ADOR: 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.
ADOR
Largest movements
- Cash +€85,966
up €85,966 (+520%), from €16,517 to €102,483
mainly Net result for the year (+€162,916) and Advances received (+€60,053)
- Receivables within one year +€70,741
up €70,741 (+56.8%), from €124,622 to €195,363
of which Trade receivables: +€77,033
- Tangible fixed assets +€32,491
up €32,491 (+1.8%), from €1.8m to €1.9m
of which Land and buildings: +€36,551
- Profit (loss) carried forward +€162,916
up €162,916 (+11.7%), from €1.4m to €1.6m
- Other debts -€89,278
down €89,278 (-17.5%), from €509,293 to €420,014
- Advances received +€60,053
new in 2025: €60,053
- Accrued charges and deferred income +€23,233
new in 2025: €23,233
- Trade debts +€21,762
up €21,762 (+1,734%), from €1,255 to €23,017
- Gross operating margin +€79,052
up €79,052 (+33.3%), from €237,322 to €316,374
- Financial charges +€16,951
up €16,951 (+246%), from €6,881 to €23,832
of which Financial charges: +€22,951
- Taxes +€14,049
up €14,049 (+32.6%), from €43,045 to €57,094
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 | €1,978,383 | €2,167,509 | +€189,126 | +9.6% |
| Fixed assets | 21/28 | €1,826,362 | €1,858,854 | +€32,491 | +1.8% |
| Tangible fixed assets | 22/27 | €1,826,362 | €1,858,854 | +€32,491 | +1.8% |
| Land and buildings | 22 | €1,814,307 | €1,850,857 | +€36,551 | +2.0% |
| Plant, machinery and equipment | 23 | €2,056 | €2,997 | +€941 | +45.8% |
| Furniture and vehicles | 24 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Current assets | 29/58 | €152,020 | €308,655 | +€156,634 | +103% |
| Stocks and contracts in progress | 3 | €850 | €850 | = | 0.0% |
| Stocks | 30/36 | €850 | €850 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €124,622 | €195,363 | +€70,741 | +56.8% |
| Trade receivables | 40 | €118,141 | €195,174 | +€77,033 | +65.2% |
| Other amounts receivable | 41 | €6,481 | €189 | -€6,292 | -97.1% |
| Current investments | 50/53 | €7,873 | €7,873 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,517 | €102,483 | +€85,966 | +520% |
| Deferred charges and accrued income | 490/1 | €2,158 | €2,086 | -€72 | -3.4% |
| Total equity and liabilities | 10/49 | €1,978,383 | €2,167,509 | +€189,126 | +9.6% |
| Equity | 10/15 | €1,409,668 | €1,572,585 | +€162,916 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,389,208 | €1,552,125 | +€162,916 | +11.7% |
| Amounts payable | 17/49 | €568,714 | €594,924 | +€26,210 | +4.6% |
| Amounts payable within one year | 42/48 | €568,714 | €571,691 | +€2,977 | +0.5% |
| Financial debts | 43 | €3,409 | €3,309 | -€100 | -2.9% |
| Credit institutions | 430/8 | €3,409 | €3,309 | -€100 | -2.9% |
| Trade debts | 44 | €1,255 | €23,017 | +€21,762 | +1,734% |
| Suppliers | 440/4 | €1,255 | €23,017 | +€21,762 | +1,734% |
| Advances received on contracts in progress | 46 | - | €60,053 | +€60,053 | |
| Taxes, remuneration and social security | 45 | €54,757 | €65,297 | +€10,540 | +19.2% |
| Taxes | 450/3 | €54,757 | €59,554 | +€4,796 | +8.8% |
| Remuneration and social security | 454/9 | - | €5,744 | +€5,744 | |
| Other amounts payable | 47/48 | €509,293 | €420,014 | -€89,278 | -17.5% |
| Accrued charges and deferred income | 492/3 | - | €23,233 | +€23,233 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,641 | €59,225 | -€2,416 | -3.9% |
| Other operating charges | 640/8 | €12,225 | €14,178 | +€1,953 | +16.0% |
| Gross operating margin | 9900 | €237,322 | €316,374 | +€79,052 | +33.3% |
| Operating profit (loss) | 9901 | €163,456 | €242,972 | +€79,516 | +48.6% |
| Financial income | 75/76B | €619 | €870 | +€251 | +40.5% |
| Recurring financial income | 75 | €619 | €870 | +€251 | +40.5% |
| Financial charges | 65/66B | €6,881 | €23,832 | +€16,951 | +246% |
| Recurring financial charges | 65 | €881 | €23,832 | +€22,951 | +2,604% |
| Non-recurring financial charges | 66B | €6,000 | - | -€6,000 | |
| Profit (loss) for the period before taxes | 9903 | €157,194 | €220,010 | +€62,816 | +40.0% |
| Income taxes | 67/77 | €43,045 | €57,094 | +€14,049 | +32.6% |
| Profit (loss) for the period | 9904 | €114,149 | €162,916 | +€48,767 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €114,149 | €162,916 | +€48,767 | +42.7% |
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 13 October 2026 via checked.be.