ADAR TRADE: 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.
ADAR TRADE
Largest movements
- Stocks and contracts -€514,675
down €514,675 (-38.5%), from €1.3m to €822,801
- Receivables within one year +€100,171
up €100,171 (+5.8%), from €1.7m to €1.8m
of which Other amounts receivable: +€60,707
- Trade debts -€518,504
down €518,504 (-48.0%), from €1.1m to €561,516
- Short-term financial debts +€100,000
up €100,000 (+33.3%), from €300,000 to €400,000
- Staff costs +€15,248
up €15,248 (+20.3%), from €74,990 to €90,238
- Gross operating margin +€9,857
up €9,857 (+7.0%), from €141,629 to €151,486
- Taxes +€6,676
up €6,676 (+74.4%), from €8,977 to €15,653
- Financial charges -€5,136
down €5,136 (-21.7%), from €23,665 to €18,529
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 | €3,074,474 | €2,675,961 | -€398,513 | -13.0% |
| Fixed assets | 21/28 | €0 | €848 | +€848 | |
| Tangible fixed assets | 22/27 | €0 | €848 | +€848 | |
| Plant, machinery and equipment | 23 | €0 | €848 | +€848 | |
| Current assets | 29/58 | €3,074,474 | €2,675,113 | -€399,361 | -13.0% |
| Stocks and contracts in progress | 3 | €1,337,476 | €822,801 | -€514,675 | -38.5% |
| Stocks | 30/36 | €1,337,476 | €822,801 | -€514,675 | -38.5% |
| Amounts receivable within one year | 40/41 | €1,716,396 | €1,816,568 | +€100,171 | +5.8% |
| Trade receivables | 40 | €1,710,054 | €1,749,518 | +€39,464 | +2.3% |
| Other amounts receivable | 41 | €6,343 | €67,050 | +€60,707 | +957% |
| Cash at bank and in hand | 54/58 | €13,179 | €29,338 | +€16,159 | +123% |
| Deferred charges and accrued income | 490/1 | €7,422 | €6,406 | -€1,016 | -13.7% |
| Total equity and liabilities | 10/49 | €3,074,474 | €2,675,961 | -€398,513 | -13.0% |
| Equity | 10/15 | €1,537,930 | €1,562,240 | +€24,310 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,519,330 | €1,543,640 | +€24,310 | +1.6% |
| Distributable reserves | 133 | €1,519,330 | €1,543,640 | +€24,310 | +1.6% |
| Amounts payable | 17/49 | €1,536,544 | €1,113,721 | -€422,824 | -27.5% |
| Amounts payable within one year | 42/48 | €1,525,744 | €1,113,721 | -€412,024 | -27.0% |
| Financial debts | 43 | €300,000 | €400,000 | +€100,000 | +33.3% |
| Credit institutions | 430/8 | €300,000 | €400,000 | +€100,000 | +33.3% |
| Trade debts | 44 | €1,080,020 | €561,516 | -€518,504 | -48.0% |
| Suppliers | 440/4 | €1,080,020 | €561,516 | -€518,504 | -48.0% |
| Taxes, remuneration and social security | 45 | €10,742 | €16,993 | +€6,251 | +58.2% |
| Taxes | 450/3 | €1,308 | €5,653 | +€4,345 | +332% |
| Remuneration and social security | 454/9 | €9,434 | €11,340 | +€1,906 | +20.2% |
| Other amounts payable | 47/48 | €134,982 | €135,212 | +€229 | +0.2% |
| Accrued charges and deferred income | 492/3 | €10,800 | - | -€10,800 | |
| Remuneration, social security and pensions | 62 | €74,990 | €90,238 | +€15,248 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210 | €143 | -€67 | -32.1% |
| Other operating charges | 640/8 | €2,200 | €2,618 | +€418 | +19.0% |
| Gross operating margin | 9900 | €141,629 | €151,486 | +€9,857 | +7.0% |
| Operating profit (loss) | 9901 | €64,229 | €58,488 | -€5,742 | -8.9% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €23,665 | €18,529 | -€5,136 | -21.7% |
| Recurring financial charges | 65 | €23,665 | €18,529 | -€5,136 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €40,564 | €39,963 | -€601 | -1.5% |
| Income taxes | 67/77 | €8,977 | €15,653 | +€6,676 | +74.4% |
| Profit (loss) for the period | 9904 | €31,587 | €24,310 | -€7,276 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,587 | €24,310 | -€7,276 | -23.0% |
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 24 October 2026 via checked.be.