ADM works: what changed
ADM works
Largest movements
- Tangible fixed assets -€35,404
down €35,404 (-21.5%), from €164,440 to €129,036
of which Other tangible fixed assets: -€30,393
- Cash -€5,271
down €5,271 (-73.8%), from €7,141 to €1,870
mainly Net result for the year (-€33,030) and Debts after one year (-€16,969)
- Receivables within one year +€2,381
up €2,381 (+131%), from €1,818 to €4,199
of which Trade receivables: +€2,372
- Profit (loss) carried forward -€33,030
down €33,030 (-108%), from -€30,576 to -€63,606
- Debts after one year -€16,969
down €16,969 (-10.2%), from €167,080 to €150,110
of which Financial debts: -€18,292
- Other debts +€16,493
up €16,493 (+9,213%), from €179 to €16,672
- Trade debts -€5,226
down €5,226 (-84.3%), from €6,202 to €976
- Other operating charges +€16,203
up €16,203 (+4,309%), from €376 to €16,579
- Gross operating margin +€5,821
up €5,821 (+86.7%), from €6,710 to €12,531
- Depreciation -€5,541
down €5,541 (-18.5%), from €29,882 to €24,341
- Financial charges -€995
down €995 (-17.6%), from €5,660 to €4,665
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €173,398 | €135,104 | -€38,294 | -22.1% |
| Fixed assets | 21/28 | €164,440 | €129,036 | -€35,404 | -21.5% |
| Tangible fixed assets | 22/27 | €164,440 | €129,036 | -€35,404 | -21.5% |
| Plant, machinery and equipment | 23 | €11,591 | €2,486 | -€9,105 | -78.5% |
| Furniture and vehicles | 24 | €1,510 | €5,603 | +€4,093 | +271% |
| Other tangible fixed assets | 26 | €151,339 | €120,946 | -€30,393 | -20.1% |
| Current assets | 29/58 | €8,959 | €6,069 | -€2,890 | -32.3% |
| Amounts receivable within one year | 40/41 | €1,818 | €4,199 | +€2,381 | +131% |
| Trade receivables | 40 | €1,818 | €4,190 | +€2,372 | +130% |
| Other amounts receivable | 41 | €0 | €9 | +€9 | |
| Cash at bank and in hand | 54/58 | €7,141 | €1,870 | -€5,271 | -73.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €173,398 | €135,104 | -€38,294 | -22.1% |
| Equity | 10/15 | -€25,163 | -€58,193 | -€33,030 | -131% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €413 | €413 | = | 0.0% |
| Distributable reserves | 133 | €413 | €413 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,576 | -€63,606 | -€33,030 | -108% |
| Amounts payable | 17/49 | €198,562 | €193,297 | -€5,265 | -2.7% |
| Amounts payable after more than one year | 17 | €167,080 | €150,110 | -€16,969 | -10.2% |
| Financial debts | 170/4 | €104,080 | €85,787 | -€18,292 | -17.6% |
| Other amounts payable | 178/9 | €63,000 | €64,323 | +€1,323 | +2.1% |
| Amounts payable within one year | 42/48 | €27,159 | €38,850 | +€11,691 | +43.0% |
| Current portion of amounts payable after more than one year | 42 | €17,969 | €18,324 | +€356 | +2.0% |
| Trade debts | 44 | €6,202 | €976 | -€5,226 | -84.3% |
| Suppliers | 440/4 | €6,202 | €976 | -€5,226 | -84.3% |
| Taxes, remuneration and social security | 45 | €2,809 | €2,877 | +€68 | +2.4% |
| Taxes | 450/3 | €2,809 | €2,877 | +€68 | +2.4% |
| Other amounts payable | 47/48 | €179 | €16,672 | +€16,493 | +9,213% |
| Accrued charges and deferred income | 492/3 | €4,323 | €4,337 | +€14 | +0.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,882 | €24,341 | -€5,541 | -18.5% |
| Other operating charges | 640/8 | €376 | €16,579 | +€16,203 | +4,309% |
| Non-recurring operating charges | 66A | €336 | €0 | -€336 | -100% |
| Gross operating margin | 9900 | €6,710 | €12,531 | +€5,821 | +86.7% |
| Operating profit (loss) | 9901 | -€23,883 | -€28,389 | -€4,506 | -18.9% |
| Financial income | 75/76B | €31 | €21 | -€10 | -31.4% |
| Recurring financial income | 75 | €31 | €21 | -€10 | -31.4% |
| Financial charges | 65/66B | €5,660 | €4,665 | -€995 | -17.6% |
| Recurring financial charges | 65 | €5,660 | €4,665 | -€995 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | -€29,512 | -€33,033 | -€3,520 | -11.9% |
| Income taxes | 67/77 | €9 | -€3 | -€12 | |
| Profit (loss) for the period | 9904 | -€29,522 | -€33,030 | -€3,508 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,522 | -€33,030 | -€3,508 | -11.9% |
Next steps
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 6 November 2026 via checked.be.