Adin: 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.
Adin
Largest movements
- Stocks and contracts -€60,000
down €60,000 (-7.9%), from €763,383 to €703,383
- Receivables within one year -€33,760
down €33,760 (-33.3%), from €101,311 to €67,551
of which Trade receivables: -€21,361
- Intangible fixed assets -€18,495
down €18,495 (-13.5%), from €137,233 to €118,737
- Trade debts -€52,566
down €52,566 (-18.3%), from €287,856 to €235,290
- Other debts -€51,811
down €51,811 (-18.7%), from €277,570 to €225,759
- Debts after one year -€44,943
down €44,943 (-56.6%), from €79,345 to €34,402
- Reserves +€36,177
up €36,177 (+32.3%), from €112,063 to €148,241
- Short-term financial debts -€11,247
down €11,247 (-8.7%), from €129,747 to €118,500
of which Credit institutions: -€6,500
- Financial charges +€30,753
up €30,753 (+115%), from €26,723 to €57,476
- Gross operating margin +€11,235
up €11,235 (+6.3%), from €177,237 to €188,472
- Taxes -€6,171
down €6,171 (-32.2%), from €19,151 to €12,979
- Depreciation +€3,139
up €3,139 (+4.4%), from €72,102 to €75,240
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 | €1,030,229 | €907,651 | -€122,578 | -11.9% |
| Fixed assets | 21/28 | €155,370 | €131,970 | -€23,400 | -15.1% |
| Intangible fixed assets | 21 | €137,233 | €118,737 | -€18,495 | -13.5% |
| Tangible fixed assets | 22/27 | €18,088 | €13,183 | -€4,905 | -27.1% |
| Plant, machinery and equipment | 23 | €14,013 | €9,867 | -€4,146 | -29.6% |
| Other tangible fixed assets | 26 | €4,075 | €3,316 | -€759 | -18.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €874,859 | €775,681 | -€99,178 | -11.3% |
| Stocks and contracts in progress | 3 | €763,383 | €703,383 | -€60,000 | -7.9% |
| Stocks | 30/36 | €763,383 | €703,383 | -€60,000 | -7.9% |
| Amounts receivable within one year | 40/41 | €101,311 | €67,551 | -€33,760 | -33.3% |
| Trade receivables | 40 | €28,945 | €7,584 | -€21,361 | -73.8% |
| Other amounts receivable | 41 | €72,366 | €59,967 | -€12,399 | -17.1% |
| Cash at bank and in hand | 54/58 | €9,073 | €4,747 | -€4,326 | -47.7% |
| Deferred charges and accrued income | 490/1 | €1,091 | - | -€1,091 | |
| Total equity and liabilities | 10/49 | €1,030,229 | €907,651 | -€122,578 | -11.9% |
| Equity | 10/15 | €167,063 | €203,241 | +€36,177 | +21.7% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €112,063 | €148,241 | +€36,177 | +32.3% |
| Distributable reserves | 133 | €112,063 | €148,241 | +€36,177 | +32.3% |
| Amounts payable | 17/49 | €863,166 | €704,410 | -€158,755 | -18.4% |
| Amounts payable after more than one year | 17 | €79,345 | €34,402 | -€44,943 | -56.6% |
| Financial debts | 170/4 | €79,345 | €34,402 | -€44,943 | -56.6% |
| Amounts payable within one year | 42/48 | €783,821 | €670,008 | -€113,813 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €53,235 | €44,943 | -€8,292 | -15.6% |
| Financial debts | 43 | €129,747 | €118,500 | -€11,247 | -8.7% |
| Credit institutions | 430/8 | €125,000 | €118,500 | -€6,500 | -5.2% |
| Other loans | 439 | €4,747 | - | -€4,747 | |
| Trade debts | 44 | €287,856 | €235,290 | -€52,566 | -18.3% |
| Suppliers | 440/4 | €287,856 | €235,290 | -€52,566 | -18.3% |
| Taxes, remuneration and social security | 45 | €35,412 | €45,516 | +€10,104 | +28.5% |
| Taxes | 450/3 | €35,288 | €45,392 | +€10,104 | +28.6% |
| Remuneration and social security | 454/9 | €125 | €125 | = | 0.0% |
| Other amounts payable | 47/48 | €277,570 | €225,759 | -€51,811 | -18.7% |
| Remuneration, social security and pensions | 62 | €5,986 | €4,533 | -€1,453 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,102 | €75,240 | +€3,139 | +4.4% |
| Other operating charges | 640/8 | €1,450 | €2,066 | +€616 | +42.5% |
| Gross operating margin | 9900 | €177,237 | €188,472 | +€11,235 | +6.3% |
| Operating profit (loss) | 9901 | €97,699 | €106,632 | +€8,933 | +9.1% |
| Financial charges | 65/66B | €26,723 | €57,476 | +€30,753 | +115% |
| Recurring financial charges | 65 | €26,723 | €57,476 | +€30,753 | +115% |
| Profit (loss) for the period before taxes | 9903 | €70,976 | €49,157 | -€21,820 | -30.7% |
| Income taxes | 67/77 | €19,151 | €12,979 | -€6,171 | -32.2% |
| Profit (loss) for the period | 9904 | €51,826 | €36,177 | -€15,648 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,826 | €36,177 | -€15,648 | -30.2% |
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 19 October 2026 via checked.be.