ADFISC: what changed
Two fiscal 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.
ADFISC
Largest movements
- Receivables within one year -€199,555
down €199,555 (-29.1%), from €684,694 to €485,139
of which Other amounts receivable: -€147,403
- Current investments +€129,000
up €129,000 (+33.8%), from €382,000 to €511,000
- Cash +€93,682
up €93,682 (+21.6%), from €433,050 to €526,731
mainly Net result for the year (+€247,381) and Receivables within one year (+€199,555)
- Other debts +€81,851
up €81,851 (+88.7%), from €92,254 to €174,105
- Tax, wage and social debts -€36,898
down €36,898 (-14.5%), from €254,599 to €217,701
of which Remuneration and social security: -€21,962
- Gross operating margin +€72,663
up €72,663 (+4.8%), from €1.5m to €1.6m
- Staff costs +€19,100
up €19,100 (+1.7%), from €1.1m to €1.1m
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.
Cash bridge derived
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 | €1,770,546 | €1,790,161 | +€19,615 | +1.1% |
| Fixed assets | 21/28 | €208,665 | €202,144 | -€6,521 | -3.1% |
| Intangible fixed assets | 21 | €14,466 | €11,108 | -€3,358 | -23.2% |
| Tangible fixed assets | 22/27 | €194,199 | €191,036 | -€3,163 | -1.6% |
| Land and buildings | 22 | €110,115 | €102,392 | -€7,723 | -7.0% |
| Plant, machinery and equipment | 23 | €48,863 | €29,889 | -€18,974 | -38.8% |
| Furniture and vehicles | 24 | €35,221 | €58,755 | +€23,534 | +66.8% |
| Current assets | 29/58 | €1,561,881 | €1,588,017 | +€26,136 | +1.7% |
| Amounts receivable within one year | 40/41 | €684,694 | €485,139 | -€199,555 | -29.1% |
| Trade receivables | 40 | €502,470 | €450,317 | -€52,153 | -10.4% |
| Other amounts receivable | 41 | €182,224 | €34,822 | -€147,403 | -80.9% |
| Current investments | 50/53 | €382,000 | €511,000 | +€129,000 | +33.8% |
| Cash at bank and in hand | 54/58 | €433,050 | €526,731 | +€93,682 | +21.6% |
| Deferred charges and accrued income | 490/1 | €62,137 | €65,147 | +€3,010 | +4.8% |
| Total equity and liabilities | 10/49 | €1,770,546 | €1,790,161 | +€19,615 | +1.1% |
| Equity | 10/15 | €1,180,644 | €1,180,126 | -€519 | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,162,094 | €1,161,576 | -€519 | 0.0% |
| Tax-exempt reserves | 132 | €147,350 | €147,350 | = | 0.0% |
| Distributable reserves | 133 | €1,014,744 | €1,014,226 | -€519 | -0.1% |
| Provisions and deferred taxes | 16 | €25,000 | €25,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable | 17/49 | €564,902 | €585,035 | +€20,134 | +3.6% |
| Amounts payable within one year | 42/48 | €558,911 | €571,249 | +€12,338 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €14,829 | - | -€14,829 | |
| Trade debts | 44 | €197,228 | €179,443 | -€17,786 | -9.0% |
| Suppliers | 440/4 | €197,228 | €179,443 | -€17,786 | -9.0% |
| Taxes, remuneration and social security | 45 | €254,599 | €217,701 | -€36,898 | -14.5% |
| Taxes | 450/3 | €68,614 | €53,678 | -€14,937 | -21.8% |
| Remuneration and social security | 454/9 | €185,985 | €164,023 | -€21,962 | -11.8% |
| Other amounts payable | 47/48 | €92,254 | €174,105 | +€81,851 | +88.7% |
| Accrued charges and deferred income | 492/3 | €5,991 | €13,787 | +€7,796 | +130.1% |
| Remuneration, social security and pensions | 62 | €1,128,256 | €1,147,356 | +€19,100 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,671 | €59,632 | +€10,962 | +22.5% |
| Other operating charges | 640/8 | €10,563 | €11,704 | +€1,141 | +10.8% |
| Gross operating margin | 9900 | €1,498,938 | €1,571,601 | +€72,663 | +4.8% |
| Operating profit (loss) | 9901 | €311,449 | €352,910 | +€41,461 | +13.3% |
| Financial income | 75/76B | €26,662 | €17,677 | -€8,985 | -33.7% |
| Recurring financial income | 75 | €26,662 | €17,677 | -€8,985 | -33.7% |
| Financial charges | 65/66B | €10,759 | €7,630 | -€3,129 | -29.1% |
| Recurring financial charges | 65 | €10,759 | €7,630 | -€3,129 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €327,352 | €362,957 | +€35,605 | +10.9% |
| Income taxes | 67/77 | €106,431 | €115,575 | +€9,145 | +8.6% |
| Profit (loss) for the period | 9904 | €220,921 | €247,381 | +€26,460 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €220,921 | €247,381 | +€26,460 | +12.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.