ADC-VASTGOED: what changed
Two financial 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-VASTGOED
Largest movements
- Tangible fixed assets -€32,389
down €32,389 (-20.1%), from €161,486 to €129,097
of which Land and buildings: -€17,807
- Cash +€11,854
up €11,854 (+224%), from €5,300 to €17,154
mainly Depreciation (+€32,389) and Net result for the year (+€19,925)
- Reserves +€19,925
up €19,925 (+57.9%), from €34,419 to €54,344
- Debts after one year -€19,378
down €19,378 (-18.8%), from €103,099 to €83,721
of which Financial debts: -€19,378
- Current portion of long-term debt -€18,033
down €18,033 (-48.2%), from €37,411 to €19,378
- Tax, wage and social debts -€4,507
down €4,507 (-43.4%), from €10,377 to €5,870
- Gross operating margin +€1,654
up €1,654 (+2.6%), from €62,984 to €64,637
- Financial charges -€728
down €728 (-24.3%), from €3,000 to €2,272
- Taxes +€727
up €727 (+8.5%), from €8,572 to €9,299
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.
Derived cash bridge
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 | €241,018 | €219,133 | -€21,885 | -9.1% |
| Fixed assets | 21/28 | €161,486 | €129,097 | -€32,389 | -20.1% |
| Tangible fixed assets | 22/27 | €161,486 | €129,097 | -€32,389 | -20.1% |
| Land and buildings | 22 | €88,577 | €70,769 | -€17,807 | -20.1% |
| Leasing and similar rights | 25 | €72,910 | €58,328 | -€14,582 | -20.0% |
| Current assets | 29/58 | €79,532 | €90,036 | +€10,505 | +13.2% |
| Amounts receivable after more than one year | 29 | €73,434 | €72,864 | -€570 | -0.8% |
| Other amounts receivable | 291 | €73,434 | €72,864 | -€570 | -0.8% |
| Amounts receivable within one year | 40/41 | €797 | €19 | -€779 | -97.7% |
| Trade receivables | 40 | €797 | €0 | -€797 | -100% |
| Other amounts receivable | 41 | €0 | €19 | +€19 | |
| Cash at bank and in hand | 54/58 | €5,300 | €17,154 | +€11,854 | +224% |
| Total equity and liabilities | 10/49 | €241,018 | €219,133 | -€21,885 | -9.1% |
| Equity | 10/15 | €90,131 | €110,057 | +€19,925 | +22.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,419 | €54,344 | +€19,925 | +57.9% |
| Distributable reserves | 133 | €34,419 | €54,344 | +€19,925 | +57.9% |
| Profit (loss) carried forward | 14 | €37,113 | €37,113 | = | 0.0% |
| Amounts payable | 17/49 | €150,887 | €109,076 | -€41,810 | -27.7% |
| Amounts payable after more than one year | 17 | €103,099 | €83,721 | -€19,378 | -18.8% |
| Financial debts | 170/4 | €88,849 | €69,471 | -€19,378 | -21.8% |
| Other amounts payable | 178/9 | €14,250 | €14,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €47,788 | €25,356 | -€22,432 | -46.9% |
| Current portion of amounts payable after more than one year | 42 | €37,411 | €19,378 | -€18,033 | -48.2% |
| Trade debts | 44 | €0 | €107 | +€107 | |
| Suppliers | 440/4 | €0 | €107 | +€107 | |
| Taxes, remuneration and social security | 45 | €10,377 | €5,870 | -€4,507 | -43.4% |
| Taxes | 450/3 | €10,377 | €5,870 | -€4,507 | -43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,389 | €32,389 | = | 0.0% |
| Other operating charges | 640/8 | €2,118 | €2,182 | +€64 | +3.0% |
| Gross operating margin | 9900 | €62,984 | €64,637 | +€1,654 | +2.6% |
| Operating profit (loss) | 9901 | €28,477 | €30,066 | +€1,590 | +5.6% |
| Financial income | 75/76B | €1,447 | €1,430 | -€17 | -1.2% |
| Recurring financial income | 75 | €1,447 | €1,430 | -€17 | -1.2% |
| Financial charges | 65/66B | €3,000 | €2,272 | -€728 | -24.3% |
| Recurring financial charges | 65 | €3,000 | €2,272 | -€728 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €26,924 | €29,224 | +€2,300 | +8.5% |
| Income taxes | 67/77 | €8,572 | €9,299 | +€727 | +8.5% |
| Profit (loss) for the period | 9904 | €18,352 | €19,925 | +€1,574 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,352 | €19,925 | +€1,574 | +8.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.