ADOREM: 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.
ADOREM
Largest movements
- Cash -€30,127
down €30,127 (-81.1%), from €37,138 to €7,011
mainly Other debts (-€151,956) and Receivables within one year (-€16,370)
- Tangible fixed assets -€22,108
down €22,108 (-5.3%), from €418,962 to €396,854
of which Land and buildings: -€20,367
- Receivables within one year +€16,370
up €16,370 (+74.1%), from €22,092 to €38,462
of which Trade receivables: +€14,666
- Other debts -€151,956
down €151,956 (-67.5%), from €225,145 to €73,189
- Current portion of long-term debt +€111,425
up €111,425 (+126%), from €88,575 to €200,000
- Reserves +€19,979
up €19,979 (+18.3%), from €109,288 to €129,267
- Tax, wage and social debts -€8,029
down €8,029 (-53.4%), from €15,044 to €7,016
- Gross operating margin -€60,205
down €60,205 (-43.8%), from €137,494 to €77,289
- Taxes -€20,596
down €20,596 (-58.2%), from €35,361 to €14,765
- Financial charges +€5,178
up €5,178 (+139%), from €3,726 to €8,904
- Financial income +€3,135
up €3,135 (+12,276%), from €26 to €3,161
- Other operating charges -€1,937
down €1,937 (-36.3%), from €5,338 to €3,400
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 | €554,129 | €522,054 | -€32,076 | -5.8% |
| Fixed assets | 21/28 | €419,062 | €396,954 | -€22,108 | -5.3% |
| Tangible fixed assets | 22/27 | €418,962 | €396,854 | -€22,108 | -5.3% |
| Land and buildings | 22 | €374,141 | €353,773 | -€20,367 | -5.4% |
| Plant, machinery and equipment | 23 | €18,834 | €25,159 | +€6,325 | +33.6% |
| Furniture and vehicles | 24 | €25,987 | €17,922 | -€8,065 | -31.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €135,067 | €125,099 | -€9,968 | -7.4% |
| Amounts receivable within one year | 40/41 | €22,092 | €38,462 | +€16,370 | +74.1% |
| Trade receivables | 40 | €11,832 | €26,498 | +€14,666 | +124% |
| Other amounts receivable | 41 | €10,260 | €11,964 | +€1,704 | +16.6% |
| Current investments | 50/53 | €71,901 | €74,665 | +€2,763 | +3.8% |
| Cash at bank and in hand | 54/58 | €37,138 | €7,011 | -€30,127 | -81.1% |
| Deferred charges and accrued income | 490/1 | €3,936 | €4,961 | +€1,025 | +26.0% |
| Total equity and liabilities | 10/49 | €554,129 | €522,054 | -€32,076 | -5.8% |
| Equity | 10/15 | €214,843 | €234,822 | +€19,979 | +9.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €109,288 | €129,267 | +€19,979 | +18.3% |
| Distributable reserves | 133 | €109,288 | €129,267 | +€19,979 | +18.3% |
| Profit (loss) carried forward | 14 | €93,155 | €93,155 | = | 0.0% |
| Amounts payable | 17/49 | €339,286 | €287,231 | -€52,055 | -15.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €339,286 | €287,213 | -€52,073 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €88,575 | €200,000 | +€111,425 | +126% |
| Trade debts | 44 | €10,522 | €7,008 | -€3,514 | -33.4% |
| Suppliers | 440/4 | €10,522 | €7,008 | -€3,514 | -33.4% |
| Taxes, remuneration and social security | 45 | €15,044 | €7,016 | -€8,029 | -53.4% |
| Taxes | 450/3 | €15,044 | €7,016 | -€8,029 | -53.4% |
| Other amounts payable | 47/48 | €225,145 | €73,189 | -€151,956 | -67.5% |
| Accrued charges and deferred income | 492/3 | - | €18 | +€18 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,097 | €33,401 | +€1,304 | +4.1% |
| Other operating charges | 640/8 | €5,338 | €3,400 | -€1,937 | -36.3% |
| Gross operating margin | 9900 | €137,494 | €77,289 | -€60,205 | -43.8% |
| Operating profit (loss) | 9901 | €100,059 | €40,488 | -€59,572 | -59.5% |
| Financial income | 75/76B | €26 | €3,161 | +€3,135 | +12,276% |
| Recurring financial income | 75 | €26 | €3,161 | +€3,135 | +12,276% |
| Financial charges | 65/66B | €3,726 | €8,904 | +€5,178 | +139% |
| Recurring financial charges | 65 | €3,726 | €8,904 | +€5,178 | +139% |
| Profit (loss) for the period before taxes | 9903 | €96,359 | €34,744 | -€61,615 | -63.9% |
| Income taxes | 67/77 | €35,361 | €14,765 | -€20,596 | -58.2% |
| Profit (loss) for the period | 9904 | €60,998 | €19,979 | -€41,019 | -67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €60,998 | €19,979 | -€41,019 | -67.2% |
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 31 October 2026 via checked.be.