ADF INVEST: what changed
ADF INVEST
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€41,616
down €41,616 (-13.3%), from €312,539 to €270,923
- Profit (loss) carried forward +€39,468
up €39,468 (+83.3%), from €47,389 to €86,857
- Tax, wage and social debts +€9,720
up €9,720 (+62.4%), from €15,585 to €25,305
- Other debts -€8,209
down €8,209 (-4.8%), from €172,280 to €164,071
- Current portion of long-term debt +€6,433
up €6,433 (+12.4%), from €51,794 to €58,227
- Gross operating margin -€5,038
down €5,038 (-7.3%), from €69,320 to €64,282
- Financial charges +€4,639
up €4,639 (+46.3%), from €10,021 to €14,659
- Taxes -€1,980
down €1,980 (-16.7%), from €11,847 to €9,867
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 | €606,348 | €612,253 | +€5,905 | +1.0% |
| Fixed assets | 21/28 | €603,000 | €603,000 | = | 0.0% |
| Financial fixed assets | 28 | €603,000 | €603,000 | = | 0.0% |
| Current assets | 29/58 | €3,349 | €9,254 | +€5,905 | +176% |
| Amounts receivable within one year | 40/41 | €2,420 | €5,929 | +€3,509 | +145% |
| Trade receivables | 40 | €2,420 | €5,929 | +€3,509 | +145% |
| Cash at bank and in hand | 54/58 | €929 | €3,325 | +€2,396 | +258% |
| Total equity and liabilities | 10/49 | €606,348 | €612,253 | +€5,905 | +1.0% |
| Equity | 10/15 | €53,389 | €92,857 | +€39,468 | +73.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,389 | €86,857 | +€39,468 | +83.3% |
| Amounts payable | 17/49 | €552,959 | €519,396 | -€33,563 | -6.1% |
| Amounts payable after more than one year | 17 | €312,539 | €270,923 | -€41,616 | -13.3% |
| Financial debts | 170/4 | €312,539 | €270,923 | -€41,616 | -13.3% |
| Amounts payable within one year | 42/48 | €239,930 | €247,603 | +€7,673 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €51,794 | €58,227 | +€6,433 | +12.4% |
| Trade debts | 44 | €271 | - | -€271 | |
| Suppliers | 440/4 | €271 | - | -€271 | |
| Taxes, remuneration and social security | 45 | €15,585 | €25,305 | +€9,720 | +62.4% |
| Taxes | 450/3 | €15,585 | €25,305 | +€9,720 | +62.4% |
| Other amounts payable | 47/48 | €172,280 | €164,071 | -€8,209 | -4.8% |
| Accrued charges and deferred income | 492/3 | €490 | €870 | +€380 | +77.6% |
| Other operating charges | 640/8 | €163 | €288 | +€125 | +76.5% |
| Gross operating margin | 9900 | €69,320 | €64,282 | -€5,038 | -7.3% |
| Operating profit (loss) | 9901 | €69,157 | €63,994 | -€5,163 | -7.5% |
| Financial income | 75/76B | €100 | €0 | -€100 | -99.8% |
| Recurring financial income | 75 | €100 | €0 | -€100 | -99.8% |
| Financial charges | 65/66B | €10,021 | €14,659 | +€4,639 | +46.3% |
| Recurring financial charges | 65 | €10,021 | €14,659 | +€4,639 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €59,237 | €49,335 | -€9,901 | -16.7% |
| Income taxes | 67/77 | €11,847 | €9,867 | -€1,980 | -16.7% |
| Profit (loss) for the period | 9904 | €47,389 | €39,468 | -€7,921 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,389 | €39,468 | -€7,921 | -16.7% |
Next steps
Calculation and sources
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 3 November 2026 via checked.be.