ADEMAIN: 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.
ADEMAIN
Largest movements
- Cash +€10,134
up €10,134 (+5.5%), from €183,318 to €193,452
mainly Net result for the year (+€44,666) and Stocks and contracts (+€5,219)
- Stocks and contracts -€5,219
down €5,219 (-10.3%), from €50,804 to €45,585
- Receivables within one year -€3,883
down €3,883 (-17.2%), from €22,609 to €18,726
of which Trade receivables: -€8,326
- Reserves +€16,922
up €16,922 (+8.7%), from €193,640 to €210,562
- Tax, wage and social debts -€10,438
down €10,438 (-40.2%), from €25,977 to €15,539
of which Taxes: -€13,631
- Trade debts -€4,063
down €4,063 (-63.9%), from €6,358 to €2,295
- Gross operating margin -€14,498
down €14,498 (-18.6%), from €77,823 to €63,325
- Taxes -€7,892
down €7,892 (-36.3%), from €21,753 to €13,861
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 | €271,863 | €273,288 | +€1,425 | +0.5% |
| Fixed assets | 21/28 | €12,547 | €11,965 | -€582 | -4.6% |
| Intangible fixed assets | 21 | €737 | €0 | -€737 | -100.0% |
| Tangible fixed assets | 22/27 | €11,810 | €11,965 | +€155 | +1.3% |
| Land and buildings | 22 | €10,785 | €9,144 | -€1,641 | -15.2% |
| Plant, machinery and equipment | 23 | €844 | €2,810 | +€1,966 | +233.1% |
| Furniture and vehicles | 24 | €182 | €12 | -€171 | -93.6% |
| Current assets | 29/58 | €259,315 | €261,322 | +€2,007 | +0.8% |
| Stocks and contracts in progress | 3 | €50,804 | €45,585 | -€5,219 | -10.3% |
| Stocks | 30/36 | €50,804 | €45,585 | -€5,219 | -10.3% |
| Amounts receivable within one year | 40/41 | €22,609 | €18,726 | -€3,883 | -17.2% |
| Trade receivables | 40 | €22,609 | €14,282 | -€8,326 | -36.8% |
| Other amounts receivable | 41 | €0 | €4,444 | +€4,444 | |
| Cash at bank and in hand | 54/58 | €183,318 | €193,452 | +€10,134 | +5.5% |
| Deferred charges and accrued income | 490/1 | €2,585 | €3,560 | +€975 | +37.7% |
| Total equity and liabilities | 10/49 | €271,863 | €273,288 | +€1,425 | +0.5% |
| Equity | 10/15 | €206,040 | €222,962 | +€16,922 | +8.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €193,640 | €210,562 | +€16,922 | +8.7% |
| Distributable reserves | 133 | €193,640 | €210,562 | +€16,922 | +8.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €65,823 | €50,326 | -€15,497 | -23.5% |
| Amounts payable within one year | 42/48 | €65,737 | €50,069 | -€15,668 | -23.8% |
| Trade debts | 44 | €6,358 | €2,295 | -€4,063 | -63.9% |
| Suppliers | 440/4 | €6,358 | €2,295 | -€4,063 | -63.9% |
| Taxes, remuneration and social security | 45 | €25,977 | €15,539 | -€10,438 | -40.2% |
| Taxes | 450/3 | €25,977 | €12,346 | -€13,631 | -52.5% |
| Remuneration and social security | 454/9 | - | €3,193 | +€3,193 | |
| Other amounts payable | 47/48 | €33,402 | €32,235 | -€1,168 | -3.5% |
| Accrued charges and deferred income | 492/3 | €86 | €257 | +€171 | +200.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,622 | €3,288 | -€335 | -9.2% |
| Other operating charges | 640/8 | €1,278 | €1,283 | +€5 | +0.4% |
| Gross operating margin | 9900 | €77,823 | €63,325 | -€14,498 | -18.6% |
| Operating profit (loss) | 9901 | €72,923 | €58,755 | -€14,168 | -19.4% |
| Financial income | 75/76B | €397 | €1,163 | +€766 | +192.9% |
| Recurring financial income | 75 | €397 | €1,163 | +€766 | +192.9% |
| Financial charges | 65/66B | €1,400 | €1,391 | -€8 | -0.6% |
| Recurring financial charges | 65 | €1,400 | €1,391 | -€8 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €71,920 | €58,527 | -€13,394 | -18.6% |
| Income taxes | 67/77 | €21,753 | €13,861 | -€7,892 | -36.3% |
| Profit (loss) for the period | 9904 | €50,167 | €44,666 | -€5,501 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,167 | €44,666 | -€5,501 | -11.0% |
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 6 October 2026 via checked.be.