ADK-MSK: what changed
What changed
ADK-MSK
NACE 46.839, Wholesale trade
filed annual accounts (NBB)
Net result for the year
€927,508
2024 · €796,188+€131,320
Equity
€8.5m
2024 · €7.8m+€782,508
Cash
€1.2m
2024 · €1.5m-€299,277
Balance sheet total
€10.2m
2024 · €8.5m+€1.7m
Largest movements
Assets
- Current investments +€1.6m
up €1.6m (+45.8%), from €3.6m to €5.2m
- Cash -€299,277
down €299,277 (-19.5%), from €1.5m to €1.2m
mainly Current investments (-€1.6m) and Investment in fixed assets (net) (-€210,563)
- Receivables within one year +€190,958
up €190,958 (+11.8%), from €1.6m to €1.8m
of which Trade receivables: +€168,047
Equity and liabilities
- Trade debts +€891,992
up €891,992 (+203%), from €439,785 to €1.3m
- Reserves +€782,508
up €782,508 (+10.2%), from €7.7m to €8.5m
of which Distributable reserves: +€1.2m
Income statement
- Turnover +€477,240
up €477,240 (+5.7%), from €8.3m to €8.8m
- Services and other goods +€228,841
up €228,841 (+12.6%), from €1.8m to €2.0m
- Staff costs +€90,124
up €90,124 (+13.9%), from €649,688 to €739,812
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€796,188
Turnover
+€477,240
Other operating income
+€15,838
Goods and materials
+€43,602
Services and other goods
-€228,841
Staff costs
-€90,124
Depreciation
-€67,515
Write-downs
-€12,451
Other operating charges
-€814
Other operating items
-€3,000
Financial income
+€47,126
Financial charges
-€7,272
Taxes
-€42,469
Result 2025
€927,508
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.7m
Investment
-€1.8m
Financing
-€145,000
Cash 2024
€1.5m
From operations (derived)
+€1.7m
Net result for the year
+€927,508
Depreciation
+€118,060
Stocks and contracts
-€80,000
Receivables within one year
-€190,958
Smaller working-capital items
-€2,515
Trade debts
+€891,992
Tax, wage and social debts
+€28,235
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€210,563
Current investments
-€1.6m
Financing
-€145,000
Contributions, distributions and other
-€145,000
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,520,762 | €10,221,458 | +€1.7m | +20.0% |
| Fixed assets | 21/28 | €295,105 | €387,608 | +€92,503 | +31.3% |
| Intangible fixed assets | 21 | €12,543 | €12,952 | +€410 | +3.3% |
| Tangible fixed assets | 22/27 | €282,563 | €374,656 | +€92,093 | +32.6% |
| Land and buildings | 22 | €2,545 | €815 | -€1,730 | -68.0% |
| Plant, machinery and equipment | 23 | €125,996 | €240,791 | +€114,795 | +91.1% |
| Furniture and vehicles | 24 | €154,022 | €133,050 | -€20,972 | -13.6% |
| Current assets | 29/58 | €8,225,657 | €9,833,850 | +€1.6m | +19.6% |
| Stocks and contracts in progress | 3 | €1,500,164 | €1,580,164 | +€80,000 | +5.3% |
| Stocks | 30/36 | €1,500,164 | €1,580,164 | +€80,000 | +5.3% |
| Goods purchased for resale | 34 | €1,500,164 | €1,580,164 | +€80,000 | +5.3% |
| Amounts receivable within one year | 40/41 | €1,613,887 | €1,804,845 | +€190,958 | +11.8% |
| Trade receivables | 40 | €1,591,009 | €1,759,055 | +€168,047 | +10.6% |
| Other amounts receivable | 41 | €22,879 | €45,789 | +€22,911 | +100% |
| Current investments | 50/53 | €3,571,107 | €5,207,144 | +€1.6m | +45.8% |
| Other investments | 51/53 | €3,571,107 | €5,207,144 | +€1.6m | +45.8% |
| Cash at bank and in hand | 54/58 | €1,532,914 | €1,233,637 | -€299,277 | -19.5% |
| Deferred charges and accrued income | 490/1 | €7,584 | €8,060 | +€476 | +6.3% |
| Total equity and liabilities | 10/49 | €8,520,762 | €10,221,458 | +€1.7m | +20.0% |
| Equity | 10/15 | €7,751,059 | €8,533,567 | +€782,508 | +10.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €7,689,059 | €8,471,567 | +€782,508 | +10.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,068,597 | €618,652 | -€449,945 | -42.1% |
| Distributable reserves | 133 | €6,614,262 | €7,846,715 | +€1.2m | +18.6% |
| Amounts payable | 17/49 | €769,704 | €1,687,891 | +€918,187 | +119% |
| Amounts payable within one year | 42/48 | €769,704 | €1,687,891 | +€918,187 | +119% |
| Trade debts | 44 | €439,785 | €1,331,778 | +€891,992 | +203% |
| Suppliers | 440/4 | €439,785 | €1,331,778 | +€891,992 | +203% |
| Taxes, remuneration and social security | 45 | €151,066 | €179,301 | +€28,235 | +18.7% |
| Taxes | 450/3 | €58,858 | €75,792 | +€16,934 | +28.8% |
| Remuneration and social security | 454/9 | €92,208 | €103,509 | +€11,301 | +12.3% |
| Other amounts payable | 47/48 | €178,852 | €176,813 | -€2,040 | -1.1% |
| Operating income | 70/76A | €8,322,981 | €8,813,059 | +€490,078 | +5.9% |
| Turnover | 70 | €8,309,747 | €8,786,987 | +€477,240 | +5.7% |
| Other operating income | 74 | €10,234 | €26,072 | +€15,838 | +155% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100% |
| Operating charges | 60/66A | €7,427,721 | €7,783,864 | +€356,143 | +4.8% |
| Goods for resale, raw materials and consumables | 60 | €4,904,969 | €4,861,367 | -€43,602 | -0.9% |
| Purchases | 600/8 | €5,284,969 | €4,941,367 | -€343,602 | -6.5% |
| Change in stocks: decrease (increase) | 609 | -€380,000 | -€80,000 | +€300,000 | +78.9% |
| Services and other goods | 61 | €1,817,302 | €2,046,143 | +€228,841 | +12.6% |
| Remuneration, social security and pensions | 62 | €649,688 | €739,812 | +€90,124 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,545 | €118,060 | +€67,515 | +134% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €12,451 | +€12,451 | |
| Other operating charges | 640/8 | €5,217 | €6,031 | +€814 | +15.6% |
| Operating profit (loss) | 9901 | €895,261 | €1,029,196 | +€133,935 | +15.0% |
| Financial income | 75/76B | €136,813 | €183,939 | +€47,126 | +34.4% |
| Recurring financial income | 75 | €136,813 | €183,939 | +€47,126 | +34.4% |
| Income from financial fixed assets | 750 | - | €14,149 | +€14,149 | |
| Income from current assets | 751 | €47,776 | €83,271 | +€35,495 | +74.3% |
| Other financial income | 752/9 | €89,037 | €86,519 | -€2,519 | -2.8% |
| Financial charges | 65/66B | €16,788 | €24,060 | +€7,272 | +43.3% |
| Recurring financial charges | 65 | €16,788 | €24,060 | +€7,272 | +43.3% |
| Debt charges | 650 | €4 | €71 | +€67 | +1,918% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €16,785 | €23,989 | +€7,204 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €1,015,286 | €1,189,075 | +€173,789 | +17.1% |
| Income taxes | 67/77 | €219,098 | €261,567 | +€42,469 | +19.4% |
| Taxes | 670/3 | €219,098 | €261,567 | +€42,469 | +19.4% |
| Profit (loss) for the period | 9904 | €796,188 | €927,508 | +€131,320 | +16.5% |
| Transfer from tax-exempt reserves | 789 | €223,179 | €744,645 | +€521,466 | +234% |
| Transfer to tax-exempt reserves | 689 | €336,800 | €294,700 | -€42,100 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €682,566 | €1,377,453 | +€694,887 | +102% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.