Adison Law: 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.
Adison Law
Largest movements
- Receivables within one year +€200,141
up €200,141 (+392%), from €51,000 to €251,142
of which Other amounts receivable: +€196,840
- Tangible fixed assets -€27,868
down €27,868 (-26.0%), from €107,014 to €79,146
- Reserves +€111,813
up €111,813 (+345%), from €32,408 to €144,222
- Tax, wage and social debts +€59,020
up €59,020 (+225%), from €26,191 to €85,211
- Debts after one year -€22,106
down €22,106 (-31.1%), from €71,037 to €48,931
- Short-term financial debts +€19,796
new in 2025: €19,796
- Trade debts +€5,555
up €5,555 (+225%), from €2,469 to €8,024
- Gross operating margin +€111,099
up €111,099 (+135%), from €82,359 to €193,458
- Taxes +€39,027
up €39,027 (+252%), from €15,501 to €54,528
- Financial income +€6,092
up €6,092 (+517%), from €1,179 to €7,271
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 | €158,362 | €333,290 | +€174,928 | +110% |
| Fixed assets | 21/28 | €107,336 | €79,206 | -€28,129 | -26.2% |
| Intangible fixed assets | 21 | €322 | €61 | -€261 | -81.2% |
| Tangible fixed assets | 22/27 | €107,014 | €79,146 | -€27,868 | -26.0% |
| Furniture and vehicles | 24 | €107,014 | €79,146 | -€27,868 | -26.0% |
| Current assets | 29/58 | €51,026 | €254,083 | +€203,057 | +398% |
| Amounts receivable within one year | 40/41 | €51,000 | €251,142 | +€200,141 | +392% |
| Trade receivables | 40 | €15,246 | €18,547 | +€3,301 | +21.7% |
| Other amounts receivable | 41 | €35,754 | €232,595 | +€196,840 | +551% |
| Cash at bank and in hand | 54/58 | €26 | €2,942 | +€2,916 | +11,328% |
| Total equity and liabilities | 10/49 | €158,362 | €333,290 | +€174,928 | +110% |
| Equity | 10/15 | €37,408 | €149,222 | +€111,813 | +299% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €32,408 | €144,222 | +€111,813 | +345% |
| Distributable reserves | 133 | €32,408 | €144,222 | +€111,813 | +345% |
| Amounts payable | 17/49 | €120,953 | €184,068 | +€63,115 | +52.2% |
| Amounts payable after more than one year | 17 | €71,037 | €48,931 | -€22,106 | -31.1% |
| Financial debts | 170/4 | €71,037 | €48,931 | -€22,106 | -31.1% |
| Amounts payable within one year | 42/48 | €49,916 | €135,137 | +€85,221 | +171% |
| Current portion of amounts payable after more than one year | 42 | €21,257 | €22,106 | +€849 | +4.0% |
| Financial debts | 43 | - | €19,796 | +€19,796 | |
| Credit institutions | 430/8 | - | €19,796 | +€19,796 | |
| Trade debts | 44 | €2,469 | €8,024 | +€5,555 | +225% |
| Suppliers | 440/4 | €2,469 | €8,024 | +€5,555 | +225% |
| Taxes, remuneration and social security | 45 | €26,191 | €85,211 | +€59,020 | +225% |
| Taxes | 450/3 | €26,191 | €85,211 | +€59,020 | +225% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,272 | €28,564 | +€292 | +1.0% |
| Other operating charges | 640/8 | €2,485 | €2,097 | -€387 | -15.6% |
| Gross operating margin | 9900 | €82,359 | €193,458 | +€111,099 | +135% |
| Operating profit (loss) | 9901 | €51,602 | €162,796 | +€111,194 | +215% |
| Financial income | 75/76B | €1,179 | €7,271 | +€6,092 | +517% |
| Recurring financial income | 75 | €1,179 | €7,271 | +€6,092 | +517% |
| Financial charges | 65/66B | €4,871 | €3,726 | -€1,146 | -23.5% |
| Recurring financial charges | 65 | €4,871 | €3,726 | -€1,146 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €47,910 | €166,341 | +€118,432 | +247% |
| Income taxes | 67/77 | €15,501 | €54,528 | +€39,027 | +252% |
| Profit (loss) for the period | 9904 | €32,408 | €111,813 | +€79,405 | +245% |
| Profit (loss) for the period to be appropriated | 9905 | €32,408 | €111,813 | +€79,405 | +245% |
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 18 October 2026 via checked.be.