ADPO GROUP: 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
ADPO GROUP
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10.8m
2024 · €26.8m-€16.0m
Equity
€84.6m
2024 · €88.8m-€4.2m
Cash
€1.0m
2024 · €1.0m+€5,508
Balance sheet total
€85.2m
2024 · €89.4m-€4.2m
Largest movements
Assets
- Current investments -€5.0m
down €5.0m (-21.7%), from €23.0m to €18.0m
Equity and liabilities
- Reserves -€4.2m
down €4.2m (-4.7%), from €88.4m to €84.2m
of which Distributable reserves: -€4.2m
Income statement
- Financial income -€16.2m
down €16.2m (-70.1%), from €23.0m to €6.9m
of which Financial income: -€16.2m
- Staff costs -€303,813
down €303,813 (-11.1%), from €2.7m to €2.4m
- Services and other goods +€160,321
up €160,321 (+16.1%), from €997,845 to €1.2m
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
€26.8m
Turnover
+€13,750
Other operating income
-€14,647
Services and other goods
-€160,321
Staff costs
+€303,813
Depreciation
+€20,790
Write-downs
-€2,284
Other operating charges
-€5,688
Other operating items
-€24,988
Financial income
-€16.2m
Financial charges
+€32,661
Taxes
-€17,427
Result 2025
€10.8m
raises the resultlowers the resultnot broken down further in the accounts
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
+€10.2m
Investment
+€4.8m
Financing
-€15.0m
Cash 2024
€1.0m
From operations (derived)
+€10.2m
Net result for the year
+€10.8m
Depreciation
+€172,420
Receivables within one year
-€870,906
Deferred charges and accrued income
+€49,342
Smaller working-capital items
+€10,809
Investment (derived)
+€4.8m
Investment in fixed assets (net)
-€167,375
Current investments
+€5.0m
Financing
-€15.0m
Contributions, distributions and other
-€15.0m
Cash 2025
€1.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,381,581 | €85,203,608 | -€4.2m | -4.7% |
| Fixed assets | 21/28 | €65,133,628 | €65,128,583 | -€5,045 | 0.0% |
| Tangible fixed assets | 22/27 | €519,598 | €363,212 | -€156,386 | -30.1% |
| Furniture and vehicles | 24 | €519,598 | €363,212 | -€156,386 | -30.1% |
| Financial fixed assets | 28 | €64,614,030 | €64,765,371 | +€151,341 | +0.2% |
| Affiliated companies | 280/1 | €63,883,371 | €63,883,371 | = | 0.0% |
| Participating interests | 280 | €63,883,371 | €63,883,371 | = | 0.0% |
| Other financial fixed assets | 284/8 | €730,659 | €882,000 | +€151,341 | +20.7% |
| Shares | 284 | €730,659 | €882,000 | +€151,341 | +20.7% |
| Current assets | 29/58 | €24,247,953 | €20,075,025 | -€4.2m | -17.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €161,774 | €1,032,680 | +€870,906 | +538% |
| Trade receivables | 40 | €158,410 | €1,028,555 | +€870,145 | +549% |
| Other amounts receivable | 41 | €3,364 | €4,125 | +€761 | +22.6% |
| Current investments | 50/53 | €23,000,000 | €18,000,000 | -€5.0m | -21.7% |
| Other investments | 51/53 | €23,000,000 | €18,000,000 | -€5.0m | -21.7% |
| Cash at bank and in hand | 54/58 | €1,025,749 | €1,031,257 | +€5,508 | +0.5% |
| Deferred charges and accrued income | 490/1 | €60,430 | €11,088 | -€49,342 | -81.7% |
| Total equity and liabilities | 10/49 | €89,381,581 | €85,203,608 | -€4.2m | -4.7% |
| Equity | 10/15 | €88,787,821 | €84,599,039 | -€4.2m | -4.7% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €88,387,821 | €84,199,039 | -€4.2m | -4.7% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,125,218 | €1,125,218 | = | 0.0% |
| Distributable reserves | 133 | €87,222,603 | €83,033,821 | -€4.2m | -4.8% |
| Amounts payable | 17/49 | €593,760 | €604,569 | +€10,809 | +1.8% |
| Amounts payable within one year | 42/48 | €593,760 | €604,569 | +€10,809 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €122,558 | €97,723 | -€24,834 | -20.3% |
| Suppliers | 440/4 | €122,558 | €97,723 | -€24,834 | -20.3% |
| Taxes, remuneration and social security | 45 | €471,202 | €506,845 | +€35,643 | +7.6% |
| Taxes | 450/3 | €227,373 | €272,269 | +€44,897 | +19.7% |
| Remuneration and social security | 454/9 | €243,830 | €234,576 | -€9,254 | -3.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €9,271,859 | €9,250,920 | -€20,938 | -0.2% |
| Turnover | 70 | €8,961,009 | €8,974,758 | +€13,750 | +0.2% |
| Other operating income | 74 | €290,734 | €276,088 | -€14,647 | -5.0% |
| Non-recurring operating income | 76A | €20,116 | €75 | -€20,041 | -99.6% |
| Operating charges | 60/66A | €3,954,111 | €3,802,746 | -€151,365 | -3.8% |
| Services and other goods | 61 | €997,845 | €1,158,166 | +€160,321 | +16.1% |
| Remuneration, social security and pensions | 62 | €2,749,395 | €2,445,581 | -€303,813 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,210 | €172,420 | -€20,790 | -10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,284 | €0 | +€2,284 | |
| Other operating charges | 640/8 | €14,629 | €20,317 | +€5,688 | +38.9% |
| Non-recurring operating charges | 66A | €1,315 | €6,261 | +€4,946 | +376% |
| Operating profit (loss) | 9901 | €5,317,748 | €5,448,175 | +€130,427 | +2.5% |
| Financial income | 75/76B | €23,038,896 | €6,880,999 | -€16.2m | -70.1% |
| Recurring financial income | 75 | €23,002,968 | €6,829,657 | -€16.2m | -70.3% |
| Income from financial fixed assets | 750 | €22,407,553 | €6,318,676 | -€16.1m | -71.8% |
| Income from current assets | 751 | €594,933 | €510,981 | -€83,951 | -14.1% |
| Other financial income | 752/9 | €482 | €0 | -€482 | -100.0% |
| Non-recurring financial income | 76B | €35,928 | €51,341 | +€15,413 | +42.9% |
| Financial charges | 65/66B | €35,703 | €3,042 | -€32,661 | -91.5% |
| Recurring financial charges | 65 | €35,703 | €3,042 | -€32,661 | -91.5% |
| Debt charges | 650 | €32,350 | €0 | -€32,350 | -100% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €1,571 | €1,574 | +€3 | +0.2% |
| Other financial charges | 652/9 | €1,782 | €1,468 | -€314 | -17.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €28,320,942 | €12,326,131 | -€16.0m | -56.5% |
| Income taxes | 67/77 | €1,497,486 | €1,514,913 | +€17,427 | +1.2% |
| Taxes | 670/3 | €1,497,882 | €1,514,913 | +€17,031 | +1.1% |
| Tax adjustments and reversals of tax provisions | 77 | €396 | €0 | -€396 | -100% |
| Profit (loss) for the period | 9904 | €26,823,456 | €10,811,218 | -€16.0m | -59.7% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €26,823,456 | €10,811,218 | -€16.0m | -59.7% |
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 16 October 2026 via checked.be.