ADON: 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.
ADON
Largest movements
- Cash -€136,611
down €136,611 (-71.2%), from €191,863 to €55,251
mainly Contributions, distributions and other (-€146,000) and Net result for the year (-€46,176)
- Tangible fixed assets -€37,043
down €37,043 (-11.5%), from €321,365 to €284,322
- Receivables within one year -€31,105
down €31,105 (-31.0%), from €100,319 to €69,214
of which Other amounts receivable: -€87,242
- Reserves -€146,000
down €146,000 (-24.5%), from €595,560 to €449,560
of which Distributable reserves: -€146,000
- Profit (loss) carried forward -€46,176
down €46,176 (-33.4%), from -€138,395 to -€184,571
- Other debts -€39,362
down €39,362 (-86.5%), from €45,511 to €6,149
- Trade debts +€34,332
up €34,332 (+305.9%), from €11,225 to €45,557
- Debts after one year -€12,042
down €12,042 (-31.9%), from €37,743 to €25,702
- Gross operating margin -€39,983
down €39,983 (-74.0%), from €54,004 to €14,021
- Depreciation -€13,379
down €13,379 (-25.7%), from €52,122 to €38,743
- Financial charges +€10,326
up €10,326 (+416.4%), from €2,480 to €12,805
of which Non-recurring financial charges: +€10,815
- Taxes +€6,355
up €6,355 (+3190.4%), from €199 to €6,554
- Financial income -€1,210
down €1,210 (-99.4%), from €1,218 to €8
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 | €695,577 | €494,360 | -€201,217 | -28.9% |
| Fixed assets | 21/28 | €321,365 | €284,322 | -€37,043 | -11.5% |
| Tangible fixed assets | 22/27 | €321,365 | €284,322 | -€37,043 | -11.5% |
| Land and buildings | 22 | €266,034 | €255,374 | -€10,660 | -4.0% |
| Plant, machinery and equipment | 23 | €11,068 | €3,205 | -€7,864 | -71.0% |
| Furniture and vehicles | 24 | €37,326 | €22,396 | -€14,931 | -40.0% |
| Other tangible fixed assets | 26 | €6,937 | €3,348 | -€3,589 | -51.7% |
| Current assets | 29/58 | €374,212 | €210,038 | -€164,174 | -43.9% |
| Stocks and contracts in progress | 3 | €82,030 | €82,530 | +€500 | +0.6% |
| Stocks | 30/36 | €82,030 | €82,530 | +€500 | +0.6% |
| Amounts receivable within one year | 40/41 | €100,319 | €69,214 | -€31,105 | -31.0% |
| Trade receivables | 40 | €7,892 | €64,029 | +€56,137 | +711.3% |
| Other amounts receivable | 41 | €92,427 | €5,185 | -€87,242 | -94.4% |
| Cash at bank and in hand | 54/58 | €191,863 | €55,251 | -€136,611 | -71.2% |
| Deferred charges and accrued income | 490/1 | - | €3,042 | +€3,042 | |
| Total equity and liabilities | 10/49 | €695,577 | €494,360 | -€201,217 | -28.9% |
| Equity | 10/15 | €589,565 | €397,389 | -€192,176 | -32.6% |
| Contributions | 10/11 | €132,400 | €132,400 | = | 0.0% |
| Reserves | 13 | €595,560 | €449,560 | -€146,000 | -24.5% |
| Non-distributable reserves | 130/1 | €13,860 | €13,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,860 | €13,860 | = | 0.0% |
| Distributable reserves | 133 | €581,700 | €435,700 | -€146,000 | -25.1% |
| Profit (loss) carried forward | 14 | -€138,395 | -€184,571 | -€46,176 | -33.4% |
| Amounts payable | 17/49 | €106,012 | €96,971 | -€9,041 | -8.5% |
| Amounts payable after more than one year | 17 | €37,743 | €25,702 | -€12,042 | -31.9% |
| Financial debts | 170/4 | €37,743 | €25,702 | -€12,042 | -31.9% |
| Amounts payable within one year | 42/48 | €68,269 | €71,269 | +€3,000 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €11,532 | €12,042 | +€509 | +4.4% |
| Trade debts | 44 | €11,225 | €45,557 | +€34,332 | +305.9% |
| Suppliers | 440/4 | €11,225 | €45,557 | +€34,332 | +305.9% |
| Taxes, remuneration and social security | 45 | - | €7,521 | +€7,521 | |
| Taxes | 450/3 | - | €7,521 | +€7,521 | |
| Other amounts payable | 47/48 | €45,511 | €6,149 | -€39,362 | -86.5% |
| Non-recurring operating income | 76A | €22,409 | - | -€22,409 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,122 | €38,743 | -€13,379 | -25.7% |
| Other operating charges | 640/8 | €1,929 | €2,102 | +€173 | +9.0% |
| Non-recurring operating charges | 66A | €250,000 | - | -€250,000 | |
| Gross operating margin | 9900 | €54,004 | €14,021 | -€39,983 | -74.0% |
| Operating profit (loss) | 9901 | -€250,047 | -€26,824 | +€223,223 | +89.3% |
| Financial income | 75/76B | €1,218 | €8 | -€1,210 | -99.4% |
| Recurring financial income | 75 | €1,218 | €8 | -€1,210 | -99.4% |
| Financial charges | 65/66B | €2,480 | €12,805 | +€10,326 | +416.4% |
| Recurring financial charges | 65 | €2,480 | €1,990 | -€489 | -19.7% |
| Non-recurring financial charges | 66B | - | €10,815 | +€10,815 | |
| Profit (loss) for the period before taxes | 9903 | -€251,309 | -€39,622 | +€211,687 | +84.2% |
| Income taxes | 67/77 | €199 | €6,554 | +€6,355 | +3190.4% |
| Profit (loss) for the period | 9904 | -€251,508 | -€46,176 | +€205,332 | +81.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€251,508 | -€46,176 | +€205,332 | +81.6% |
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 11 October 2026 via checked.be.