A-DM: what changed
Two fiscal 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-DM
Largest movements
- Current investments +€134,331
up €134,331 (+16.6%), from €806,889 to €941,219
- Tangible fixed assets +€72,845
up €72,845 (+128.0%), from €56,929 to €129,774
of which Furniture and vehicles: +€75,978
- Cash -€64,682
down €64,682 (-53.3%), from €121,463 to €56,781
mainly Current investments (-€134,331) and Contributions, distributions and other (-€111,000)
- Receivables within one year +€43,209
up €43,209 (+154.6%), from €27,956 to €71,165
of which Trade receivables: +€55,151
- Other debts +€94,036
up €94,036 (+533.7%), from €17,619 to €111,655
- Reserves +€71,445
up €71,445 (+6.8%), from €1.1m to €1.1m
- Gross operating margin +€65,811
up €65,811 (+31.9%), from €206,144 to €271,956
- Financial income -€28,828
down €28,828 (-64.9%), from €44,399 to €15,571
- Financial charges +€11,797
up €11,797 (+531.1%), from €2,221 to €14,018
of which Financial charges: +€8,562
- Depreciation +€9,169
up €9,169 (+63.1%), from €14,527 to €23,696
- Taxes +€6,400
up €6,400 (+11.0%), from €58,259 to €64,658
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 | €1,091,768 | €1,271,994 | +€180,226 | +16.5% |
| Fixed assets | 21/28 | €56,959 | €129,804 | +€72,845 | +127.9% |
| Tangible fixed assets | 22/27 | €56,929 | €129,774 | +€72,845 | +128.0% |
| Plant, machinery and equipment | 23 | €9,035 | €5,902 | -€3,133 | -34.7% |
| Furniture and vehicles | 24 | €47,894 | €123,872 | +€75,978 | +158.6% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €1,034,809 | €1,142,190 | +€107,381 | +10.4% |
| Stocks and contracts in progress | 3 | €66,804 | €70,343 | +€3,539 | +5.3% |
| Stocks | 30/36 | €66,804 | €70,343 | +€3,539 | +5.3% |
| Amounts receivable within one year | 40/41 | €27,956 | €71,165 | +€43,209 | +154.6% |
| Trade receivables | 40 | €6,358 | €61,509 | +€55,151 | +867.4% |
| Other amounts receivable | 41 | €21,598 | €9,656 | -€11,942 | -55.3% |
| Current investments | 50/53 | €806,889 | €941,219 | +€134,331 | +16.6% |
| Cash at bank and in hand | 54/58 | €121,463 | €56,781 | -€64,682 | -53.3% |
| Deferred charges and accrued income | 490/1 | €11,698 | €2,681 | -€9,016 | -77.1% |
| Total equity and liabilities | 10/49 | €1,091,768 | €1,271,994 | +€180,226 | +16.5% |
| Equity | 10/15 | €1,069,045 | €1,140,490 | +€71,445 | +6.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,050,495 | €1,121,940 | +€71,445 | +6.8% |
| Distributable reserves | 133 | €1,050,495 | €1,121,940 | +€71,445 | +6.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €22,723 | €131,504 | +€108,780 | +478.7% |
| Amounts payable within one year | 42/48 | €20,660 | €127,968 | +€107,308 | +519.4% |
| Trade debts | 44 | €1,841 | €7,171 | +€5,330 | +289.5% |
| Suppliers | 440/4 | €1,841 | €7,171 | +€5,330 | +289.5% |
| Taxes, remuneration and social security | 45 | €1,200 | €9,142 | +€7,942 | +661.8% |
| Taxes | 450/3 | - | €9,142 | +€9,142 | |
| Remuneration and social security | 454/9 | €1,200 | €0 | -€1,200 | -100.0% |
| Other amounts payable | 47/48 | €17,619 | €111,655 | +€94,036 | +533.7% |
| Accrued charges and deferred income | 492/3 | €2,063 | €3,536 | +€1,473 | +71.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,527 | €23,696 | +€9,169 | +63.1% |
| Other operating charges | 640/8 | €1,453 | €2,515 | +€1,062 | +73.1% |
| Non-recurring operating charges | 66A | - | €193 | +€193 | |
| Gross operating margin | 9900 | €206,144 | €271,956 | +€65,811 | +31.9% |
| Operating profit (loss) | 9901 | €190,164 | €245,551 | +€55,387 | +29.1% |
| Financial income | 75/76B | €44,399 | €15,571 | -€28,828 | -64.9% |
| Recurring financial income | 75 | €44,399 | €15,571 | -€28,828 | -64.9% |
| Financial charges | 65/66B | €2,221 | €14,018 | +€11,797 | +531.1% |
| Recurring financial charges | 65 | €2,221 | €10,784 | +€8,562 | +385.5% |
| Non-recurring financial charges | 66B | - | €3,234 | +€3,234 | |
| Profit (loss) for the period before taxes | 9903 | €232,342 | €247,104 | +€14,762 | +6.4% |
| Income taxes | 67/77 | €58,259 | €64,658 | +€6,400 | +11.0% |
| Profit (loss) for the period | 9904 | €174,083 | €182,445 | +€8,362 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €174,083 | €182,445 | +€8,362 | +4.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.