ADCO: 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.
ADCO
Largest movements
- Tangible fixed assets +€97,231
up €97,231 (+511.8%), from €18,996 to €116,227
of which Land and buildings: +€96,666
- Cash +€2,749
up €2,749 (+586.2%), from €469 to €3,218
mainly Net result for the year (+€48,176) and Debts after one year (+€40,726)
- Receivables within one year +€1,385
up €1,385 (+21.0%), from €6,595 to €7,981
- Profit (loss) carried forward +€48,176
up €48,176 (+13.7%), from -€352,917 to -€304,741
- Debts after one year +€40,726
up €40,726 (+12.6%), from €322,000 to €362,726
- Current portion of long-term debt +€9,375
new in 2025: €9,375
- Trade debts +€3,965
up €3,965 (+874.5%), from €453 to €4,418
- Other debts -€3,725
down €3,725 (-65.0%), from €5,732 to €2,007
- Gross operating margin -€14,021
down €14,021 (-19.3%), from €72,592 to €58,572
- Depreciation +€4,586
up €4,586 (+174.9%), from €2,623 to €7,209
- Financial charges +€1,779
up €1,779 (+677.9%), from €262 to €2,042
- Other operating charges +€1,004
up €1,004 (+714.3%), from €141 to €1,144
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 | €26,300 | €127,788 | +€101,488 | +385.9% |
| Fixed assets | 21/28 | €18,996 | €116,227 | +€97,231 | +511.8% |
| Tangible fixed assets | 22/27 | €18,996 | €116,227 | +€97,231 | +511.8% |
| Land and buildings | 22 | €17,660 | €114,326 | +€96,666 | +547.4% |
| Plant, machinery and equipment | 23 | €489 | €246 | -€243 | -49.6% |
| Furniture and vehicles | 24 | €847 | €1,655 | +€808 | +95.3% |
| Current assets | 29/58 | €7,304 | €11,561 | +€4,257 | +58.3% |
| Amounts receivable within one year | 40/41 | €6,595 | €7,981 | +€1,385 | +21.0% |
| Trade receivables | 40 | €6,595 | €7,981 | +€1,385 | +21.0% |
| Cash at bank and in hand | 54/58 | €469 | €3,218 | +€2,749 | +586.2% |
| Deferred charges and accrued income | 490/1 | €240 | €362 | +€122 | +51.1% |
| Total equity and liabilities | 10/49 | €26,300 | €127,788 | +€101,488 | +385.9% |
| Equity | 10/15 | -€303,317 | -€255,141 | +€48,176 | +15.9% |
| Contributions | 10/11 | €49,600 | €49,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€352,917 | -€304,741 | +€48,176 | +13.7% |
| Amounts payable | 17/49 | €329,617 | €382,929 | +€53,311 | +16.2% |
| Amounts payable after more than one year | 17 | €322,000 | €362,726 | +€40,726 | +12.6% |
| Financial debts | 170/4 | €322,000 | €362,726 | +€40,726 | +12.6% |
| Amounts payable within one year | 42/48 | €7,617 | €20,202 | +€12,585 | +165.2% |
| Current portion of amounts payable after more than one year | 42 | - | €9,375 | +€9,375 | |
| Trade debts | 44 | €453 | €4,418 | +€3,965 | +874.5% |
| Suppliers | 440/4 | €453 | €4,418 | +€3,965 | +874.5% |
| Taxes, remuneration and social security | 45 | €1,432 | €4,402 | +€2,970 | +207.4% |
| Taxes | 450/3 | €1,432 | €2,402 | +€970 | +67.8% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €5,732 | €2,007 | -€3,725 | -65.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,623 | €7,209 | +€4,586 | +174.9% |
| Other operating charges | 640/8 | €141 | €1,144 | +€1,004 | +714.3% |
| Gross operating margin | 9900 | €72,592 | €58,572 | -€14,021 | -19.3% |
| Operating profit (loss) | 9901 | €69,829 | €50,218 | -€19,611 | -28.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €262 | €2,042 | +€1,779 | +677.9% |
| Recurring financial charges | 65 | €262 | €2,042 | +€1,779 | +677.9% |
| Profit (loss) for the period before taxes | 9903 | €69,566 | €48,176 | -€21,390 | -30.7% |
| Profit (loss) for the period | 9904 | €69,566 | €48,176 | -€21,390 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €69,566 | €48,176 | -€21,390 | -30.7% |
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 2 October 2026 via checked.be.