ADEX 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.
ADEX CONSTRUCT
Largest movements
- Tangible fixed assets +€26,823
up €26,823 (+998%), from €2,689 to €29,511
- Receivables within one year +€7,006
up €7,006 (+17.7%), from €39,553 to €46,559
of which Other amounts receivable: +€8,977
- Cash +€6,385
up €6,385 (+523%), from €1,221 to €7,606
mainly Other debts (+€28,587) and Debts after one year (+€27,933)
- Deferred charges and accrued income -€3,915
down €3,915 (-92.0%), from €4,258 to €342
- Other debts +€28,587
up €28,587 (+3,328%), from €859 to €29,446
- Debts after one year +€27,933
new in 2025: €27,933
- Profit (loss) carried forward -€23,187
no longer reported in 2025 (was €23,187)
- Current portion of long-term debt +€6,533
new in 2025: €6,533
- Tax, wage and social debts -€3,432
down €3,432 (-32.9%), from €10,429 to €6,997
of which Remuneration and social security: -€3,432
- Gross operating margin -€25,074
down €25,074 (-46.9%), from €53,461 to €28,387
- Staff costs -€6,531
down €6,531 (-28.9%), from €22,601 to €16,070
- Taxes -€2,608
down €2,608 (-70.5%), from €3,698 to €1,091
- Depreciation +€1,811
up €1,811 (+207%), from €873 to €2,684
- Financial charges +€910
up €910 (+60.6%), from €1,503 to €2,414
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.
Derived cash bridge
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 | €47,720 | €84,019 | +€36,298 | +76.1% |
| Fixed assets | 21/28 | €2,689 | €29,511 | +€26,823 | +998% |
| Tangible fixed assets | 22/27 | €2,689 | €29,511 | +€26,823 | +998% |
| Furniture and vehicles | 24 | €2,689 | €29,511 | +€26,823 | +998% |
| Current assets | 29/58 | €45,032 | €54,507 | +€9,476 | +21.0% |
| Amounts receivable within one year | 40/41 | €39,553 | €46,559 | +€7,006 | +17.7% |
| Trade receivables | 40 | €28,634 | €26,663 | -€1,971 | -6.9% |
| Other amounts receivable | 41 | €10,919 | €19,896 | +€8,977 | +82.2% |
| Cash at bank and in hand | 54/58 | €1,221 | €7,606 | +€6,385 | +523% |
| Deferred charges and accrued income | 490/1 | €4,258 | €342 | -€3,915 | -92.0% |
| Total equity and liabilities | 10/49 | €47,720 | €84,019 | +€36,298 | +76.1% |
| Equity | 10/15 | €26,687 | €3,500 | -€23,187 | -86.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,187 | - | -€23,187 | |
| Amounts payable | 17/49 | €21,033 | €80,519 | +€59,485 | +283% |
| Amounts payable after more than one year | 17 | - | €27,933 | +€27,933 | |
| Financial debts | 170/4 | - | €27,933 | +€27,933 | |
| Amounts payable within one year | 42/48 | €21,033 | €52,586 | +€31,553 | +150% |
| Current portion of amounts payable after more than one year | 42 | - | €6,533 | +€6,533 | |
| Trade debts | 44 | €9,745 | €9,610 | -€136 | -1.4% |
| Suppliers | 440/4 | €9,745 | €9,610 | -€136 | -1.4% |
| Taxes, remuneration and social security | 45 | €10,429 | €6,997 | -€3,432 | -32.9% |
| Taxes | 450/3 | €4,387 | €4,387 | = | 0.0% |
| Remuneration and social security | 454/9 | €6,042 | €2,610 | -€3,432 | -56.8% |
| Other amounts payable | 47/48 | €859 | €29,446 | +€28,587 | +3,328% |
| Remuneration, social security and pensions | 62 | €22,601 | €16,070 | -€6,531 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €873 | €2,684 | +€1,811 | +207% |
| Other operating charges | 640/8 | €1,083 | €636 | -€447 | -41.3% |
| Non-recurring operating charges | 66A | €98 | - | -€98 | |
| Gross operating margin | 9900 | €53,461 | €28,387 | -€25,074 | -46.9% |
| Operating profit (loss) | 9901 | €28,806 | €8,997 | -€19,810 | -68.8% |
| Financial income | 75/76B | €12 | €767 | +€755 | +6,105% |
| Recurring financial income | 75 | €12 | €767 | +€755 | +6,105% |
| Financial charges | 65/66B | €1,503 | €2,414 | +€910 | +60.6% |
| Recurring financial charges | 65 | €1,503 | €2,414 | +€910 | +60.6% |
| Profit (loss) for the period before taxes | 9903 | €27,315 | €7,350 | -€19,965 | -73.1% |
| Income taxes | 67/77 | €3,698 | €1,091 | -€2,608 | -70.5% |
| Profit (loss) for the period | 9904 | €23,617 | €6,259 | -€17,358 | -73.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,617 | €6,259 | -€17,358 | -73.5% |
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 18 October 2026 via checked.be.