ADFJ HOLDING: 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.
ADFJ HOLDING
Largest movements
- Tangible fixed assets -€19,921
down €19,921 (-5.3%), from €379,266 to €359,345
- Cash -€12,645
down €12,645 (-83.1%), from €15,211 to €2,566
mainly Net result for the year (-€26,443) and Tax, wage and social debts (-€22,193)
- Reserves -€26,443
down €26,443 (-12.4%), from €213,295 to €186,852
- Tax, wage and social debts -€22,193
down €22,193 (-97.8%), from €22,693 to €500
of which Taxes: -€20,693
- Other debts +€20,703
up €20,703 (+18.0%), from €114,958 to €135,661
- Current portion of long-term debt +€19,701
up €19,701 (+178%), from €11,096 to €30,797
- Debts after one year -€11,551
down €11,551 (-29.0%), from €39,871 to €28,320
- Depreciation +€8,476
up €8,476 (+29.5%), from €28,750 to €37,226
- Gross operating margin -€1,597
down €1,597 (-10.4%), from €15,394 to €13,797
- Financial charges +€1,453
up €1,453 (+93.1%), from €1,561 to €3,013
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 | €731,831 | €705,733 | -€26,099 | -3.6% |
| Formation expenses | 20 | €245 | - | -€245 | |
| Fixed assets | 21/28 | €704,266 | €684,345 | -€19,921 | -2.8% |
| Tangible fixed assets | 22/27 | €379,266 | €359,345 | -€19,921 | -5.3% |
| Other tangible fixed assets | 26 | €379,266 | €359,345 | -€19,921 | -5.3% |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Current assets | 29/58 | €27,321 | €21,388 | -€5,933 | -21.7% |
| Amounts receivable within one year | 40/41 | €12,110 | €14,632 | +€2,522 | +20.8% |
| Trade receivables | 40 | €349 | €2,349 | +€2,000 | +574% |
| Other amounts receivable | 41 | €11,761 | €12,283 | +€522 | +4.4% |
| Cash at bank and in hand | 54/58 | €15,211 | €2,566 | -€12,645 | -83.1% |
| Deferred charges and accrued income | 490/1 | - | €4,190 | +€4,190 | |
| Total equity and liabilities | 10/49 | €731,831 | €705,733 | -€26,099 | -3.6% |
| Equity | 10/15 | €532,795 | €506,352 | -€26,443 | -5.0% |
| Contributions | 10/11 | €319,500 | €319,500 | = | 0.0% |
| Reserves | 13 | €213,295 | €186,852 | -€26,443 | -12.4% |
| Distributable reserves | 133 | €213,295 | €186,852 | -€26,443 | -12.4% |
| Amounts payable | 17/49 | €199,037 | €199,381 | +€344 | +0.2% |
| Amounts payable after more than one year | 17 | €39,871 | €28,320 | -€11,551 | -29.0% |
| Financial debts | 170/4 | €39,871 | €28,320 | -€11,551 | -29.0% |
| Amounts payable within one year | 42/48 | €159,028 | €170,921 | +€11,894 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €11,096 | €30,797 | +€19,701 | +178% |
| Trade debts | 44 | €10,281 | €3,964 | -€6,317 | -61.4% |
| Suppliers | 440/4 | €10,281 | €3,964 | -€6,317 | -61.4% |
| Taxes, remuneration and social security | 45 | €22,693 | €500 | -€22,193 | -97.8% |
| Taxes | 450/3 | €20,693 | - | -€20,693 | |
| Remuneration and social security | 454/9 | €2,000 | €500 | -€1,500 | -75.0% |
| Other amounts payable | 47/48 | €114,958 | €135,661 | +€20,703 | +18.0% |
| Accrued charges and deferred income | 492/3 | €138 | €139 | +€2 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,750 | €37,226 | +€8,476 | +29.5% |
| Gross operating margin | 9900 | €15,394 | €13,797 | -€1,597 | -10.4% |
| Operating profit (loss) | 9901 | -€13,356 | -€23,429 | -€10,073 | -75.4% |
| Financial charges | 65/66B | €1,561 | €3,013 | +€1,453 | +93.1% |
| Recurring financial charges | 65 | €1,561 | €3,013 | +€1,453 | +93.1% |
| Profit (loss) for the period before taxes | 9903 | -€14,917 | -€26,443 | -€11,525 | -77.3% |
| Income taxes | 67/77 | €11 | - | -€11 | |
| Profit (loss) for the period | 9904 | -€14,928 | -€26,443 | -€11,514 | -77.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,928 | -€26,443 | -€11,514 | -77.1% |
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 18 October 2026 via checked.be.