ADPACON: 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.
ADPACON
Largest movements
- Current investments -€428,111
no longer reported in 2025 (was €428,111)
- Cash -€177,734
down €177,734 (-98.8%), from €179,955 to €2,221
mainly Other debts (-€607,799) and Contributions, distributions and other (-€37,380)
- Receivables within one year +€20,969
up €20,969 (+107%), from €19,614 to €40,583
- Tangible fixed assets -€16,999
down €16,999 (-16.7%), from €101,999 to €85,000
of which Land and buildings: -€13,921
- Other debts -€607,799
down €607,799 (-99.7%), from €609,668 to €1,869
- Reserves +€19,407
up €19,407 (+22.3%), from €86,860 to €106,267
- Trade debts -€13,483
down €13,483 (-99.8%), from €13,509 to €26
- Financial income +€74,225
up €74,225 (+335%), from €22,136 to €96,361
- Depreciation -€10,006
down €10,006 (-41.8%), from €23,927 to €13,921
- Gross operating margin +€9,806
up €9,806 (+29.8%), from -€32,952 to -€23,146
- Other operating charges -€5,066
down €5,066 (-80.5%), from €6,293 to €1,227
- Taxes +€981
new in 2025: €981
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 | €729,679 | €127,804 | -€601,875 | -82.5% |
| Fixed assets | 21/28 | €101,999 | €85,000 | -€16,999 | -16.7% |
| Tangible fixed assets | 22/27 | €101,999 | €85,000 | -€16,999 | -16.7% |
| Land and buildings | 22 | €98,921 | €85,000 | -€13,921 | -14.1% |
| Plant, machinery and equipment | 23 | €3,078 | - | -€3,078 | |
| Current assets | 29/58 | €627,680 | €42,804 | -€584,876 | -93.2% |
| Amounts receivable within one year | 40/41 | €19,614 | €40,583 | +€20,969 | +107% |
| Other amounts receivable | 41 | €19,614 | €40,583 | +€20,969 | +107% |
| Current investments | 50/53 | €428,111 | - | -€428,111 | |
| Cash at bank and in hand | 54/58 | €179,955 | €2,221 | -€177,734 | -98.8% |
| Total equity and liabilities | 10/49 | €729,679 | €127,804 | -€601,875 | -82.5% |
| Equity | 10/15 | €105,460 | €124,867 | +€19,407 | +18.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,860 | €106,267 | +€19,407 | +22.3% |
| Distributable reserves | 133 | €86,860 | €106,267 | +€19,407 | +22.3% |
| Amounts payable | 17/49 | €624,219 | €2,937 | -€621,282 | -99.5% |
| Amounts payable within one year | 42/48 | €624,219 | €2,937 | -€621,282 | -99.5% |
| Trade debts | 44 | €13,509 | €26 | -€13,483 | -99.8% |
| Suppliers | 440/4 | €13,509 | €26 | -€13,483 | -99.8% |
| Taxes, remuneration and social security | 45 | €1,042 | €1,042 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,042 | €1,042 | = | 0.0% |
| Other amounts payable | 47/48 | €609,668 | €1,869 | -€607,799 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,927 | €13,921 | -€10,006 | -41.8% |
| Other operating charges | 640/8 | €6,293 | €1,227 | -€5,066 | -80.5% |
| Gross operating margin | 9900 | -€32,952 | -€23,146 | +€9,806 | +29.8% |
| Operating profit (loss) | 9901 | -€63,172 | -€38,294 | +€24,878 | +39.4% |
| Financial income | 75/76B | €22,136 | €96,361 | +€74,225 | +335% |
| Recurring financial income | 75 | €22,136 | €96,361 | +€74,225 | +335% |
| Financial charges | 65/66B | €130 | €299 | +€169 | +130% |
| Recurring financial charges | 65 | €130 | €299 | +€169 | +130% |
| Profit (loss) for the period before taxes | 9903 | -€41,166 | €57,768 | +€98,934 | |
| Income taxes | 67/77 | - | €981 | +€981 | |
| Profit (loss) for the period | 9904 | -€41,166 | €56,787 | +€97,953 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,166 | €56,787 | +€97,953 |
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 17 October 2026 via checked.be.