ADEMAR MANAGEMENT: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
ADEMAR MANAGEMENT
Largest movements
- Current investments +€1.6m
up €1.6m, from €0 to €1.6m
- Tangible fixed assets +€112,973
up €112,973 (+73.8%), from €153,140 to €266,113
of which Furniture and vehicles: +€108,251
- Cash -€85,569
down €85,569 (-65.8%), from €130,105 to €44,536
mainly Current investments (-€1.6m) and Current portion of long-term debt (-€398,641)
- Profit (loss) carried forward +€1.6m
up €1.6m (+92.5%), from €1.7m to €3.3m
- Other debts +€489,456
up €489,456 (+28.5%), from €1.7m to €2.2m
- Current portion of long-term debt -€398,641
down €398,641 (-85.3%), from €467,536 to €68,895
- Gross operating margin +€776,569
up €776,569 (+57.6%), from €1.3m to €2.1m
- Financial income -€639,496
down €639,496 (-84.7%), from €754,822 to €115,325
- Taxes +€193,442
up €193,442 (+61.5%), from €314,682 to €508,124
- Financial charges +€28,285
up €28,285 (+36.1%), from €78,455 to €106,740
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,597,093 | €6,262,538 | +€1.7m | +36.2% |
| Fixed assets | 21/28 | €4,313,617 | €4,423,315 | +€109,698 | +2.5% |
| Intangible fixed assets | 21 | €10,478 | €6,878 | -€3,600 | -34.4% |
| Tangible fixed assets | 22/27 | €153,140 | €266,113 | +€112,973 | +73.8% |
| Land and buildings | 22 | €118,744 | €118,744 | = | 0.0% |
| Furniture and vehicles | 24 | €14,286 | €122,537 | +€108,251 | +758% |
| Other tangible fixed assets | 26 | €20,111 | €24,832 | +€4,722 | +23.5% |
| Financial fixed assets | 28 | €4,150,000 | €4,150,325 | +€325 | 0.0% |
| Current assets | 29/58 | €283,476 | €1,839,223 | +€1.6m | +549% |
| Amounts receivable within one year | 40/41 | €153,314 | €177,595 | +€24,281 | +15.8% |
| Trade receivables | 40 | €145,558 | €159,112 | +€13,554 | +9.3% |
| Other amounts receivable | 41 | €7,756 | €18,483 | +€10,726 | +138% |
| Current investments | 50/53 | €0 | €1,614,638 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €130,105 | €44,536 | -€85,569 | -65.8% |
| Deferred charges and accrued income | 490/1 | €57 | €2,454 | +€2,398 | +4,237% |
| Total equity and liabilities | 10/49 | €4,597,093 | €6,262,538 | +€1.7m | +36.2% |
| Equity | 10/15 | €2,252,347 | €3,849,035 | +€1.6m | +70.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €376,631 | €376,631 | = | 0.0% |
| Tax-exempt reserves | 132 | €361,631 | €3,781 | -€357,850 | -99.0% |
| Distributable reserves | 133 | €15,000 | €372,850 | +€357,850 | +2,386% |
| Profit (loss) carried forward | 14 | €1,725,716 | €3,322,404 | +€1.6m | +92.5% |
| Amounts payable | 17/49 | €2,344,746 | €2,413,503 | +€68,757 | +2.9% |
| Amounts payable after more than one year | 17 | €47,512 | €56,147 | +€8,636 | +18.2% |
| Financial debts | 170/4 | €47,512 | €56,147 | +€8,636 | +18.2% |
| Amounts payable within one year | 42/48 | €2,294,234 | €2,357,299 | +€63,065 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €467,536 | €68,895 | -€398,641 | -85.3% |
| Financial debts | 43 | €25,581 | €0 | -€25,581 | -100% |
| Credit institutions | 430/8 | €25,581 | €0 | -€25,581 | -100% |
| Trade debts | 44 | €2,300 | €27,688 | +€25,388 | +1,104% |
| Suppliers | 440/4 | €2,300 | €27,688 | +€25,388 | +1,104% |
| Taxes, remuneration and social security | 45 | €80,472 | €52,914 | -€27,558 | -34.2% |
| Taxes | 450/3 | €77,802 | €52,914 | -€24,888 | -32.0% |
| Remuneration and social security | 454/9 | €2,670 | €0 | -€2,670 | -100% |
| Other amounts payable | 47/48 | €1,718,345 | €2,207,802 | +€489,456 | +28.5% |
| Accrued charges and deferred income | 492/3 | €3,000 | €57 | -€2,943 | -98.1% |
| Non-recurring operating income | 76A | - | €11,797 | +€11,797 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,991 | €24,932 | +€5,941 | +31.3% |
| Other operating charges | 640/8 | €1,961 | €2,533 | +€572 | +29.2% |
| Gross operating margin | 9900 | €1,347,121 | €2,123,691 | +€776,569 | +57.6% |
| Operating profit (loss) | 9901 | €1,326,169 | €2,096,226 | +€770,056 | +58.1% |
| Financial income | 75/76B | €754,822 | €115,325 | -€639,496 | -84.7% |
| Recurring financial income | 75 | €754,822 | €115,325 | -€639,496 | -84.7% |
| Financial charges | 65/66B | €78,455 | €106,740 | +€28,285 | +36.1% |
| Recurring financial charges | 65 | €78,455 | €106,740 | +€28,285 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €2,002,536 | €2,104,811 | +€102,276 | +5.1% |
| Income taxes | 67/77 | €314,682 | €508,124 | +€193,442 | +61.5% |
| Profit (loss) for the period | 9904 | €1,687,854 | €1,596,688 | -€91,166 | -5.4% |
| Transfer from tax-exempt reserves | 789 | - | €357,850 | +€357,850 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,687,854 | €1,954,538 | +€266,684 | +15.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.