ADIVISION: 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.
ADIVISION
Largest movements
- Cash +€39,213
up €39,213 (+60.2%), from €65,097 to €104,310
mainly Depreciation (+€58,504) and Net result for the year (+€27,159)
- Tangible fixed assets -€19,266
down €19,266 (-4.1%), from €474,345 to €455,078
of which Other tangible fixed assets: -€14,840
- Receivables within one year +€8,024
up €8,024 (+16.7%), from €48,115 to €56,139
of which Other amounts receivable: +€20,751
- Reserves +€27,159
up €27,159 (+12.9%), from €209,969 to €237,127
- Debts after one year -€14,377
down €14,377 (-8.3%), from €173,452 to €159,074
- Current portion of long-term debt +€13,321
up €13,321 (+28.8%), from €46,187 to €59,508
- Trade debts -€12,137
down €12,137 (-42.7%), from €28,410 to €16,273
- Other debts +€11,441
up €11,441 (+111.6%), from €10,255 to €21,696
- Depreciation +€28,040
up €28,040 (+92.0%), from €30,464 to €58,504
- Gross operating margin -€24,440
down €24,440 (-19.1%), from €128,039 to €103,599
- Taxes -€12,060
down €12,060 (-56.6%), from €21,309 to €9,249
- Financial charges +€3,873
up €3,873 (+90.4%), from €4,287 to €8,160
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 | €589,272 | €616,068 | +€26,796 | +4.5% |
| Fixed assets | 21/28 | €474,345 | €455,078 | -€19,266 | -4.1% |
| Tangible fixed assets | 22/27 | €474,345 | €455,078 | -€19,266 | -4.1% |
| Land and buildings | 22 | €14,689 | €12,725 | -€1,965 | -13.4% |
| Plant, machinery and equipment | 23 | €7,931 | €7,214 | -€718 | -9.0% |
| Furniture and vehicles | 24 | €8,498 | €6,754 | -€1,744 | -20.5% |
| Other tangible fixed assets | 26 | €443,226 | €428,386 | -€14,840 | -3.3% |
| Current assets | 29/58 | €114,928 | €160,990 | +€46,062 | +40.1% |
| Amounts receivable within one year | 40/41 | €48,115 | €56,139 | +€8,024 | +16.7% |
| Trade receivables | 40 | €48,115 | €35,387 | -€12,727 | -26.5% |
| Other amounts receivable | 41 | €0 | €20,751 | +€20,751 | |
| Cash at bank and in hand | 54/58 | €65,097 | €104,310 | +€39,213 | +60.2% |
| Deferred charges and accrued income | 490/1 | €1,716 | €541 | -€1,175 | -68.5% |
| Total equity and liabilities | 10/49 | €589,272 | €616,068 | +€26,796 | +4.5% |
| Equity | 10/15 | €249,969 | €277,127 | +€27,159 | +10.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €209,969 | €237,127 | +€27,159 | +12.9% |
| Distributable reserves | 133 | €209,969 | €237,127 | +€27,159 | +12.9% |
| Amounts payable | 17/49 | €339,304 | €338,941 | -€363 | -0.1% |
| Amounts payable after more than one year | 17 | €173,452 | €159,074 | -€14,377 | -8.3% |
| Financial debts | 170/4 | €173,452 | €159,074 | -€14,377 | -8.3% |
| Amounts payable within one year | 42/48 | €92,039 | €97,476 | +€5,437 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €46,187 | €59,508 | +€13,321 | +28.8% |
| Trade debts | 44 | €28,410 | €16,273 | -€12,137 | -42.7% |
| Suppliers | 440/4 | €28,410 | €16,273 | -€12,137 | -42.7% |
| Taxes, remuneration and social security | 45 | €7,187 | €0 | -€7,187 | -100.0% |
| Taxes | 450/3 | €7,187 | €0 | -€7,187 | -100.0% |
| Other amounts payable | 47/48 | €10,255 | €21,696 | +€11,441 | +111.6% |
| Accrued charges and deferred income | 492/3 | €73,813 | €82,390 | +€8,577 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,464 | €58,504 | +€28,040 | +92.0% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €128,039 | €103,599 | -€24,440 | -19.1% |
| Operating profit (loss) | 9901 | €97,061 | €44,567 | -€52,494 | -54.1% |
| Financial income | 75/76B | €17 | €0 | -€17 | -99.9% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -99.9% |
| Financial charges | 65/66B | €4,287 | €8,160 | +€3,873 | +90.4% |
| Recurring financial charges | 65 | €4,287 | €8,160 | +€3,873 | +90.4% |
| Profit (loss) for the period before taxes | 9903 | €92,792 | €36,407 | -€56,385 | -60.8% |
| Income taxes | 67/77 | €21,309 | €9,249 | -€12,060 | -56.6% |
| Profit (loss) for the period | 9904 | €71,484 | €27,159 | -€44,325 | -62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,484 | €27,159 | -€44,325 | -62.0% |
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 9 October 2026 via checked.be.