ADFINCON: 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.
ADFINCON
Largest movements
- Cash +€84,248
up €84,248 (+45.0%), from €187,216 to €271,464
mainly Net result for the year (+€97,424) and Depreciation (+€17,966)
- Receivables within one year +€42,183
up €42,183 (+193%), from €21,853 to €64,036
of which Other amounts receivable: +€41,027
- Tangible fixed assets -€17,966
down €17,966 (-23.8%), from €75,351 to €57,385
of which Furniture and vehicles: -€16,334
- Current investments -€14,911
down €14,911 (-100%), from €14,911 to €0
- Reserves +€97,424
up €97,424 (+42.7%), from €228,273 to €325,697
- Other debts -€5,284
down €5,284 (-100%), from €5,284 to €0
- Gross operating margin -€67,233
down €67,233 (-32.0%), from €210,221 to €142,987
- Taxes -€13,620
down €13,620 (-31.9%), from €42,729 to €29,109
- Depreciation -€4,029
down €4,029 (-18.3%), from €21,996 to €17,966
- Financial income +€2,217
up €2,217 (+568%), from €390 to €2,607
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 | €314,772 | €408,334 | +€93,562 | +29.7% |
| Fixed assets | 21/28 | €90,351 | €72,385 | -€17,966 | -19.9% |
| Tangible fixed assets | 22/27 | €75,351 | €57,385 | -€17,966 | -23.8% |
| Plant, machinery and equipment | 23 | €1,748 | €1,334 | -€414 | -23.7% |
| Furniture and vehicles | 24 | €67,264 | €50,931 | -€16,334 | -24.3% |
| Other tangible fixed assets | 26 | €6,338 | €5,120 | -€1,218 | -19.2% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €224,421 | €335,949 | +€111,528 | +49.7% |
| Amounts receivable within one year | 40/41 | €21,853 | €64,036 | +€42,183 | +193% |
| Trade receivables | 40 | €21,853 | €23,009 | +€1,156 | +5.3% |
| Other amounts receivable | 41 | €0 | €41,027 | +€41,027 | |
| Current investments | 50/53 | €14,911 | €0 | -€14,911 | -100% |
| Cash at bank and in hand | 54/58 | €187,216 | €271,464 | +€84,248 | +45.0% |
| Deferred charges and accrued income | 490/1 | €441 | €449 | +€8 | +1.8% |
| Total equity and liabilities | 10/49 | €314,772 | €408,334 | +€93,562 | +29.7% |
| Equity | 10/15 | €253,273 | €350,697 | +€97,424 | +38.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €228,273 | €325,697 | +€97,424 | +42.7% |
| Distributable reserves | 133 | €228,273 | €325,697 | +€97,424 | +42.7% |
| Amounts payable | 17/49 | €61,499 | €57,636 | -€3,862 | -6.3% |
| Amounts payable within one year | 42/48 | €59,858 | €56,136 | -€3,722 | -6.2% |
| Trade debts | 44 | €578 | €3,303 | +€2,725 | +471% |
| Suppliers | 440/4 | €578 | €3,303 | +€2,725 | +471% |
| Taxes, remuneration and social security | 45 | €53,996 | €52,833 | -€1,163 | -2.2% |
| Taxes | 450/3 | €53,996 | €52,833 | -€1,163 | -2.2% |
| Other amounts payable | 47/48 | €5,284 | €0 | -€5,284 | -100% |
| Accrued charges and deferred income | 492/3 | €1,640 | €1,500 | -€140 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,996 | €17,966 | -€4,029 | -18.3% |
| Other operating charges | 640/8 | €973 | €890 | -€83 | -8.5% |
| Gross operating margin | 9900 | €210,221 | €142,987 | -€67,233 | -32.0% |
| Operating profit (loss) | 9901 | €187,252 | €124,132 | -€63,121 | -33.7% |
| Financial income | 75/76B | €390 | €2,607 | +€2,217 | +568% |
| Recurring financial income | 75 | €390 | €2,607 | +€2,217 | +568% |
| Financial charges | 65/66B | €279 | €206 | -€73 | -26.2% |
| Recurring financial charges | 65 | €279 | €206 | -€73 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €187,364 | €126,533 | -€60,831 | -32.5% |
| Income taxes | 67/77 | €42,729 | €29,109 | -€13,620 | -31.9% |
| Profit (loss) for the period | 9904 | €144,635 | €97,424 | -€47,211 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €144,635 | €97,424 | -€47,211 | -32.6% |
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 14 October 2026 via checked.be.