ADC PROJECTS: 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.
ADC PROJECTS
Largest movements
- Deferred charges and accrued income -€16,624
down €16,624 (-41.0%), from €40,520 to €23,896
- Receivables within one year -€16,219
down €16,219 (-31.1%), from €52,185 to €35,966
of which Trade receivables: -€12,524
- Cash +€8,269
up €8,269 (+9.6%), from €85,793 to €94,062
mainly Deferred charges and accrued income (+€16,624) and Receivables within one year (+€16,219)
- Tangible fixed assets -€6,709
down €6,709 (-14.1%), from €47,620 to €40,911
- Accrued charges and deferred income -€32,129
down €32,129 (-49.6%), from €64,765 to €32,636
- Trade debts +€9,978
up €9,978 (+31.4%), from €31,730 to €41,708
- Other debts -€4,753
down €4,753 (-11.6%), from €40,876 to €36,123
- Depreciation +€7,603
up €7,603 (+316.7%), from €2,401 to €10,004
- Gross operating margin -€2,797
down €2,797 (-24.3%), from €11,513 to €8,716
- Financial charges -€540
down €540 (-62.8%), from €861 to €321
- Taxes +€391
up €391 (+52.6%), from €743 to €1,134
- Other operating charges -€350
down €350 (-74.5%), from €470 to €120
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 | €304,318 | €273,035 | -€31,283 | -10.3% |
| Fixed assets | 21/28 | €49,620 | €42,911 | -€6,709 | -13.5% |
| Tangible fixed assets | 22/27 | €47,620 | €40,911 | -€6,709 | -14.1% |
| Furniture and vehicles | 24 | €47,620 | €40,911 | -€6,709 | -14.1% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €254,698 | €230,124 | -€24,574 | -9.6% |
| Amounts receivable within one year | 40/41 | €52,185 | €35,966 | -€16,219 | -31.1% |
| Trade receivables | 40 | €48,393 | €35,869 | -€12,524 | -25.9% |
| Other amounts receivable | 41 | €3,792 | €96 | -€3,695 | -97.5% |
| Current investments | 50/53 | €76,200 | €76,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,793 | €94,062 | +€8,269 | +9.6% |
| Deferred charges and accrued income | 490/1 | €40,520 | €23,896 | -€16,624 | -41.0% |
| Total equity and liabilities | 10/49 | €304,318 | €273,035 | -€31,283 | -10.3% |
| Equity | 10/15 | €164,878 | €162,026 | -€2,852 | -1.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €131,032 | €131,032 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €127,032 | €127,032 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,154 | -€9,006 | -€2,852 | -46.3% |
| Amounts payable | 17/49 | €139,440 | €111,009 | -€28,431 | -20.4% |
| Amounts payable within one year | 42/48 | €74,675 | €78,373 | +€3,699 | +5.0% |
| Trade debts | 44 | €31,730 | €41,708 | +€9,978 | +31.4% |
| Suppliers | 440/4 | €31,730 | €41,708 | +€9,978 | +31.4% |
| Taxes, remuneration and social security | 45 | €2,069 | €542 | -€1,526 | -73.8% |
| Taxes | 450/3 | €2,069 | €542 | -€1,526 | -73.8% |
| Other amounts payable | 47/48 | €40,876 | €36,123 | -€4,753 | -11.6% |
| Accrued charges and deferred income | 492/3 | €64,765 | €32,636 | -€32,129 | -49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,401 | €10,004 | +€7,603 | +316.7% |
| Other operating charges | 640/8 | €470 | €120 | -€350 | -74.5% |
| Gross operating margin | 9900 | €11,513 | €8,716 | -€2,797 | -24.3% |
| Operating profit (loss) | 9901 | €8,642 | -€1,408 | -€10,050 | |
| Financial income | 75/76B | €26 | €11 | -€15 | -58.3% |
| Recurring financial income | 75 | €26 | €11 | -€15 | -58.3% |
| Financial charges | 65/66B | €861 | €321 | -€540 | -62.8% |
| Recurring financial charges | 65 | €861 | €321 | -€540 | -62.8% |
| Profit (loss) for the period before taxes | 9903 | €7,807 | -€1,718 | -€9,525 | |
| Income taxes | 67/77 | €743 | €1,134 | +€391 | +52.6% |
| Profit (loss) for the period | 9904 | €7,064 | -€2,852 | -€9,916 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,064 | -€2,852 | -€9,916 |
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 29 September 2026 via checked.be.