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
- Intangible fixed assets -€150,000
down €150,000 (-18.6%), from €806,301 to €656,301
- Tangible fixed assets -€76,877
down €76,877 (-13.1%), from €586,785 to €509,908
of which Plant, machinery and equipment: -€58,049
- Cash -€68,349
down €68,349 (-42.0%), from €162,576 to €94,227
mainly Other debts (-€375,050) and Debts after one year (-€218,270)
- Receivables within one year +€50,362
up €50,362 (+34.9%), from €144,323 to €194,684
of which Other amounts receivable: +€95,396
- Other debts -€375,050
down €375,050 (-99.5%), from €376,907 to €1,857
- Profit (loss) carried forward +€297,286
up €297,286 (+95.6%), from -€311,079 to -€13,793
- Debts after one year -€218,270
down €218,270 (-22.5%), from €972,005 to €753,736
- Accrued charges and deferred income +€39,730
up €39,730 (+131%), from €30,320 to €70,050
- Gross operating margin +€503,527
up €503,527 (+84.7%), from €594,730 to €1.1m
- Staff costs +€229,101
up €229,101 (+81.4%), from €281,576 to €510,678
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 | €2,155,394 | €1,915,490 | -€239,904 | -11.1% |
| Formation expenses | 20 | €214 | - | -€214 | |
| Fixed assets | 21/28 | €1,397,106 | €1,166,209 | -€230,897 | -16.5% |
| Intangible fixed assets | 21 | €806,301 | €656,301 | -€150,000 | -18.6% |
| Tangible fixed assets | 22/27 | €586,785 | €509,908 | -€76,877 | -13.1% |
| Plant, machinery and equipment | 23 | €452,648 | €394,598 | -€58,049 | -12.8% |
| Other tangible fixed assets | 26 | €134,137 | €115,309 | -€18,828 | -14.0% |
| Financial fixed assets | 28 | €4,020 | - | -€4,020 | |
| Current assets | 29/58 | €758,074 | €749,281 | -€8,792 | -1.2% |
| Stocks and contracts in progress | 3 | €451,175 | €460,370 | +€9,195 | +2.0% |
| Stocks | 30/36 | €451,175 | €460,370 | +€9,195 | +2.0% |
| Amounts receivable within one year | 40/41 | €144,323 | €194,684 | +€50,362 | +34.9% |
| Trade receivables | 40 | €94,823 | €49,788 | -€45,035 | -47.5% |
| Other amounts receivable | 41 | €49,500 | €144,896 | +€95,396 | +193% |
| Cash at bank and in hand | 54/58 | €162,576 | €94,227 | -€68,349 | -42.0% |
| Total equity and liabilities | 10/49 | €2,155,394 | €1,915,490 | -€239,904 | -11.1% |
| Equity | 10/15 | -€10,979 | €286,307 | +€297,286 | |
| Contributions | 10/11 | €300,100 | €300,100 | = | 0.0% |
| Contributions outside capital | 11 | €300,100 | €300,100 | = | 0.0% |
| Other | 1109/19 | €300,100 | €300,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€311,079 | -€13,793 | +€297,286 | +95.6% |
| Amounts payable | 17/49 | €2,166,373 | €1,629,183 | -€537,190 | -24.8% |
| Amounts payable after more than one year | 17 | €972,005 | €753,736 | -€218,270 | -22.5% |
| Financial debts | 170/4 | €972,005 | €753,736 | -€218,270 | -22.5% |
| Amounts payable within one year | 42/48 | €1,164,048 | €805,398 | -€358,650 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €215,050 | €218,270 | +€3,219 | +1.5% |
| Trade debts | 44 | €514,303 | €507,094 | -€7,208 | -1.4% |
| Suppliers | 440/4 | €514,303 | €507,094 | -€7,208 | -1.4% |
| Taxes, remuneration and social security | 45 | €57,788 | €78,176 | +€20,389 | +35.3% |
| Taxes | 450/3 | - | €5,000 | +€5,000 | |
| Remuneration and social security | 454/9 | €57,788 | €73,176 | +€15,389 | +26.6% |
| Other amounts payable | 47/48 | €376,907 | €1,857 | -€375,050 | -99.5% |
| Accrued charges and deferred income | 492/3 | €30,320 | €70,050 | +€39,730 | +131% |
| Non-recurring operating income | 76A | - | €380,000 | +€380,000 | |
| Remuneration, social security and pensions | 62 | €281,576 | €510,678 | +€229,101 | +81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,071 | €234,131 | +€1,060 | +0.5% |
| Other operating charges | 640/8 | €23,264 | €21,703 | -€1,561 | -6.7% |
| Gross operating margin | 9900 | €594,730 | €1,098,258 | +€503,527 | +84.7% |
| Operating profit (loss) | 9901 | €56,819 | €331,746 | +€274,927 | +484% |
| Financial income | 75/76B | €2,022 | - | -€2,022 | |
| Recurring financial income | 75 | €2,022 | - | -€2,022 | |
| Financial charges | 65/66B | €35,530 | €29,336 | -€6,194 | -17.4% |
| Recurring financial charges | 65 | €35,530 | €29,336 | -€6,194 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €23,311 | €302,410 | +€279,099 | +1,197% |
| Income taxes | 67/77 | - | €5,124 | +€5,124 | |
| Profit (loss) for the period | 9904 | €23,311 | €297,286 | +€273,974 | +1,175% |
| Profit (loss) for the period to be appropriated | 9905 | €23,311 | €297,286 | +€273,974 | +1,175% |
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 15 October 2026 via checked.be.