ADFISCO: 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.
ADFISCO
Largest movements
- Receivables within one year +€35,795
up €35,795 (+20.0%), from €178,755 to €214,550
- Cash -€16,889
down €16,889 (-11.2%), from €150,325 to €133,436
mainly Contributions, distributions and other (-€120,000) and Other debts (-€60,000)
- Tangible fixed assets -€6,092
down €6,092 (-20.2%), from €30,136 to €24,044
of which Plant, machinery and equipment: -€5,188
- Deferred charges and accrued income +€4,685
up €4,685 (+51.1%), from €9,168 to €13,853
- Other debts -€60,000
down €60,000 (-100%), from €60,000 to €0
- Trade debts +€48,410
up €48,410 (+124%), from €38,930 to €87,340
- Tax, wage and social debts +€21,182
up €21,182 (+20.0%), from €105,922 to €127,104
of which Taxes: +€32,562
- Profit (loss) carried forward +€8,932
up €8,932 (+12.4%), from €71,962 to €80,894
- Gross operating margin +€133,627
up €133,627 (+52.2%), from €256,171 to €389,798
- Taxes +€38,141
up €38,141 (+185%), from €20,606 to €58,746
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 | €368,384 | €386,241 | +€17,857 | +4.8% |
| Fixed assets | 21/28 | €30,136 | €24,403 | -€5,733 | -19.0% |
| Tangible fixed assets | 22/27 | €30,136 | €24,044 | -€6,092 | -20.2% |
| Plant, machinery and equipment | 23 | €19,629 | €14,440 | -€5,188 | -26.4% |
| Furniture and vehicles | 24 | €10,507 | €9,604 | -€903 | -8.6% |
| Financial fixed assets | 28 | - | €359 | +€359 | |
| Current assets | 29/58 | €338,249 | €361,838 | +€23,590 | +7.0% |
| Amounts receivable within one year | 40/41 | €178,755 | €214,550 | +€35,795 | +20.0% |
| Trade receivables | 40 | €178,755 | €214,550 | +€35,795 | +20.0% |
| Cash at bank and in hand | 54/58 | €150,325 | €133,436 | -€16,889 | -11.2% |
| Deferred charges and accrued income | 490/1 | €9,168 | €13,853 | +€4,685 | +51.1% |
| Total equity and liabilities | 10/49 | €368,384 | €386,241 | +€17,857 | +4.8% |
| Equity | 10/15 | €93,776 | €102,708 | +€8,932 | +9.5% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €1,983 | €1,983 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,983 | €1,983 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,983 | €1,983 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,962 | €80,894 | +€8,932 | +12.4% |
| Amounts payable | 17/49 | €274,608 | €283,533 | +€8,925 | +3.3% |
| Amounts payable after more than one year | 17 | €0 | €1,813 | +€1,813 | |
| Financial debts | 170/4 | €0 | €1,813 | +€1,813 | |
| Amounts payable within one year | 42/48 | €274,608 | €281,720 | +€7,112 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €69,756 | €67,276 | -€2,481 | -3.6% |
| Trade debts | 44 | €38,930 | €87,340 | +€48,410 | +124% |
| Suppliers | 440/4 | €38,930 | €87,340 | +€48,410 | +124% |
| Taxes, remuneration and social security | 45 | €105,922 | €127,104 | +€21,182 | +20.0% |
| Taxes | 450/3 | €66,451 | €99,013 | +€32,562 | +49.0% |
| Remuneration and social security | 454/9 | €39,470 | €28,091 | -€11,380 | -28.8% |
| Other amounts payable | 47/48 | €60,000 | €0 | -€60,000 | -100% |
| Remuneration, social security and pensions | 62 | €176,029 | €179,877 | +€3,847 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,349 | €12,560 | +€1,211 | +10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,378 | €3,686 | +€2,308 | +168% |
| Gross operating margin | 9900 | €256,171 | €389,798 | +€133,627 | +52.2% |
| Operating profit (loss) | 9901 | €67,414 | €193,675 | +€126,260 | +187% |
| Financial income | 75/76B | €237 | €100 | -€137 | -58.0% |
| Recurring financial income | 75 | €237 | €100 | -€137 | -58.0% |
| Financial charges | 65/66B | €2,669 | €6,096 | +€3,427 | +128% |
| Recurring financial charges | 65 | €2,669 | €6,096 | +€3,427 | +128% |
| Profit (loss) for the period before taxes | 9903 | €64,983 | €187,679 | +€122,696 | +189% |
| Income taxes | 67/77 | €20,606 | €58,746 | +€38,141 | +185% |
| Profit (loss) for the period | 9904 | €44,377 | €128,932 | +€84,555 | +191% |
| Profit (loss) for the period to be appropriated | 9905 | €44,377 | €128,932 | +€84,555 | +191% |
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 23 October 2026 via checked.be.