ADMORE: 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.
What changed
ADMORE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€176,513
2024 · €165,820+€10,693
Equity
€1.6m
2024 · €1.5m+€176,513
Cash
€424,467
2024 · €540,729-€116,262
Balance sheet total
€3.9m
2024 · €3.9m-€15,542
Largest movements
Assets
- Receivables within one year +€244,096
up €244,096 (+824%), from €29,611 to €273,707
of which Other amounts receivable: +€242,795
- Tangible fixed assets -€132,360
down €132,360 (-4.6%), from €2.9m to €2.7m
of which Leasing and similar rights: -€145,667
- Cash -€116,262
down €116,262 (-21.5%), from €540,729 to €424,467
mainly Receivables within one year (-€244,096) and Debts after one year (-€204,293)
Equity and liabilities
- Debts after one year -€204,293
down €204,293 (-9.6%), from €2.1m to €1.9m
- Reserves +€176,513
up €176,513 (+12.1%), from €1.5m to €1.6m
of which Distributable reserves: +€178,373
Income statement
- Gross operating margin +€17,704
up €17,704 (+3.9%), from €458,415 to €476,119
- Financial income +€7,085
up €7,085 (+34.1%), from €20,802 to €27,887
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.
Result 2024
€165,820
Gross operating margin
+€17,704
Depreciation
-€3,449
Other operating charges
-€978
Other operating items
-€6,352
Financial income
+€7,085
Financial charges
-€1,612
Taxes
-€1,706
Result 2025
€176,513
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€133,865
Investment
-€48,230
Financing
-€201,898
Cash 2024
€540,729
From operations (derived)
+€133,865
Net result for the year
+€176,513
Depreciation
+€190,043
Receivables within one year
-€244,096
Deferred charges and accrued income
+€1,562
Trade debts
-€6,602
Tax, wage and social debts
-€1,699
Advances received
+€17,930
Accrued charges and deferred income
+€214
Investment (derived)
-€48,230
Investment in fixed assets (net)
-€57,683
Current investments
+€9,454
Financing
-€201,898
Debts after one year
-€204,293
Current portion of long-term debt
+€2,395
Cash 2025
€424,467
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,881,282 | €3,865,741 | -€15,542 | -0.4% |
| Fixed assets | 21/28 | €2,880,052 | €2,747,692 | -€132,360 | -4.6% |
| Tangible fixed assets | 22/27 | €2,871,427 | €2,739,067 | -€132,360 | -4.6% |
| Land and buildings | 22 | €422,175 | €385,820 | -€36,355 | -8.6% |
| Furniture and vehicles | 24 | €10,031 | €39,873 | +€29,842 | +297% |
| Leasing and similar rights | 25 | €1,644,337 | €1,498,670 | -€145,667 | -8.9% |
| Other tangible fixed assets | 26 | €794,883 | €814,703 | +€19,820 | +2.5% |
| Financial fixed assets | 28 | €8,625 | €8,625 | = | 0.0% |
| Current assets | 29/58 | €1,001,230 | €1,118,049 | +€116,818 | +11.7% |
| Amounts receivable within one year | 40/41 | €29,611 | €273,707 | +€244,096 | +824% |
| Trade receivables | 40 | €29,611 | €30,913 | +€1,302 | +4.4% |
| Other amounts receivable | 41 | €0 | €242,795 | +€242,795 | |
| Current investments | 50/53 | €426,445 | €416,991 | -€9,454 | -2.2% |
| Cash at bank and in hand | 54/58 | €540,729 | €424,467 | -€116,262 | -21.5% |
| Deferred charges and accrued income | 490/1 | €4,445 | €2,883 | -€1,562 | -35.1% |
| Total equity and liabilities | 10/49 | €3,881,282 | €3,865,741 | -€15,542 | -0.4% |
| Equity | 10/15 | €1,471,659 | €1,648,172 | +€176,513 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,453,059 | €1,629,572 | +€176,513 | +12.1% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €1,572 | €1,572 | = | 0.0% |
| Distributable reserves | 133 | €1,449,628 | €1,628,001 | +€178,373 | +12.3% |
| Provisions and deferred taxes | 16 | €28,002 | €28,002 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €28,002 | €28,002 | = | 0.0% |
| Pensions and similar obligations | 160 | €28,002 | €28,002 | = | 0.0% |
| Amounts payable | 17/49 | €2,381,621 | €2,189,566 | -€192,055 | -8.1% |
| Amounts payable after more than one year | 17 | €2,120,259 | €1,915,966 | -€204,293 | -9.6% |
| Financial debts | 170/4 | €2,120,259 | €1,915,966 | -€204,293 | -9.6% |
| Amounts payable within one year | 42/48 | €255,395 | €267,419 | +€12,024 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €201,898 | €204,293 | +€2,395 | +1.2% |
| Trade debts | 44 | €11,107 | €4,505 | -€6,602 | -59.4% |
| Suppliers | 440/4 | €11,107 | €4,505 | -€6,602 | -59.4% |
| Advances received on contracts in progress | 46 | - | €17,930 | +€17,930 | |
| Taxes, remuneration and social security | 45 | €42,178 | €40,479 | -€1,699 | -4.0% |
| Taxes | 450/3 | €42,178 | €40,479 | -€1,699 | -4.0% |
| Other amounts payable | 47/48 | €212 | €212 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,966 | €6,181 | +€214 | +3.6% |
| Non-recurring operating income | 76A | €29,820 | €31,820 | +€2,000 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,595 | €190,043 | +€3,449 | +1.8% |
| Other operating charges | 640/8 | €17,755 | €18,733 | +€978 | +5.5% |
| Non-recurring operating charges | 66A | €0 | €6,352 | +€6,352 | |
| Gross operating margin | 9900 | €458,415 | €476,119 | +€17,704 | +3.9% |
| Operating profit (loss) | 9901 | €254,066 | €260,991 | +€6,925 | +2.7% |
| Financial income | 75/76B | €20,802 | €27,887 | +€7,085 | +34.1% |
| Recurring financial income | 75 | €20,802 | €27,887 | +€7,085 | +34.1% |
| Financial charges | 65/66B | €33,877 | €35,489 | +€1,612 | +4.8% |
| Recurring financial charges | 65 | €33,877 | €35,489 | +€1,612 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €240,991 | €253,390 | +€12,399 | +5.1% |
| Income taxes | 67/77 | €75,171 | €76,876 | +€1,706 | +2.3% |
| Profit (loss) for the period | 9904 | €165,820 | €176,513 | +€10,693 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €165,820 | €176,513 | +€10,693 | +6.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.