ADAX: 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.
ADAX
Largest movements
- Deferred charges and accrued income +€270,958
up €270,958 (+1610925.6%), from €17 to €270,975
- Receivables within one year +€38,231
up €38,231 (+20.9%), from €182,944 to €221,176
of which Trade receivables: +€22,457
- Tangible fixed assets +€23,160
up €23,160 (+192.6%), from €12,027 to €35,187
of which Leasing and similar rights: +€18,568
- Trade debts +€324,353
up €324,353 (+205.8%), from €157,642 to €481,996
- Other debts -€12,268
down €12,268 (-9.3%), from €131,590 to €119,322
- Current portion of long-term debt +€11,174
up €11,174 (+65.0%), from €17,190 to €28,364
- Other operating charges +€38,358
up €38,358 (+717.9%), from €5,343 to €43,702
- Staff costs -€36,073
down €36,073 (-14.6%), from €247,284 to €211,211
- Gross operating margin +€19,673
up €19,673 (+6.5%), from €300,793 to €320,466
- Depreciation +€14,074
up €14,074 (+378.0%), from €3,723 to €17,797
- Taxes +€8,750
up €8,750, from -€8,749 to €1
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 | €710,000 | €1,041,837 | +€331,837 | +46.7% |
| Fixed assets | 21/28 | €13,177 | €36,337 | +€23,160 | +175.8% |
| Tangible fixed assets | 22/27 | €12,027 | €35,187 | +€23,160 | +192.6% |
| Plant, machinery and equipment | 23 | - | €6,415 | +€6,415 | |
| Furniture and vehicles | 24 | €12,027 | €10,204 | -€1,823 | -15.2% |
| Leasing and similar rights | 25 | - | €18,568 | +€18,568 | |
| Financial fixed assets | 28 | €1,150 | €1,150 | = | 0.0% |
| Current assets | 29/58 | €696,823 | €1,005,500 | +€308,677 | +44.3% |
| Stocks and contracts in progress | 3 | €446,977 | €446,764 | -€213 | 0.0% |
| Stocks | 30/36 | €446,977 | €446,764 | -€213 | 0.0% |
| Amounts receivable within one year | 40/41 | €182,944 | €221,176 | +€38,231 | +20.9% |
| Trade receivables | 40 | €175,444 | €197,901 | +€22,457 | +12.8% |
| Other amounts receivable | 41 | €7,500 | €23,274 | +€15,774 | +210.3% |
| Cash at bank and in hand | 54/58 | €66,885 | €66,586 | -€299 | -0.4% |
| Deferred charges and accrued income | 490/1 | €17 | €270,975 | +€270,958 | +1610925.6% |
| Total equity and liabilities | 10/49 | €710,000 | €1,041,837 | +€331,837 | +46.7% |
| Equity | 10/15 | €83,927 | €86,579 | +€2,652 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,467 | €66,119 | +€2,652 | +4.2% |
| Amounts payable | 17/49 | €626,073 | €955,257 | +€329,185 | +52.6% |
| Amounts payable after more than one year | 17 | €34,443 | €40,866 | +€6,423 | +18.6% |
| Financial debts | 170/4 | €34,443 | €40,866 | +€6,423 | +18.6% |
| Amounts payable within one year | 42/48 | €586,703 | €914,391 | +€327,688 | +55.9% |
| Current portion of amounts payable after more than one year | 42 | €17,190 | €28,364 | +€11,174 | +65.0% |
| Financial debts | 43 | €263,184 | €262,500 | -€684 | -0.3% |
| Credit institutions | 430/8 | €263,184 | €262,500 | -€684 | -0.3% |
| Trade debts | 44 | €157,642 | €481,996 | +€324,353 | +205.8% |
| Suppliers | 440/4 | €157,642 | €481,996 | +€324,353 | +205.8% |
| Taxes, remuneration and social security | 45 | €17,097 | €22,210 | +€5,112 | +29.9% |
| Taxes | 450/3 | €17,097 | - | -€17,097 | |
| Remuneration and social security | 454/9 | - | €22,210 | +€22,210 | |
| Other amounts payable | 47/48 | €131,590 | €119,322 | -€12,268 | -9.3% |
| Accrued charges and deferred income | 492/3 | €4,926 | - | -€4,926 | |
| Non-recurring operating income | 76A | - | €2,102 | +€2,102 | |
| Remuneration, social security and pensions | 62 | €247,284 | €211,211 | -€36,073 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,723 | €17,797 | +€14,074 | +378.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,911 | +€1,911 | |
| Other operating charges | 640/8 | €5,343 | €43,702 | +€38,358 | +717.9% |
| Gross operating margin | 9900 | €300,793 | €320,466 | +€19,673 | +6.5% |
| Operating profit (loss) | 9901 | €44,443 | €45,845 | +€1,402 | +3.2% |
| Financial income | 75/76B | €1,281 | €3 | -€1,278 | -99.8% |
| Recurring financial income | 75 | €1,281 | €3 | -€1,278 | -99.8% |
| Financial charges | 65/66B | €43,406 | €43,195 | -€211 | -0.5% |
| Recurring financial charges | 65 | €43,406 | €43,195 | -€211 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €2,318 | €2,653 | +€335 | +14.4% |
| Income taxes | 67/77 | -€8,749 | €1 | +€8,750 | |
| Profit (loss) for the period | 9904 | €11,067 | €2,652 | -€8,415 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,067 | €2,652 | -€8,415 | -76.0% |
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 3 October 2026 via checked.be.