ADMIRAL: 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.
ADMIRAL
Largest movements
- Tangible fixed assets -€15,350
down €15,350 (-4.7%), from €327,910 to €312,559
of which Land and buildings: -€10,395
- Cash +€14,653
up €14,653 (+45.7%), from €32,034 to €46,687
mainly Depreciation (+€15,350) and Trade debts (+€1,465)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€7,682
up €7,682 (+68.2%), from €11,268 to €18,950
- Depreciation -€2,944
down €2,944 (-16.1%), from €18,294 to €15,350
- Other operating charges +€321
up €321 (+7.7%), from €4,145 to €4,466
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 | €365,505 | €365,160 | -€345 | -0.1% |
| Fixed assets | 21/28 | €327,910 | €312,559 | -€15,350 | -4.7% |
| Tangible fixed assets | 22/27 | €327,910 | €312,559 | -€15,350 | -4.7% |
| Land and buildings | 22 | €322,094 | €311,699 | -€10,395 | -3.2% |
| Plant, machinery and equipment | 23 | €1,489 | €602 | -€887 | -59.6% |
| Furniture and vehicles | 24 | €4,326 | €258 | -€4,068 | -94.0% |
| Current assets | 29/58 | €37,595 | €52,601 | +€15,005 | +39.9% |
| Amounts receivable within one year | 40/41 | €3,326 | €2,961 | -€365 | -11.0% |
| Trade receivables | 40 | €257 | €0 | -€257 | -100% |
| Other amounts receivable | 41 | €3,069 | €2,961 | -€108 | -3.5% |
| Cash at bank and in hand | 54/58 | €32,034 | €46,687 | +€14,653 | +45.7% |
| Deferred charges and accrued income | 490/1 | €2,236 | €2,953 | +€718 | +32.1% |
| Total equity and liabilities | 10/49 | €365,505 | €365,160 | -€345 | -0.1% |
| Equity | 10/15 | €168,176 | €166,485 | -€1,691 | -1.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €148,176 | €146,485 | -€1,691 | -1.1% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Tax-exempt reserves | 132 | €5,491 | €5,491 | = | 0.0% |
| Distributable reserves | 133 | €140,685 | €140,994 | +€309 | +0.2% |
| Amounts payable | 17/49 | €197,329 | €198,674 | +€1,346 | +0.7% |
| Amounts payable within one year | 42/48 | €197,329 | €198,674 | +€1,346 | +0.7% |
| Trade debts | 44 | €928 | €2,393 | +€1,465 | +158% |
| Suppliers | 440/4 | €928 | €2,393 | +€1,465 | +158% |
| Taxes, remuneration and social security | 45 | €115 | €186 | +€71 | +61.8% |
| Taxes | 450/3 | €115 | €186 | +€71 | +61.8% |
| Other amounts payable | 47/48 | €196,286 | €196,095 | -€191 | -0.1% |
| Non-recurring operating income | 76A | - | €4,600 | +€4,600 | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,294 | €15,350 | -€2,944 | -16.1% |
| Other operating charges | 640/8 | €4,145 | €4,466 | +€321 | +7.7% |
| Gross operating margin | 9900 | €11,268 | €18,950 | +€7,682 | +68.2% |
| Operating profit (loss) | 9901 | -€11,171 | -€866 | +€10,305 | +92.2% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €155 | €176 | +€21 | +13.9% |
| Recurring financial charges | 65 | €155 | €176 | +€21 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,326 | -€1,032 | +€10,294 | +90.9% |
| Income taxes | 67/77 | €702 | €659 | -€43 | -6.1% |
| Profit (loss) for the period | 9904 | -€12,027 | -€1,691 | +€10,336 | +85.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,027 | -€1,691 | +€10,336 | +85.9% |
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 23 October 2026 via checked.be.