ADEM: 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.
ADEM
Largest movements
- Receivables within one year +€140,754
up €140,754 (+52.3%), from €269,172 to €409,926
of which Trade receivables: +€134,615
- Cash -€45,761
down €45,761 (-19.4%), from €236,293 to €190,532
mainly Receivables within one year (-€140,754) and Other debts (-€85,000)
- Intangible fixed assets -€9,668
down €9,668 (-43.0%), from €22,474 to €12,806
- Trade debts +€141,119
up €141,119 (+311.1%), from €45,362 to €186,482
- Other debts -€85,000
down €85,000 (-100.0%), from €85,000 to €0
- Reserves +€16,626
up €16,626 (+5.0%), from €330,389 to €347,015
of which Distributable reserves: +€21,832
- Tax, wage and social debts +€15,940
up €15,940 (+23.8%), from €66,905 to €82,845
of which Remuneration and social security: +€8,196
- Gross operating margin -€90,480
down €90,480 (-25.0%), from €361,959 to €271,479
- Taxes -€22,895
down €22,895 (-90.5%), from €25,300 to €2,405
- Other operating charges -€20,764
down €20,764 (-88.1%), from €23,574 to €2,810
- Staff costs +€19,631
up €19,631 (+9.5%), from €206,452 to €226,083
- Depreciation +€4,931
up €4,931 (+27.7%), from €17,775 to €22,706
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 | €579,715 | €668,400 | +€88,685 | +15.3% |
| Fixed assets | 21/28 | €52,223 | €42,521 | -€9,702 | -18.6% |
| Intangible fixed assets | 21 | €22,474 | €12,806 | -€9,668 | -43.0% |
| Tangible fixed assets | 22/27 | €18,949 | €17,295 | -€1,653 | -8.7% |
| Furniture and vehicles | 24 | €13,607 | €13,569 | -€39 | -0.3% |
| Other tangible fixed assets | 26 | €5,341 | €3,727 | -€1,615 | -30.2% |
| Financial fixed assets | 28 | €10,800 | €12,420 | +€1,620 | +15.0% |
| Current assets | 29/58 | €527,492 | €625,878 | +€98,387 | +18.7% |
| Amounts receivable within one year | 40/41 | €269,172 | €409,926 | +€140,754 | +52.3% |
| Trade receivables | 40 | €269,172 | €403,787 | +€134,615 | +50.0% |
| Other amounts receivable | 41 | - | €6,139 | +€6,139 | |
| Cash at bank and in hand | 54/58 | €236,293 | €190,532 | -€45,761 | -19.4% |
| Deferred charges and accrued income | 490/1 | €22,026 | €25,420 | +€3,394 | +15.4% |
| Total equity and liabilities | 10/49 | €579,715 | €668,400 | +€88,685 | +15.3% |
| Equity | 10/15 | €382,447 | €399,073 | +€16,626 | +4.3% |
| Contributions | 10/11 | €52,058 | €52,058 | = | 0.0% |
| Reserves | 13 | €330,389 | €347,015 | +€16,626 | +5.0% |
| Non-distributable reserves | 130/1 | €5,206 | €0 | -€5,206 | -100.0% |
| Reserves not available under the articles | 1311 | €5,206 | €0 | -€5,206 | -100.0% |
| Distributable reserves | 133 | €325,184 | €347,015 | +€21,832 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €197,268 | €269,327 | +€72,059 | +36.5% |
| Amounts payable within one year | 42/48 | €197,268 | €269,327 | +€72,059 | +36.5% |
| Trade debts | 44 | €45,362 | €186,482 | +€141,119 | +311.1% |
| Suppliers | 440/4 | €45,362 | €186,482 | +€141,119 | +311.1% |
| Taxes, remuneration and social security | 45 | €66,905 | €82,845 | +€15,940 | +23.8% |
| Taxes | 450/3 | €41,672 | €49,416 | +€7,744 | +18.6% |
| Remuneration and social security | 454/9 | €25,233 | €33,429 | +€8,196 | +32.5% |
| Other amounts payable | 47/48 | €85,000 | €0 | -€85,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €206,452 | €226,083 | +€19,631 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,775 | €22,706 | +€4,931 | +27.7% |
| Other operating charges | 640/8 | €23,574 | €2,810 | -€20,764 | -88.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €361,959 | €271,479 | -€90,480 | -25.0% |
| Operating profit (loss) | 9901 | €114,157 | €19,880 | -€94,278 | -82.6% |
| Financial income | 75/76B | €43 | €6 | -€37 | -86.1% |
| Recurring financial income | 75 | €43 | €6 | -€37 | -86.1% |
| Financial charges | 65/66B | €907 | €855 | -€52 | -5.7% |
| Recurring financial charges | 65 | €907 | €855 | -€52 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €113,293 | €19,031 | -€94,263 | -83.2% |
| Income taxes | 67/77 | €25,300 | €2,405 | -€22,895 | -90.5% |
| Profit (loss) for the period | 9904 | €87,993 | €16,626 | -€71,368 | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €87,993 | €16,626 | -€71,368 | -81.1% |
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 4 October 2026 via checked.be.