ADDAX: 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.
ADDAX
Largest movements
- Receivables within one year -€30,539
down €30,539 (-19.0%), from €160,857 to €130,318
of which Trade receivables: -€32,615
- Tangible fixed assets -€18,184
down €18,184 (-4.1%), from €438,525 to €420,340
of which Other tangible fixed assets: -€39,924
- Trade debts -€20,746
down €20,746 (-30.0%), from €69,225 to €48,479
- Other debts -€16,754
down €16,754 (-46.4%), from €36,146 to €19,392
- Tax, wage and social debts -€13,097
down €13,097 (-59.0%), from €22,204 to €9,107
- Reserves +€9,709
up €9,709 (+2.6%), from €379,259 to €388,968
- Debts after one year -€8,750
down €8,750 (-3.6%), from €240,661 to €231,911
- Gross operating margin -€26,390
down €26,390 (-25.2%), from €104,595 to €78,206
- Taxes -€7,799
down €7,799 (-64.5%), from €12,083 to €4,284
- Depreciation +€4,135
up €4,135 (+11.7%), from €35,264 to €39,399
- Write-downs +€2,338
up €2,338 (+435.9%), from €536 to €2,874
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 | €826,012 | €768,213 | -€57,799 | -7.0% |
| Fixed assets | 21/28 | €438,525 | €420,340 | -€18,184 | -4.1% |
| Tangible fixed assets | 22/27 | €438,525 | €420,340 | -€18,184 | -4.1% |
| Land and buildings | 22 | €361,823 | €386,974 | +€25,151 | +7.0% |
| Plant, machinery and equipment | 23 | €18,901 | €27,880 | +€8,979 | +47.5% |
| Furniture and vehicles | 24 | €17,877 | €5,487 | -€12,390 | -69.3% |
| Other tangible fixed assets | 26 | €39,924 | €0 | -€39,924 | -100.0% |
| Current assets | 29/58 | €387,487 | €347,872 | -€39,615 | -10.2% |
| Stocks and contracts in progress | 3 | €219,184 | €212,339 | -€6,845 | -3.1% |
| Stocks | 30/36 | €219,184 | €212,339 | -€6,845 | -3.1% |
| Amounts receivable within one year | 40/41 | €160,857 | €130,318 | -€30,539 | -19.0% |
| Trade receivables | 40 | €157,218 | €124,602 | -€32,615 | -20.7% |
| Other amounts receivable | 41 | €3,639 | €5,716 | +€2,076 | +57.0% |
| Cash at bank and in hand | 54/58 | €6,232 | €5,215 | -€1,017 | -16.3% |
| Deferred charges and accrued income | 490/1 | €1,214 | €0 | -€1,214 | -100.0% |
| Total equity and liabilities | 10/49 | €826,012 | €768,213 | -€57,799 | -7.0% |
| Equity | 10/15 | €399,766 | €409,476 | +€9,709 | +2.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €379,259 | €388,968 | +€9,709 | +2.6% |
| Distributable reserves | 133 | €379,259 | €388,968 | +€9,709 | +2.6% |
| Profit (loss) carried forward | 14 | €507 | €507 | = | 0.0% |
| Amounts payable | 17/49 | €426,245 | €358,737 | -€67,508 | -15.8% |
| Amounts payable after more than one year | 17 | €240,661 | €231,911 | -€8,750 | -3.6% |
| Financial debts | 170/4 | €240,661 | €231,911 | -€8,750 | -3.6% |
| Amounts payable within one year | 42/48 | €183,645 | €126,188 | -€57,457 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €29,828 | €22,905 | -€6,923 | -23.2% |
| Financial debts | 43 | €26,081 | €25,508 | -€573 | -2.2% |
| Credit institutions | 430/8 | €21,081 | €19,633 | -€1,449 | -6.9% |
| Other loans | 439 | €5,000 | €5,875 | +€875 | +17.5% |
| Trade debts | 44 | €69,225 | €48,479 | -€20,746 | -30.0% |
| Suppliers | 440/4 | €69,225 | €48,479 | -€20,746 | -30.0% |
| Advances received on contracts in progress | 46 | €162 | €797 | +€636 | +392.9% |
| Taxes, remuneration and social security | 45 | €22,204 | €9,107 | -€13,097 | -59.0% |
| Taxes | 450/3 | €22,204 | €9,107 | -€13,097 | -59.0% |
| Other amounts payable | 47/48 | €36,146 | €19,392 | -€16,754 | -46.4% |
| Accrued charges and deferred income | 492/3 | €1,939 | €639 | -€1,301 | -67.1% |
| Non-recurring operating income | 76A | - | €3,462 | +€3,462 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,264 | €39,399 | +€4,135 | +11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €536 | €2,874 | +€2,338 | +435.9% |
| Other operating charges | 640/8 | €5,210 | €5,590 | +€380 | +7.3% |
| Gross operating margin | 9900 | €104,595 | €78,206 | -€26,390 | -25.2% |
| Operating profit (loss) | 9901 | €63,586 | €30,343 | -€33,243 | -52.3% |
| Financial income | 75/76B | €0 | €71 | +€71 | |
| Recurring financial income | 75 | €0 | €71 | +€71 | |
| Financial charges | 65/66B | €17,019 | €16,420 | -€599 | -3.5% |
| Recurring financial charges | 65 | €17,019 | €16,420 | -€599 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €46,566 | €13,994 | -€32,572 | -69.9% |
| Income taxes | 67/77 | €12,083 | €4,284 | -€7,799 | -64.5% |
| Profit (loss) for the period | 9904 | €34,483 | €9,709 | -€24,774 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,483 | €9,709 | -€24,774 | -71.8% |
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 3 October 2026 via checked.be.