ADFIS: 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.
ADFIS
Largest movements
- Current investments +€162,333
up €162,333 (+52.3%), from €310,562 to €472,895
- Cash -€35,401
down €35,401 (-36.3%), from €97,649 to €62,248
mainly Current investments (-€162,333) and Other debts (-€67,793)
- Receivables within one year -€33,732
down €33,732 (-16.9%), from €199,772 to €166,040
of which Other amounts receivable: -€29,804
- Tangible fixed assets -€27,102
down €27,102 (-25.7%), from €105,584 to €78,482
of which Furniture and vehicles: -€14,087
- Reserves +€126,745
up €126,745 (+24.5%), from €518,168 to €644,914
of which Distributable reserves: +€126,745
- Other debts -€67,793
down €67,793 (-95.7%), from €70,834 to €3,042
- Staff costs +€18,296
up €18,296 (+12.2%), from €149,709 to €168,005
- Gross operating margin +€15,219
up €15,219 (+4.1%), from €369,105 to €384,324
- Financial charges -€5,021
down €5,021 (-93.2%), from €5,385 to €364
- Financial income -€4,921
down €4,921 (-38.6%), from €12,750 to €7,829
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 | €717,035 | €782,829 | +€65,793 | +9.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €107,984 | €80,882 | -€27,102 | -25.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €105,584 | €78,482 | -€27,102 | -25.7% |
| Plant, machinery and equipment | 23 | €6,575 | €4,119 | -€2,456 | -37.4% |
| Furniture and vehicles | 24 | €46,565 | €32,478 | -€14,087 | -30.3% |
| Other tangible fixed assets | 26 | €52,444 | €41,886 | -€10,559 | -20.1% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €609,052 | €701,947 | +€92,895 | +15.3% |
| Amounts receivable within one year | 40/41 | €199,772 | €166,040 | -€33,732 | -16.9% |
| Trade receivables | 40 | €56,166 | €52,238 | -€3,928 | -7.0% |
| Other amounts receivable | 41 | €143,606 | €113,802 | -€29,804 | -20.8% |
| Current investments | 50/53 | €310,562 | €472,895 | +€162,333 | +52.3% |
| Cash at bank and in hand | 54/58 | €97,649 | €62,248 | -€35,401 | -36.3% |
| Deferred charges and accrued income | 490/1 | €1,069 | €764 | -€305 | -28.5% |
| Total equity and liabilities | 10/49 | €717,035 | €782,829 | +€65,793 | +9.2% |
| Equity | 10/15 | €589,500 | €716,245 | +€126,745 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €518,168 | €644,914 | +€126,745 | +24.5% |
| Tax-exempt reserves | 132 | €3,171 | €3,171 | = | 0.0% |
| Distributable reserves | 133 | €514,997 | €641,743 | +€126,745 | +24.6% |
| Profit (loss) carried forward | 14 | €52,732 | €52,732 | = | 0.0% |
| Amounts payable | 17/49 | €127,535 | €66,583 | -€60,952 | -47.8% |
| Amounts payable within one year | 42/48 | €127,535 | €66,583 | -€60,952 | -47.8% |
| Trade debts | 44 | €4,746 | €5,873 | +€1,126 | +23.7% |
| Suppliers | 440/4 | €4,746 | €5,873 | +€1,126 | +23.7% |
| Taxes, remuneration and social security | 45 | €51,955 | €57,669 | +€5,714 | +11.0% |
| Taxes | 450/3 | €33,432 | €37,220 | +€3,788 | +11.3% |
| Remuneration and social security | 454/9 | €18,523 | €20,449 | +€1,926 | +10.4% |
| Other amounts payable | 47/48 | €70,834 | €3,042 | -€67,793 | -95.7% |
| Remuneration, social security and pensions | 62 | €149,709 | €168,005 | +€18,296 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,852 | €31,289 | -€1,563 | -4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €650 | - | -€650 | |
| Other operating charges | 640/8 | €655 | €673 | +€17 | +2.7% |
| Gross operating margin | 9900 | €369,105 | €384,324 | +€15,219 | +4.1% |
| Operating profit (loss) | 9901 | €185,238 | €184,357 | -€881 | -0.5% |
| Financial income | 75/76B | €12,750 | €7,829 | -€4,921 | -38.6% |
| Recurring financial income | 75 | €12,750 | €7,829 | -€4,921 | -38.6% |
| Financial charges | 65/66B | €5,385 | €364 | -€5,021 | -93.2% |
| Recurring financial charges | 65 | €5,385 | €364 | -€5,021 | -93.2% |
| Profit (loss) for the period before taxes | 9903 | €192,604 | €191,822 | -€781 | -0.4% |
| Income taxes | 67/77 | €62,433 | €62,035 | -€398 | -0.6% |
| Profit (loss) for the period | 9904 | €130,171 | €129,787 | -€384 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €130,171 | €129,787 | -€384 | -0.3% |
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 24 October 2026 via checked.be.