ADKO: 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.
ADKO
Largest movements
- Receivables within one year +€14,562
up €14,562 (+4.2%), from €349,002 to €363,564
- Other debts +€58,506
up €58,506 (+65.8%), from €88,849 to €147,355
- Reserves -€45,667
down €45,667 (-14.4%), from €316,861 to €271,194
of which Distributable reserves: -€45,667
- Trade debts +€6,526
up €6,526 (+97.5%), from €6,692 to €13,217
- Gross operating margin +€7,255
up €7,255 (+24.6%), from €29,510 to €36,765
- Financial charges +€2,694
up €2,694 (+111.0%), from €2,427 to €5,121
- Financial income +€2,013
up €2,013 (+27.3%), from €7,365 to €9,378
- Taxes +€1,832
up €1,832 (+24.4%), from €7,521 to €9,352
- Depreciation -€572
down €572 (-16.1%), from €3,543 to €2,971
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 | €429,348 | €446,433 | +€17,086 | +4.0% |
| Fixed assets | 21/28 | €76,525 | €78,724 | +€2,199 | +2.9% |
| Tangible fixed assets | 22/27 | €76,525 | €78,724 | +€2,199 | +2.9% |
| Land and buildings | 22 | €76,525 | €78,724 | +€2,199 | +2.9% |
| Current assets | 29/58 | €352,823 | €367,709 | +€14,886 | +4.2% |
| Amounts receivable within one year | 40/41 | €349,002 | €363,564 | +€14,562 | +4.2% |
| Other amounts receivable | 41 | €349,002 | €363,564 | +€14,562 | +4.2% |
| Cash at bank and in hand | 54/58 | €2,331 | €897 | -€1,434 | -61.5% |
| Deferred charges and accrued income | 490/1 | €1,491 | €3,249 | +€1,758 | +117.9% |
| Total equity and liabilities | 10/49 | €429,348 | €446,433 | +€17,086 | +4.0% |
| Equity | 10/15 | €316,861 | €271,194 | -€45,667 | -14.4% |
| Reserves | 13 | €316,861 | €271,194 | -€45,667 | -14.4% |
| Tax-exempt reserves | 132 | €22,587 | €22,587 | = | 0.0% |
| Distributable reserves | 133 | €294,274 | €248,607 | -€45,667 | -15.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €112,487 | €175,239 | +€62,752 | +55.8% |
| Amounts payable after more than one year | 17 | €6,193 | €2,687 | -€3,506 | -56.6% |
| Financial debts | 170/4 | €6,193 | €2,687 | -€3,506 | -56.6% |
| Amounts payable within one year | 42/48 | €104,205 | €167,710 | +€63,505 | +60.9% |
| Current portion of amounts payable after more than one year | 42 | €3,419 | €3,506 | +€86 | +2.5% |
| Trade debts | 44 | €6,692 | €13,217 | +€6,526 | +97.5% |
| Suppliers | 440/4 | €6,692 | €13,217 | +€6,526 | +97.5% |
| Taxes, remuneration and social security | 45 | €5,245 | €3,631 | -€1,614 | -30.8% |
| Taxes | 450/3 | €5,245 | €3,631 | -€1,614 | -30.8% |
| Other amounts payable | 47/48 | €88,849 | €147,355 | +€58,506 | +65.8% |
| Accrued charges and deferred income | 492/3 | €2,089 | €4,843 | +€2,753 | +131.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,543 | €2,971 | -€572 | -16.1% |
| Other operating charges | 640/8 | €3,328 | €3,414 | +€86 | +2.6% |
| Gross operating margin | 9900 | €29,510 | €36,765 | +€7,255 | +24.6% |
| Operating profit (loss) | 9901 | €22,639 | €30,380 | +€7,741 | +34.2% |
| Financial income | 75/76B | €7,365 | €9,378 | +€2,013 | +27.3% |
| Recurring financial income | 75 | €7,365 | €9,378 | +€2,013 | +27.3% |
| Financial charges | 65/66B | €2,427 | €5,121 | +€2,694 | +111.0% |
| Recurring financial charges | 65 | €2,427 | €5,121 | +€2,694 | +111.0% |
| Profit (loss) for the period before taxes | 9903 | €27,577 | €34,637 | +€7,061 | +25.6% |
| Income taxes | 67/77 | €7,521 | €9,352 | +€1,832 | +24.4% |
| Profit (loss) for the period | 9904 | €20,056 | €25,285 | +€5,229 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,056 | €25,285 | +€5,229 | +26.1% |
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 7 October 2026 via checked.be.