ADHEMAR: 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.
ADHEMAR
Largest movements
- Receivables within one year +€25,428
up €25,428 (+31.0%), from €82,085 to €107,513
of which Trade receivables: +€23,714
- Stocks and contracts -€20,267
down €20,267 (-8.7%), from €232,717 to €212,450
- Cash +€6,072
up €6,072 (+4.6%), from €132,852 to €138,924
mainly Net result for the year (+€30,432) and Trade debts (+€22,683)
- Other debts -€48,209
down €48,209 (-29.3%), from €164,422 to €116,213
- Reserves +€30,430
up €30,430 (+15.3%), from €198,944 to €229,374
- Trade debts +€22,683
up €22,683 (+403%), from €5,633 to €28,316
- Other operating charges +€21,011
up €21,011 (+503%), from €4,181 to €25,192
- Write-downs -€10,624
new in 2025: -€10,624
- Taxes -€3,013
down €3,013 (-16.4%), from €18,340 to €15,327
- Financial charges -€2,303
down €2,303 (-21.4%), from €10,777 to €8,474
- Gross operating margin -€1,748
down €1,748 (-1.6%), from €111,539 to €109,791
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 | €537,096 | €543,650 | +€6,554 | +1.2% |
| Fixed assets | 21/28 | €88,783 | €84,763 | -€4,020 | -4.5% |
| Intangible fixed assets | 21 | €2,066 | €1,570 | -€496 | -24.0% |
| Tangible fixed assets | 22/27 | €79,217 | €75,693 | -€3,524 | -4.4% |
| Land and buildings | 22 | €76,237 | €73,433 | -€2,803 | -3.7% |
| Plant, machinery and equipment | 23 | €2,980 | €2,260 | -€720 | -24.2% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €448,313 | €458,887 | +€10,574 | +2.4% |
| Stocks and contracts in progress | 3 | €232,717 | €212,450 | -€20,267 | -8.7% |
| Stocks | 30/36 | €232,717 | €212,450 | -€20,267 | -8.7% |
| Amounts receivable within one year | 40/41 | €82,085 | €107,513 | +€25,428 | +31.0% |
| Trade receivables | 40 | €25,779 | €49,493 | +€23,714 | +92.0% |
| Other amounts receivable | 41 | €56,306 | €58,020 | +€1,714 | +3.0% |
| Cash at bank and in hand | 54/58 | €132,852 | €138,924 | +€6,072 | +4.6% |
| Deferred charges and accrued income | 490/1 | €660 | - | -€660 | |
| Total equity and liabilities | 10/49 | €537,096 | €543,650 | +€6,554 | +1.2% |
| Equity | 10/15 | €349,219 | €379,651 | +€30,432 | +8.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €198,944 | €229,374 | +€30,430 | +15.3% |
| Distributable reserves | 133 | €198,944 | €229,374 | +€30,430 | +15.3% |
| Profit (loss) carried forward | 14 | €131,683 | €131,685 | +€2 | 0.0% |
| Amounts payable | 17/49 | €187,877 | €163,999 | -€23,878 | -12.7% |
| Amounts payable within one year | 42/48 | €187,266 | €163,379 | -€23,887 | -12.8% |
| Trade debts | 44 | €5,633 | €28,316 | +€22,683 | +403% |
| Suppliers | 440/4 | €5,633 | €28,316 | +€22,683 | +403% |
| Taxes, remuneration and social security | 45 | €17,211 | €18,850 | +€1,639 | +9.5% |
| Taxes | 450/3 | €10,724 | €11,700 | +€976 | +9.1% |
| Remuneration and social security | 454/9 | €6,487 | €7,150 | +€663 | +10.2% |
| Other amounts payable | 47/48 | €164,422 | €116,213 | -€48,209 | -29.3% |
| Accrued charges and deferred income | 492/3 | €611 | €620 | +€9 | +1.5% |
| Remuneration, social security and pensions | 62 | €26,886 | €27,663 | +€776 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,037 | €13,327 | +€1,290 | +10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€10,624 | -€10,624 | |
| Other operating charges | 640/8 | €4,181 | €25,192 | +€21,011 | +503% |
| Gross operating margin | 9900 | €111,539 | €109,791 | -€1,748 | -1.6% |
| Operating profit (loss) | 9901 | €68,434 | €54,233 | -€14,201 | -20.8% |
| Financial charges | 65/66B | €10,777 | €8,474 | -€2,303 | -21.4% |
| Recurring financial charges | 65 | €10,777 | €8,474 | -€2,303 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €57,657 | €45,759 | -€11,898 | -20.6% |
| Income taxes | 67/77 | €18,340 | €15,327 | -€3,013 | -16.4% |
| Profit (loss) for the period | 9904 | €39,317 | €30,432 | -€8,885 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,317 | €30,432 | -€8,885 | -22.6% |
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 16 October 2026 via checked.be.