ADGD: 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.
ADGD
Largest movements
- Receivables within one year +€35,369
up €35,369 (+36.0%), from €98,218 to €133,587
of which Trade receivables: +€29,629
- Tangible fixed assets -€11,454
down €11,454 (-3.3%), from €343,535 to €332,081
of which Other tangible fixed assets: -€7,381
- Cash -€5,054
down €5,054 (-15.5%), from €32,594 to €27,540
mainly Receivables within one year (-€35,369) and Other debts (-€25,000)
- Reserves +€65,000
up €65,000 (+60.5%), from €107,500 to €172,500
- Other debts -€25,000
no longer reported in 2025 (was €25,000)
- Debts after one year -€22,627
down €22,627 (-8.5%), from €266,721 to €244,095
- Gross operating margin +€26,672
up €26,672 (+31.8%), from €83,819 to €110,492
- Taxes +€11,795
up €11,795 (+105.0%), from €11,232 to €23,027
- Depreciation -€8,210
down €8,210 (-32.6%), from €25,206 to €16,995
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.
Cash bridge derived
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 | €480,117 | €500,221 | +€20,104 | +4.2% |
| Fixed assets | 21/28 | €343,535 | €332,081 | -€11,454 | -3.3% |
| Tangible fixed assets | 22/27 | €343,535 | €332,081 | -€11,454 | -3.3% |
| Land and buildings | 22 | €268,993 | €267,773 | -€1,220 | -0.5% |
| Furniture and vehicles | 24 | €10,313 | €7,460 | -€2,853 | -27.7% |
| Other tangible fixed assets | 26 | €64,228 | €56,847 | -€7,381 | -11.5% |
| Current assets | 29/58 | €136,582 | €168,141 | +€31,558 | +23.1% |
| Amounts receivable within one year | 40/41 | €98,218 | €133,587 | +€35,369 | +36.0% |
| Trade receivables | 40 | €18,908 | €48,537 | +€29,629 | +156.7% |
| Other amounts receivable | 41 | €79,310 | €85,050 | +€5,740 | +7.2% |
| Cash at bank and in hand | 54/58 | €32,594 | €27,540 | -€5,054 | -15.5% |
| Deferred charges and accrued income | 490/1 | €5,771 | €7,014 | +€1,243 | +21.5% |
| Total equity and liabilities | 10/49 | €480,117 | €500,221 | +€20,104 | +4.2% |
| Equity | 10/15 | €136,254 | €199,116 | +€62,862 | +46.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €107,500 | €172,500 | +€65,000 | +60.5% |
| Distributable reserves | 133 | €107,500 | €172,500 | +€65,000 | +60.5% |
| Profit (loss) carried forward | 14 | €3,754 | €1,616 | -€2,138 | -57.0% |
| Amounts payable | 17/49 | €343,863 | €301,105 | -€42,758 | -12.4% |
| Amounts payable after more than one year | 17 | €266,721 | €244,095 | -€22,627 | -8.5% |
| Financial debts | 170/4 | €266,721 | €244,095 | -€22,627 | -8.5% |
| Amounts payable within one year | 42/48 | €77,142 | €57,011 | -€20,131 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €22,090 | €22,627 | +€536 | +2.4% |
| Financial debts | 43 | €2,247 | €2,231 | -€16 | -0.7% |
| Credit institutions | 430/8 | €2,247 | €2,231 | -€16 | -0.7% |
| Trade debts | 44 | €2,029 | €2,599 | +€570 | +28.1% |
| Suppliers | 440/4 | €2,029 | €2,599 | +€570 | +28.1% |
| Taxes, remuneration and social security | 45 | €25,775 | €29,554 | +€3,779 | +14.7% |
| Taxes | 450/3 | €25,775 | €29,554 | +€3,779 | +14.7% |
| Other amounts payable | 47/48 | €25,000 | - | -€25,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,206 | €16,995 | -€8,210 | -32.6% |
| Other operating charges | 640/8 | €2,009 | €2,237 | +€227 | +11.3% |
| Gross operating margin | 9900 | €83,819 | €110,492 | +€26,672 | +31.8% |
| Operating profit (loss) | 9901 | €56,604 | €91,260 | +€34,656 | +61.2% |
| Financial income | 75/76B | €4,424 | €4,577 | +€153 | +3.5% |
| Recurring financial income | 75 | €4,424 | €4,577 | +€153 | +3.5% |
| Financial charges | 65/66B | €9,365 | €9,948 | +€583 | +6.2% |
| Recurring financial charges | 65 | €9,365 | €9,948 | +€583 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €51,664 | €85,889 | +€34,225 | +66.2% |
| Income taxes | 67/77 | €11,232 | €23,027 | +€11,795 | +105.0% |
| Profit (loss) for the period | 9904 | €40,431 | €62,862 | +€22,430 | +55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,431 | €62,862 | +€22,430 | +55.5% |
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 10 October 2026 via checked.be.