ADK: 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.
ADK
Largest movements
- Tangible fixed assets -€275,912
down €275,912 (-88.9%), from €310,404 to €34,492
of which Leasing and similar rights: -€288,365
- Receivables within one year -€117,949
down €117,949 (-39.4%), from €299,688 to €181,739
of which Other amounts receivable: -€110,430
- Cash -€19,431
down €19,431 (-20.6%), from €94,511 to €75,080
mainly Debts after one year (-€283,513) and Short-term financial debts (-€125,000)
- Debts after one year -€283,513
down €283,513 (-95.4%), from €297,179 to €13,666
- Short-term financial debts -€125,000
down €125,000 (-100.0%), from €125,000 to €0
- Current portion of long-term debt -€45,228
down €45,228 (-82.0%), from €55,126 to €9,898
- Profit (loss) carried forward +€45,020
up €45,020, from -€45,020 to €0
- Trade debts -€13,280
down €13,280 (-11.0%), from €120,719 to €107,438
- Depreciation -€54,068
down €54,068 (-87.1%), from €62,050 to €7,982
- Gross operating margin +€22,793
up €22,793 (+21.0%), from €108,658 to €131,451
- Taxes +€7,886
up €7,886 (+652.1%), from €1,209 to €9,096
- Staff costs -€7,839
down €7,839 (-14.3%), from €54,716 to €46,877
- Financial charges -€6,818
down €6,818 (-37.7%), from €18,077 to €11,259
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 | €707,118 | €296,401 | -€410,717 | -58.1% |
| Fixed assets | 21/28 | €310,739 | €35,120 | -€275,619 | -88.7% |
| Tangible fixed assets | 22/27 | €310,404 | €34,492 | -€275,912 | -88.9% |
| Plant, machinery and equipment | 23 | €1,568 | €736 | -€832 | -53.1% |
| Furniture and vehicles | 24 | €20,471 | €33,756 | +€13,285 | +64.9% |
| Leasing and similar rights | 25 | €288,365 | €0 | -€288,365 | -100.0% |
| Financial fixed assets | 28 | €335 | €628 | +€293 | +87.5% |
| Current assets | 29/58 | €396,379 | €261,281 | -€135,098 | -34.1% |
| Amounts receivable within one year | 40/41 | €299,688 | €181,739 | -€117,949 | -39.4% |
| Trade receivables | 40 | €182,905 | €175,386 | -€7,519 | -4.1% |
| Other amounts receivable | 41 | €116,782 | €6,353 | -€110,430 | -94.6% |
| Cash at bank and in hand | 54/58 | €94,511 | €75,080 | -€19,431 | -20.6% |
| Deferred charges and accrued income | 490/1 | €2,180 | €4,462 | +€2,282 | +104.7% |
| Total equity and liabilities | 10/49 | €707,118 | €296,401 | -€410,717 | -58.1% |
| Equity | 10/15 | €77,878 | €123,500 | +€45,622 | +58.6% |
| Contributions | 10/11 | €9,304 | €9,304 | = | 0.0% |
| Reserves | 13 | €113,594 | €114,196 | +€601 | +0.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €111,734 | €112,336 | +€601 | +0.5% |
| Profit (loss) carried forward | 14 | -€45,020 | €0 | +€45,020 | |
| Amounts payable | 17/49 | €629,240 | €172,901 | -€456,339 | -72.5% |
| Amounts payable after more than one year | 17 | €297,179 | €13,666 | -€283,513 | -95.4% |
| Financial debts | 170/4 | €297,179 | €13,666 | -€283,513 | -95.4% |
| Amounts payable within one year | 42/48 | €330,131 | €159,216 | -€170,915 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €55,126 | €9,898 | -€45,228 | -82.0% |
| Financial debts | 43 | €125,000 | €0 | -€125,000 | -100.0% |
| Credit institutions | 430/8 | €125,000 | €0 | -€125,000 | -100.0% |
| Trade debts | 44 | €120,719 | €107,438 | -€13,280 | -11.0% |
| Suppliers | 440/4 | €120,719 | €107,438 | -€13,280 | -11.0% |
| Taxes, remuneration and social security | 45 | €22,977 | €36,069 | +€13,092 | +57.0% |
| Taxes | 450/3 | €12,865 | €25,075 | +€12,210 | +94.9% |
| Remuneration and social security | 454/9 | €10,112 | €10,994 | +€882 | +8.7% |
| Other amounts payable | 47/48 | €6,309 | €5,811 | -€498 | -7.9% |
| Accrued charges and deferred income | 492/3 | €1,931 | €20 | -€1,911 | -99.0% |
| Non-recurring operating income | 76A | €1,631 | €55,755 | +€54,125 | +3318.9% |
| Remuneration, social security and pensions | 62 | €54,716 | €46,877 | -€7,839 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,050 | €7,982 | -€54,068 | -87.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €1,142 | +€1,142 | |
| Other operating charges | 640/8 | €5,421 | €11,145 | +€5,723 | +105.6% |
| Non-recurring operating charges | 66A | €213 | €229 | +€16 | +7.6% |
| Gross operating margin | 9900 | €108,658 | €131,451 | +€22,793 | +21.0% |
| Operating profit (loss) | 9901 | -€13,742 | €64,076 | +€77,818 | |
| Financial income | 75/76B | €3,393 | €1,900 | -€1,493 | -44.0% |
| Recurring financial income | 75 | €3,393 | €1,900 | -€1,493 | -44.0% |
| Financial charges | 65/66B | €18,077 | €11,259 | -€6,818 | -37.7% |
| Recurring financial charges | 65 | €18,077 | €11,259 | -€6,818 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,426 | €54,717 | +€83,143 | |
| Income taxes | 67/77 | €1,209 | €9,096 | +€7,886 | +652.1% |
| Profit (loss) for the period | 9904 | -€29,635 | €45,622 | +€75,257 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,635 | €45,622 | +€75,257 |
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 3 October 2026 via checked.be.