ADMARO: 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.
ADMARO
Largest movements
- Receivables after one year -€33,333
down €33,333 (-25.0%), from €133,334 to €100,000
- Receivables within one year +€21,574
up €21,574 (+27.7%), from €77,838 to €99,412
- Tangible fixed assets -€18,947
down €18,947 (-48.8%), from €38,857 to €19,909
of which Furniture and vehicles: -€16,619
- Profit (loss) carried forward -€19,861
down €19,861 (-12.8%), from €154,802 to €134,940
- Reserves -€19,086
down €19,086 (-10.9%), from €174,320 to €155,234
of which Distributable reserves: -€19,086
- Tax, wage and social debts +€8,177
up €8,177 (+1,019%), from €803 to €8,979
of which Taxes: +€7,890
- Gross operating margin +€5,391
up €5,391 (+67.0%), from -€8,046 to -€2,655
- Financial income +€5,351
up €5,351 (+255%), from €2,096 to €7,447
- Taxes +€3,292
up €3,292 (+1,029%), from €320 to €3,612
- Other operating charges +€1,470
up €1,470 (+471%), from €312 to €1,781
- Depreciation -€340
down €340 (-1.8%), from €19,288 to €18,947
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 | €338,441 | €306,043 | -€32,398 | -9.6% |
| Fixed assets | 21/28 | €38,857 | €19,909 | -€18,947 | -48.8% |
| Tangible fixed assets | 22/27 | €38,857 | €19,909 | -€18,947 | -48.8% |
| Plant, machinery and equipment | 23 | €1,527 | €794 | -€734 | -48.0% |
| Furniture and vehicles | 24 | €21,773 | €5,154 | -€16,619 | -76.3% |
| Other tangible fixed assets | 26 | €15,556 | €13,962 | -€1,594 | -10.2% |
| Current assets | 29/58 | €299,584 | €286,134 | -€13,450 | -4.5% |
| Amounts receivable after more than one year | 29 | €133,334 | €100,000 | -€33,333 | -25.0% |
| Other amounts receivable | 291 | €133,334 | €100,000 | -€33,333 | -25.0% |
| Stocks and contracts in progress | 3 | €18,800 | €18,800 | = | 0.0% |
| Stocks | 30/36 | €18,800 | €18,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €77,838 | €99,412 | +€21,574 | +27.7% |
| Other amounts receivable | 41 | €77,838 | €99,412 | +€21,574 | +27.7% |
| Cash at bank and in hand | 54/58 | €65,400 | €62,743 | -€2,657 | -4.1% |
| Deferred charges and accrued income | 490/1 | €4,212 | €5,178 | +€966 | +22.9% |
| Total equity and liabilities | 10/49 | €338,441 | €306,043 | -€32,398 | -9.6% |
| Equity | 10/15 | €335,321 | €296,374 | -€38,947 | -11.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €174,320 | €155,234 | -€19,086 | -10.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €172,460 | €153,374 | -€19,086 | -11.1% |
| Profit (loss) carried forward | 14 | €154,802 | €134,940 | -€19,861 | -12.8% |
| Amounts payable | 17/49 | €3,119 | €9,669 | +€6,549 | +210% |
| Amounts payable within one year | 42/48 | €3,119 | €9,669 | +€6,549 | +210% |
| Trade debts | 44 | €746 | €689 | -€56 | -7.6% |
| Suppliers | 440/4 | €746 | €689 | -€56 | -7.6% |
| Taxes, remuneration and social security | 45 | €803 | €8,979 | +€8,177 | +1,019% |
| Taxes | 450/3 | €803 | €8,692 | +€7,890 | +983% |
| Remuneration and social security | 454/9 | - | €287 | +€287 | |
| Other amounts payable | 47/48 | €1,571 | - | -€1,571 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,288 | €18,947 | -€340 | -1.8% |
| Other operating charges | 640/8 | €312 | €1,781 | +€1,470 | +471% |
| Gross operating margin | 9900 | -€8,046 | -€2,655 | +€5,391 | +67.0% |
| Operating profit (loss) | 9901 | -€27,646 | -€23,384 | +€4,262 | +15.4% |
| Financial income | 75/76B | €2,096 | €7,447 | +€5,351 | +255% |
| Recurring financial income | 75 | €2,096 | €7,447 | +€5,351 | +255% |
| Financial charges | 65/66B | €77 | €312 | +€236 | +308% |
| Recurring financial charges | 65 | €77 | €312 | +€236 | +308% |
| Profit (loss) for the period before taxes | 9903 | -€25,626 | -€16,250 | +€9,377 | +36.6% |
| Income taxes | 67/77 | €320 | €3,612 | +€3,292 | +1,029% |
| Profit (loss) for the period | 9904 | -€25,946 | -€19,861 | +€6,085 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,946 | -€19,861 | +€6,085 | +23.5% |
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 18 October 2026 via checked.be.