ADK Holding: 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.
What changed
ADK Holding
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€231,946
2024 · €293,356-€61,410
Equity
€1.2m
2024 · €960,781+€231,946
Cash
€2,150
2024 · €2,746-€596
Balance sheet total
€2.9m
2024 · €2.9m-€55,167
Largest movements
Assets
- Tangible fixed assets -€43,702
down €43,702 (-2.4%), from €1.8m to €1.8m
of which Land and buildings: -€50,805
Equity and liabilities
- Reserves +€233,351
up €233,351 (+24.9%), from €937,175 to €1.2m
of which Distributable reserves: +€240,000
- Debts after one year -€178,063
down €178,063 (-12.0%), from €1.5m to €1.3m
- Other debts -€127,415
down €127,415 (-64.4%), from €197,830 to €70,415
Income statement
- Financial income -€54,720
down €54,720 (-16.9%), from €323,376 to €268,656
of which Financial income: -€54,719
- Gross operating margin -€16,564
down €16,564 (-10.6%), from €155,638 to €139,074
- Financial charges -€15,316
down €15,316 (-17.3%), from €88,375 to €73,060
- Other operating charges +€9,012
up €9,012 (+72.2%), from €12,487 to €21,498
- Taxes -€5,533
down €5,533 (-18.7%), from €29,533 to €24,000
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.
Result 2024
€293,356
Gross operating margin
-€16,564
Depreciation
-€1,963
Other operating charges
-€9,012
Financial income
-€54,720
Financial charges
+€15,316
Taxes
+€5,533
Result 2025
€231,946
raises the resultlowers the result
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.
From operations
+€195,963
Investment
-€15,186
Financing
-€181,373
Cash 2024
€2,746
From operations (derived)
+€195,963
Net result for the year
+€231,946
Depreciation
+€58,888
Smaller working-capital items
-€110
Receivables within one year
+€10,739
Provisions
-€1,662
Trade debts
+€8,209
Tax, wage and social debts
+€15,369
Other debts
-€127,415
Investment (derived)
-€15,186
Investment in fixed assets (net)
-€15,186
Financing
-€181,373
Debts after one year
-€178,063
Current portion of long-term debt
-€3,310
Cash 2025
€2,150
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,934,721 | €2,879,555 | -€55,167 | -1.9% |
| Fixed assets | 21/28 | €2,914,361 | €2,870,659 | -€43,702 | -1.5% |
| Tangible fixed assets | 22/27 | €1,824,361 | €1,780,659 | -€43,702 | -2.4% |
| Land and buildings | 22 | €1,806,657 | €1,755,852 | -€50,805 | -2.8% |
| Plant, machinery and equipment | 23 | €16,174 | €23,467 | +€7,293 | +45.1% |
| Furniture and vehicles | 24 | €1,530 | €1,340 | -€190 | -12.4% |
| Financial fixed assets | 28 | €1,090,000 | €1,090,000 | = | 0.0% |
| Current assets | 29/58 | €20,361 | €8,896 | -€11,465 | -56.3% |
| Stocks and contracts in progress | 3 | €3,428 | €3,409 | -€18 | -0.5% |
| Stocks | 30/36 | €3,428 | €3,409 | -€18 | -0.5% |
| Amounts receivable within one year | 40/41 | €14,076 | €3,337 | -€10,739 | -76.3% |
| Trade receivables | 40 | €14,018 | €3,337 | -€10,681 | -76.2% |
| Other amounts receivable | 41 | €58 | - | -€58 | |
| Cash at bank and in hand | 54/58 | €2,746 | €2,150 | -€596 | -21.7% |
| Deferred charges and accrued income | 490/1 | €111 | - | -€111 | |
| Total equity and liabilities | 10/49 | €2,934,721 | €2,879,555 | -€55,167 | -1.9% |
| Equity | 10/15 | €960,781 | €1,192,727 | +€231,946 | +24.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €937,175 | €1,170,526 | +€233,351 | +24.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €206,132 | €199,482 | -€6,649 | -3.2% |
| Distributable reserves | 133 | €729,184 | €969,184 | +€240,000 | +32.9% |
| Profit (loss) carried forward | 14 | €5,006 | €3,601 | -€1,404 | -28.1% |
| Provisions and deferred taxes | 16 | €51,533 | €49,871 | -€1,662 | -3.2% |
| Deferred taxes | 168 | €51,533 | €49,871 | -€1,662 | -3.2% |
| Amounts payable | 17/49 | €1,922,408 | €1,636,957 | -€285,451 | -14.8% |
| Amounts payable after more than one year | 17 | €1,487,164 | €1,309,101 | -€178,063 | -12.0% |
| Financial debts | 170/4 | €1,487,164 | €1,309,101 | -€178,063 | -12.0% |
| Amounts payable within one year | 42/48 | €435,004 | €327,856 | -€107,148 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €181,373 | €178,063 | -€3,310 | -1.8% |
| Trade debts | 44 | €10,032 | €18,241 | +€8,209 | +81.8% |
| Suppliers | 440/4 | €10,032 | €18,241 | +€8,209 | +81.8% |
| Taxes, remuneration and social security | 45 | €45,769 | €61,138 | +€15,369 | +33.6% |
| Taxes | 450/3 | €38,267 | €61,138 | +€22,871 | +59.8% |
| Remuneration and social security | 454/9 | €7,502 | - | -€7,502 | |
| Other amounts payable | 47/48 | €197,830 | €70,415 | -€127,415 | -64.4% |
| Accrued charges and deferred income | 492/3 | €240 | - | -€240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,925 | €58,888 | +€1,963 | +3.4% |
| Other operating charges | 640/8 | €12,487 | €21,498 | +€9,012 | +72.2% |
| Gross operating margin | 9900 | €155,638 | €139,074 | -€16,564 | -10.6% |
| Operating profit (loss) | 9901 | €86,226 | €58,687 | -€27,539 | -31.9% |
| Financial income | 75/76B | €323,376 | €268,656 | -€54,720 | -16.9% |
| Recurring financial income | 75 | €323,375 | €268,656 | -€54,719 | -16.9% |
| Non-recurring financial income | 76B | €1 | - | -€1 | |
| Financial charges | 65/66B | €88,375 | €73,060 | -€15,316 | -17.3% |
| Recurring financial charges | 65 | €88,375 | €73,060 | -€15,316 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €321,227 | €254,284 | -€66,943 | -20.8% |
| Transfer from deferred taxes | 780 | €1,662 | €1,662 | = | 0.0% |
| Income taxes | 67/77 | €29,533 | €24,000 | -€5,533 | -18.7% |
| Profit (loss) for the period | 9904 | €293,356 | €231,946 | -€61,410 | -20.9% |
| Transfer from tax-exempt reserves | 789 | €6,649 | €6,649 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €300,006 | €238,596 | -€61,410 | -20.5% |
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.