ADFIN: 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.
ADFIN
Largest movements
- Tangible fixed assets +€52,343
up €52,343 (+237%), from €22,117 to €74,460
of which Leasing and similar rights: +€44,694
- Receivables within one year -€39,403
down €39,403 (-39.9%), from €98,855 to €59,452
of which Trade receivables: -€22,362
- Cash +€29,201
up €29,201 (+78.5%), from €37,215 to €66,416
mainly Receivables within one year (+€39,403) and Debts after one year (+€37,511)
- Debts after one year +€37,511
new in 2025: €37,511
- Current portion of long-term debt +€12,946
up €12,946 (+561%), from €2,309 to €15,255
- Tax, wage and social debts -€9,244
down €9,244 (-27.7%), from €33,339 to €24,095
- Reserves +€8,077
up €8,077 (+7.5%), from €108,344 to €116,420
- Trade debts -€7,148
down €7,148 (-88.9%), from €8,036 to €888
- Gross operating margin +€9,017
up €9,017 (+30.5%), from €29,537 to €38,554
- Depreciation -€2,219
down €2,219 (-16.2%), from €13,664 to €11,445
- Taxes -€2,073
down €2,073 (-18.3%), from €11,320 to €9,247
- Other operating charges +€1,385
up €1,385 (+99.5%), from €1,393 to €2,778
- Financial charges +€1,022
up €1,022 (+166%), from €616 to €1,638
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 | €158,236 | €200,377 | +€42,141 | +26.6% |
| Fixed assets | 21/28 | €22,167 | €74,509 | +€52,343 | +236% |
| Tangible fixed assets | 22/27 | €22,117 | €74,460 | +€52,343 | +237% |
| Plant, machinery and equipment | 23 | €2,629 | €2,058 | -€571 | -21.7% |
| Furniture and vehicles | 24 | €1,655 | €10,844 | +€9,189 | +555% |
| Leasing and similar rights | 25 | €10,114 | €54,808 | +€44,694 | +442% |
| Other tangible fixed assets | 26 | €7,719 | €6,749 | -€969 | -12.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €136,069 | €125,868 | -€10,201 | -7.5% |
| Amounts receivable within one year | 40/41 | €98,855 | €59,452 | -€39,403 | -39.9% |
| Trade receivables | 40 | €38,885 | €16,524 | -€22,362 | -57.5% |
| Other amounts receivable | 41 | €59,969 | €42,928 | -€17,041 | -28.4% |
| Cash at bank and in hand | 54/58 | €37,215 | €66,416 | +€29,201 | +78.5% |
| Total equity and liabilities | 10/49 | €158,236 | €200,377 | +€42,141 | +26.6% |
| Equity | 10/15 | €114,552 | €122,628 | +€8,077 | +7.1% |
| Contributions | 10/11 | €6,208 | €6,208 | = | 0.0% |
| Reserves | 13 | €108,344 | €116,420 | +€8,077 | +7.5% |
| Distributable reserves | 133 | €108,344 | €116,420 | +€8,077 | +7.5% |
| Amounts payable | 17/49 | €43,684 | €77,749 | +€34,064 | +78.0% |
| Amounts payable after more than one year | 17 | - | €37,511 | +€37,511 | |
| Financial debts | 170/4 | - | €37,511 | +€37,511 | |
| Amounts payable within one year | 42/48 | €43,684 | €40,238 | -€3,446 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €2,309 | €15,255 | +€12,946 | +561% |
| Trade debts | 44 | €8,036 | €888 | -€7,148 | -88.9% |
| Suppliers | 440/4 | €8,036 | €888 | -€7,148 | -88.9% |
| Taxes, remuneration and social security | 45 | €33,339 | €24,095 | -€9,244 | -27.7% |
| Taxes | 450/3 | €33,339 | €24,095 | -€9,244 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,664 | €11,445 | -€2,219 | -16.2% |
| Other operating charges | 640/8 | €1,393 | €2,778 | +€1,385 | +99.5% |
| Non-recurring operating charges | 66A | - | €5,396 | +€5,396 | |
| Gross operating margin | 9900 | €29,537 | €38,554 | +€9,017 | +30.5% |
| Operating profit (loss) | 9901 | €14,481 | €18,936 | +€4,455 | +30.8% |
| Financial income | 75/76B | €7 | €26 | +€19 | +268% |
| Recurring financial income | 75 | €7 | €26 | +€19 | +268% |
| Financial charges | 65/66B | €616 | €1,638 | +€1,022 | +166% |
| Recurring financial charges | 65 | €616 | €1,638 | +€1,022 | +166% |
| Profit (loss) for the period before taxes | 9903 | €13,871 | €17,324 | +€3,452 | +24.9% |
| Income taxes | 67/77 | €11,320 | €9,247 | -€2,073 | -18.3% |
| Profit (loss) for the period | 9904 | €2,552 | €8,077 | +€5,525 | +217% |
| Profit (loss) for the period to be appropriated | 9905 | €2,552 | €8,077 | +€5,525 | +217% |
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 26 October 2026 via checked.be.