ADL-Forwarding: 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.
ADL-Forwarding
Largest movements
- Cash -€202,127
down €202,127 (-70.3%), from €287,378 to €85,252
mainly Receivables within one year (-€196,921) and Contributions, distributions and other (-€55,000)
- Receivables within one year +€196,921
up €196,921 (+83.3%), from €236,296 to €433,217
of which Trade receivables: +€215,462
- Trade debts -€52,074
down €52,074 (-22.1%), from €235,693 to €183,619
- Reserves +€50,529
up €50,529 (+89.4%), from €56,532 to €107,062
- Other debts -€10,912
down €10,912 (-5.1%), from €214,982 to €204,070
- Tax, wage and social debts +€6,109
new in 2025: €6,109
of which Taxes: +€3,093
- Financial charges +€10,103
up €10,103 (+1,428%), from €707 to €10,810
- Taxes -€3,536
down €3,536 (-8.9%), from €39,882 to €36,346
- Gross operating margin +€2,591
up €2,591 (+1.7%), from €153,752 to €156,343
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 | €525,846 | €519,475 | -€6,370 | -1.2% |
| Fixed assets | 21/28 | €1,872 | €993 | -€879 | -47.0% |
| Intangible fixed assets | 21 | €1,453 | - | -€1,453 | |
| Tangible fixed assets | 22/27 | €419 | €993 | +€574 | +137% |
| Furniture and vehicles | 24 | €419 | €993 | +€574 | +137% |
| Current assets | 29/58 | €523,974 | €518,483 | -€5,491 | -1.0% |
| Amounts receivable within one year | 40/41 | €236,296 | €433,217 | +€196,921 | +83.3% |
| Trade receivables | 40 | €214,904 | €430,366 | +€215,462 | +100% |
| Other amounts receivable | 41 | €21,392 | €2,851 | -€18,541 | -86.7% |
| Cash at bank and in hand | 54/58 | €287,378 | €85,252 | -€202,127 | -70.3% |
| Deferred charges and accrued income | 490/1 | €300 | €14 | -€286 | -95.2% |
| Total equity and liabilities | 10/49 | €525,846 | €519,475 | -€6,370 | -1.2% |
| Equity | 10/15 | €75,132 | €125,662 | +€50,529 | +67.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €56,532 | €107,062 | +€50,529 | +89.4% |
| Distributable reserves | 133 | €56,532 | €107,062 | +€50,529 | +89.4% |
| Amounts payable | 17/49 | €450,713 | €393,814 | -€56,900 | -12.6% |
| Amounts payable within one year | 42/48 | €450,713 | €393,814 | -€56,900 | -12.6% |
| Financial debts | 43 | €38 | €16 | -€22 | -58.5% |
| Credit institutions | 430/8 | €38 | €16 | -€22 | -58.5% |
| Trade debts | 44 | €235,693 | €183,619 | -€52,074 | -22.1% |
| Suppliers | 440/4 | €235,693 | €183,619 | -€52,074 | -22.1% |
| Taxes, remuneration and social security | 45 | - | €6,109 | +€6,109 | |
| Taxes | 450/3 | - | €3,093 | +€3,093 | |
| Remuneration and social security | 454/9 | - | €3,016 | +€3,016 | |
| Other amounts payable | 47/48 | €214,982 | €204,070 | -€10,912 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,934 | €2,097 | +€163 | +8.4% |
| Other operating charges | 640/8 | €811 | €1,937 | +€1,126 | +139% |
| Gross operating margin | 9900 | €153,752 | €156,343 | +€2,591 | +1.7% |
| Operating profit (loss) | 9901 | €151,007 | €152,309 | +€1,302 | +0.9% |
| Financial income | 75/76B | €1,930 | €377 | -€1,553 | -80.5% |
| Recurring financial income | 75 | €1,317 | €377 | -€940 | -71.4% |
| Non-recurring financial income | 76B | €613 | - | -€613 | |
| Financial charges | 65/66B | €707 | €10,810 | +€10,103 | +1,428% |
| Recurring financial charges | 65 | €707 | €10,810 | +€10,103 | +1,428% |
| Profit (loss) for the period before taxes | 9903 | €152,230 | €141,876 | -€10,354 | -6.8% |
| Income taxes | 67/77 | €39,882 | €36,346 | -€3,536 | -8.9% |
| Profit (loss) for the period | 9904 | €112,348 | €105,529 | -€6,818 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €112,348 | €105,529 | -€6,818 | -6.1% |
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.