ADDAX GROUP: 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 GROUP
Largest movements
- Receivables within one year +€38,066
up €38,066 (+60.8%), from €62,559 to €100,625
of which Trade receivables: +€23,506
- Tangible fixed assets +€21,861
up €21,861 (+178%), from €12,291 to €34,152
- Cash -€11,539
down €11,539 (-43.5%), from €26,534 to €14,994
mainly Receivables within one year (-€38,066) and Investment in fixed assets (net) (-€34,000)
- Trade debts +€40,834
up €40,834 (+169%), from €24,151 to €64,985
- Profit (loss) carried forward +€22,619
up €22,619 (+136%), from €16,597 to €39,217
- Tax, wage and social debts -€5,665
down €5,665 (-23.2%), from €24,398 to €18,733
- Debts after one year -€3,980
no longer reported in 2025 (was €3,980)
- Current portion of long-term debt -€3,777
down €3,777 (-48.7%), from €7,757 to €3,980
- Gross operating margin +€10,853
up €10,853 (+8.6%), from €126,700 to €137,553
- Staff costs +€9,291
up €9,291 (+10.0%), from €92,594 to €101,885
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 | €119,659 | €166,915 | +€47,256 | +39.5% |
| Fixed assets | 21/28 | €29,291 | €51,152 | +€21,861 | +74.6% |
| Tangible fixed assets | 22/27 | €12,291 | €34,152 | +€21,861 | +178% |
| Furniture and vehicles | 24 | €12,291 | €34,152 | +€21,861 | +178% |
| Financial fixed assets | 28 | €17,000 | €17,000 | = | 0.0% |
| Current assets | 29/58 | €90,368 | €115,763 | +€25,395 | +28.1% |
| Amounts receivable within one year | 40/41 | €62,559 | €100,625 | +€38,066 | +60.8% |
| Trade receivables | 40 | €41,634 | €65,140 | +€23,506 | +56.5% |
| Other amounts receivable | 41 | €20,925 | €35,485 | +€14,560 | +69.6% |
| Cash at bank and in hand | 54/58 | €26,534 | €14,994 | -€11,539 | -43.5% |
| Deferred charges and accrued income | 490/1 | €1,275 | €143 | -€1,132 | -88.8% |
| Total equity and liabilities | 10/49 | €119,659 | €166,915 | +€47,256 | +39.5% |
| Equity | 10/15 | €56,597 | €79,217 | +€22,619 | +40.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,597 | €39,217 | +€22,619 | +136% |
| Amounts payable | 17/49 | €63,061 | €87,698 | +€24,637 | +39.1% |
| Amounts payable after more than one year | 17 | €3,980 | - | -€3,980 | |
| Financial debts | 170/4 | €3,980 | - | -€3,980 | |
| Amounts payable within one year | 42/48 | €59,082 | €87,698 | +€28,616 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €7,757 | €3,980 | -€3,777 | -48.7% |
| Trade debts | 44 | €24,151 | €64,985 | +€40,834 | +169% |
| Suppliers | 440/4 | €24,151 | €64,985 | +€40,834 | +169% |
| Taxes, remuneration and social security | 45 | €24,398 | €18,733 | -€5,665 | -23.2% |
| Taxes | 450/3 | €24,398 | €18,733 | -€5,665 | -23.2% |
| Other amounts payable | 47/48 | €2,775 | - | -€2,775 | |
| Remuneration, social security and pensions | 62 | €92,594 | €101,885 | +€9,291 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,361 | €12,139 | -€221 | -1.8% |
| Other operating charges | 640/8 | €1,206 | €1,341 | +€134 | +11.1% |
| Gross operating margin | 9900 | €126,700 | €137,553 | +€10,853 | +8.6% |
| Operating profit (loss) | 9901 | €20,539 | €22,188 | +€1,649 | +8.0% |
| Financial income | 75/76B | €735 | €1,121 | +€386 | +52.5% |
| Recurring financial income | 75 | €735 | €1,121 | +€386 | +52.5% |
| Non-recurring financial income | 76B | €735 | €1,121 | +€386 | +52.5% |
| Financial charges | 65/66B | €998 | €689 | -€308 | -30.9% |
| Recurring financial charges | 65 | €998 | €689 | -€308 | -30.9% |
| Non-recurring financial charges | 66B | €998 | €689 | -€308 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €20,276 | €22,619 | +€2,343 | +11.6% |
| Profit (loss) for the period | 9904 | €20,276 | €22,619 | +€2,343 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,276 | €22,619 | +€2,343 | +11.6% |
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.