ADN INVEST: 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.
ADN INVEST
Largest movements
- Tangible fixed assets +€285,359
up €285,359 (+23.7%), from €1.2m to €1.5m
of which Land and buildings: +€283,600
- Cash +€63,690
up €63,690 (+442%), from €14,419 to €78,109
mainly Debts after one year (+€202,230) and Other debts (+€162,602)
- Receivables within one year +€56,113
up €56,113 (+211%), from €26,648 to €82,761
- Debts after one year +€202,230
up €202,230 (+24.0%), from €842,931 to €1.0m
- Other debts +€162,602
up €162,602 (+212%), from €76,650 to €239,252
- Tax, wage and social debts +€47,704
up €47,704 (+63.5%), from €75,121 to €122,825
- Profit (loss) carried forward -€43,602
down €43,602 (-42.2%), from €103,227 to €59,625
- Trade debts +€20,565
up €20,565 (+84.6%), from €24,319 to €44,884
- Depreciation +€24,495
up €24,495 (+39.6%), from €61,790 to €86,285
- Gross operating margin -€14,270
down €14,270 (-5.3%), from €269,466 to €255,197
- Taxes -€11,730
down €11,730 (-24.9%), from €47,126 to €35,396
- Financial charges +€4,860
up €4,860 (+27.2%), from €17,881 to €22,742
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 | €1,246,834 | €1,654,250 | +€407,416 | +32.7% |
| Fixed assets | 21/28 | €1,205,767 | €1,491,126 | +€285,359 | +23.7% |
| Tangible fixed assets | 22/27 | €1,205,767 | €1,491,126 | +€285,359 | +23.7% |
| Land and buildings | 22 | €1,202,290 | €1,485,891 | +€283,600 | +23.6% |
| Furniture and vehicles | 24 | €3,477 | €5,235 | +€1,759 | +50.6% |
| Current assets | 29/58 | €41,067 | €163,124 | +€122,057 | +297% |
| Amounts receivable within one year | 40/41 | €26,648 | €82,761 | +€56,113 | +211% |
| Trade receivables | 40 | €26,648 | €82,761 | +€56,113 | +211% |
| Cash at bank and in hand | 54/58 | €14,419 | €78,109 | +€63,690 | +442% |
| Deferred charges and accrued income | 490/1 | - | €2,254 | +€2,254 | |
| Total equity and liabilities | 10/49 | €1,246,834 | €1,654,250 | +€407,416 | +32.7% |
| Equity | 10/15 | €175,408 | €127,019 | -€48,388 | -27.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,227 | €59,625 | -€43,602 | -42.2% |
| Investment grants | 15 | €62,180 | €57,395 | -€4,786 | -7.7% |
| Amounts payable | 17/49 | €1,071,427 | €1,527,231 | +€455,804 | +42.5% |
| Amounts payable after more than one year | 17 | €842,931 | €1,045,161 | +€202,230 | +24.0% |
| Financial debts | 170/4 | €842,931 | €1,045,161 | +€202,230 | +24.0% |
| Amounts payable within one year | 42/48 | €228,386 | €474,731 | +€246,345 | +108% |
| Current portion of amounts payable after more than one year | 42 | €52,295 | €67,770 | +€15,474 | +29.6% |
| Trade debts | 44 | €24,319 | €44,884 | +€20,565 | +84.6% |
| Suppliers | 440/4 | €24,319 | €44,884 | +€20,565 | +84.6% |
| Taxes, remuneration and social security | 45 | €75,121 | €122,825 | +€47,704 | +63.5% |
| Taxes | 450/3 | €75,121 | €122,825 | +€47,704 | +63.5% |
| Other amounts payable | 47/48 | €76,650 | €239,252 | +€162,602 | +212% |
| Accrued charges and deferred income | 492/3 | €110 | €7,338 | +€7,228 | +6,556% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,790 | €86,285 | +€24,495 | +39.6% |
| Other operating charges | 640/8 | €8,617 | €9,193 | +€576 | +6.7% |
| Gross operating margin | 9900 | €269,466 | €255,197 | -€14,270 | -5.3% |
| Operating profit (loss) | 9901 | €199,060 | €159,718 | -€39,342 | -19.8% |
| Financial income | 75/76B | €4,786 | €4,817 | +€31 | +0.6% |
| Recurring financial income | 75 | €4,786 | €4,817 | +€31 | +0.6% |
| Financial charges | 65/66B | €17,881 | €22,742 | +€4,860 | +27.2% |
| Recurring financial charges | 65 | €17,881 | €22,742 | +€4,860 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €185,964 | €141,793 | -€44,171 | -23.8% |
| Income taxes | 67/77 | €47,126 | €35,396 | -€11,730 | -24.9% |
| Profit (loss) for the period | 9904 | €138,839 | €106,398 | -€32,441 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €138,839 | €106,398 | -€32,441 | -23.4% |
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 30 October 2026 via checked.be.