ADM INTERIM MANAGEMENT: 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.
ADM INTERIM MANAGEMENT
Largest movements
- Cash -€223,024
down €223,024 (-23.5%), from €947,882 to €724,859
mainly Contributions, distributions and other (-€1.2m) and Receivables within one year (-€107,293)
- Receivables within one year +€107,293
up €107,293 (+12.0%), from €894,854 to €1.0m
of which Other amounts receivable: +€56,505
- Reserves -€1.1m
down €1.1m (-81.0%), from €1.4m to €267,000
of which Distributable reserves: -€1.0m
- Other debts +€916,337
new in 2025: €916,337
- Trade debts +€171,480
up €171,480 (+45.2%), from €379,217 to €550,697
- Tax, wage and social debts -€49,066
down €49,066 (-55.6%), from €88,202 to €39,136
of which Remuneration and social security: -€34,051
- Gross operating margin -€274,651
down €274,651 (-42.5%), from €645,794 to €371,143
- Staff costs -€155,206
down €155,206 (-31.5%), from €492,846 to €337,640
- Taxes -€29,349
down €29,349 (-70.2%), from €41,802 to €12,453
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 | €1,909,727 | €1,813,238 | -€96,489 | -5.1% |
| Fixed assets | 21/28 | €6,817 | €11,914 | +€5,097 | +74.8% |
| Intangible fixed assets | 21 | €1,021 | €568 | -€454 | -44.4% |
| Tangible fixed assets | 22/27 | €5,432 | €3,929 | -€1,503 | -27.7% |
| Plant, machinery and equipment | 23 | €278 | €89 | -€189 | -68.1% |
| Furniture and vehicles | 24 | €5,154 | €3,841 | -€1,314 | -25.5% |
| Financial fixed assets | 28 | €363 | €7,417 | +€7,054 | +1,942% |
| Current assets | 29/58 | €1,902,910 | €1,801,324 | -€101,586 | -5.3% |
| Amounts receivable within one year | 40/41 | €894,854 | €1,002,148 | +€107,293 | +12.0% |
| Trade receivables | 40 | €851,478 | €902,267 | +€50,788 | +6.0% |
| Other amounts receivable | 41 | €43,376 | €99,881 | +€56,505 | +130% |
| Cash at bank and in hand | 54/58 | €947,882 | €724,859 | -€223,024 | -23.5% |
| Deferred charges and accrued income | 490/1 | €60,174 | €74,318 | +€14,144 | +23.5% |
| Total equity and liabilities | 10/49 | €1,909,727 | €1,813,238 | -€96,489 | -5.1% |
| Equity | 10/15 | €1,442,308 | €304,560 | -€1.1m | -78.9% |
| Contributions | 10/11 | €37,100 | €37,100 | = | 0.0% |
| Reserves | 13 | €1,405,000 | €267,000 | -€1.1m | -81.0% |
| Tax-exempt reserves | 132 | €239,970 | €105,250 | -€134,720 | -56.1% |
| Distributable reserves | 133 | €1,165,030 | €161,750 | -€1.0m | -86.1% |
| Profit (loss) carried forward | 14 | €208 | €460 | +€253 | +122% |
| Amounts payable | 17/49 | €467,419 | €1,508,678 | +€1.0m | +223% |
| Amounts payable within one year | 42/48 | €467,419 | €1,506,170 | +€1.0m | +222% |
| Trade debts | 44 | €379,217 | €550,697 | +€171,480 | +45.2% |
| Suppliers | 440/4 | €379,217 | €550,697 | +€171,480 | +45.2% |
| Taxes, remuneration and social security | 45 | €88,202 | €39,136 | -€49,066 | -55.6% |
| Taxes | 450/3 | €23,667 | €8,653 | -€15,015 | -63.4% |
| Remuneration and social security | 454/9 | €64,535 | €30,484 | -€34,051 | -52.8% |
| Other amounts payable | 47/48 | - | €916,337 | +€916,337 | |
| Accrued charges and deferred income | 492/3 | - | €2,508 | +€2,508 | |
| Remuneration, social security and pensions | 62 | €492,846 | €337,640 | -€155,206 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,024 | €2,728 | +€1,704 | +166% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,328 | -€1,328 | -€2,655 | |
| Other operating charges | 640/8 | €3,085 | €2,690 | -€395 | -12.8% |
| Gross operating margin | 9900 | €645,794 | €371,143 | -€274,651 | -42.5% |
| Operating profit (loss) | 9901 | €147,511 | €29,413 | -€118,099 | -80.1% |
| Financial income | 75/76B | €3,468 | €7,857 | +€4,389 | +127% |
| Recurring financial income | 75 | €3,468 | €7,857 | +€4,389 | +127% |
| Financial charges | 65/66B | €370 | €2,564 | +€2,194 | +594% |
| Recurring financial charges | 65 | €370 | €2,564 | +€2,194 | +594% |
| Profit (loss) for the period before taxes | 9903 | €150,610 | €34,706 | -€115,904 | -77.0% |
| Income taxes | 67/77 | €41,802 | €12,453 | -€29,349 | -70.2% |
| Profit (loss) for the period | 9904 | €108,808 | €22,253 | -€86,555 | -79.5% |
| Transfer from tax-exempt reserves | 789 | - | €134,720 | +€134,720 | |
| Transfer to tax-exempt reserves | 689 | €105,250 | - | -€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,558 | €156,973 | +€153,415 | +4,312% |
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 29 October 2026 via checked.be.