ADG: 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.
ADG
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+4,755%), from €28,146 to €1.4m
of which Land and buildings: +€1.2m
- Receivables within one year +€106,008
up €106,008 (+282%), from €37,657 to €143,664
of which Trade receivables: +€109,099
- Debts after one year +€1.3m
new in 2025: €1.3m
- Short-term financial debts +€152,556
new in 2025: €152,556
of which Other loans: +€143,356
- Profit (loss) carried forward -€35,124
down €35,124 (-97.7%), from -€35,967 to -€71,091
- Current portion of long-term debt +€32,370
up €32,370 (+1,733%), from €1,868 to €34,238
- Financial charges +€41,101
up €41,101 (+1,320%), from €3,113 to €44,214
- Depreciation +€24,485
up €24,485 (+407%), from €6,017 to €30,502
- Gross operating margin -€13,570
down €13,570 (-21.9%), from €61,932 to €48,362
- Taxes -€7,599
down €7,599 (-63.9%), from €11,892 to €4,293
- Staff costs +€1,822
new in 2025: €1,822
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 | €113,083 | €1,559,679 | +€1.4m | +1,279% |
| Fixed assets | 21/28 | €28,146 | €1,366,556 | +€1.3m | +4,755% |
| Tangible fixed assets | 22/27 | €28,146 | €1,366,556 | +€1.3m | +4,755% |
| Land and buildings | 22 | - | €1,220,697 | +€1.2m | |
| Furniture and vehicles | 24 | €26,474 | €144,740 | +€118,267 | +447% |
| Other tangible fixed assets | 26 | €1,672 | €1,118 | -€554 | -33.1% |
| Current assets | 29/58 | €84,938 | €193,123 | +€108,186 | +127% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,657 | €143,664 | +€106,008 | +282% |
| Trade receivables | 40 | €31,401 | €140,500 | +€109,099 | +347% |
| Other amounts receivable | 41 | €6,255 | €3,164 | -€3,091 | -49.4% |
| Cash at bank and in hand | 54/58 | €36,057 | €35,785 | -€272 | -0.8% |
| Deferred charges and accrued income | 490/1 | €1,224 | €3,674 | +€2,450 | +200% |
| Total equity and liabilities | 10/49 | €113,083 | €1,559,679 | +€1.4m | +1,279% |
| Equity | 10/15 | €91,728 | €56,604 | -€35,124 | -38.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €65,694 | €65,694 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €59,494 | €59,494 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,967 | -€71,091 | -€35,124 | -97.7% |
| Amounts payable | 17/49 | €21,355 | €1,503,075 | +€1.5m | +6,938% |
| Amounts payable after more than one year | 17 | - | €1,310,192 | +€1.3m | |
| Financial debts | 170/4 | - | €1,310,192 | +€1.3m | |
| Amounts payable within one year | 42/48 | €21,355 | €192,883 | +€171,528 | +803% |
| Current portion of amounts payable after more than one year | 42 | €1,868 | €34,238 | +€32,370 | +1,733% |
| Financial debts | 43 | - | €152,556 | +€152,556 | |
| Credit institutions | 430/8 | - | €9,200 | +€9,200 | |
| Other loans | 439 | - | €143,356 | +€143,356 | |
| Trade debts | 44 | €1,544 | - | -€1,544 | |
| Suppliers | 440/4 | €1,544 | - | -€1,544 | |
| Advances received on contracts in progress | 46 | €3,000 | - | -€3,000 | |
| Taxes, remuneration and social security | 45 | €10,949 | €2,484 | -€8,465 | -77.3% |
| Taxes | 450/3 | €4,517 | €2,484 | -€2,033 | -45.0% |
| Remuneration and social security | 454/9 | €6,432 | - | -€6,432 | |
| Other amounts payable | 47/48 | €3,994 | €3,605 | -€389 | -9.8% |
| Non-recurring operating income | 76A | €151 | €9,054 | +€8,904 | +5,899% |
| Remuneration, social security and pensions | 62 | - | €1,822 | +€1,822 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,017 | €30,502 | +€24,485 | +407% |
| Other operating charges | 640/8 | €4,369 | €2,693 | -€1,676 | -38.4% |
| Gross operating margin | 9900 | €61,932 | €48,362 | -€13,570 | -21.9% |
| Operating profit (loss) | 9901 | €51,546 | €13,345 | -€38,201 | -74.1% |
| Financial income | 75/76B | €88 | €38 | -€51 | -57.5% |
| Recurring financial income | 75 | €88 | €38 | -€51 | -57.5% |
| Financial charges | 65/66B | €3,113 | €44,214 | +€41,101 | +1,320% |
| Recurring financial charges | 65 | €3,113 | €44,214 | +€41,101 | +1,320% |
| Profit (loss) for the period before taxes | 9903 | €48,521 | -€30,832 | -€79,353 | |
| Income taxes | 67/77 | €11,892 | €4,293 | -€7,599 | -63.9% |
| Profit (loss) for the period | 9904 | €36,629 | -€35,124 | -€71,754 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,629 | -€35,124 | -€71,754 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.