ADR ADVISORY: 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.
ADR ADVISORY
Largest movements
- Receivables within one year +€23,691
up €23,691 (+181%), from €13,062 to €36,753
of which Other amounts receivable: +€26,729
- Cash +€21,940
up €21,940 (+56.4%), from €38,930 to €60,869
mainly Net result for the year (+€38,883) and Investment in fixed assets (net) (+€7,006)
- Tangible fixed assets -€13,244
down €13,244 (-36.4%), from €36,415 to €23,171
of which Furniture and vehicles: -€7,642
- Profit (loss) carried forward +€38,883
up €38,883 (+4,708%), from €826 to €39,709
- Tax, wage and social debts -€5,293
down €5,293 (-11.1%), from €47,702 to €42,409
of which Taxes: -€4,837
- Other debts -€2,158
no longer reported in 2025 (was €2,158)
- Trade debts +€1,722
up €1,722 (+31.4%), from €5,481 to €7,203
- Gross operating margin -€60,591
down €60,591 (-49.8%), from €121,762 to €61,171
- Taxes -€9,059
down €9,059 (-44.0%), from €20,579 to €11,520
- Depreciation -€7,110
down €7,110 (-53.3%), from €13,349 to €6,238
- Financial income +€4,237
new in 2025: €4,237
of which Non-recurring financial income: +€3,458
- Staff costs -€4,049
down €4,049 (-35.2%), from €11,503 to €7,454
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 | €88,627 | €121,781 | +€33,154 | +37.4% |
| Fixed assets | 21/28 | €36,505 | €23,261 | -€13,244 | -36.3% |
| Tangible fixed assets | 22/27 | €36,415 | €23,171 | -€13,244 | -36.4% |
| Furniture and vehicles | 24 | €8,486 | €844 | -€7,642 | -90.1% |
| Other tangible fixed assets | 26 | €27,929 | €22,327 | -€5,602 | -20.1% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €52,122 | €98,520 | +€46,398 | +89.0% |
| Amounts receivable within one year | 40/41 | €13,062 | €36,753 | +€23,691 | +181% |
| Trade receivables | 40 | €8,604 | €5,565 | -€3,039 | -35.3% |
| Other amounts receivable | 41 | €4,459 | €31,188 | +€26,729 | +599% |
| Cash at bank and in hand | 54/58 | €38,930 | €60,869 | +€21,940 | +56.4% |
| Deferred charges and accrued income | 490/1 | €129 | €897 | +€768 | +593% |
| Total equity and liabilities | 10/49 | €88,627 | €121,781 | +€33,154 | +37.4% |
| Equity | 10/15 | €33,286 | €72,169 | +€38,883 | +117% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,860 | €13,860 | = | 0.0% |
| Distributable reserves | 133 | €13,860 | €13,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €826 | €39,709 | +€38,883 | +4,708% |
| Amounts payable | 17/49 | €55,341 | €49,612 | -€5,730 | -10.4% |
| Amounts payable within one year | 42/48 | €55,341 | €49,612 | -€5,730 | -10.4% |
| Trade debts | 44 | €5,481 | €7,203 | +€1,722 | +31.4% |
| Suppliers | 440/4 | €5,481 | €7,203 | +€1,722 | +31.4% |
| Taxes, remuneration and social security | 45 | €47,702 | €42,409 | -€5,293 | -11.1% |
| Taxes | 450/3 | €44,327 | €39,490 | -€4,837 | -10.9% |
| Remuneration and social security | 454/9 | €3,375 | €2,919 | -€456 | -13.5% |
| Other amounts payable | 47/48 | €2,158 | - | -€2,158 | |
| Remuneration, social security and pensions | 62 | €11,503 | €7,454 | -€4,049 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,349 | €6,238 | -€7,110 | -53.3% |
| Other operating charges | 640/8 | €177 | €494 | +€317 | +179% |
| Gross operating margin | 9900 | €121,762 | €61,171 | -€60,591 | -49.8% |
| Operating profit (loss) | 9901 | €96,733 | €46,985 | -€49,748 | -51.4% |
| Financial income | 75/76B | - | €4,237 | +€4,237 | |
| Recurring financial income | 75 | - | €778 | +€778 | |
| Non-recurring financial income | 76B | - | €3,458 | +€3,458 | |
| Financial charges | 65/66B | €388 | €818 | +€430 | +111% |
| Recurring financial charges | 65 | €388 | €818 | +€430 | +111% |
| Profit (loss) for the period before taxes | 9903 | €96,345 | €50,403 | -€45,942 | -47.7% |
| Income taxes | 67/77 | €20,579 | €11,520 | -€9,059 | -44.0% |
| Profit (loss) for the period | 9904 | €75,766 | €38,883 | -€36,883 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €75,766 | €38,883 | -€36,883 | -48.7% |
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 17 October 2026 via checked.be.