ADB INVEST: what changed
ADB INVEST
Largest movements
- Tangible fixed assets +€228,992
up €228,992 (+73.4%), from €312,154 to €541,146
of which Land and buildings: +€241,402
- Cash -€24,569
down €24,569 (-9.7%), from €252,595 to €228,027
mainly Investment in fixed assets (net) (-€322,599) and Contributions, distributions and other (-€55,347)
- Receivables within one year -€8,900
down €8,900 (-100%), from €8,900 to €0
- Other debts +€203,919
up €203,919 (+141%), from €144,602 to €348,521
- Reserves -€11,063
down €11,063 (-4.2%), from €264,365 to €253,302
of which Distributable reserves: -€11,063
- Depreciation +€42,827
up €42,827 (+84.3%), from €50,781 to €93,607
- Gross operating margin +€37,321
up €37,321 (+24.4%), from €152,762 to €190,083
- Financial income -€9,588
down €9,588 (-97.8%), from €9,802 to €213
- Financial charges +€6,665
up €6,665 (+60.4%), from €11,034 to €17,699
- Taxes -€5,857
down €5,857 (-21.8%), from €26,850 to €20,994
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €575,825 | €772,203 | +€196,378 | +34.1% |
| Fixed assets | 21/28 | €314,329 | €543,321 | +€228,992 | +72.9% |
| Tangible fixed assets | 22/27 | €312,154 | €541,146 | +€228,992 | +73.4% |
| Land and buildings | 22 | €282,590 | €523,993 | +€241,402 | +85.4% |
| Furniture and vehicles | 24 | €29,564 | €17,154 | -€12,410 | -42.0% |
| Financial fixed assets | 28 | €2,175 | €2,175 | = | 0.0% |
| Current assets | 29/58 | €261,496 | €228,882 | -€32,614 | -12.5% |
| Amounts receivable within one year | 40/41 | €8,900 | €0 | -€8,900 | -100% |
| Other amounts receivable | 41 | €8,900 | €0 | -€8,900 | -100% |
| Cash at bank and in hand | 54/58 | €252,595 | €228,027 | -€24,569 | -9.7% |
| Deferred charges and accrued income | 490/1 | - | €855 | +€855 | |
| Total equity and liabilities | 10/49 | €575,825 | €772,203 | +€196,378 | +34.1% |
| Equity | 10/15 | €414,365 | €403,302 | -€11,063 | -2.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €264,365 | €253,302 | -€11,063 | -4.2% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €249,365 | €238,302 | -€11,063 | -4.4% |
| Amounts payable | 17/49 | €161,460 | €368,901 | +€207,441 | +128% |
| Amounts payable within one year | 42/48 | €144,602 | €349,413 | +€204,810 | +142% |
| Taxes, remuneration and social security | 45 | - | €891 | +€891 | |
| Taxes | 450/3 | - | €891 | +€891 | |
| Other amounts payable | 47/48 | €144,602 | €348,521 | +€203,919 | +141% |
| Accrued charges and deferred income | 492/3 | €16,857 | €19,488 | +€2,631 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,781 | €93,607 | +€42,827 | +84.3% |
| Other operating charges | 640/8 | €13,513 | €13,712 | +€200 | +1.5% |
| Gross operating margin | 9900 | €152,762 | €190,083 | +€37,321 | +24.4% |
| Operating profit (loss) | 9901 | €88,469 | €82,763 | -€5,706 | -6.4% |
| Financial income | 75/76B | €9,802 | €213 | -€9,588 | -97.8% |
| Recurring financial income | 75 | €9,802 | €213 | -€9,588 | -97.8% |
| Financial charges | 65/66B | €11,034 | €17,699 | +€6,665 | +60.4% |
| Recurring financial charges | 65 | €11,034 | €17,699 | +€6,665 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | €87,236 | €65,277 | -€21,959 | -25.2% |
| Income taxes | 67/77 | €26,850 | €20,994 | -€5,857 | -21.8% |
| Profit (loss) for the period | 9904 | €60,386 | €44,284 | -€16,102 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,386 | €44,284 | -€16,102 | -26.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.