ADPI Belgium: 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.
What changed
ADPI Belgium
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€171,518
2024 · €122,754+€48,763
Equity
€4.6m
2024 · €4.4m+€171,518
Cash
€124,796
2024 · €161,343-€36,547
Balance sheet total
€10.0m
2024 · €9.8m+€179,086
Largest movements
Assets
- Receivables within one year +€7.1m
up €7.1m (+640%), from €1.1m to €8.2m
- Receivables after one year -€6.8m
no longer reported in 2025 (was €6.8m)
Equity and liabilities
- Profit (loss) carried forward +€171,518
up €171,518 (+6.2%), from €2.8m to €2.9m
Income statement
- Financial income +€64,464
up €64,464 (+19.6%), from €328,302 to €392,766
- Gross operating margin -€15,859
down €15,859 (-8.3%), from -€191,511 to -€207,370
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.
Result 2024
€122,754
Gross operating margin
-€15,859
Staff costs
-€589
Depreciation
+€520
Other operating charges
-€171
Financial income
+€64,464
Financial charges
-€10
Taxes
+€409
Result 2025
€171,518
raises the resultlowers the result
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.
From operations
-€36,547
Investment
€0
Financing
€0
Cash 2024
€161,343
From operations (derived)
-€36,547
Net result for the year
+€171,518
Depreciation
+€10,860
Receivables after one year
+€6.8m
Receivables within one year
-€7.1m
Deferred charges and accrued income
+€18,032
Smaller working-capital items
+€7,568
Cash 2025
€124,796
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,785,341 | €9,964,427 | +€179,086 | +1.8% |
| Fixed assets | 21/28 | €1,546,706 | €1,535,847 | -€10,860 | -0.7% |
| Tangible fixed assets | 22/27 | €42,329 | €31,469 | -€10,860 | -25.7% |
| Plant, machinery and equipment | 23 | €2,024 | €1,434 | -€590 | -29.2% |
| Furniture and vehicles | 24 | €40,305 | €30,035 | -€10,270 | -25.5% |
| Financial fixed assets | 28 | €1,504,377 | €1,504,377 | = | 0.0% |
| Current assets | 29/58 | €8,238,634 | €8,428,580 | +€189,946 | +2.3% |
| Amounts receivable after more than one year | 29 | €6,824,011 | - | -€6.8m | |
| Trade receivables | 290 | €6,824,011 | - | -€6.8m | |
| Amounts receivable within one year | 40/41 | €1,103,857 | €8,172,392 | +€7.1m | +640% |
| Other amounts receivable | 41 | €1,103,857 | €8,172,392 | +€7.1m | +640% |
| Cash at bank and in hand | 54/58 | €161,343 | €124,796 | -€36,547 | -22.7% |
| Deferred charges and accrued income | 490/1 | €149,425 | €131,393 | -€18,032 | -12.1% |
| Total equity and liabilities | 10/49 | €9,785,341 | €9,964,427 | +€179,086 | +1.8% |
| Equity | 10/15 | €4,404,837 | €4,576,354 | +€171,518 | +3.9% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €150,000 | €150,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,754,837 | €2,926,354 | +€171,518 | +6.2% |
| Amounts payable | 17/49 | €5,380,504 | €5,388,072 | +€7,568 | +0.1% |
| Amounts payable within one year | 42/48 | €5,380,504 | €5,388,072 | +€7,568 | +0.1% |
| Trade debts | 44 | €8,693 | €9,732 | +€1,039 | +11.9% |
| Suppliers | 440/4 | €8,693 | €9,732 | +€1,039 | +11.9% |
| Taxes, remuneration and social security | 45 | - | €6,428 | +€6,428 | |
| Taxes | 450/3 | - | €188 | +€188 | |
| Remuneration and social security | 454/9 | - | €6,240 | +€6,240 | |
| Other amounts payable | 47/48 | €5,371,811 | €5,371,913 | +€101 | 0.0% |
| Remuneration, social security and pensions | 62 | - | €589 | +€589 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,380 | €10,860 | -€520 | -4.6% |
| Other operating charges | 640/8 | €1,667 | €1,838 | +€171 | +10.3% |
| Gross operating margin | 9900 | -€191,511 | -€207,370 | -€15,859 | -8.3% |
| Operating profit (loss) | 9901 | -€204,557 | -€220,657 | -€16,100 | -7.9% |
| Financial income | 75/76B | €328,302 | €392,766 | +€64,464 | +19.6% |
| Recurring financial income | 75 | €328,302 | €392,766 | +€64,464 | +19.6% |
| Financial charges | 65/66B | €252 | €263 | +€10 | +4.1% |
| Recurring financial charges | 65 | €252 | €263 | +€10 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €123,493 | €171,847 | +€48,354 | +39.2% |
| Income taxes | 67/77 | €739 | €329 | -€409 | -55.4% |
| Profit (loss) for the period | 9904 | €122,754 | €171,518 | +€48,763 | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €122,754 | €171,518 | +€48,763 | +39.7% |
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 22 October 2026 via checked.be.