ADKM: 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.
ADKM
Largest movements
- Tangible fixed assets -€7,568
down €7,568 (-44.7%), from €16,925 to €9,357
of which Other tangible fixed assets: -€6,403
- Financial fixed assets -€4,800
no longer reported in 2025 (was €4,800)
- Receivables within one year +€4,343
up €4,343 (+222%), from €1,960 to €6,303
of which Other amounts receivable: +€5,054
- Cash -€2,676
down €2,676 (-60.7%), from €4,411 to €1,735
mainly Debts after one year (-€10,514) and Other debts (-€8,362)
- Debts after one year -€10,514
no longer reported in 2025 (was €10,514)
- Other debts -€8,362
down €8,362 (-18.1%), from €46,290 to €37,927
- Profit (loss) carried forward +€4,344
up €4,344 (+13.3%), from -€32,617 to -€28,274
- Current portion of long-term debt +€1,691
new in 2025: €1,691
- Trade debts +€1,350
up €1,350 (+2,380%), from €57 to €1,407
- Gross operating margin +€6,850
up €6,850 (+59.0%), from €11,603 to €18,453
- Other operating charges -€711
down €711 (-46.0%), from €1,547 to €835
- Depreciation -€673
down €673 (-8.2%), from €8,241 to €7,568
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 | €46,860 | €36,147 | -€10,714 | -22.9% |
| Fixed assets | 21/28 | €21,725 | €9,357 | -€12,368 | -56.9% |
| Tangible fixed assets | 22/27 | €16,925 | €9,357 | -€7,568 | -44.7% |
| Furniture and vehicles | 24 | €3,329 | €2,164 | -€1,165 | -35.0% |
| Other tangible fixed assets | 26 | €13,596 | €7,193 | -€6,403 | -47.1% |
| Financial fixed assets | 28 | €4,800 | - | -€4,800 | |
| Current assets | 29/58 | €25,135 | €26,790 | +€1,654 | +6.6% |
| Stocks and contracts in progress | 3 | €18,474 | €18,474 | = | 0.0% |
| Stocks | 30/36 | €18,474 | €18,474 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,960 | €6,303 | +€4,343 | +222% |
| Trade receivables | 40 | €1,960 | €1,249 | -€711 | -36.3% |
| Other amounts receivable | 41 | - | €5,054 | +€5,054 | |
| Cash at bank and in hand | 54/58 | €4,411 | €1,735 | -€2,676 | -60.7% |
| Deferred charges and accrued income | 490/1 | €290 | €277 | -€13 | -4.3% |
| Total equity and liabilities | 10/49 | €46,860 | €36,147 | -€10,714 | -22.9% |
| Equity | 10/15 | -€22,617 | -€18,274 | +€4,344 | +19.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,617 | -€28,274 | +€4,344 | +13.3% |
| Amounts payable | 17/49 | €69,478 | €54,420 | -€15,057 | -21.7% |
| Amounts payable after more than one year | 17 | €10,514 | - | -€10,514 | |
| Financial debts | 170/4 | €10,514 | - | -€10,514 | |
| Amounts payable within one year | 42/48 | €58,963 | €54,420 | -€4,543 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | - | €1,691 | +€1,691 | |
| Financial debts | 43 | €10,251 | €10,514 | +€264 | +2.6% |
| Credit institutions | 430/8 | €10,251 | €10,514 | +€264 | +2.6% |
| Trade debts | 44 | €57 | €1,407 | +€1,350 | +2,380% |
| Suppliers | 440/4 | €57 | €1,407 | +€1,350 | +2,380% |
| Taxes, remuneration and social security | 45 | €2,366 | €2,881 | +€515 | +21.7% |
| Taxes | 450/3 | €2,366 | €2,881 | +€515 | +21.7% |
| Other amounts payable | 47/48 | €46,290 | €37,927 | -€8,362 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,241 | €7,568 | -€673 | -8.2% |
| Other operating charges | 640/8 | €1,547 | €835 | -€711 | -46.0% |
| Non-recurring operating charges | 66A | - | €4,800 | +€4,800 | |
| Gross operating margin | 9900 | €11,603 | €18,453 | +€6,850 | +59.0% |
| Operating profit (loss) | 9901 | €1,816 | €5,249 | +€3,434 | +189% |
| Financial charges | 65/66B | €772 | €906 | +€134 | +17.3% |
| Recurring financial charges | 65 | €772 | €906 | +€134 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €1,044 | €4,344 | +€3,300 | +316% |
| Profit (loss) for the period | 9904 | €1,044 | €4,344 | +€3,300 | +316% |
| Profit (loss) for the period to be appropriated | 9905 | €1,044 | €4,344 | +€3,300 | +316% |
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 23 October 2026 via checked.be.