ADCM: 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.
ADCM
Largest movements
- Financial fixed assets +€11,225
up €11,225 (+26.7%), from €42,000 to €53,225
- Cash -€8,030
down €8,030 (-86.3%), from €9,307 to €1,277
mainly Investment in fixed assets (net) (-€16,553) and Debts after one year (-€11,702)
- Tangible fixed assets -€4,957
down €4,957 (-3.9%), from €125,771 to €120,814
- Debts after one year -€11,702
down €11,702 (-33.2%), from €35,237 to €23,535
- Profit (loss) carried forward +€9,668
up €9,668, from -€2,330 to €7,338
- Accrued charges and deferred income -€3,152
no longer reported in 2025 (was €3,152)
- Tax, wage and social debts +€2,671
new in 2025: €2,671
- Gross operating margin +€7,010
up €7,010 (+37.8%), from €18,546 to €25,555
- Financial charges -€2,819
down €2,819 (-64.0%), from €4,404 to €1,584
- Taxes +€2,671
new in 2025: €2,671
- Depreciation -€1,359
down €1,359 (-11.7%), from €11,644 to €10,285
- Financial income +€1,225
new in 2025: €1,225
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 | €177,078 | €175,967 | -€1,111 | -0.6% |
| Fixed assets | 21/28 | €167,771 | €174,039 | +€6,268 | +3.7% |
| Tangible fixed assets | 22/27 | €125,771 | €120,814 | -€4,957 | -3.9% |
| Land and buildings | 22 | €125,771 | €120,814 | -€4,957 | -3.9% |
| Financial fixed assets | 28 | €42,000 | €53,225 | +€11,225 | +26.7% |
| Current assets | 29/58 | €9,307 | €1,928 | -€7,379 | -79.3% |
| Cash at bank and in hand | 54/58 | €9,307 | €1,277 | -€8,030 | -86.3% |
| Deferred charges and accrued income | 490/1 | - | €651 | +€651 | |
| Total equity and liabilities | 10/49 | €177,078 | €175,967 | -€1,111 | -0.6% |
| Equity | 10/15 | €16,270 | €25,938 | +€9,668 | +59.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,330 | €7,338 | +€9,668 | |
| Amounts payable | 17/49 | €160,808 | €150,028 | -€10,779 | -6.7% |
| Amounts payable after more than one year | 17 | €35,237 | €23,535 | -€11,702 | -33.2% |
| Financial debts | 170/4 | €35,237 | €23,535 | -€11,702 | -33.2% |
| Amounts payable within one year | 42/48 | €122,420 | €126,494 | +€4,074 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €11,323 | €11,702 | +€379 | +3.3% |
| Taxes, remuneration and social security | 45 | - | €2,671 | +€2,671 | |
| Taxes | 450/3 | - | €2,671 | +€2,671 | |
| Other amounts payable | 47/48 | €111,096 | €112,120 | +€1,024 | +0.9% |
| Accrued charges and deferred income | 492/3 | €3,152 | - | -€3,152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,644 | €10,285 | -€1,359 | -11.7% |
| Other operating charges | 640/8 | €2,492 | €2,571 | +€79 | +3.2% |
| Gross operating margin | 9900 | €18,546 | €25,555 | +€7,010 | +37.8% |
| Operating profit (loss) | 9901 | €4,410 | €12,699 | +€8,290 | +188% |
| Financial income | 75/76B | - | €1,225 | +€1,225 | |
| Recurring financial income | 75 | - | €1,225 | +€1,225 | |
| Financial charges | 65/66B | €4,404 | €1,584 | -€2,819 | -64.0% |
| Recurring financial charges | 65 | €4,404 | €1,584 | -€2,819 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €6 | €12,340 | +€12,334 | +205,561% |
| Income taxes | 67/77 | - | €2,671 | +€2,671 | |
| Profit (loss) for the period | 9904 | €6 | €9,668 | +€9,662 | +161,038% |
| Profit (loss) for the period to be appropriated | 9905 | €6 | €9,668 | +€9,662 | +161,038% |
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 14 October 2026 via checked.be.