ADDAX: 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.
ADDAX
Largest movements
- Cash -€28,465
down €28,465 (-71.2%), from €39,954 to €11,489
mainly Net result for the year (-€55,682) and Debts after one year (-€27,941)
- Receivables within one year -€17,381
down €17,381 (-62.2%), from €27,925 to €10,544
of which Other amounts receivable: -€17,381
- Financial fixed assets +€6,000
new in 2025: €6,000
- Tangible fixed assets -€3,409
down €3,409 (-21.7%), from €15,674 to €12,265
- Deferred charges and accrued income -€2,676
down €2,676 (-17.3%), from €15,508 to €12,833
- Profit (loss) carried forward -€55,682
down €55,682 (-177%), from -€31,380 to -€87,062
- Trade debts +€29,427
up €29,427 (+59.7%), from €49,306 to €78,734
- Debts after one year -€27,941
down €27,941 (-66.2%), from €42,185 to €14,244
- Tax, wage and social debts +€10,617
up €10,617 (+49.1%), from €21,642 to €32,259
of which Remuneration and social security: +€7,902
- Gross operating margin +€104,601
up €104,601 (+180%), from €58,219 to €162,820
- Staff costs +€91,283
up €91,283 (+84.3%), from €108,306 to €199,589
- Financial income -€26,218
down €26,218 (-100.0%), from €26,219 to €1
of which Non-recurring financial income: -€25,000
- Financial charges +€7,822
up €7,822 (+237%), from €3,298 to €11,120
- Other operating charges +€2,187
up €2,187 (+104%), from €2,100 to €4,287
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 | €110,168 | €66,816 | -€43,352 | -39.4% |
| Fixed assets | 21/28 | €15,674 | €18,265 | +€2,591 | +16.5% |
| Tangible fixed assets | 22/27 | €15,674 | €12,265 | -€3,409 | -21.7% |
| Plant, machinery and equipment | 23 | €15,674 | €12,265 | -€3,409 | -21.7% |
| Financial fixed assets | 28 | - | €6,000 | +€6,000 | |
| Current assets | 29/58 | €94,494 | €48,551 | -€45,943 | -48.6% |
| Amounts receivable after more than one year | 29 | €895 | €895 | = | 0.0% |
| Trade receivables | 290 | €895 | €895 | = | 0.0% |
| Stocks and contracts in progress | 3 | €10,212 | €12,790 | +€2,578 | +25.2% |
| Stocks | 30/36 | €10,212 | €12,790 | +€2,578 | +25.2% |
| Amounts receivable within one year | 40/41 | €27,925 | €10,544 | -€17,381 | -62.2% |
| Trade receivables | 40 | €10,544 | €10,544 | = | 0.0% |
| Other amounts receivable | 41 | €17,381 | - | -€17,381 | |
| Cash at bank and in hand | 54/58 | €39,954 | €11,489 | -€28,465 | -71.2% |
| Deferred charges and accrued income | 490/1 | €15,508 | €12,833 | -€2,676 | -17.3% |
| Total equity and liabilities | 10/49 | €110,168 | €66,816 | -€43,352 | -39.4% |
| Equity | 10/15 | -€10,929 | -€66,611 | -€55,682 | -510% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,380 | -€87,062 | -€55,682 | -177% |
| Amounts payable | 17/49 | €121,096 | €133,426 | +€12,330 | +10.2% |
| Amounts payable after more than one year | 17 | €42,185 | €14,244 | -€27,941 | -66.2% |
| Financial debts | 170/4 | €42,185 | €14,244 | -€27,941 | -66.2% |
| Amounts payable within one year | 42/48 | €78,911 | €119,182 | +€40,270 | +51.0% |
| Current portion of amounts payable after more than one year | 42 | €6,252 | €6,252 | = | 0.0% |
| Trade debts | 44 | €49,306 | €78,734 | +€29,427 | +59.7% |
| Suppliers | 440/4 | €49,306 | €78,734 | +€29,427 | +59.7% |
| Taxes, remuneration and social security | 45 | €21,642 | €32,259 | +€10,617 | +49.1% |
| Taxes | 450/3 | €7,996 | €10,711 | +€2,716 | +34.0% |
| Remuneration and social security | 454/9 | €13,646 | €21,548 | +€7,902 | +57.9% |
| Other amounts payable | 47/48 | €1,711 | €1,937 | +€226 | +13.2% |
| Non-recurring operating income | 76A | €740 | - | -€740 | |
| Remuneration, social security and pensions | 62 | €108,306 | €199,589 | +€91,283 | +84.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,864 | €3,409 | +€1,545 | +82.9% |
| Other operating charges | 640/8 | €2,100 | €4,287 | +€2,187 | +104% |
| Gross operating margin | 9900 | €58,219 | €162,820 | +€104,601 | +180% |
| Operating profit (loss) | 9901 | -€54,051 | -€44,465 | +€9,586 | +17.7% |
| Financial income | 75/76B | €26,219 | €1 | -€26,218 | -100.0% |
| Recurring financial income | 75 | €1,219 | €1 | -€1,218 | -99.9% |
| Non-recurring financial income | 76B | €25,000 | - | -€25,000 | |
| Financial charges | 65/66B | €3,298 | €11,120 | +€7,822 | +237% |
| Recurring financial charges | 65 | €3,298 | €11,120 | +€7,822 | +237% |
| Profit (loss) for the period before taxes | 9903 | -€31,130 | -€55,585 | -€24,455 | -78.6% |
| Income taxes | 67/77 | €250 | €97 | -€153 | -61.0% |
| Profit (loss) for the period | 9904 | -€31,380 | -€55,682 | -€24,302 | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,380 | -€55,682 | -€24,302 | -77.4% |
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 15 October 2026 via checked.be.