ADR: what changed
Two fiscal 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.
ADR
Largest movements
- Receivables within one year -€606,858
down €606,858 (-65.9%), from €920,986 to €314,128
of which Trade receivables: -€647,136
- Formation expenses +€160,608
new in 2025: €160,608
- Tangible fixed assets -€153,285
down €153,285 (-39.9%), from €383,709 to €230,424
of which Plant, machinery and equipment: -€383,349
- Cash -€139,894
down €139,894 (-99.5%), from €140,549 to €655
mainly Trade debts (-€642,697) and Current portion of long-term debt (-€83,967)
- Intangible fixed assets -€15,478
down €15,478 (-100.0%), from €15,478 to €0
- Trade debts -€642,697
down €642,697 (-78.4%), from €820,223 to €177,526
- Current portion of long-term debt -€83,967
down €83,967 (-87.9%), from €95,474 to €11,507
- Short-term financial debts -€73,832
down €73,832 (-100.0%), from €73,832 to €0
- Tax, wage and social debts +€40,949
up €40,949 (+27.3%), from €149,886 to €190,834
of which Remuneration and social security: +€41,233
- Accrued charges and deferred income +€20,218
up €20,218 (+106.4%), from €19,003 to €39,221
- Gross operating margin -€842,551
down €842,551 (-75.8%), from €1.1m to €268,617
- Staff costs -€497,745
down €497,745 (-63.0%), from €790,546 to €292,802
- Write-downs +€61,619
up €61,619, from -€61,619 to €0
- Depreciation -€59,516
down €59,516 (-60.2%), from €98,814 to €39,299
- Taxes -€23,177
down €23,177 (-85.6%), from €27,061 to €3,884
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.
Cash bridge derived
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 | €1,464,741 | €706,597 | -€758,145 | -51.8% |
| Formation expenses | 20 | - | €160,608 | +€160,608 | |
| Fixed assets | 21/28 | €403,206 | €230,424 | -€172,782 | -42.9% |
| Intangible fixed assets | 21 | €15,478 | €0 | -€15,478 | -100.0% |
| Tangible fixed assets | 22/27 | €383,709 | €230,424 | -€153,285 | -39.9% |
| Plant, machinery and equipment | 23 | €383,349 | €0 | -€383,349 | -100.0% |
| Furniture and vehicles | 24 | €360 | €8,554 | +€8,194 | +2274.2% |
| Other tangible fixed assets | 26 | - | €221,870 | +€221,870 | |
| Financial fixed assets | 28 | €4,019 | €0 | -€4,019 | -100.0% |
| Current assets | 29/58 | €1,061,535 | €315,564 | -€745,971 | -70.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €920,986 | €314,128 | -€606,858 | -65.9% |
| Trade receivables | 40 | €655,116 | €7,981 | -€647,136 | -98.8% |
| Other amounts receivable | 41 | €265,870 | €306,147 | +€40,278 | +15.1% |
| Current investments | 50/53 | - | €781 | +€781 | |
| Cash at bank and in hand | 54/58 | €140,549 | €655 | -€139,894 | -99.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,464,741 | €706,597 | -€758,145 | -51.8% |
| Equity | 10/15 | €52,055 | €46,925 | -€5,130 | -9.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,945 | -€103,075 | -€5,130 | -5.2% |
| Amounts payable | 17/49 | €1,412,686 | €659,672 | -€753,014 | -53.3% |
| Amounts payable after more than one year | 17 | €5,766 | €0 | -€5,766 | -100.0% |
| Financial debts | 170/4 | €5,766 | €0 | -€5,766 | -100.0% |
| Amounts payable within one year | 42/48 | €1,387,917 | €620,451 | -€767,466 | -55.3% |
| Current portion of amounts payable after more than one year | 42 | €95,474 | €11,507 | -€83,967 | -87.9% |
| Financial debts | 43 | €73,832 | €0 | -€73,832 | -100.0% |
| Credit institutions | 430/8 | €73,832 | €0 | -€73,832 | -100.0% |
| Trade debts | 44 | €820,223 | €177,526 | -€642,697 | -78.4% |
| Suppliers | 440/4 | €820,223 | €177,526 | -€642,697 | -78.4% |
| Taxes, remuneration and social security | 45 | €149,886 | €190,834 | +€40,949 | +27.3% |
| Taxes | 450/3 | €31,735 | €31,451 | -€284 | -0.9% |
| Remuneration and social security | 454/9 | €118,151 | €159,384 | +€41,233 | +34.9% |
| Other amounts payable | 47/48 | €248,503 | €240,584 | -€7,919 | -3.2% |
| Accrued charges and deferred income | 492/3 | €19,003 | €39,221 | +€20,218 | +106.4% |
| Non-recurring operating income | 76A | - | €615,912 | +€615,912 | |
| Remuneration, social security and pensions | 62 | €790,546 | €292,802 | -€497,745 | -63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,814 | €39,299 | -€59,516 | -60.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€61,619 | €0 | +€61,619 | |
| Other operating charges | 640/8 | €30,425 | €39,536 | +€9,110 | +29.9% |
| Operating charges capitalised as restructuring costs | 649 | - | -€160,696 | -€160,696 | |
| Non-recurring operating charges | 66A | €163,466 | €37,659 | -€125,806 | -77.0% |
| Gross operating margin | 9900 | €1,111,169 | €268,617 | -€842,551 | -75.8% |
| Operating profit (loss) | 9901 | €89,536 | €20,018 | -€69,518 | -77.6% |
| Financial income | 75/76B | €1,233 | €1,199 | -€33 | -2.7% |
| Recurring financial income | 75 | €1,233 | €1,199 | -€33 | -2.7% |
| Financial charges | 65/66B | €18,339 | €22,464 | +€4,125 | +22.5% |
| Recurring financial charges | 65 | €18,339 | €22,464 | +€4,125 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €72,430 | -€1,247 | -€73,677 | |
| Income taxes | 67/77 | €27,061 | €3,884 | -€23,177 | -85.6% |
| Profit (loss) for the period | 9904 | €45,369 | -€5,130 | -€50,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,369 | -€5,130 | -€50,500 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.