ADCON: 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.
What changed
ADCON
NACE 93.110, Operation of sports facilities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,173
2024 · €3,967+€5,206
Equity
€2.2m
2024 · €2.2m+€1,092
Cash
€74,527
2024 · €136,389-€61,862
Balance sheet total
€3.5m
2024 · €3.6m-€41,131
Largest movements
Assets
- Cash -€61,862
down €61,862 (-45.4%), from €136,389 to €74,527
mainly Investment in fixed assets (net) (-€394,982) and Receivables within one year (-€55,275)
- Receivables within one year +€55,275
up €55,275 (+42.0%), from €131,528 to €186,803
of which Trade receivables: +€89,775
Equity and liabilities
- Advances received +€79,926
up €79,926 (+306%), from €26,131 to €106,056
- Profit (loss) carried forward +€39,536
up €39,536 (+4.7%), from €839,409 to €878,945
Income statement
- Taxes -€60,690
down €60,690 (-96.5%), from €62,869 to €2,179
- Depreciation +€56,006
up €56,006 (+15.3%), from €365,106 to €421,112
- Other operating charges -€38,922
down €38,922 (-83.3%), from €46,737 to €7,815
- Financial income -€31,938
down €31,938 (-60.7%), from €52,590 to €20,652
of which Financial income: -€35,089
- Staff costs +€12,156
up €12,156 (+15.1%), from €80,336 to €92,492
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.
Result 2024
€3,967
Gross operating margin
+€8,703
Staff costs
-€12,156
Depreciation
-€56,006
Other operating charges
+€38,922
Financial income
-€31,938
Financial charges
-€2,813
Taxes
+€60,690
Deferred taxes and other
-€197
Result 2025
€9,173
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€360,161
Investment
-€394,982
Financing
-€27,041
Cash 2024
€136,389
From operations (derived)
+€360,161
Net result for the year
+€9,173
Depreciation
+€421,112
Receivables after one year
+€10,658
Stocks and contracts
-€6,000
Receivables within one year
-€55,275
Deferred charges and accrued income
+€3,756
Provisions
-€10,121
Trade debts
-€33,192
Tax, wage and social debts
-€28,357
Advances received
+€79,926
Other debts
+€2,551
Accrued charges and deferred income
-€34,070
Investment (derived)
-€394,982
Investment in fixed assets (net)
-€394,982
Financing
-€27,041
Debts after one year
-€22,107
Current portion of long-term debt
+€3,148
Contributions, distributions and other
-€8,081
Cash 2025
€74,527
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,573,652 | €3,532,521 | -€41,131 | -1.2% |
| Fixed assets | 21/28 | €3,227,051 | €3,200,921 | -€26,130 | -0.8% |
| Tangible fixed assets | 22/27 | €3,211,607 | €3,184,978 | -€26,630 | -0.8% |
| Land and buildings | 22 | €2,892,329 | €2,737,212 | -€155,117 | -5.4% |
| Plant, machinery and equipment | 23 | €271,430 | €303,995 | +€32,564 | +12.0% |
| Furniture and vehicles | 24 | €17,878 | €15,567 | -€2,311 | -12.9% |
| Other tangible fixed assets | 26 | €29,970 | €128,204 | +€98,234 | +328% |
| Financial fixed assets | 28 | €15,444 | €15,944 | +€500 | +3.2% |
| Current assets | 29/58 | €346,601 | €331,600 | -€15,001 | -4.3% |
| Amounts receivable after more than one year | 29 | €72,658 | €62,000 | -€10,658 | -14.7% |
| Other amounts receivable | 291 | €72,658 | €62,000 | -€10,658 | -14.7% |
| Stocks and contracts in progress | 3 | - | €6,000 | +€6,000 | |
| Stocks | 30/36 | - | €6,000 | +€6,000 | |
| Amounts receivable within one year | 40/41 | €131,528 | €186,803 | +€55,275 | +42.0% |
| Trade receivables | 40 | €97,028 | €186,803 | +€89,775 | +92.5% |
| Other amounts receivable | 41 | €34,500 | - | -€34,500 | |
| Cash at bank and in hand | 54/58 | €136,389 | €74,527 | -€61,862 | -45.4% |
| Deferred charges and accrued income | 490/1 | €6,026 | €2,270 | -€3,756 | -62.3% |
| Total equity and liabilities | 10/49 | €3,573,652 | €3,532,521 | -€41,131 | -1.2% |
| Equity | 10/15 | €2,165,631 | €2,166,724 | +€1,092 | +0.1% |
| Contributions | 10/11 | €837,233 | €837,233 | = | 0.0% |
| Capital | 10 | - | €837,233 | +€837,233 | |
| Issued capital | 100 | - | €837,233 | +€837,233 | |
| Reserves | 13 | €464,667 | €434,304 | -€30,363 | -6.5% |
| Non-distributable reserves | 130/1 | €88,723 | €88,723 | = | 0.0% |
| Reserves not available under the articles | 1311 | €88,723 | €88,723 | = | 0.0% |
| Tax-exempt reserves | 132 | €375,944 | €345,581 | -€30,363 | -8.1% |
| Profit (loss) carried forward | 14 | €839,409 | €878,945 | +€39,536 | +4.7% |
| Investment grants | 15 | €24,322 | €16,241 | -€8,081 | -33.2% |
| Provisions and deferred taxes | 16 | €217,574 | €207,453 | -€10,121 | -4.7% |
| Deferred taxes | 168 | €217,574 | €207,453 | -€10,121 | -4.7% |
| Amounts payable | 17/49 | €1,190,447 | €1,158,345 | -€32,102 | -2.7% |
| Amounts payable after more than one year | 17 | €722,628 | €700,520 | -€22,107 | -3.1% |
| Financial debts | 170/4 | €722,628 | €700,520 | -€22,107 | -3.1% |
| Amounts payable within one year | 42/48 | €367,078 | €391,154 | +€24,076 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €217,480 | €220,627 | +€3,148 | +1.4% |
| Trade debts | 44 | €66,030 | €32,838 | -€33,192 | -50.3% |
| Suppliers | 440/4 | €66,030 | €32,838 | -€33,192 | -50.3% |
| Advances received on contracts in progress | 46 | €26,131 | €106,056 | +€79,926 | +306% |
| Taxes, remuneration and social security | 45 | €55,194 | €26,838 | -€28,357 | -51.4% |
| Taxes | 450/3 | €44,996 | €22,788 | -€22,208 | -49.4% |
| Remuneration and social security | 454/9 | €10,199 | €4,050 | -€6,149 | -60.3% |
| Other amounts payable | 47/48 | €2,243 | €4,794 | +€2,551 | +114% |
| Accrued charges and deferred income | 492/3 | €100,741 | €66,671 | -€34,070 | -33.8% |
| Remuneration, social security and pensions | 62 | €80,336 | €92,492 | +€12,156 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €365,106 | €421,112 | +€56,006 | +15.3% |
| Other operating charges | 640/8 | €46,737 | €7,815 | -€38,922 | -83.3% |
| Gross operating margin | 9900 | €523,989 | €532,693 | +€8,703 | +1.7% |
| Operating profit (loss) | 9901 | €31,810 | €11,273 | -€20,537 | -64.6% |
| Financial income | 75/76B | €52,590 | €20,652 | -€31,938 | -60.7% |
| Recurring financial income | 75 | €52,590 | €17,500 | -€35,089 | -66.7% |
| Non-recurring financial income | 76B | - | €3,152 | +€3,152 | |
| Financial charges | 65/66B | €27,882 | €30,694 | +€2,813 | +10.1% |
| Recurring financial charges | 65 | €27,882 | €30,694 | +€2,813 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €56,518 | €1,231 | -€55,287 | -97.8% |
| Transfer from deferred taxes | 780 | €10,318 | €10,121 | -€197 | -1.9% |
| Income taxes | 67/77 | €62,869 | €2,179 | -€60,690 | -96.5% |
| Profit (loss) for the period | 9904 | €3,967 | €9,173 | +€5,206 | +131% |
| Transfer from tax-exempt reserves | 789 | €30,955 | €30,363 | -€592 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,922 | €39,536 | +€4,614 | +13.2% |
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 17 October 2026 via checked.be.