ADEMA: 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.
ADEMA
Largest movements
- Current investments -€28,244
down €28,244 (-96.1%), from €29,396 to €1,152
- Tangible fixed assets -€15,958
down €15,958 (-33.3%), from €47,919 to €31,962
of which Furniture and vehicles: -€11,814
- Cash -€13,032
down €13,032 (-9.5%), from €136,890 to €123,858
mainly Other debts (-€57,298) and Tax, wage and social debts (-€15,361)
- Receivables within one year -€8,408
down €8,408 (-20.5%), from €41,098 to €32,690
of which Trade receivables: -€6,408
- Financial fixed assets -€3,662
down €3,662 (-24.0%), from €15,282 to €11,620
- Other debts -€57,298
down €57,298 (-92.9%), from €61,694 to €4,395
- Tax, wage and social debts -€15,361
down €15,361 (-39.0%), from €39,384 to €24,023
of which Taxes: -€11,847
- Profit (loss) carried forward +€11,658
up €11,658 (+144%), from €8,096 to €19,754
- Debts after one year -€4,008
no longer reported in 2025 (was €4,008)
- Reserves -€2,727
down €2,727 (-2.0%), from €133,526 to €130,799
of which Non-distributable reserves: -€2,727
- Gross operating margin -€17,640
down €17,640 (-12.5%), from €140,899 to €123,259
- Taxes -€3,142
down €3,142 (-39.5%), from €7,952 to €4,810
- Financial income -€2,779
down €2,779 (-99.9%), from €2,782 to €3
- Staff costs -€2,253
down €2,253 (-2.5%), from €90,370 to €88,117
- Financial charges +€1,523
up €1,523 (+862%), from €177 to €1,700
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 | €271,263 | €202,442 | -€68,822 | -25.4% |
| Fixed assets | 21/28 | €63,202 | €43,582 | -€19,620 | -31.0% |
| Tangible fixed assets | 22/27 | €47,919 | €31,962 | -€15,958 | -33.3% |
| Furniture and vehicles | 24 | €28,724 | €16,911 | -€11,814 | -41.1% |
| Other tangible fixed assets | 26 | €19,195 | €15,051 | -€4,144 | -21.6% |
| Financial fixed assets | 28 | €15,282 | €11,620 | -€3,662 | -24.0% |
| Current assets | 29/58 | €208,062 | €158,860 | -€49,202 | -23.6% |
| Amounts receivable within one year | 40/41 | €41,098 | €32,690 | -€8,408 | -20.5% |
| Trade receivables | 40 | €34,098 | €27,690 | -€6,408 | -18.8% |
| Other amounts receivable | 41 | €7,000 | €5,000 | -€2,000 | -28.6% |
| Current investments | 50/53 | €29,396 | €1,152 | -€28,244 | -96.1% |
| Cash at bank and in hand | 54/58 | €136,890 | €123,858 | -€13,032 | -9.5% |
| Deferred charges and accrued income | 490/1 | €678 | €1,160 | +€482 | +71.1% |
| Total equity and liabilities | 10/49 | €271,263 | €202,442 | -€68,822 | -25.4% |
| Equity | 10/15 | €160,214 | €169,144 | +€8,930 | +5.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €133,526 | €130,799 | -€2,727 | -2.0% |
| Non-distributable reserves | 130/1 | €59,545 | €56,818 | -€2,727 | -4.6% |
| Other | 1319 | €59,545 | €56,818 | -€2,727 | -4.6% |
| Distributable reserves | 133 | €73,981 | €73,981 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,096 | €19,754 | +€11,658 | +144% |
| Amounts payable | 17/49 | €111,049 | €33,297 | -€77,752 | -70.0% |
| Amounts payable after more than one year | 17 | €4,008 | - | -€4,008 | |
| Financial debts | 170/4 | €4,008 | - | -€4,008 | |
| Amounts payable within one year | 42/48 | €107,041 | €33,297 | -€73,744 | -68.9% |
| Current portion of amounts payable after more than one year | 42 | €5,963 | €4,008 | -€1,955 | -32.8% |
| Trade debts | 44 | - | €870 | +€870 | |
| Suppliers | 440/4 | - | €870 | +€870 | |
| Taxes, remuneration and social security | 45 | €39,384 | €24,023 | -€15,361 | -39.0% |
| Taxes | 450/3 | €28,694 | €16,847 | -€11,847 | -41.3% |
| Remuneration and social security | 454/9 | €10,690 | €7,176 | -€3,514 | -32.9% |
| Other amounts payable | 47/48 | €61,694 | €4,395 | -€57,298 | -92.9% |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Remuneration, social security and pensions | 62 | €90,370 | €88,117 | -€2,253 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,168 | €15,958 | -€211 | -1.3% |
| Other operating charges | 640/8 | €1,225 | €868 | -€357 | -29.2% |
| Non-recurring operating charges | 66A | €58 | €153 | +€95 | +163% |
| Gross operating margin | 9900 | €140,899 | €123,259 | -€17,640 | -12.5% |
| Operating profit (loss) | 9901 | €33,078 | €18,164 | -€14,914 | -45.1% |
| Financial income | 75/76B | €2,782 | €3 | -€2,779 | -99.9% |
| Recurring financial income | 75 | €2,782 | €3 | -€2,779 | -99.9% |
| Financial charges | 65/66B | €177 | €1,700 | +€1,523 | +862% |
| Recurring financial charges | 65 | €177 | €1,700 | +€1,523 | +862% |
| Profit (loss) for the period before taxes | 9903 | €35,683 | €16,467 | -€19,216 | -53.9% |
| Income taxes | 67/77 | €7,952 | €4,810 | -€3,142 | -39.5% |
| Profit (loss) for the period | 9904 | €27,732 | €11,658 | -€16,074 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,732 | €11,658 | -€16,074 | -58.0% |
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 22 October 2026 via checked.be.