ADICO WORK: 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.
ADICO WORK
Largest movements
- Receivables within one year +€33,800
up €33,800 (+54.5%), from €62,006 to €95,805
of which Trade receivables: +€38,527
- Cash +€19,346
up €19,346 (+493.3%), from €3,922 to €23,268
mainly Trade debts (+€30,405) and Net result for the year (+€24,844)
- Tangible fixed assets -€13,411
down €13,411 (-4.0%), from €336,169 to €322,757
of which Land and buildings: -€13,583
- Stocks and contracts +€5,000
new in 2026: €5,000
- Trade debts +€30,405
up €30,405 (+2669.1%), from €1,139 to €31,544
- Profit (loss) carried forward +€24,844
up €24,844 (+45.6%), from €54,482 to €79,326
- Debts after one year -€13,308
down €13,308 (-6.9%), from €193,900 to €180,592
- Tax, wage and social debts +€12,660
up €12,660 (+248.2%), from €5,100 to €17,759
- Short-term financial debts -€8,857
no longer reported in 2026 (was €8,857)
- Gross operating margin +€52,582
up €52,582 (+142.1%), from €37,004 to €89,586
- Write-downs +€35,287
new in 2026: €35,287
- Taxes +€2,658
up €2,658 (+61.6%), from €4,315 to €6,973
- Depreciation -€1,279
down €1,279 (-8.0%), from €15,985 to €14,706
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €402,096 | €446,831 | +€44,735 | +11.1% |
| Fixed assets | 21/28 | €336,169 | €322,757 | -€13,411 | -4.0% |
| Tangible fixed assets | 22/27 | €336,169 | €322,757 | -€13,411 | -4.0% |
| Land and buildings | 22 | €335,007 | €321,424 | -€13,583 | -4.1% |
| Plant, machinery and equipment | 23 | - | €971 | +€971 | |
| Furniture and vehicles | 24 | €1,162 | €362 | -€800 | -68.8% |
| Current assets | 29/58 | €65,928 | €124,074 | +€58,146 | +88.2% |
| Stocks and contracts in progress | 3 | - | €5,000 | +€5,000 | |
| Stocks | 30/36 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €62,006 | €95,805 | +€33,800 | +54.5% |
| Trade receivables | 40 | €57,007 | €95,535 | +€38,527 | +67.6% |
| Other amounts receivable | 41 | €4,998 | €271 | -€4,728 | -94.6% |
| Cash at bank and in hand | 54/58 | €3,922 | €23,268 | +€19,346 | +493.3% |
| Total equity and liabilities | 10/49 | €402,096 | €446,831 | +€44,735 | +11.1% |
| Equity | 10/15 | €174,482 | €199,326 | +€24,844 | +14.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €120,000 | +€120,000 | |
| Other | 1109/19 | - | €120,000 | +€120,000 | |
| Profit (loss) carried forward | 14 | €54,482 | €79,326 | +€24,844 | +45.6% |
| Amounts payable | 17/49 | €227,614 | €247,505 | +€19,891 | +8.7% |
| Amounts payable after more than one year | 17 | €193,900 | €180,592 | -€13,308 | -6.9% |
| Financial debts | 170/4 | €193,900 | €180,592 | -€13,308 | -6.9% |
| Amounts payable within one year | 42/48 | €33,714 | €66,913 | +€33,199 | +98.5% |
| Current portion of amounts payable after more than one year | 42 | €15,542 | €17,609 | +€2,067 | +13.3% |
| Financial debts | 43 | €8,857 | - | -€8,857 | |
| Credit institutions | 430/8 | €8,857 | - | -€8,857 | |
| Trade debts | 44 | €1,139 | €31,544 | +€30,405 | +2669.1% |
| Suppliers | 440/4 | €1,139 | €31,544 | +€30,405 | +2669.1% |
| Taxes, remuneration and social security | 45 | €5,100 | €17,759 | +€12,660 | +248.2% |
| Taxes | 450/3 | €5,100 | €17,759 | +€12,660 | +248.2% |
| Other amounts payable | 47/48 | €3,076 | - | -€3,076 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,985 | €14,706 | -€1,279 | -8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €35,287 | +€35,287 | |
| Other operating charges | 640/8 | €845 | €1,513 | +€668 | +79.1% |
| Gross operating margin | 9900 | €37,004 | €89,586 | +€52,582 | +142.1% |
| Operating profit (loss) | 9901 | €20,175 | €38,080 | +€17,905 | +88.7% |
| Financial income | 75/76B | €94 | €576 | +€482 | +515.1% |
| Recurring financial income | 75 | €94 | €576 | +€482 | +515.1% |
| Financial charges | 65/66B | €6,545 | €6,839 | +€294 | +4.5% |
| Recurring financial charges | 65 | €6,545 | €6,839 | +€294 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €13,724 | €31,817 | +€18,093 | +131.8% |
| Income taxes | 67/77 | €4,315 | €6,973 | +€2,658 | +61.6% |
| Profit (loss) for the period | 9904 | €9,409 | €24,844 | +€15,435 | +164.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,409 | €24,844 | +€15,435 | +164.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.