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
- Tangible fixed assets -€33,045
down €33,045 (-5.1%), from €643,201 to €610,156
of which Land and buildings: -€30,418
- Debts after one year -€57,257
down €57,257 (-12.4%), from €460,249 to €402,992
- Reserves +€41,352
up €41,352 (+61.8%), from €66,897 to €108,249
of which Distributable reserves: +€41,352
- Trade debts -€25,213
down €25,213 (-98.9%), from €25,482 to €269
- Other operating charges -€13,512
down €13,512 (-66.8%), from €20,216 to €6,704
- Gross operating margin +€4,036
up €4,036 (+4.0%), from €99,805 to €103,841
- Depreciation +€2,729
up €2,729 (+9.0%), from €30,316 to €33,045
- Taxes -€2,038
down €2,038 (-12.8%), from €15,864 to €13,825
- Financial charges -€1,884
down €1,884 (-15.9%), from €11,846 to €9,963
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 | €696,536 | €659,287 | -€37,249 | -5.3% |
| Fixed assets | 21/28 | €673,401 | €640,356 | -€33,045 | -4.9% |
| Tangible fixed assets | 22/27 | €643,201 | €610,156 | -€33,045 | -5.1% |
| Land and buildings | 22 | €635,752 | €605,334 | -€30,418 | -4.8% |
| Plant, machinery and equipment | 23 | €4,675 | €3,126 | -€1,549 | -33.1% |
| Furniture and vehicles | 24 | €2,774 | €1,696 | -€1,078 | -38.8% |
| Financial fixed assets | 28 | €30,200 | €30,200 | = | 0.0% |
| Current assets | 29/58 | €23,135 | €18,931 | -€4,204 | -18.2% |
| Amounts receivable within one year | 40/41 | €19,397 | €12,542 | -€6,855 | -35.3% |
| Trade receivables | 40 | €12,778 | €11,223 | -€1,554 | -12.2% |
| Other amounts receivable | 41 | €6,619 | €1,319 | -€5,301 | -80.1% |
| Cash at bank and in hand | 54/58 | €3,474 | €6,389 | +€2,915 | +83.9% |
| Deferred charges and accrued income | 490/1 | €264 | €0 | -€264 | -100% |
| Total equity and liabilities | 10/49 | €696,536 | €659,287 | -€37,249 | -5.3% |
| Equity | 10/15 | €85,497 | €126,849 | +€41,352 | +48.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €66,897 | €108,249 | +€41,352 | +61.8% |
| Non-distributable reserves | 130/1 | €1,098 | €1,098 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,098 | €1,098 | = | 0.0% |
| Distributable reserves | 133 | €65,799 | €107,151 | +€41,352 | +62.8% |
| Amounts payable | 17/49 | €611,039 | €532,438 | -€78,601 | -12.9% |
| Amounts payable after more than one year | 17 | €460,249 | €402,992 | -€57,257 | -12.4% |
| Financial debts | 170/4 | €460,249 | €402,992 | -€57,257 | -12.4% |
| Amounts payable within one year | 42/48 | €150,789 | €129,446 | -€21,343 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €55,979 | €57,257 | +€1,278 | +2.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €25,482 | €269 | -€25,213 | -98.9% |
| Suppliers | 440/4 | €25,482 | €269 | -€25,213 | -98.9% |
| Taxes, remuneration and social security | 45 | €3,254 | €3,946 | +€692 | +21.3% |
| Taxes | 450/3 | €3,254 | €3,946 | +€692 | +21.3% |
| Other amounts payable | 47/48 | €66,074 | €67,974 | +€1,900 | +2.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,316 | €33,045 | +€2,729 | +9.0% |
| Other operating charges | 640/8 | €20,216 | €6,704 | -€13,512 | -66.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €99,805 | €103,841 | +€4,036 | +4.0% |
| Operating profit (loss) | 9901 | €49,274 | €64,093 | +€14,818 | +30.1% |
| Financial income | 75/76B | €0 | €1,048 | +€1,048 | |
| Recurring financial income | 75 | €0 | €1,048 | +€1,048 | |
| Financial charges | 65/66B | €11,846 | €9,963 | -€1,884 | -15.9% |
| Recurring financial charges | 65 | €11,846 | €9,963 | -€1,884 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €37,428 | €55,177 | +€17,750 | +47.4% |
| Income taxes | 67/77 | €15,864 | €13,825 | -€2,038 | -12.8% |
| Profit (loss) for the period | 9904 | €21,564 | €41,352 | +€19,788 | +91.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,564 | €41,352 | +€19,788 | +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 15 October 2026 via checked.be.