ADNCO: 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.
ADNCO
Largest movements
- Tangible fixed assets +€78,089
up €78,089 (+262.6%), from €29,738 to €107,826
of which Furniture and vehicles: +€89,240
- Cash -€32,381
down €32,381 (-43.2%), from €74,899 to €42,518
mainly Other debts (-€736,540) and Investment in fixed assets (net) (-€96,879)
- Debts after one year +€780,333
up €780,333 (+72.9%), from €1.1m to €1.9m
- Other debts -€736,540
down €736,540 (-94.3%), from €780,672 to €44,132
- Current portion of long-term debt -€47,117
down €47,117 (-80.9%), from €58,224 to €11,107
- Gross operating margin -€182,963
down €182,963, from €180,986 to -€1,978
- Financial income +€119,422
up €119,422 (+1542920.0%), from €8 to €119,430
- Financial charges -€94,699
down €94,699 (-93.3%), from €101,525 to €6,826
- Depreciation +€24,684
up €24,684 (+221.4%), from €11,152 to €35,836
- Other operating charges +€7,042
up €7,042 (+227.1%), from €3,101 to €10,143
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 | €3,204,406 | €3,218,362 | +€13,955 | +0.4% |
| Fixed assets | 21/28 | €3,103,979 | €3,165,021 | +€61,043 | +2.0% |
| Tangible fixed assets | 22/27 | €29,738 | €107,826 | +€78,089 | +262.6% |
| Furniture and vehicles | 24 | - | €89,240 | +€89,240 | |
| Leasing and similar rights | 25 | €29,738 | €18,586 | -€11,151 | -37.5% |
| Financial fixed assets | 28 | €3,074,241 | €3,057,195 | -€17,046 | -0.6% |
| Current assets | 29/58 | €100,428 | €53,340 | -€47,087 | -46.9% |
| Amounts receivable within one year | 40/41 | €24,672 | €8,692 | -€15,980 | -64.8% |
| Trade receivables | 40 | €24,672 | - | -€24,672 | |
| Other amounts receivable | 41 | - | €8,692 | +€8,692 | |
| Cash at bank and in hand | 54/58 | €74,899 | €42,518 | -€32,381 | -43.2% |
| Deferred charges and accrued income | 490/1 | €856 | €2,130 | +€1,274 | +148.7% |
| Total equity and liabilities | 10/49 | €3,204,406 | €3,218,362 | +€13,955 | +0.4% |
| Equity | 10/15 | €1,245,673 | €1,268,886 | +€23,212 | +1.9% |
| Contributions | 10/11 | €811,473 | €811,473 | = | 0.0% |
| Reserves | 13 | €29,593 | €52,805 | +€23,212 | +78.4% |
| Distributable reserves | 133 | €29,593 | €52,805 | +€23,212 | +78.4% |
| Profit (loss) carried forward | 14 | €404,608 | €404,608 | = | 0.0% |
| Amounts payable | 17/49 | €1,958,733 | €1,949,476 | -€9,257 | -0.5% |
| Amounts payable after more than one year | 17 | €1,071,098 | €1,851,431 | +€780,333 | +72.9% |
| Financial debts | 170/4 | €1,071,098 | €1,851,431 | +€780,333 | +72.9% |
| Amounts payable within one year | 42/48 | €887,635 | €98,045 | -€789,590 | -89.0% |
| Current portion of amounts payable after more than one year | 42 | €58,224 | €11,107 | -€47,117 | -80.9% |
| Trade debts | 44 | €146 | €3,255 | +€3,109 | +2132.4% |
| Suppliers | 440/4 | €146 | €3,255 | +€3,109 | +2132.4% |
| Taxes, remuneration and social security | 45 | €48,593 | €39,551 | -€9,042 | -18.6% |
| Taxes | 450/3 | €45,627 | €37,830 | -€7,797 | -17.1% |
| Remuneration and social security | 454/9 | €2,967 | €1,721 | -€1,246 | -42.0% |
| Other amounts payable | 47/48 | €780,672 | €44,132 | -€736,540 | -94.3% |
| Remuneration, social security and pensions | 62 | €17,350 | €21,533 | +€4,183 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,152 | €35,836 | +€24,684 | +221.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €345 | +€345 | |
| Other operating charges | 640/8 | €3,101 | €10,143 | +€7,042 | +227.1% |
| Gross operating margin | 9900 | €180,986 | -€1,978 | -€182,963 | |
| Operating profit (loss) | 9901 | €149,384 | -€69,835 | -€219,219 | |
| Financial income | 75/76B | €8 | €119,430 | +€119,422 | +1542920.0% |
| Recurring financial income | 75 | €8 | €119,430 | +€119,422 | +1542920.0% |
| Financial charges | 65/66B | €101,525 | €6,826 | -€94,699 | -93.3% |
| Recurring financial charges | 65 | €101,525 | €6,826 | -€94,699 | -93.3% |
| Profit (loss) for the period before taxes | 9903 | €47,866 | €42,769 | -€5,097 | -10.6% |
| Income taxes | 67/77 | €18,273 | €19,557 | +€1,283 | +7.0% |
| Profit (loss) for the period | 9904 | €29,593 | €23,212 | -€6,381 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,593 | €23,212 | -€6,381 | -21.6% |
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 28 September 2026 via checked.be.