ADIO: 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.
ADIO
Largest movements
- Tangible fixed assets +€56,107
up €56,107 (+3.3%), from €1.7m to €1.7m
of which Assets under construction and advance payments: +€113,500
- Cash -€27,090
down €27,090 (-10.4%), from €259,895 to €232,804
mainly Investment in fixed assets (net) (-€168,016) and Debts after one year (-€119,060)
- Reserves +€120,644
up €120,644 (+35.7%), from €337,963 to €458,606
- Debts after one year -€119,060
down €119,060 (-8.1%), from €1.5m to €1.4m
- Staff costs +€31,780
up €31,780 (+18.9%), from €168,447 to €200,227
- Gross operating margin +€16,187
up €16,187 (+3.3%), from €483,219 to €499,407
- Depreciation +€8,168
up €8,168 (+7.9%), from €103,742 to €111,909
- Write-downs -€6,973
down €6,973, from €6,869 to -€104
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 | €2,028,701 | €2,061,882 | +€33,181 | +1.6% |
| Fixed assets | 21/28 | €1,691,210 | €1,747,318 | +€56,107 | +3.3% |
| Tangible fixed assets | 22/27 | €1,691,210 | €1,747,318 | +€56,107 | +3.3% |
| Land and buildings | 22 | €1,599,035 | €1,530,292 | -€68,743 | -4.3% |
| Plant, machinery and equipment | 23 | €66,795 | €84,166 | +€17,371 | +26.0% |
| Furniture and vehicles | 24 | €25,381 | €19,360 | -€6,021 | -23.7% |
| Assets under construction and advance payments | 27 | - | €113,500 | +€113,500 | |
| Current assets | 29/58 | €337,491 | €314,565 | -€22,926 | -6.8% |
| Stocks and contracts in progress | 3 | €61,818 | €60,882 | -€936 | -1.5% |
| Stocks | 30/36 | €61,818 | €60,882 | -€936 | -1.5% |
| Amounts receivable within one year | 40/41 | €15,778 | €20,608 | +€4,830 | +30.6% |
| Trade receivables | 40 | €6,750 | €6,759 | +€8 | +0.1% |
| Other amounts receivable | 41 | €9,028 | €13,850 | +€4,822 | +53.4% |
| Cash at bank and in hand | 54/58 | €259,895 | €232,804 | -€27,090 | -10.4% |
| Deferred charges and accrued income | 490/1 | - | €270 | +€270 | |
| Total equity and liabilities | 10/49 | €2,028,701 | €2,061,882 | +€33,181 | +1.6% |
| Equity | 10/15 | €377,963 | €498,606 | +€120,644 | +31.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €337,963 | €458,606 | +€120,644 | +35.7% |
| Distributable reserves | 133 | €337,963 | €458,606 | +€120,644 | +35.7% |
| Amounts payable | 17/49 | €1,650,738 | €1,563,276 | -€87,463 | -5.3% |
| Amounts payable after more than one year | 17 | €1,469,641 | €1,350,580 | -€119,060 | -8.1% |
| Financial debts | 170/4 | €1,469,641 | €1,350,580 | -€119,060 | -8.1% |
| Amounts payable within one year | 42/48 | €181,098 | €205,651 | +€24,553 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €68,787 | €83,392 | +€14,605 | +21.2% |
| Financial debts | 43 | €12,681 | €13,482 | +€801 | +6.3% |
| Credit institutions | 430/8 | €12,681 | €13,482 | +€801 | +6.3% |
| Trade debts | 44 | €21,072 | €25,415 | +€4,343 | +20.6% |
| Suppliers | 440/4 | €21,072 | €25,415 | +€4,343 | +20.6% |
| Taxes, remuneration and social security | 45 | €73,766 | €78,308 | +€4,542 | +6.2% |
| Taxes | 450/3 | €37,971 | €37,365 | -€606 | -1.6% |
| Remuneration and social security | 454/9 | €35,795 | €40,943 | +€5,149 | +14.4% |
| Other amounts payable | 47/48 | €4,792 | €5,054 | +€262 | +5.5% |
| Accrued charges and deferred income | 492/3 | - | €7,045 | +€7,045 | |
| Remuneration, social security and pensions | 62 | €168,447 | €200,227 | +€31,780 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,742 | €111,909 | +€8,168 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,869 | -€104 | -€6,973 | |
| Other operating charges | 640/8 | €9,321 | €9,611 | +€289 | +3.1% |
| Gross operating margin | 9900 | €483,219 | €499,407 | +€16,187 | +3.3% |
| Operating profit (loss) | 9901 | €194,841 | €177,764 | -€17,077 | -8.8% |
| Financial income | 75/76B | €2,089 | €3,571 | +€1,482 | +70.9% |
| Recurring financial income | 75 | €2,089 | €3,571 | +€1,482 | +70.9% |
| Financial charges | 65/66B | €25,521 | €26,584 | +€1,063 | +4.2% |
| Recurring financial charges | 65 | €25,521 | €26,584 | +€1,063 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €171,410 | €154,752 | -€16,658 | -9.7% |
| Income taxes | 67/77 | €38,704 | €34,108 | -€4,596 | -11.9% |
| Profit (loss) for the period | 9904 | €132,705 | €120,644 | -€12,062 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €132,705 | €120,644 | -€12,062 | -9.1% |
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 13 October 2026 via checked.be.