ADAF: 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.
ADAF
Largest movements
- Cash +€23,289
up €23,289 (+80.5%), from €28,913 to €52,202
mainly Net result for the year (+€131,858) and Depreciation (+€18,283)
- Receivables within one year +€19,488
up €19,488 (+146%), from €13,343 to €32,832
of which Other amounts receivable: +€17,561
- Tangible fixed assets -€19,166
down €19,166 (-22.0%), from €87,051 to €67,885
of which Other tangible fixed assets: -€16,294
- Tax, wage and social debts -€80,768
down €80,768 (-69.2%), from €116,785 to €36,017
of which Taxes: -€56,744
- Profit (loss) carried forward +€70,244
up €70,244 (+44.8%), from -€156,774 to -€86,530
- Reserves +€61,614
new in 2025: €61,614
- Debts after one year -€22,465
down €22,465 (-51.6%), from €43,519 to €21,055
- Other debts -€2,672
down €2,672 (-26.7%), from €10,012 to €7,340
- Gross operating margin +€131,858
up €131,858 (+43.6%), from €302,672 to €434,530
- Staff costs +€50,689
up €50,689 (+23.7%), from €213,665 to €264,355
- Other operating charges -€23,636
down €23,636 (-79.6%), from €29,684 to €6,049
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 | €146,945 | €171,384 | +€24,438 | +16.6% |
| Fixed assets | 21/28 | €97,897 | €78,730 | -€19,166 | -19.6% |
| Tangible fixed assets | 22/27 | €87,051 | €67,885 | -€19,166 | -22.0% |
| Plant, machinery and equipment | 23 | €613 | €518 | -€95 | -15.5% |
| Furniture and vehicles | 24 | €9,746 | €6,970 | -€2,776 | -28.5% |
| Other tangible fixed assets | 26 | €76,691 | €60,397 | -€16,294 | -21.2% |
| Financial fixed assets | 28 | €10,846 | €10,846 | = | 0.0% |
| Current assets | 29/58 | €49,049 | €92,653 | +€43,605 | +88.9% |
| Stocks and contracts in progress | 3 | €6,531 | €7,363 | +€832 | +12.7% |
| Stocks | 30/36 | €6,531 | €7,363 | +€832 | +12.7% |
| Amounts receivable within one year | 40/41 | €13,343 | €32,832 | +€19,488 | +146% |
| Trade receivables | 40 | €9,191 | €11,118 | +€1,927 | +21.0% |
| Other amounts receivable | 41 | €4,153 | €21,714 | +€17,561 | +423% |
| Cash at bank and in hand | 54/58 | €28,913 | €52,202 | +€23,289 | +80.5% |
| Deferred charges and accrued income | 490/1 | €261 | €258 | -€4 | -1.5% |
| Total equity and liabilities | 10/49 | €146,945 | €171,384 | +€24,438 | +16.6% |
| Equity | 10/15 | -€141,774 | -€9,916 | +€131,858 | +93.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | - | €61,614 | +€61,614 | |
| Tax-exempt reserves | 132 | - | €61,614 | +€61,614 | |
| Profit (loss) carried forward | 14 | -€156,774 | -€86,530 | +€70,244 | +44.8% |
| Amounts payable | 17/49 | €288,719 | €181,299 | -€107,420 | -37.2% |
| Amounts payable after more than one year | 17 | €43,519 | €21,055 | -€22,465 | -51.6% |
| Financial debts | 170/4 | €43,519 | €21,055 | -€22,465 | -51.6% |
| Amounts payable within one year | 42/48 | €245,200 | €160,245 | -€84,955 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €23,756 | €24,313 | +€557 | +2.3% |
| Trade debts | 44 | €94,646 | €92,574 | -€2,072 | -2.2% |
| Suppliers | 440/4 | €94,646 | €92,574 | -€2,072 | -2.2% |
| Taxes, remuneration and social security | 45 | €116,785 | €36,017 | -€80,768 | -69.2% |
| Taxes | 450/3 | €77,641 | €20,897 | -€56,744 | -73.1% |
| Remuneration and social security | 454/9 | €39,144 | €15,120 | -€24,024 | -61.4% |
| Other amounts payable | 47/48 | €10,012 | €7,340 | -€2,672 | -26.7% |
| Non-recurring operating income | 76A | - | €61,614 | +€61,614 | |
| Remuneration, social security and pensions | 62 | €213,665 | €264,355 | +€50,689 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,556 | €18,283 | -€1,273 | -6.5% |
| Other operating charges | 640/8 | €29,684 | €6,049 | -€23,636 | -79.6% |
| Non-recurring operating charges | 66A | - | €2,425 | +€2,425 | |
| Gross operating margin | 9900 | €302,672 | €434,530 | +€131,858 | +43.6% |
| Operating profit (loss) | 9901 | €39,767 | €143,420 | +€103,653 | +261% |
| Financial income | 75/76B | €38 | €27 | -€11 | -29.5% |
| Recurring financial income | 75 | €38 | €27 | -€11 | -29.5% |
| Financial charges | 65/66B | €11,047 | €11,589 | +€542 | +4.9% |
| Recurring financial charges | 65 | €11,047 | €11,589 | +€542 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €28,758 | €131,858 | +€103,100 | +359% |
| Profit (loss) for the period | 9904 | €28,758 | €131,858 | +€103,100 | +359% |
| Transfer to tax-exempt reserves | 689 | - | €61,614 | +€61,614 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,758 | €70,244 | +€41,486 | +144% |
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.