ADEMIR: 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.
ADEMIR
Largest movements
- Cash +€95,651
up €95,651 (+54.8%), from €174,696 to €270,346
mainly Other debts (+€212,579) and Net result for the year (+€91,186)
- Tangible fixed assets -€11,453
down €11,453 (-31.5%), from €36,307 to €24,855
of which Furniture and vehicles: -€11,978
- Deferred charges and accrued income -€10,500
no longer reported in 2025 (was €10,500)
- Other debts +€212,579
up €212,579 (+4282.8%), from €4,964 to €217,542
- Profit (loss) carried forward -€158,814
down €158,814 (-81.3%), from €195,223 to €36,410
- Tax, wage and social debts +€31,534
up €31,534 (+205.9%), from €15,316 to €46,850
- Debts after one year -€10,531
no longer reported in 2025 (was €10,531)
- Gross operating margin +€17,104
up €17,104 (+14.8%), from €115,241 to €132,345
- Taxes +€4,883
up €4,883 (+23.5%), from €20,775 to €25,658
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 | €242,255 | €315,686 | +€73,431 | +30.3% |
| Fixed assets | 21/28 | €36,307 | €24,855 | -€11,453 | -31.5% |
| Tangible fixed assets | 22/27 | €36,307 | €24,855 | -€11,453 | -31.5% |
| Plant, machinery and equipment | 23 | €304 | €881 | +€577 | +189.8% |
| Furniture and vehicles | 24 | €35,624 | €23,646 | -€11,978 | -33.6% |
| Other tangible fixed assets | 26 | €380 | €328 | -€52 | -13.6% |
| Current assets | 29/58 | €205,947 | €290,831 | +€84,884 | +41.2% |
| Amounts receivable within one year | 40/41 | €20,752 | €20,485 | -€267 | -1.3% |
| Trade receivables | 40 | €19,857 | €20,485 | +€627 | +3.2% |
| Other amounts receivable | 41 | €894 | - | -€894 | |
| Cash at bank and in hand | 54/58 | €174,696 | €270,346 | +€95,651 | +54.8% |
| Deferred charges and accrued income | 490/1 | €10,500 | - | -€10,500 | |
| Total equity and liabilities | 10/49 | €242,255 | €315,686 | +€73,431 | +30.3% |
| Equity | 10/15 | €199,223 | €40,410 | -€158,814 | -79.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €195,223 | €36,410 | -€158,814 | -81.3% |
| Amounts payable | 17/49 | €43,032 | €275,276 | +€232,245 | +539.7% |
| Amounts payable after more than one year | 17 | €10,531 | - | -€10,531 | |
| Financial debts | 170/4 | €10,531 | - | -€10,531 | |
| Amounts payable within one year | 42/48 | €32,500 | €275,276 | +€242,776 | +747.0% |
| Current portion of amounts payable after more than one year | 42 | €11,339 | €10,531 | -€808 | -7.1% |
| Trade debts | 44 | €882 | €353 | -€529 | -59.9% |
| Suppliers | 440/4 | €882 | €353 | -€529 | -59.9% |
| Taxes, remuneration and social security | 45 | €15,316 | €46,850 | +€31,534 | +205.9% |
| Taxes | 450/3 | €15,316 | €46,850 | +€31,534 | +205.9% |
| Other amounts payable | 47/48 | €4,964 | €217,542 | +€212,579 | +4282.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,476 | €13,572 | +€96 | +0.7% |
| Other operating charges | 640/8 | €1,311 | €1,285 | -€26 | -2.0% |
| Gross operating margin | 9900 | €115,241 | €132,345 | +€17,104 | +14.8% |
| Operating profit (loss) | 9901 | €100,454 | €117,488 | +€17,034 | +17.0% |
| Financial income | 75/76B | €1 | €8 | +€7 | +1171.4% |
| Recurring financial income | 75 | €1 | €8 | +€7 | +1171.4% |
| Financial charges | 65/66B | €959 | €651 | -€308 | -32.1% |
| Recurring financial charges | 65 | €949 | €651 | -€298 | -31.4% |
| Non-recurring financial charges | 66B | €10 | - | -€10 | |
| Profit (loss) for the period before taxes | 9903 | €99,495 | €116,845 | +€17,350 | +17.4% |
| Income taxes | 67/77 | €20,775 | €25,658 | +€4,883 | +23.5% |
| Profit (loss) for the period | 9904 | €78,720 | €91,186 | +€12,466 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €78,720 | €91,186 | +€12,466 | +15.8% |
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 7 October 2026 via checked.be.