ADI NAT PROJECT: 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.
ADI NAT PROJECT
Largest movements
- Receivables within one year -€111,828
down €111,828 (-93.0%), from €120,275 to €8,447
of which Trade receivables: -€115,755
- Profit (loss) carried forward -€152,185
down €152,185, from €54,250 to -€97,934
- Trade debts +€31,650
up €31,650 (+91.6%), from €34,549 to €66,199
- Tax, wage and social debts +€20,505
up €20,505 (+113%), from €18,183 to €38,688
of which Taxes: +€16,342
- Other debts -€10,921
down €10,921 (-99.3%), from €11,000 to €79
- Purchases and services +€369,268
up €369,268 (+151%), from €244,680 to €613,948
- Turnover +€186,542
up €186,542 (+55.6%), from €335,331 to €521,873
- Gross operating margin -€182,726
down €182,726, from €90,651 to -€92,075
- Staff costs +€41,762
up €41,762 (+239%), from €17,468 to €59,231
- Taxes -€18,183
no longer reported in 2025 (was €18,183)
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 | €121,283 | €10,332 | -€110,951 | -91.5% |
| Formation expenses | 20 | €982 | €737 | -€246 | -25.0% |
| Current assets | 29/58 | €120,301 | €9,595 | -€110,705 | -92.0% |
| Amounts receivable within one year | 40/41 | €120,275 | €8,447 | -€111,828 | -93.0% |
| Trade receivables | 40 | €120,071 | €4,316 | -€115,755 | -96.4% |
| Other amounts receivable | 41 | €204 | €4,131 | +€3,927 | +1,923% |
| Cash at bank and in hand | 54/58 | €25 | €1,148 | +€1,123 | +4,409% |
| Total equity and liabilities | 10/49 | €121,283 | €10,332 | -€110,951 | -91.5% |
| Equity | 10/15 | €57,550 | -€94,634 | -€152,185 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | - | €3,000 | +€3,000 | |
| Issued capital | 100 | - | €3,000 | +€3,000 | |
| Contributions outside capital | 11 | €3,000 | - | -€3,000 | |
| Other | 1109/19 | €3,000 | - | -€3,000 | |
| Reserves | 13 | €300 | €300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Legal reserve | 130 | €300 | €300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,250 | -€97,934 | -€152,185 | |
| Amounts payable | 17/49 | €63,733 | €104,967 | +€41,234 | +64.7% |
| Amounts payable within one year | 42/48 | €63,733 | €104,967 | +€41,234 | +64.7% |
| Trade debts | 44 | €34,549 | €66,199 | +€31,650 | +91.6% |
| Suppliers | 440/4 | €34,549 | €66,199 | +€31,650 | +91.6% |
| Taxes, remuneration and social security | 45 | €18,183 | €38,688 | +€20,505 | +113% |
| Taxes | 450/3 | €18,183 | €34,525 | +€16,342 | +89.9% |
| Remuneration and social security | 454/9 | - | €4,163 | +€4,163 | |
| Other amounts payable | 47/48 | €11,000 | €79 | -€10,921 | -99.3% |
| Turnover | 70 | €335,331 | €521,873 | +€186,542 | +55.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €244,680 | €613,948 | +€369,268 | +151% |
| Remuneration, social security and pensions | 62 | €17,468 | €59,231 | +€41,762 | +239% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €246 | €246 | = | 0.0% |
| Other operating charges | 640/8 | €163 | €90 | -€73 | -45.0% |
| Gross operating margin | 9900 | €90,651 | -€92,075 | -€182,726 | |
| Operating profit (loss) | 9901 | €72,774 | -€151,641 | -€224,415 | |
| Financial charges | 65/66B | €40 | €544 | +€504 | +1,256% |
| Recurring financial charges | 65 | €40 | €113 | +€73 | +181% |
| Non-recurring financial charges | 66B | - | €431 | +€431 | |
| Profit (loss) for the period before taxes | 9903 | €72,734 | -€152,185 | -€224,918 | |
| Income taxes | 67/77 | €18,183 | - | -€18,183 | |
| Profit (loss) for the period | 9904 | €54,550 | -€152,185 | -€206,735 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,550 | -€152,185 | -€206,735 |
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 22 October 2026 via checked.be.