17,009
Financing
-€103,045
Debts after one year
-€43,294
Current portion of long-term debt
-€59,751
Cash 2025
€15,301
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,698,477 | €2,525,634 | -€172,843 | -6.4% |
| Fixed assets | 21/28 | €2,550,444 | €2,400,949 | -€149,496 | -5.9% |
| Tangible fixed assets | 22/27 | €2,550,107 | €2,400,611 | -€149,496 | -5.9% |
| Land and buildings | 22 | €2,506,724 | €2,351,247 | -€155,477 | -6.2% |
| Plant, machinery and equipment | 23 | €43,383 | €49,364 | +€5,981 | +13.8% |
| Financial fixed assets | 28 | €338 | €338 | = | 0.0% |
| Current assets | 29/58 | €148,033 | €124,686 | -€23,347 | -15.8% |
| Amounts receivable within one year | 40/41 | €130,280 | €104,900 | -€25,380 | -19.5% |
| Trade receivables | 40 | €130,280 | €104,900 | -€25,380 | -19.5% |
| Cash at bank and in hand | 54/58 | €13,268 | €15,301 | +€2,033 | +15.3% |
| Deferred charges and accrued income | 490/1 | €4,485 | €4,485 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,698,477 | €2,525,634 | -€172,843 | -6.4% |
| Equity | 10/15 | €1,324,179 | €1,289,942 | -€34,237 | -2.6% |
| Contributions | 10/11 | €707,000 | €707,000 | = | 0.0% |
| Capital | 10 | €707,000 | €707,000 | = | 0.0% |
| Issued capital | 100 | €707,000 | €707,000 | = | 0.0% |
| Reserves | 13 | €418,939 | €372,975 | -€45,964 | -11.0% |
| Non-distributable reserves | 130/1 | €70,700 | €70,700 | = | 0.0% |
| Legal reserve | 130 | €70,700 | €70,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €326,239 | €280,275 | -€45,964 | -14.1% |
| Distributable reserves | 133 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €198,240 | €209,966 | +€11,727 | +5.9% |
| Provisions and deferred taxes | 16 | €101,305 | €85,983 | -€15,321 | -15.1% |
| Deferred taxes | 168 | €101,305 | €85,983 | -€15,321 | -15.1% |
| Amounts payable | 17/49 | €1,272,994 | €1,149,709 | -€123,284 | -9.7% |
| Amounts payable after more than one year | 17 | €43,294 | - | -€43,294 | |
| Financial debts | 170/4 | €43,294 | - | -€43,294 | |
| Amounts payable within one year | 42/48 | €1,229,700 | €1,149,709 | -€79,991 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €111,683 | €51,932 | -€59,751 | -53.5% |
| Trade debts | 44 | €68,468 | €72,268 | +€3,800 | +5.5% |
| Suppliers | 440/4 | €68,468 | €72,268 | +€3,800 | +5.5% |
| Other amounts payable | 47/48 | €1,049,549 | €1,025,510 | -€24,040 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,892 | €166,504 | -€388 | -0.2% |
| Other operating charges | 640/8 | €40,850 | €81,897 | +€41,047 | +100% |
| Gross operating margin | 9900 | €142,192 | €198,835 | +€56,644 | +39.8% |
| Operating profit (loss) | 9901 | -€65,551 | -€49,566 | +€15,985 | +24.4% |
| Financial income | 75/76B | €2 | €1,485 | +€1,483 | +75,282% |
| Recurring financial income | 75 | €2 | €1,485 | +€1,483 | +75,282% |
| Financial charges | 65/66B | €2,187 | €1,478 | -€709 | -32.4% |
| Recurring financial charges | 65 | €2,187 | €1,478 | -€709 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | -€67,736 | -€49,558 | +€18,178 | +26.8% |
| Transfer from deferred taxes | 780 | €15,321 | €15,321 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€52,415 | -€34,237 | +€18,178 | +34.7% |
| Transfer from tax-exempt reserves | 789 | €45,964 | €45,964 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,451 | €11,727 | +€18,178 |
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 14 October 2026 via checked.be.