ADMI - INCISIVE: 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.
ADMI - INCISIVE
Largest movements
- Tangible fixed assets -€21,106
down €21,106 (-16.6%), from €127,485 to €106,379
of which Land and buildings: -€24,106
- Cash +€17,272
up €17,272 (+7.0%), from €248,221 to €265,493
mainly Other debts (+€41,249) and Depreciation (+€22,256)
- Receivables within one year +€5,856
up €5,856 (+11.4%), from €51,196 to €57,052
of which Trade receivables: +€5,842
- Other debts +€41,249
up €41,249 (+17.0%), from €242,251 to €283,500
- Reserves -€38,400
down €38,400 (-19.9%), from €193,159 to €154,759
of which Distributable reserves: -€38,400
- Tax, wage and social debts -€10,963
down €10,963 (-76.2%), from €14,391 to €3,428
- Trade debts +€10,649
new in 2025: €10,649
- Gross operating margin -€24,888
down €24,888 (-36.1%), from €68,862 to €43,973
- Depreciation -€7,365
down €7,365 (-24.9%), from €29,621 to €22,256
- Taxes -€5,464
down €5,464 (-63.0%), from €8,675 to €3,211
- Financial charges +€1,927
up €1,927 (+20.3%), from €9,502 to €11,429
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 | €520,615 | €523,217 | +€2,601 | +0.5% |
| Fixed assets | 21/28 | €128,229 | €107,123 | -€21,106 | -16.5% |
| Tangible fixed assets | 22/27 | €127,485 | €106,379 | -€21,106 | -16.6% |
| Land and buildings | 22 | €126,992 | €102,886 | -€24,106 | -19.0% |
| Furniture and vehicles | 24 | €493 | €3,493 | +€3,000 | +609% |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €392,387 | €416,094 | +€23,707 | +6.0% |
| Amounts receivable within one year | 40/41 | €51,196 | €57,052 | +€5,856 | +11.4% |
| Trade receivables | 40 | €51,073 | €56,916 | +€5,842 | +11.4% |
| Other amounts receivable | 41 | €123 | €137 | +€14 | +11.3% |
| Current investments | 50/53 | €90,817 | €91,230 | +€414 | +0.5% |
| Cash at bank and in hand | 54/58 | €248,221 | €265,493 | +€17,272 | +7.0% |
| Deferred charges and accrued income | 490/1 | €2,153 | €2,318 | +€165 | +7.7% |
| Total equity and liabilities | 10/49 | €520,615 | €523,217 | +€2,601 | +0.5% |
| Equity | 10/15 | €263,974 | €225,639 | -€38,334 | -14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €193,159 | €154,759 | -€38,400 | -19.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | - | €1,859 | +€1,859 | |
| Distributable reserves | 133 | €191,300 | €152,900 | -€38,400 | -20.1% |
| Profit (loss) carried forward | 14 | €52,215 | €52,280 | +€66 | +0.1% |
| Amounts payable | 17/49 | €256,642 | €297,577 | +€40,936 | +16.0% |
| Amounts payable within one year | 42/48 | €256,642 | €297,577 | +€40,936 | +16.0% |
| Trade debts | 44 | - | €10,649 | +€10,649 | |
| Suppliers | 440/4 | - | €10,649 | +€10,649 | |
| Taxes, remuneration and social security | 45 | €14,391 | €3,428 | -€10,963 | -76.2% |
| Taxes | 450/3 | €14,391 | €3,428 | -€10,963 | -76.2% |
| Other amounts payable | 47/48 | €242,251 | €283,500 | +€41,249 | +17.0% |
| Remuneration, social security and pensions | 62 | €129 | - | -€129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,621 | €22,256 | -€7,365 | -24.9% |
| Other operating charges | 640/8 | €1,704 | €1,803 | +€99 | +5.8% |
| Gross operating margin | 9900 | €68,862 | €43,973 | -€24,888 | -36.1% |
| Operating profit (loss) | 9901 | €37,408 | €19,914 | -€17,494 | -46.8% |
| Financial income | 75/76B | €272 | €592 | +€320 | +118% |
| Recurring financial income | 75 | €272 | €592 | +€320 | +118% |
| Financial charges | 65/66B | €9,502 | €11,429 | +€1,927 | +20.3% |
| Recurring financial charges | 65 | €9,502 | €11,429 | +€1,927 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €28,177 | €9,077 | -€19,100 | -67.8% |
| Income taxes | 67/77 | €8,675 | €3,211 | -€5,464 | -63.0% |
| Profit (loss) for the period | 9904 | €19,501 | €5,866 | -€13,636 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,501 | €5,866 | -€13,636 | -69.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.