ADES: 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.
ADES
Largest movements
- Cash +€394,632
up €394,632 (+621.5%), from €63,493 to €458,125
mainly Current investments (+€300,000) and Net result for the year (+€54,149)
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Tangible fixed assets -€26,922
down €26,922 (-39.0%), from €68,947 to €42,026
of which Land and buildings: -€19,378
- Receivables within one year -€19,972
down €19,972 (-25.7%), from €77,822 to €57,850
of which Trade receivables: -€15,478
- Reserves +€54,149
up €54,149 (+12.6%), from €430,753 to €484,902
- Trade debts -€6,562
down €6,562 (-32.2%), from €20,407 to €13,844
- Current portion of long-term debt -€5,926
down €5,926 (-76.6%), from €7,732 to €1,806
- Depreciation -€14,980
down €14,980 (-35.8%), from €41,901 to €26,922
- Staff costs +€13,846
up €13,846 (+34.0%), from €40,781 to €54,626
- Gross operating margin +€12,783
up €12,783 (+8.8%), from €145,472 to €158,255
- Taxes +€12,037
up €12,037 (+76.4%), from €15,761 to €27,798
- Financial income +€10,303
up €10,303 (+61181.3%), from €17 to €10,320
of which Financial income: +€9,890
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 | €511,032 | €558,561 | +€47,530 | +9.3% |
| Fixed assets | 21/28 | €68,997 | €42,076 | -€26,922 | -39.0% |
| Tangible fixed assets | 22/27 | €68,947 | €42,026 | -€26,922 | -39.0% |
| Land and buildings | 22 | €31,619 | €12,241 | -€19,378 | -61.3% |
| Plant, machinery and equipment | 23 | €2,108 | €671 | -€1,437 | -68.2% |
| Furniture and vehicles | 24 | €2,580 | €1,491 | -€1,089 | -42.2% |
| Other tangible fixed assets | 26 | €32,642 | €27,623 | -€5,018 | -15.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €442,034 | €516,486 | +€74,451 | +16.8% |
| Amounts receivable within one year | 40/41 | €77,822 | €57,850 | -€19,972 | -25.7% |
| Trade receivables | 40 | €72,436 | €56,958 | -€15,478 | -21.4% |
| Other amounts receivable | 41 | €5,385 | €891 | -€4,494 | -83.5% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €63,493 | €458,125 | +€394,632 | +621.5% |
| Deferred charges and accrued income | 490/1 | €720 | €511 | -€209 | -29.0% |
| Total equity and liabilities | 10/49 | €511,032 | €558,561 | +€47,530 | +9.3% |
| Equity | 10/15 | €451,213 | €505,362 | +€54,149 | +12.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €430,753 | €484,902 | +€54,149 | +12.6% |
| Distributable reserves | 133 | €430,753 | €484,902 | +€54,149 | +12.6% |
| Amounts payable | 17/49 | €59,819 | €53,199 | -€6,620 | -11.1% |
| Amounts payable within one year | 42/48 | €59,819 | €53,199 | -€6,620 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €7,732 | €1,806 | -€5,926 | -76.6% |
| Trade debts | 44 | €20,407 | €13,844 | -€6,562 | -32.2% |
| Suppliers | 440/4 | €20,407 | €13,844 | -€6,562 | -32.2% |
| Taxes, remuneration and social security | 45 | €11,030 | €15,832 | +€4,802 | +43.5% |
| Taxes | 450/3 | €3,868 | €8,402 | +€4,534 | +117.2% |
| Remuneration and social security | 454/9 | €7,162 | €7,430 | +€268 | +3.7% |
| Other amounts payable | 47/48 | €20,650 | €21,717 | +€1,067 | +5.2% |
| Remuneration, social security and pensions | 62 | €40,781 | €54,626 | +€13,846 | +34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,901 | €26,922 | -€14,980 | -35.8% |
| Other operating charges | 640/8 | €1,794 | €3,267 | +€1,473 | +82.1% |
| Non-recurring operating charges | 66A | €165 | €465 | +€300 | +182.0% |
| Gross operating margin | 9900 | €145,472 | €158,255 | +€12,783 | +8.8% |
| Operating profit (loss) | 9901 | €60,830 | €72,974 | +€12,144 | +20.0% |
| Financial income | 75/76B | €17 | €10,320 | +€10,303 | +61181.3% |
| Recurring financial income | 75 | €17 | €9,907 | +€9,890 | +58727.5% |
| Non-recurring financial income | 76B | - | €413 | +€413 | |
| Financial charges | 65/66B | €809 | €1,347 | +€538 | +66.6% |
| Recurring financial charges | 65 | €809 | €1,347 | +€538 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €60,039 | €81,947 | +€21,908 | +36.5% |
| Income taxes | 67/77 | €15,761 | €27,798 | +€12,037 | +76.4% |
| Profit (loss) for the period | 9904 | €44,277 | €54,149 | +€9,872 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,277 | €54,149 | +€9,872 | +22.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.