ADMINOR: 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.
ADMINOR
Largest movements
- Current investments +€998,439
up €998,439 (+11772.5%), from €8,481 to €1.0m
- Cash -€712,574
down €712,574 (-42.7%), from €1.7m to €957,938
mainly Current investments (-€998,439) and Provisions (-€71,845)
- Tangible fixed assets -€168,002
down €168,002 (-99.2%), from €169,350 to €1,349
- Receivables within one year -€84,113
down €84,113 (-22.5%), from €373,926 to €289,813
of which Other amounts receivable: -€131,142
- Profit (loss) carried forward +€83,161
up €83,161 (+9.9%), from €839,624 to €922,785
- Provisions -€71,845
down €71,845 (-65.3%), from €110,044 to €38,199
- Gross operating margin +€476,056
up €476,056 (+2183.8%), from €21,799 to €497,855
- Provisions +€433,979
up €433,979 (+85.8%), from -€505,825 to -€71,845
- Taxes +€200,217
up €200,217, from -€171,853 to €28,363
- Depreciation -€33,523
down €33,523 (-16.6%), from €201,525 to €168,002
- Financial income -€20,512
down €20,512 (-65.2%), from €31,437 to €10,925
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 | €2,321,727 | €2,363,533 | +€41,806 | +1.8% |
| Fixed assets | 21/28 | €268,807 | €100,806 | -€168,002 | -62.5% |
| Tangible fixed assets | 22/27 | €169,350 | €1,349 | -€168,002 | -99.2% |
| Plant, machinery and equipment | 23 | €169,350 | €1,349 | -€168,002 | -99.2% |
| Financial fixed assets | 28 | €99,457 | €99,457 | = | 0.0% |
| Current assets | 29/58 | €2,052,920 | €2,262,727 | +€209,807 | +10.2% |
| Amounts receivable within one year | 40/41 | €373,926 | €289,813 | -€84,113 | -22.5% |
| Trade receivables | 40 | €78,152 | €125,181 | +€47,030 | +60.2% |
| Other amounts receivable | 41 | €295,775 | €164,632 | -€131,142 | -44.3% |
| Current investments | 50/53 | €8,481 | €1,006,920 | +€998,439 | +11772.5% |
| Cash at bank and in hand | 54/58 | €1,670,512 | €957,938 | -€712,574 | -42.7% |
| Deferred charges and accrued income | 490/1 | - | €8,055 | +€8,055 | |
| Total equity and liabilities | 10/49 | €2,321,727 | €2,363,533 | +€41,806 | +1.8% |
| Equity | 10/15 | €2,016,899 | €2,100,061 | +€83,161 | +4.1% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €177,276 | €177,276 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,653 | €55,653 | = | 0.0% |
| Distributable reserves | 133 | €21,623 | €21,623 | = | 0.0% |
| Profit (loss) carried forward | 14 | €839,624 | €922,785 | +€83,161 | +9.9% |
| Provisions and deferred taxes | 16 | €110,044 | €38,199 | -€71,845 | -65.3% |
| Provisions for liabilities and charges | 160/5 | €110,044 | €38,199 | -€71,845 | -65.3% |
| Other liabilities and charges | 164/5 | €110,044 | €38,199 | -€71,845 | -65.3% |
| Amounts payable | 17/49 | €194,784 | €225,273 | +€30,490 | +15.7% |
| Amounts payable within one year | 42/48 | €194,784 | €225,273 | +€30,490 | +15.7% |
| Trade debts | 44 | €149,703 | €143,817 | -€5,885 | -3.9% |
| Suppliers | 440/4 | €149,703 | €143,817 | -€5,885 | -3.9% |
| Taxes, remuneration and social security | 45 | €36,906 | €60,134 | +€23,227 | +62.9% |
| Taxes | 450/3 | €4,193 | €26,477 | +€22,285 | +531.5% |
| Remuneration and social security | 454/9 | €32,713 | €33,656 | +€943 | +2.9% |
| Other amounts payable | 47/48 | €8,175 | €21,322 | +€13,148 | +160.8% |
| Remuneration, social security and pensions | 62 | €301,451 | €297,779 | -€3,672 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,525 | €168,002 | -€33,523 | -16.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€505,825 | -€71,845 | +€433,979 | +85.8% |
| Other operating charges | 640/8 | €397 | €397 | -€0 | 0.0% |
| Non-recurring operating charges | 66A | €28,342 | €1,663 | -€26,678 | -94.1% |
| Gross operating margin | 9900 | €21,799 | €497,855 | +€476,056 | +2183.8% |
| Operating profit (loss) | 9901 | -€4,091 | €101,860 | +€105,950 | |
| Financial income | 75/76B | €31,437 | €10,925 | -€20,512 | -65.2% |
| Recurring financial income | 75 | €31,437 | €10,925 | -€20,512 | -65.2% |
| Financial charges | 65/66B | €17,907 | €1,260 | -€16,647 | -93.0% |
| Recurring financial charges | 65 | €17,907 | €1,260 | -€16,647 | -93.0% |
| Profit (loss) for the period before taxes | 9903 | €9,440 | €111,525 | +€102,085 | +1081.5% |
| Income taxes | 67/77 | -€171,853 | €28,363 | +€200,217 | |
| Profit (loss) for the period | 9904 | €181,293 | €83,161 | -€98,132 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €181,293 | €83,161 | -€98,132 | -54.1% |
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 6 October 2026 via checked.be.