ADB: 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.
ADB
Largest movements
- Receivables within one year +€113,874
up €113,874 (+143.2%), from €79,524 to €193,398
of which Trade receivables: +€67,880
- Tangible fixed assets +€30,184
new in 2025: €30,184
of which Plant, machinery and equipment: +€28,666
- Cash -€23,598
down €23,598 (-56.1%), from €42,045 to €18,446
mainly Receivables within one year (-€113,874) and Investment in fixed assets (net) (-€32,748)
- Reserves +€105,101
up €105,101 (+135.5%), from €77,554 to €182,656
- Tax, wage and social debts +€41,580
up €41,580 (+821.1%), from €5,064 to €46,644
of which Taxes: +€39,470
- Trade debts -€28,016
down €28,016 (-89.1%), from €31,436 to €3,420
- Gross operating margin +€135,692
up €135,692 (+291.9%), from €46,493 to €182,185
- Taxes +€43,477
up €43,477 (+405.0%), from €10,736 to €54,213
- Staff costs +€19,802
new in 2025: €19,802
- Depreciation +€2,342
new in 2025: €2,342
- Financial income +€2,105
up €2,105 (+142.0%), from €1,482 to €3,586
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 | €121,624 | €242,305 | +€120,681 | +99.2% |
| Fixed assets | 21/28 | €55 | €30,461 | +€30,406 | +55283.5% |
| Tangible fixed assets | 22/27 | - | €30,184 | +€30,184 | |
| Plant, machinery and equipment | 23 | - | €28,666 | +€28,666 | |
| Furniture and vehicles | 24 | - | €1,517 | +€1,517 | |
| Financial fixed assets | 28 | €55 | €277 | +€222 | +404.3% |
| Current assets | 29/58 | €121,569 | €211,844 | +€90,275 | +74.3% |
| Amounts receivable within one year | 40/41 | €79,524 | €193,398 | +€113,874 | +143.2% |
| Trade receivables | 40 | €38,227 | €106,107 | +€67,880 | +177.6% |
| Other amounts receivable | 41 | €41,297 | €87,291 | +€45,994 | +111.4% |
| Cash at bank and in hand | 54/58 | €42,045 | €18,446 | -€23,598 | -56.1% |
| Total equity and liabilities | 10/49 | €121,624 | €242,305 | +€120,681 | +99.2% |
| Equity | 10/15 | €82,554 | €187,656 | +€105,101 | +127.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €77,554 | €182,656 | +€105,101 | +135.5% |
| Distributable reserves | 133 | €77,554 | €182,656 | +€105,101 | +135.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €39,070 | €54,650 | +€15,580 | +39.9% |
| Amounts payable within one year | 42/48 | €39,070 | €54,650 | +€15,580 | +39.9% |
| Financial debts | 43 | €2,570 | €4,586 | +€2,016 | +78.4% |
| Credit institutions | 430/8 | €2,570 | €4,586 | +€2,016 | +78.4% |
| Trade debts | 44 | €31,436 | €3,420 | -€28,016 | -89.1% |
| Suppliers | 440/4 | €31,436 | €3,420 | -€28,016 | -89.1% |
| Taxes, remuneration and social security | 45 | €5,064 | €46,644 | +€41,580 | +821.1% |
| Taxes | 450/3 | €4,678 | €44,148 | +€39,470 | +843.7% |
| Remuneration and social security | 454/9 | €386 | €2,496 | +€2,110 | +547.4% |
| Remuneration, social security and pensions | 62 | - | €19,802 | +€19,802 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,342 | +€2,342 | |
| Other operating charges | 640/8 | €169 | €1,796 | +€1,628 | +966.0% |
| Gross operating margin | 9900 | €46,493 | €182,185 | +€135,692 | +291.9% |
| Operating profit (loss) | 9901 | €46,325 | €158,245 | +€111,920 | +241.6% |
| Financial income | 75/76B | €1,482 | €3,586 | +€2,105 | +142.0% |
| Recurring financial income | 75 | €1,482 | €3,586 | +€2,105 | +142.0% |
| Financial charges | 65/66B | €1,635 | €2,517 | +€882 | +53.9% |
| Recurring financial charges | 65 | €1,635 | €2,517 | +€882 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | €46,171 | €159,314 | +€113,143 | +245.1% |
| Income taxes | 67/77 | €10,736 | €54,213 | +€43,477 | +405.0% |
| Profit (loss) for the period | 9904 | €35,435 | €105,101 | +€69,666 | +196.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,435 | €105,101 | +€69,666 | +196.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.