ADB MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+71.5%), from €3.1m to €5.4m
of which Land and buildings: +€2.2m
- Receivables after one year +€174,695
new in 2025: €174,695
- Receivables within one year -€91,447
down €91,447 (-28.8%), from €317,897 to €226,450
of which Trade receivables: -€113,783
- Debts after one year +€1.6m
up €1.6m (+38.9%), from €4.2m to €5.9m
of which Other amounts payable: +€1.3m
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Profit (loss) carried forward -€346,443
down €346,443 (-136.8%), from -€253,196 to -€599,639
- Trade debts +€125,942
up €125,942 (+390.5%), from €32,253 to €158,194
- Depreciation -€312,462
down €312,462 (-77.3%), from €404,013 to €91,552
- Gross operating margin -€239,439
down €239,439, from €198,735 to -€40,704
- Financial charges +€60,512
up €60,512 (+121.2%), from €49,923 to €110,436
- Taxes +€40,010
up €40,010 (+8194.9%), from €488 to €40,498
- Other operating charges +€3,212
new in 2025: €3,212
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 | €4,812,617 | €7,258,783 | +€2.4m | +50.8% |
| Fixed assets | 21/28 | €3,126,036 | €5,373,264 | +€2.2m | +71.9% |
| Tangible fixed assets | 22/27 | €3,125,786 | €5,360,514 | +€2.2m | +71.5% |
| Land and buildings | 22 | €2,984,352 | €5,164,384 | +€2.2m | +73.0% |
| Plant, machinery and equipment | 23 | €10,110 | €20,394 | +€10,284 | +101.7% |
| Furniture and vehicles | 24 | €127,910 | €172,692 | +€44,782 | +35.0% |
| Other tangible fixed assets | 26 | €3,413 | €3,044 | -€369 | -10.8% |
| Financial fixed assets | 28 | €250 | €12,750 | +€12,500 | +5000.0% |
| Current assets | 29/58 | €1,686,582 | €1,885,519 | +€198,937 | +11.8% |
| Amounts receivable after more than one year | 29 | - | €174,695 | +€174,695 | |
| Other amounts receivable | 291 | - | €174,695 | +€174,695 | |
| Stocks and contracts in progress | 3 | €1,299,712 | €1,352,160 | +€52,448 | +4.0% |
| Stocks | 30/36 | €1,299,712 | €1,352,160 | +€52,448 | +4.0% |
| Amounts receivable within one year | 40/41 | €317,897 | €226,450 | -€91,447 | -28.8% |
| Trade receivables | 40 | €256,063 | €142,280 | -€113,783 | -44.4% |
| Other amounts receivable | 41 | €61,834 | €84,170 | +€22,336 | +36.1% |
| Cash at bank and in hand | 54/58 | €64,363 | €124,824 | +€60,461 | +93.9% |
| Deferred charges and accrued income | 490/1 | €4,610 | €7,391 | +€2,781 | +60.3% |
| Total equity and liabilities | 10/49 | €4,812,617 | €7,258,783 | +€2.4m | +50.8% |
| Equity | 10/15 | €427,689 | €81,246 | -€346,443 | -81.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €675,885 | €675,885 | = | 0.0% |
| Distributable reserves | 133 | €675,885 | €675,885 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€253,196 | -€599,639 | -€346,443 | -136.8% |
| Amounts payable | 17/49 | €4,384,928 | €7,177,537 | +€2.8m | +63.7% |
| Amounts payable after more than one year | 17 | €4,231,433 | €5,879,126 | +€1.6m | +38.9% |
| Financial debts | 170/4 | €1,795,745 | €2,147,750 | +€352,006 | +19.6% |
| Other amounts payable | 178/9 | €2,435,688 | €3,731,376 | +€1.3m | +53.2% |
| Amounts payable within one year | 42/48 | €153,496 | €1,298,410 | +€1.1m | +745.9% |
| Current portion of amounts payable after more than one year | 42 | €101,287 | €130,807 | +€29,520 | +29.1% |
| Financial debts | 43 | - | €1,000,000 | +€1.0m | |
| Credit institutions | 430/8 | - | €1,000,000 | +€1.0m | |
| Trade debts | 44 | €32,253 | €158,194 | +€125,942 | +390.5% |
| Suppliers | 440/4 | €32,253 | €158,194 | +€125,942 | +390.5% |
| Taxes, remuneration and social security | 45 | €19,956 | €9,409 | -€10,547 | -52.9% |
| Taxes | 450/3 | €19,956 | €9,409 | -€10,547 | -52.9% |
| Non-recurring operating income | 76A | €10,771 | - | -€10,771 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €404,013 | €91,552 | -€312,462 | -77.3% |
| Other operating charges | 640/8 | - | €3,212 | +€3,212 | |
| Non-recurring operating charges | 66A | - | €65,693 | +€65,693 | |
| Gross operating margin | 9900 | €198,735 | -€40,704 | -€239,439 | |
| Operating profit (loss) | 9901 | -€205,278 | -€201,161 | +€4,118 | +2.0% |
| Financial income | 75/76B | €2,494 | €5,652 | +€3,158 | +126.6% |
| Recurring financial income | 75 | €2,494 | €5,652 | +€3,158 | +126.6% |
| Financial charges | 65/66B | €49,923 | €110,436 | +€60,512 | +121.2% |
| Recurring financial charges | 65 | €49,923 | €110,436 | +€60,512 | +121.2% |
| Profit (loss) for the period before taxes | 9903 | -€252,708 | -€305,945 | -€53,237 | -21.1% |
| Income taxes | 67/77 | €488 | €40,498 | +€40,010 | +8194.9% |
| Profit (loss) for the period | 9904 | -€253,196 | -€346,443 | -€93,246 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€253,196 | -€346,443 | -€93,246 | -36.8% |
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 8 October 2026 via checked.be.