ADINSEC: what changed
Two fiscal 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.
ADINSEC
Largest movements
- Receivables within one year +€874,040
up €874,040 (+18.8%), from €4.7m to €5.5m
of which Other amounts receivable: +€777,880
- Cash +€414,734
up €414,734 (+174.0%), from €238,418 to €653,152
mainly Trade debts (+€964,236) and Net result for the year (+€259,975)
- Intangible fixed assets +€120,668
new in 2025: €120,668
- Deferred charges and accrued income +€94,204
up €94,204 (+48.3%), from €194,923 to €289,127
- Trade debts +€964,236
up €964,236 (+34.4%), from €2.8m to €3.8m
- Profit (loss) carried forward +€259,975
up €259,975 (+16.1%), from €1.6m to €1.9m
- Accrued charges and deferred income +€212,393
up €212,393 (+57.8%), from €367,724 to €580,117
- Gross operating margin -€507,069
down €507,069 (-19.0%), from €2.7m to €2.2m
- Staff costs +€183,769
up €183,769 (+11.6%), from €1.6m to €1.8m
- Taxes -€167,860
down €167,860 (-58.3%), from €287,834 to €119,974
- Financial income +€41,681
up €41,681 (+338.3%), from €12,320 to €54,001
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 | €5,242,272 | €6,700,115 | +€1.5m | +27.8% |
| Fixed assets | 21/28 | €155,643 | €230,508 | +€74,865 | +48.1% |
| Intangible fixed assets | 21 | - | €120,668 | +€120,668 | |
| Tangible fixed assets | 22/27 | €77,543 | €49,640 | -€27,903 | -36.0% |
| Furniture and vehicles | 24 | €74,964 | €47,382 | -€27,582 | -36.8% |
| Other tangible fixed assets | 26 | €2,579 | €2,258 | -€321 | -12.4% |
| Financial fixed assets | 28 | €78,100 | €60,200 | -€17,900 | -22.9% |
| Current assets | 29/58 | €5,086,629 | €6,469,607 | +€1.4m | +27.2% |
| Amounts receivable within one year | 40/41 | €4,653,288 | €5,527,328 | +€874,040 | +18.8% |
| Trade receivables | 40 | €4,073,740 | €4,169,900 | +€96,160 | +2.4% |
| Other amounts receivable | 41 | €579,548 | €1,357,428 | +€777,880 | +134.2% |
| Cash at bank and in hand | 54/58 | €238,418 | €653,152 | +€414,734 | +174.0% |
| Deferred charges and accrued income | 490/1 | €194,923 | €289,127 | +€94,204 | +48.3% |
| Total equity and liabilities | 10/49 | €5,242,272 | €6,700,115 | +€1.5m | +27.8% |
| Equity | 10/15 | €1,648,604 | €1,908,579 | +€259,975 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,518 | €14,518 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,658 | €12,658 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,615,486 | €1,875,461 | +€259,975 | +16.1% |
| Amounts payable | 17/49 | €3,593,668 | €4,791,536 | +€1.2m | +33.3% |
| Amounts payable within one year | 42/48 | €3,225,944 | €4,211,419 | +€985,475 | +30.5% |
| Trade debts | 44 | €2,804,838 | €3,769,074 | +€964,236 | +34.4% |
| Suppliers | 440/4 | €2,804,838 | €3,769,074 | +€964,236 | +34.4% |
| Taxes, remuneration and social security | 45 | €421,106 | €442,345 | +€21,239 | +5.0% |
| Taxes | 450/3 | €408,039 | €439,747 | +€31,708 | +7.8% |
| Remuneration and social security | 454/9 | €13,067 | €2,598 | -€10,469 | -80.1% |
| Accrued charges and deferred income | 492/3 | €367,724 | €580,117 | +€212,393 | +57.8% |
| Non-recurring operating income | 76A | - | €9,136 | +€9,136 | |
| Remuneration, social security and pensions | 62 | €1,589,501 | €1,773,270 | +€183,769 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,139 | €22,040 | -€1,099 | -4.7% |
| Other operating charges | 640/8 | €2,642 | €4,091 | +€1,449 | +54.8% |
| Non-recurring operating charges | 66A | - | €12,095 | +€12,095 | |
| Gross operating margin | 9900 | €2,669,823 | €2,162,754 | -€507,069 | -19.0% |
| Operating profit (loss) | 9901 | €1,054,541 | €351,258 | -€703,283 | -66.7% |
| Financial income | 75/76B | €12,320 | €54,001 | +€41,681 | +338.3% |
| Recurring financial income | 75 | €12,320 | €54,001 | +€41,681 | +338.3% |
| Financial charges | 65/66B | €6,538 | €25,310 | +€18,772 | +287.1% |
| Recurring financial charges | 65 | €6,538 | €25,310 | +€18,772 | +287.1% |
| Profit (loss) for the period before taxes | 9903 | €1,060,323 | €379,949 | -€680,374 | -64.2% |
| Income taxes | 67/77 | €287,834 | €119,974 | -€167,860 | -58.3% |
| Profit (loss) for the period | 9904 | €772,489 | €259,975 | -€512,514 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €772,489 | €259,975 | -€512,514 | -66.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.