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
- Current investments +€193,379
up €193,379 (+63.1%), from €306,621 to €500,000
- Cash +€111,623
up €111,623 (+91.8%), from €121,602 to €233,225
mainly Net result for the year (+€307,408) and Investment in fixed assets (net) (+€101,617)
- Tangible fixed assets -€106,394
down €106,394 (-76.1%), from €139,730 to €33,336
of which Land and buildings: -€137,659
- Receivables within one year +€22,620
up €22,620 (+44.1%), from €51,336 to €73,956
of which Trade receivables: +€22,778
- Reserves +€233,398
up €233,398 (+41.7%), from €559,710 to €793,108
- Contributions -€20,000
no longer reported in 2025 (was €20,000)
- Other debts +€12,541
up €12,541 (+140%), from €8,932 to €21,473
- Gross operating margin +€269,915
up €269,915 (+136%), from €197,810 to €467,725
- Taxes +€87,511
up €87,511 (+173%), from €50,505 to €138,016
- Financial income +€5,414
up €5,414 (+90.3%), from €5,992 to €11,406
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 | €625,363 | €846,430 | +€221,067 | +35.4% |
| Fixed assets | 21/28 | €139,855 | €33,461 | -€106,394 | -76.1% |
| Tangible fixed assets | 22/27 | €139,730 | €33,336 | -€106,394 | -76.1% |
| Land and buildings | 22 | €137,659 | - | -€137,659 | |
| Plant, machinery and equipment | 23 | €48 | - | -€48 | |
| Furniture and vehicles | 24 | €2,023 | €22,334 | +€20,311 | +1,004% |
| Other tangible fixed assets | 26 | - | €11,003 | +€11,003 | |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €485,508 | €812,968 | +€327,460 | +67.4% |
| Amounts receivable within one year | 40/41 | €51,336 | €73,956 | +€22,620 | +44.1% |
| Trade receivables | 40 | €51,049 | €73,826 | +€22,778 | +44.6% |
| Other amounts receivable | 41 | €288 | €130 | -€158 | -54.8% |
| Current investments | 50/53 | €306,621 | €500,000 | +€193,379 | +63.1% |
| Cash at bank and in hand | 54/58 | €121,602 | €233,225 | +€111,623 | +91.8% |
| Deferred charges and accrued income | 490/1 | €5,948 | €5,787 | -€161 | -2.7% |
| Total equity and liabilities | 10/49 | €625,363 | €846,430 | +€221,067 | +35.4% |
| Equity | 10/15 | €579,710 | €793,108 | +€213,398 | +36.8% |
| Contributions | 10/11 | €20,000 | - | -€20,000 | |
| Contributions outside capital | 11 | €20,000 | - | -€20,000 | |
| Other | 1109/19 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €559,710 | €793,108 | +€233,398 | +41.7% |
| Distributable reserves | 133 | €559,710 | €793,108 | +€233,398 | +41.7% |
| Amounts payable | 17/49 | €45,653 | €53,321 | +€7,668 | +16.8% |
| Amounts payable within one year | 42/48 | €44,145 | €53,321 | +€9,177 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €1,507 | - | -€1,507 | |
| Trade debts | 44 | €652 | €898 | +€246 | +37.7% |
| Suppliers | 440/4 | €652 | €898 | +€246 | +37.7% |
| Taxes, remuneration and social security | 45 | €33,053 | €30,950 | -€2,103 | -6.4% |
| Taxes | 450/3 | €28,827 | €25,897 | -€2,930 | -10.2% |
| Remuneration and social security | 454/9 | €4,226 | €5,053 | +€827 | +19.6% |
| Other amounts payable | 47/48 | €8,932 | €21,473 | +€12,541 | +140% |
| Accrued charges and deferred income | 492/3 | €1,509 | - | -€1,509 | |
| Remuneration, social security and pensions | 62 | €23,310 | €25,484 | +€2,174 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,604 | €4,777 | -€3,827 | -44.5% |
| Other operating charges | 640/8 | €2,852 | €2,420 | -€432 | -15.1% |
| Gross operating margin | 9900 | €197,810 | €467,725 | +€269,915 | +136% |
| Operating profit (loss) | 9901 | €163,044 | €435,044 | +€272,000 | +167% |
| Financial income | 75/76B | €5,992 | €11,406 | +€5,414 | +90.3% |
| Recurring financial income | 75 | €5,992 | €11,406 | +€5,414 | +90.3% |
| Financial charges | 65/66B | €308 | €1,026 | +€718 | +233% |
| Recurring financial charges | 65 | €308 | €1,026 | +€718 | +233% |
| Profit (loss) for the period before taxes | 9903 | €168,728 | €445,424 | +€276,696 | +164% |
| Income taxes | 67/77 | €50,505 | €138,016 | +€87,511 | +173% |
| Profit (loss) for the period | 9904 | €118,223 | €307,408 | +€189,185 | +160% |
| Profit (loss) for the period to be appropriated | 9905 | €118,223 | €307,408 | +€189,185 | +160% |
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 13 October 2026 via checked.be.