ADMG: 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.
ADMG
Largest movements
- Tangible fixed assets -€17,426
down €17,426 (-3.5%), from €491,070 to €473,644
of which Land and buildings: -€15,215
- Cash -€14,276
down €14,276 (-15.3%), from €93,228 to €78,952
mainly Contributions, distributions and other (-€127,569) and Debts after one year (-€34,167)
- Profit (loss) carried forward -€56,303
down €56,303 (-30.6%), from €183,872 to €127,569
- Other debts +€45,615
up €45,615 (+54.2%), from €84,185 to €129,800
- Debts after one year -€34,167
down €34,167 (-15.2%), from €224,564 to €190,398
- Tax, wage and social debts +€7,741
up €7,741 (+27.1%), from €28,616 to €36,357
of which Taxes: +€4,897
- Gross operating margin +€31,409
up €31,409 (+17.8%), from €176,334 to €207,743
- Staff costs +€17,497
up €17,497 (+24.7%), from €70,940 to €88,437
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 | €623,126 | €592,629 | -€30,497 | -4.9% |
| Fixed assets | 21/28 | €491,270 | €473,844 | -€17,426 | -3.5% |
| Tangible fixed assets | 22/27 | €491,070 | €473,644 | -€17,426 | -3.5% |
| Land and buildings | 22 | €473,236 | €458,021 | -€15,215 | -3.2% |
| Plant, machinery and equipment | 23 | €14,506 | €13,046 | -€1,459 | -10.1% |
| Furniture and vehicles | 24 | €366 | - | -€366 | |
| Other tangible fixed assets | 26 | €2,962 | €2,577 | -€386 | -13.0% |
| Financial fixed assets | 28 | €201 | €201 | = | 0.0% |
| Current assets | 29/58 | €131,855 | €118,784 | -€13,071 | -9.9% |
| Amounts receivable within one year | 40/41 | €33,551 | €34,584 | +€1,033 | +3.1% |
| Trade receivables | 40 | €30,075 | €30,005 | -€70 | -0.2% |
| Other amounts receivable | 41 | €3,477 | €4,579 | +€1,103 | +31.7% |
| Cash at bank and in hand | 54/58 | €93,228 | €78,952 | -€14,276 | -15.3% |
| Deferred charges and accrued income | 490/1 | €5,076 | €5,248 | +€172 | +3.4% |
| Total equity and liabilities | 10/49 | €623,126 | €592,629 | -€30,497 | -4.9% |
| Equity | 10/15 | €218,872 | €162,569 | -€56,303 | -25.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €183,872 | €127,569 | -€56,303 | -30.6% |
| Amounts payable | 17/49 | €404,254 | €430,060 | +€25,806 | +6.4% |
| Amounts payable after more than one year | 17 | €224,564 | €190,398 | -€34,167 | -15.2% |
| Financial debts | 170/4 | €224,564 | €190,398 | -€34,167 | -15.2% |
| Amounts payable within one year | 42/48 | €179,521 | €239,663 | +€60,142 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €33,530 | €34,167 | +€637 | +1.9% |
| Trade debts | 44 | €33,190 | €39,339 | +€6,149 | +18.5% |
| Suppliers | 440/4 | €33,190 | €39,339 | +€6,149 | +18.5% |
| Taxes, remuneration and social security | 45 | €28,616 | €36,357 | +€7,741 | +27.1% |
| Taxes | 450/3 | €18,509 | €23,405 | +€4,897 | +26.5% |
| Remuneration and social security | 454/9 | €10,107 | €12,952 | +€2,845 | +28.1% |
| Other amounts payable | 47/48 | €84,185 | €129,800 | +€45,615 | +54.2% |
| Accrued charges and deferred income | 492/3 | €169 | - | -€169 | |
| Remuneration, social security and pensions | 62 | €70,940 | €88,437 | +€17,497 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,508 | €17,426 | +€918 | +5.6% |
| Other operating charges | 640/8 | €3,101 | €2,874 | -€227 | -7.3% |
| Gross operating margin | 9900 | €176,334 | €207,743 | +€31,409 | +17.8% |
| Operating profit (loss) | 9901 | €85,785 | €99,007 | +€13,222 | +15.4% |
| Financial income | 75/76B | €14 | €0 | -€14 | -97.3% |
| Recurring financial income | 75 | €14 | €0 | -€14 | -97.3% |
| Financial charges | 65/66B | €8,982 | €7,622 | -€1,360 | -15.1% |
| Recurring financial charges | 65 | €8,982 | €7,622 | -€1,360 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €76,817 | €91,385 | +€14,568 | +19.0% |
| Income taxes | 67/77 | €18,509 | €20,120 | +€1,611 | +8.7% |
| Profit (loss) for the period | 9904 | €58,309 | €71,265 | +€12,956 | +22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,309 | €71,265 | +€12,956 | +22.2% |
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 1 October 2026 via checked.be.