ADPADEM: 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.
ADPADEM
Largest movements
- Receivables within one year -€62,248
down €62,248 (-62.3%), from €99,845 to €37,597
of which Other amounts receivable: -€60,067
- Tangible fixed assets -€20,978
down €20,978 (-4.5%), from €468,298 to €447,320
of which Land and buildings: -€22,802
- Reserves -€189,365
down €189,365 (-68.1%), from €277,878 to €88,513
- Other debts +€127,165
up €127,165, from €0 to €127,165
- Debts after one year -€32,342
down €32,342 (-15.2%), from €212,502 to €180,160
- Tax, wage and social debts +€9,493
up €9,493 (+52.0%), from €18,272 to €27,765
- Gross operating margin +€20,319
up €20,319 (+14.8%), from €136,923 to €157,242
- Taxes +€7,442
up €7,442 (+31.5%), from €23,618 to €31,059
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €601,959 | €516,336 | -€85,623 | -14.2% |
| Fixed assets | 21/28 | €468,298 | €447,320 | -€20,978 | -4.5% |
| Tangible fixed assets | 22/27 | €468,298 | €447,320 | -€20,978 | -4.5% |
| Land and buildings | 22 | €452,439 | €429,638 | -€22,802 | -5.0% |
| Furniture and vehicles | 24 | €15,858 | €17,682 | +€1,824 | +11.5% |
| Current assets | 29/58 | €133,662 | €69,017 | -€64,645 | -48.4% |
| Amounts receivable within one year | 40/41 | €99,845 | €37,597 | -€62,248 | -62.3% |
| Trade receivables | 40 | €39,779 | €37,597 | -€2,182 | -5.5% |
| Other amounts receivable | 41 | €60,067 | €0 | -€60,067 | -100% |
| Cash at bank and in hand | 54/58 | €30,401 | €28,230 | -€2,171 | -7.1% |
| Deferred charges and accrued income | 490/1 | €3,416 | €3,190 | -€226 | -6.6% |
| Total equity and liabilities | 10/49 | €601,959 | €516,336 | -€85,623 | -14.2% |
| Equity | 10/15 | €327,878 | €138,513 | -€189,365 | -57.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €277,878 | €88,513 | -€189,365 | -68.1% |
| Distributable reserves | 133 | €277,878 | €88,513 | -€189,365 | -68.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €274,081 | €377,823 | +€103,742 | +37.9% |
| Amounts payable after more than one year | 17 | €212,502 | €180,160 | -€32,342 | -15.2% |
| Financial debts | 170/4 | €212,502 | €180,160 | -€32,342 | -15.2% |
| Amounts payable within one year | 42/48 | €60,561 | €197,093 | +€136,532 | +225% |
| Current portion of amounts payable after more than one year | 42 | €31,903 | €32,342 | +€439 | +1.4% |
| Financial debts | 43 | €6,759 | €6,723 | -€36 | -0.5% |
| Credit institutions | 430/8 | €6,759 | €6,723 | -€36 | -0.5% |
| Trade debts | 44 | €3,628 | €3,098 | -€529 | -14.6% |
| Suppliers | 440/4 | €3,628 | €3,098 | -€529 | -14.6% |
| Taxes, remuneration and social security | 45 | €18,272 | €27,765 | +€9,493 | +52.0% |
| Taxes | 450/3 | €18,272 | €27,765 | +€9,493 | +52.0% |
| Other amounts payable | 47/48 | €0 | €127,165 | +€127,165 | |
| Accrued charges and deferred income | 492/3 | €1,018 | €570 | -€448 | -44.0% |
| Non-recurring operating income | 76A | €19,352 | €0 | -€19,352 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,752 | €27,239 | +€1,487 | +5.8% |
| Other operating charges | 640/8 | €3,902 | €4,930 | +€1,027 | +26.3% |
| Gross operating margin | 9900 | €136,923 | €157,242 | +€20,319 | +14.8% |
| Operating profit (loss) | 9901 | €107,269 | €125,073 | +€17,804 | +16.6% |
| Financial income | 75/76B | €1,357 | €65 | -€1,292 | -95.2% |
| Recurring financial income | 75 | €1,357 | €65 | -€1,292 | -95.2% |
| Financial charges | 65/66B | €5,172 | €5,944 | +€772 | +14.9% |
| Recurring financial charges | 65 | €5,172 | €5,944 | +€772 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €103,453 | €119,194 | +€15,741 | +15.2% |
| Income taxes | 67/77 | €23,618 | €31,059 | +€7,442 | +31.5% |
| Profit (loss) for the period | 9904 | €79,836 | €88,135 | +€8,299 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,836 | €88,135 | +€8,299 | +10.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.