ADCL: 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.
ADCL
Largest movements
- Cash -€119,639
down €119,639 (-33.5%), from €356,770 to €237,131
mainly Contributions, distributions and other (-€428,000) and Other debts (-€115,523)
- Current investments +€30,116
up €30,116 (+240.9%), from €12,500 to €42,616
- Tangible fixed assets +€8,743
up €8,743 (+10.1%), from €86,438 to €95,181
of which Other tangible fixed assets: +€21,058
- Other debts -€115,523
no longer reported in 2025 (was €115,523)
- Trade debts +€32,721
up €32,721 (+217.0%), from €15,079 to €47,800
- Gross operating margin +€29,569
up €29,569 (+5.0%), from €590,891 to €620,460
- Other operating charges +€24,475
up €24,475 (+9183.7%), from €267 to €24,741
- Depreciation -€6,235
down €6,235 (-24.5%), from €25,455 to €19,220
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 | €599,675 | €520,067 | -€79,608 | -13.3% |
| Fixed assets | 21/28 | €86,438 | €95,181 | +€8,743 | +10.1% |
| Tangible fixed assets | 22/27 | €86,438 | €95,181 | +€8,743 | +10.1% |
| Plant, machinery and equipment | 23 | €2,411 | €7,206 | +€4,795 | +198.9% |
| Furniture and vehicles | 24 | €58,428 | €41,319 | -€17,109 | -29.3% |
| Other tangible fixed assets | 26 | €25,598 | €46,656 | +€21,058 | +82.3% |
| Current assets | 29/58 | €513,237 | €424,886 | -€88,351 | -17.2% |
| Amounts receivable within one year | 40/41 | €127,579 | €127,779 | +€200 | +0.2% |
| Other amounts receivable | 41 | €127,579 | €127,779 | +€200 | +0.2% |
| Current investments | 50/53 | €12,500 | €42,616 | +€30,116 | +240.9% |
| Cash at bank and in hand | 54/58 | €356,770 | €237,131 | -€119,639 | -33.5% |
| Deferred charges and accrued income | 490/1 | €16,389 | €17,360 | +€971 | +5.9% |
| Total equity and liabilities | 10/49 | €599,675 | €520,067 | -€79,608 | -13.3% |
| Equity | 10/15 | €448,390 | €452,384 | +€3,994 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €429,790 | €433,784 | +€3,994 | +0.9% |
| Distributable reserves | 133 | €429,790 | €433,784 | +€3,994 | +0.9% |
| Amounts payable | 17/49 | €151,285 | €67,683 | -€83,603 | -55.3% |
| Amounts payable within one year | 42/48 | €148,635 | €62,149 | -€86,487 | -58.2% |
| Trade debts | 44 | €15,079 | €47,800 | +€32,721 | +217.0% |
| Suppliers | 440/4 | €15,079 | €47,800 | +€32,721 | +217.0% |
| Taxes, remuneration and social security | 45 | €18,034 | €14,349 | -€3,684 | -20.4% |
| Taxes | 450/3 | €18,034 | €14,349 | -€3,684 | -20.4% |
| Other amounts payable | 47/48 | €115,523 | - | -€115,523 | |
| Accrued charges and deferred income | 492/3 | €2,650 | €5,534 | +€2,884 | +108.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,455 | €19,220 | -€6,235 | -24.5% |
| Other operating charges | 640/8 | €267 | €24,741 | +€24,475 | +9183.7% |
| Gross operating margin | 9900 | €590,891 | €620,460 | +€29,569 | +5.0% |
| Operating profit (loss) | 9901 | €565,170 | €576,499 | +€11,329 | +2.0% |
| Financial income | 75/76B | €7,742 | €4,083 | -€3,658 | -47.3% |
| Recurring financial income | 75 | €7,742 | €4,083 | -€3,658 | -47.3% |
| Financial charges | 65/66B | €1,188 | €5,311 | +€4,123 | +347.1% |
| Recurring financial charges | 65 | €1,188 | €5,311 | +€4,123 | +347.1% |
| Profit (loss) for the period before taxes | 9903 | €571,724 | €575,272 | +€3,548 | +0.6% |
| Income taxes | 67/77 | €143,308 | €143,277 | -€30 | 0.0% |
| Profit (loss) for the period | 9904 | €428,416 | €431,994 | +€3,578 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €428,416 | €431,994 | +€3,578 | +0.8% |
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 7 October 2026 via checked.be.