ADEM CONSTRUCT: 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.
ADEM CONSTRUCT
Largest movements
- Tangible fixed assets +€3.3m
up €3.3m (+80.3%), from €4.1m to €7.5m
of which Land and buildings: +€3.4m
- Deferred charges and accrued income +€119,167
new in 2025: €119,167
- Receivables within one year -€98,499
down €98,499 (-39.1%), from €252,024 to €153,525
of which Trade receivables: -€111,835
- Debts after one year +€2.9m
up €2.9m (+88.3%), from €3.2m to €6.1m
- Current portion of long-term debt +€350,402
up €350,402 (+74.3%), from €471,514 to €821,916
- Reserves +€111,156
up €111,156 (+18.8%), from €591,043 to €702,199
- Gross operating margin +€94,597
up €94,597 (+18.2%), from €518,432 to €613,029
- Financial charges +€44,384
up €44,384 (+62.3%), from €71,265 to €115,649
- Depreciation +€26,105
up €26,105 (+9.8%), from €265,041 to €291,146
- Taxes +€11,847
up €11,847 (+30.8%), from €38,403 to €50,250
- Other operating charges +€11,809
up €11,809 (+35.8%), from €33,020 to €44,829
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 | €4,399,221 | €7,724,879 | +€3.3m | +75.6% |
| Fixed assets | 21/28 | €4,132,881 | €7,452,067 | +€3.3m | +80.3% |
| Tangible fixed assets | 22/27 | €4,132,881 | €7,452,067 | +€3.3m | +80.3% |
| Land and buildings | 22 | €3,958,073 | €7,388,395 | +€3.4m | +86.7% |
| Furniture and vehicles | 24 | €174,808 | €63,672 | -€111,136 | -63.6% |
| Current assets | 29/58 | €266,341 | €272,812 | +€6,472 | +2.4% |
| Amounts receivable within one year | 40/41 | €252,024 | €153,525 | -€98,499 | -39.1% |
| Trade receivables | 40 | €252,014 | €140,179 | -€111,835 | -44.4% |
| Other amounts receivable | 41 | €9 | €13,345 | +€13,336 | +143,709% |
| Cash at bank and in hand | 54/58 | €14,317 | €121 | -€14,196 | -99.2% |
| Deferred charges and accrued income | 490/1 | - | €119,167 | +€119,167 | |
| Total equity and liabilities | 10/49 | €4,399,221 | €7,724,879 | +€3.3m | +75.6% |
| Equity | 10/15 | €597,243 | €708,399 | +€111,156 | +18.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €591,043 | €702,199 | +€111,156 | +18.8% |
| Distributable reserves | 133 | €591,043 | €702,199 | +€111,156 | +18.8% |
| Amounts payable | 17/49 | €3,801,978 | €7,016,479 | +€3.2m | +84.5% |
| Amounts payable after more than one year | 17 | €3,233,631 | €6,090,320 | +€2.9m | +88.3% |
| Financial debts | 170/4 | €3,233,631 | €6,090,320 | +€2.9m | +88.3% |
| Amounts payable within one year | 42/48 | €568,348 | €926,159 | +€357,811 | +63.0% |
| Current portion of amounts payable after more than one year | 42 | €471,514 | €821,916 | +€350,402 | +74.3% |
| Financial debts | 43 | €21,315 | €14,824 | -€6,491 | -30.5% |
| Credit institutions | 430/8 | €21,315 | €14,824 | -€6,491 | -30.5% |
| Trade debts | 44 | €9,144 | €48,577 | +€39,433 | +431% |
| Suppliers | 440/4 | €9,144 | €48,577 | +€39,433 | +431% |
| Taxes, remuneration and social security | 45 | €32,353 | €15,250 | -€17,103 | -52.9% |
| Taxes | 450/3 | €32,353 | €250 | -€32,103 | -99.2% |
| Remuneration and social security | 454/9 | - | €15,000 | +€15,000 | |
| Other amounts payable | 47/48 | €34,021 | €25,592 | -€8,429 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €265,041 | €291,146 | +€26,105 | +9.8% |
| Other operating charges | 640/8 | €33,020 | €44,829 | +€11,809 | +35.8% |
| Gross operating margin | 9900 | €518,432 | €613,029 | +€94,597 | +18.2% |
| Operating profit (loss) | 9901 | €220,371 | €277,054 | +€56,683 | +25.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €71,265 | €115,649 | +€44,384 | +62.3% |
| Recurring financial charges | 65 | €71,265 | €115,649 | +€44,384 | +62.3% |
| Profit (loss) for the period before taxes | 9903 | €149,106 | €161,406 | +€12,301 | +8.2% |
| Income taxes | 67/77 | €38,403 | €50,250 | +€11,847 | +30.8% |
| Profit (loss) for the period | 9904 | €110,703 | €111,156 | +€454 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €110,703 | €111,156 | +€454 | +0.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.