ADEMAJ 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.
ADEMAJ CONSTRUCT
Largest movements
- Tangible fixed assets +€63,481
up €63,481 (+201.0%), from €31,578 to €95,059
of which Furniture and vehicles: +€60,727
- Cash +€50,604
up €50,604 (+3427.5%), from €1,476 to €52,080
mainly Trade debts (+€54,170) and Debts after one year (+€39,819)
- Receivables within one year +€8,902
up €8,902 (+27.7%), from €32,139 to €41,041
of which Trade receivables: +€6,087
- Deferred charges and accrued income +€3,203
up €3,203 (+71.9%), from €4,453 to €7,657
- Trade debts +€54,170
up €54,170 (+305.3%), from €17,744 to €71,915
- Debts after one year +€39,819
new in 2025: €39,819
- Current portion of long-term debt +€14,361
new in 2025: €14,361
- Tax, wage and social debts +€14,235
up €14,235 (+280.3%), from €5,079 to €19,314
of which Taxes: +€10,367
- Profit (loss) carried forward +€3,604
up €3,604 (+7.9%), from €45,824 to €49,428
- Gross operating margin +€71,201
up €71,201 (+360.2%), from €19,769 to €90,970
- Staff costs +€27,115
up €27,115 (+92.7%), from €29,249 to €56,364
- Depreciation -€6,550
down €6,550 (-32.5%), from €20,145 to €13,595
- Taxes +€5,703
up €5,703 (+1569.8%), from €363 to €6,067
- Other operating charges +€3,830
up €3,830 (+79.7%), from €4,803 to €8,632
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 | €70,147 | €196,337 | +€126,190 | +179.9% |
| Fixed assets | 21/28 | €32,078 | €95,559 | +€63,481 | +197.9% |
| Tangible fixed assets | 22/27 | €31,578 | €95,059 | +€63,481 | +201.0% |
| Plant, machinery and equipment | 23 | €1,398 | €4,152 | +€2,754 | +196.9% |
| Furniture and vehicles | 24 | €30,180 | €90,907 | +€60,727 | +201.2% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €38,069 | €100,778 | +€62,709 | +164.7% |
| Amounts receivable within one year | 40/41 | €32,139 | €41,041 | +€8,902 | +27.7% |
| Trade receivables | 40 | €21,295 | €27,382 | +€6,087 | +28.6% |
| Other amounts receivable | 41 | €10,844 | €13,659 | +€2,815 | +26.0% |
| Cash at bank and in hand | 54/58 | €1,476 | €52,080 | +€50,604 | +3427.5% |
| Deferred charges and accrued income | 490/1 | €4,453 | €7,657 | +€3,203 | +71.9% |
| Total equity and liabilities | 10/49 | €70,147 | €196,337 | +€126,190 | +179.9% |
| Equity | 10/15 | €47,324 | €50,928 | +€3,604 | +7.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,824 | €49,428 | +€3,604 | +7.9% |
| Amounts payable | 17/49 | €22,823 | €145,409 | +€122,586 | +537.1% |
| Amounts payable after more than one year | 17 | - | €39,819 | +€39,819 | |
| Financial debts | 170/4 | - | €39,819 | +€39,819 | |
| Amounts payable within one year | 42/48 | €22,823 | €105,590 | +€82,767 | +362.6% |
| Current portion of amounts payable after more than one year | 42 | - | €14,361 | +€14,361 | |
| Trade debts | 44 | €17,744 | €71,915 | +€54,170 | +305.3% |
| Suppliers | 440/4 | €17,744 | €71,915 | +€54,170 | +305.3% |
| Taxes, remuneration and social security | 45 | €5,079 | €19,314 | +€14,235 | +280.3% |
| Taxes | 450/3 | €363 | €10,731 | +€10,367 | +2853.6% |
| Remuneration and social security | 454/9 | €4,716 | €8,583 | +€3,867 | +82.0% |
| Non-recurring operating income | 76A | - | €1,715 | +€1,715 | |
| Remuneration, social security and pensions | 62 | €29,249 | €56,364 | +€27,115 | +92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,145 | €13,595 | -€6,550 | -32.5% |
| Other operating charges | 640/8 | €4,803 | €8,632 | +€3,830 | +79.7% |
| Non-recurring operating charges | 66A | - | €1,639 | +€1,639 | |
| Gross operating margin | 9900 | €19,769 | €90,970 | +€71,201 | +360.2% |
| Operating profit (loss) | 9901 | -€34,428 | €10,740 | +€45,167 | |
| Financial income | 75/76B | €602 | €323 | -€279 | -46.4% |
| Recurring financial income | 75 | €602 | €323 | -€279 | -46.4% |
| Financial charges | 65/66B | €169 | €1,392 | +€1,223 | +724.9% |
| Recurring financial charges | 65 | €169 | €1,392 | +€1,223 | +724.9% |
| Profit (loss) for the period before taxes | 9903 | -€33,994 | €9,671 | +€43,665 | |
| Income taxes | 67/77 | €363 | €6,067 | +€5,703 | +1569.8% |
| Profit (loss) for the period | 9904 | -€34,357 | €3,604 | +€37,962 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,357 | €3,604 | +€37,962 |
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 12 October 2026 via checked.be.