ADCN Projects: 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.
ADCN Projects
Largest movements
- Cash -€7,850
down €7,850 (-33.2%), from €23,679 to €15,829
mainly Contributions, distributions and other (-€27,346) and Investment in fixed assets (net) (-€10,264)
- Receivables within one year +€2,556
up €2,556 (+34.0%), from €7,514 to €10,070
of which Trade receivables: +€1,957
- Other debts +€23,514
up €23,514 (+759%), from €3,097 to €26,611
- Reserves -€21,038
down €21,038 (-81.9%), from €25,680 to €4,642
- Debts after one year -€7,224
down €7,224 (-26.6%), from €27,135 to €19,911
- Current portion of long-term debt +€7,224
new in 2025: €7,224
- Short-term financial debts -€6,968
no longer reported in 2025 (was €6,968)
- Depreciation +€5,744
up €5,744 (+117%), from €4,898 to €10,641
- Taxes -€811
down €811 (-21.8%), from €3,712 to €2,901
- Other operating charges -€705
down €705 (-26.7%), from €2,637 to €1,933
- Financial charges +€403
up €403 (+48.5%), from €831 to €1,235
- Gross operating margin +€276
up €276 (+1.2%), from €22,742 to €23,018
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 | €76,528 | €70,707 | -€5,821 | -7.6% |
| Fixed assets | 21/28 | €43,927 | €43,550 | -€378 | -0.9% |
| Tangible fixed assets | 22/27 | €43,927 | €43,550 | -€378 | -0.9% |
| Plant, machinery and equipment | 23 | €599 | €288 | -€311 | -51.9% |
| Furniture and vehicles | 24 | €3,451 | €12,173 | +€8,722 | +253% |
| Leasing and similar rights | 25 | €39,139 | €30,687 | -€8,451 | -21.6% |
| Other tangible fixed assets | 26 | €738 | €401 | -€337 | -45.7% |
| Current assets | 29/58 | €32,601 | €27,158 | -€5,444 | -16.7% |
| Amounts receivable within one year | 40/41 | €7,514 | €10,070 | +€2,556 | +34.0% |
| Trade receivables | 40 | €7,514 | €9,471 | +€1,957 | +26.0% |
| Other amounts receivable | 41 | - | €599 | +€599 | |
| Cash at bank and in hand | 54/58 | €23,679 | €15,829 | -€7,850 | -33.2% |
| Deferred charges and accrued income | 490/1 | €1,408 | €1,258 | -€149 | -10.6% |
| Total equity and liabilities | 10/49 | €76,528 | €70,707 | -€5,821 | -7.6% |
| Equity | 10/15 | €26,680 | €5,642 | -€21,038 | -78.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €25,680 | €4,642 | -€21,038 | -81.9% |
| Distributable reserves | 133 | €25,680 | €4,642 | -€21,038 | -81.9% |
| Amounts payable | 17/49 | €49,848 | €65,065 | +€15,216 | +30.5% |
| Amounts payable after more than one year | 17 | €27,135 | €19,911 | -€7,224 | -26.6% |
| Financial debts | 170/4 | €27,135 | €19,911 | -€7,224 | -26.6% |
| Amounts payable within one year | 42/48 | €22,714 | €45,154 | +€22,440 | +98.8% |
| Current portion of amounts payable after more than one year | 42 | - | €7,224 | +€7,224 | |
| Financial debts | 43 | €6,968 | - | -€6,968 | |
| Credit institutions | 430/8 | €6,968 | - | -€6,968 | |
| Trade debts | 44 | €1,517 | €1,376 | -€141 | -9.3% |
| Suppliers | 440/4 | €1,517 | €1,376 | -€141 | -9.3% |
| Taxes, remuneration and social security | 45 | €11,132 | €9,943 | -€1,189 | -10.7% |
| Taxes | 450/3 | €9,632 | €8,443 | -€1,189 | -12.3% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €3,097 | €26,611 | +€23,514 | +759% |
| Non-recurring operating income | 76A | €4,251 | - | -€4,251 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,898 | €10,641 | +€5,744 | +117% |
| Other operating charges | 640/8 | €2,637 | €1,933 | -€705 | -26.7% |
| Gross operating margin | 9900 | €22,742 | €23,018 | +€276 | +1.2% |
| Operating profit (loss) | 9901 | €15,207 | €10,444 | -€4,763 | -31.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €831 | €1,235 | +€403 | +48.5% |
| Recurring financial charges | 65 | €831 | €1,235 | +€403 | +48.5% |
| Profit (loss) for the period before taxes | 9903 | €14,375 | €9,209 | -€5,166 | -35.9% |
| Income taxes | 67/77 | €3,712 | €2,901 | -€811 | -21.8% |
| Profit (loss) for the period | 9904 | €10,664 | €6,308 | -€4,356 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,664 | €6,308 | -€4,356 | -40.8% |
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.