ADE - GEM: 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.
ADE - GEM
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Tangible fixed assets -€49,078
down €49,078 (-22.7%), from €216,496 to €167,418
of which Land and buildings: -€40,552
- Receivables within one year +€17,272
up €17,272 (+285.5%), from €6,050 to €23,322
of which Other amounts receivable: +€23,322
- Financial fixed assets -€6,819
no longer reported in 2025 (was €6,819)
- Reserves +€235,044
up €235,044 (+153.7%), from €152,960 to €388,004
of which Distributable reserves: +€235,044
- Tax, wage and social debts +€59,212
up €59,212 (+452.9%), from €13,073 to €72,285
- Other debts -€32,132
no longer reported in 2025 (was €32,132)
- Debts after one year -€6,600
down €6,600 (-63.0%), from €10,476 to €3,876
- Gross operating margin +€332,620
up €332,620 (+578.6%), from €57,485 to €390,105
- Taxes +€113,801
up €113,801 (+7016.1%), from €1,622 to €115,423
- Depreciation -€12,148
down €12,148 (-32.5%), from €37,359 to €25,211
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 | €271,398 | €527,247 | +€255,849 | +94.3% |
| Fixed assets | 21/28 | €223,315 | €167,418 | -€55,896 | -25.0% |
| Tangible fixed assets | 22/27 | €216,496 | €167,418 | -€49,078 | -22.7% |
| Land and buildings | 22 | €167,618 | €127,067 | -€40,552 | -24.2% |
| Plant, machinery and equipment | 23 | €48,878 | €40,352 | -€8,526 | -17.4% |
| Financial fixed assets | 28 | €6,819 | - | -€6,819 | |
| Current assets | 29/58 | €48,084 | €359,829 | +€311,746 | +648.3% |
| Amounts receivable within one year | 40/41 | €6,050 | €23,322 | +€17,272 | +285.5% |
| Trade receivables | 40 | €6,050 | - | -€6,050 | |
| Other amounts receivable | 41 | - | €23,322 | +€23,322 | |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €34,246 | €31,601 | -€2,645 | -7.7% |
| Deferred charges and accrued income | 490/1 | €7,788 | €4,905 | -€2,882 | -37.0% |
| Total equity and liabilities | 10/49 | €271,398 | €527,247 | +€255,849 | +94.3% |
| Equity | 10/15 | €214,960 | €450,004 | +€235,044 | +109.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €152,960 | €388,004 | +€235,044 | +153.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €146,760 | €381,804 | +€235,044 | +160.2% |
| Amounts payable | 17/49 | €56,438 | €77,244 | +€20,805 | +36.9% |
| Amounts payable after more than one year | 17 | €10,476 | €3,876 | -€6,600 | -63.0% |
| Other amounts payable | 178/9 | €10,476 | €3,876 | -€6,600 | -63.0% |
| Amounts payable within one year | 42/48 | €45,253 | €72,643 | +€27,390 | +60.5% |
| Trade debts | 44 | €47 | €358 | +€310 | +657.8% |
| Suppliers | 440/4 | €47 | €358 | +€310 | +657.8% |
| Taxes, remuneration and social security | 45 | €13,073 | €72,285 | +€59,212 | +452.9% |
| Taxes | 450/3 | €13,073 | €72,285 | +€59,212 | +452.9% |
| Other amounts payable | 47/48 | €32,132 | - | -€32,132 | |
| Accrued charges and deferred income | 492/3 | €710 | €725 | +€15 | +2.1% |
| Non-recurring operating income | 76A | - | €354,787 | +€354,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,359 | €25,211 | -€12,148 | -32.5% |
| Other operating charges | 640/8 | €16,367 | €15,346 | -€1,022 | -6.2% |
| Gross operating margin | 9900 | €57,485 | €390,105 | +€332,620 | +578.6% |
| Operating profit (loss) | 9901 | €3,759 | €349,549 | +€345,790 | +9199.9% |
| Financial income | 75/76B | €0 | €1,039 | +€1,039 | +1298575.0% |
| Recurring financial income | 75 | €0 | €1,039 | +€1,039 | +1298575.0% |
| Financial charges | 65/66B | €640 | €121 | -€519 | -81.1% |
| Recurring financial charges | 65 | €640 | €121 | -€519 | -81.1% |
| Profit (loss) for the period before taxes | 9903 | €3,119 | €350,467 | +€347,348 | +11136.6% |
| Income taxes | 67/77 | €1,622 | €115,423 | +€113,801 | +7016.1% |
| Profit (loss) for the period | 9904 | €1,497 | €235,044 | +€233,547 | +15601.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,497 | €235,044 | +€233,547 | +15601.1% |
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 8 October 2026 via checked.be.