ADFINAS BEHEER: 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.
ADFINAS BEHEER
Largest movements
- Financial fixed assets -€1.2m
down €1.2m (-50.0%), from €2.4m to €1.2m
- Current investments +€388,915
new in 2025: €388,915
- Tangible fixed assets -€58,563
down €58,563 (-5.5%), from €1.1m to €1.0m
- Cash -€44,846
down €44,846 (-20.4%), from €219,952 to €175,106
mainly Other debts (-€672,887) and Current investments (-€388,915)
- Other debts -€672,887
down €672,887 (-100.0%), from €672,953 to €66
- Tax, wage and social debts -€231,939
down €231,939 (-67.8%), from €341,958 to €110,019
- Debts after one year -€65,460
down €65,460 (-12.6%), from €517,955 to €452,495
- Current portion of long-term debt +€37,542
up €37,542 (+33.2%), from €112,937 to €150,479
- Financial income -€1.3m
down €1.3m (-98.8%), from €1.3m to €16,207
- Taxes -€120,443
down €120,443 (-93.2%), from €129,279 to €8,836
- Financial charges +€2,130
up €2,130 (+13.1%), from €16,297 to €18,428
- Gross operating margin +€1,762
up €1,762 (+1.7%), from €103,613 to €105,375
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 | €3,679,504 | €2,770,945 | -€908,559 | -24.7% |
| Fixed assets | 21/28 | €3,452,795 | €2,197,031 | -€1.3m | -36.4% |
| Tangible fixed assets | 22/27 | €1,058,661 | €1,000,098 | -€58,563 | -5.5% |
| Land and buildings | 22 | €1,058,661 | €1,000,098 | -€58,563 | -5.5% |
| Financial fixed assets | 28 | €2,394,133 | €1,196,933 | -€1.2m | -50.0% |
| Current assets | 29/58 | €226,709 | €573,913 | +€347,204 | +153% |
| Amounts receivable within one year | 40/41 | €2,952 | €6,750 | +€3,798 | +129% |
| Other amounts receivable | 41 | €2,952 | €6,750 | +€3,798 | +129% |
| Current investments | 50/53 | - | €388,915 | +€388,915 | |
| Cash at bank and in hand | 54/58 | €219,952 | €175,106 | -€44,846 | -20.4% |
| Deferred charges and accrued income | 490/1 | €3,805 | €3,143 | -€662 | -17.4% |
| Total equity and liabilities | 10/49 | €3,679,504 | €2,770,945 | -€908,559 | -24.7% |
| Equity | 10/15 | €1,888,400 | €1,918,295 | +€29,895 | +1.6% |
| Reserves | 13 | €1,888,400 | €1,918,295 | +€29,895 | +1.6% |
| Distributable reserves | 133 | €1,888,400 | €1,918,295 | +€29,895 | +1.6% |
| Provisions and deferred taxes | 16 | €134,173 | €128,422 | -€5,751 | -4.3% |
| Provisions for liabilities and charges | 160/5 | €134,173 | €128,422 | -€5,751 | -4.3% |
| Environmental obligations | 163 | €134,173 | €128,422 | -€5,751 | -4.3% |
| Amounts payable | 17/49 | €1,656,931 | €724,228 | -€932,703 | -56.3% |
| Amounts payable after more than one year | 17 | €517,955 | €452,495 | -€65,460 | -12.6% |
| Financial debts | 170/4 | €517,955 | €452,495 | -€65,460 | -12.6% |
| Amounts payable within one year | 42/48 | €1,128,910 | €261,666 | -€867,244 | -76.8% |
| Current portion of amounts payable after more than one year | 42 | €112,937 | €150,479 | +€37,542 | +33.2% |
| Trade debts | 44 | €1,062 | €1,103 | +€41 | +3.9% |
| Suppliers | 440/4 | €1,062 | €1,103 | +€41 | +3.9% |
| Taxes, remuneration and social security | 45 | €341,958 | €110,019 | -€231,939 | -67.8% |
| Taxes | 450/3 | €341,958 | €110,019 | -€231,939 | -67.8% |
| Other amounts payable | 47/48 | €672,953 | €66 | -€672,887 | -100.0% |
| Accrued charges and deferred income | 492/3 | €10,066 | €10,066 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,563 | €58,563 | = | 0.0% |
| Other operating charges | 640/8 | €5,684 | €5,860 | +€176 | +3.1% |
| Gross operating margin | 9900 | €103,613 | €105,375 | +€1,762 | +1.7% |
| Operating profit (loss) | 9901 | €39,366 | €40,952 | +€1,586 | +4.0% |
| Financial income | 75/76B | €1,339,996 | €16,207 | -€1.3m | -98.8% |
| Recurring financial income | 75 | €1,339,996 | €16,207 | -€1.3m | -98.8% |
| Financial charges | 65/66B | €16,297 | €18,428 | +€2,130 | +13.1% |
| Recurring financial charges | 65 | €16,297 | €18,428 | +€2,130 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €1,363,064 | €38,731 | -€1.3m | -97.2% |
| Income taxes | 67/77 | €129,279 | €8,836 | -€120,443 | -93.2% |
| Profit (loss) for the period | 9904 | €1,233,785 | €29,895 | -€1.2m | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,233,785 | €29,895 | -€1.2m | -97.6% |
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 29 October 2026 via checked.be.