ADR Construct: 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 Construct
Largest movements
- Receivables within one year -€172,052
down €172,052 (-62.2%), from €276,833 to €104,781
of which Trade receivables: -€144,598
- Stocks and contracts -€101,598
down €101,598 (-36.1%), from €281,558 to €179,960
- Tangible fixed assets +€12,361
up €12,361 (+38.9%), from €31,767 to €44,128
of which Other tangible fixed assets: +€16,799
- Deferred charges and accrued income -€10,389
down €10,389 (-33.1%), from €31,384 to €20,995
- Cash +€10,008
up €10,008 (+4.9%), from €202,736 to €212,744
mainly Receivables within one year (+€172,052) and Short-term financial debts (+€152,777)
- Profit (loss) carried forward -€272,683
down €272,683, from €0 to -€272,683
- Short-term financial debts +€152,777
up €152,777 (+110563.9%), from €138 to €152,915
- Trade debts -€73,532
down €73,532 (-34.8%), from €211,524 to €137,992
- Tax, wage and social debts +€66,553
up €66,553 (+57.4%), from €115,958 to €182,512
of which Remuneration and social security: +€65,832
- Current portion of long-term debt -€58,500
down €58,500 (-100.0%), from €58,500 to €0
- Gross operating margin -€280,471
down €280,471 (-26.0%), from €1.1m to €797,544
- Staff costs +€73,364
up €73,364 (+7.4%), from €989,023 to €1.1m
- Depreciation -€27,866
down €27,866 (-66.8%), from €41,727 to €13,861
- Taxes -€23,757
down €23,757 (-95.2%), from €24,954 to €1,197
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 | €865,589 | €601,860 | -€263,728 | -30.5% |
| Fixed assets | 21/28 | €71,019 | €83,380 | +€12,361 | +17.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €31,767 | €44,128 | +€12,361 | +38.9% |
| Plant, machinery and equipment | 23 | €12,325 | €8,927 | -€3,398 | -27.6% |
| Furniture and vehicles | 24 | €12,685 | €11,646 | -€1,040 | -8.2% |
| Other tangible fixed assets | 26 | €6,757 | €23,556 | +€16,799 | +248.6% |
| Financial fixed assets | 28 | €39,252 | €39,252 | = | 0.0% |
| Current assets | 29/58 | €794,570 | €518,480 | -€276,090 | -34.7% |
| Stocks and contracts in progress | 3 | €281,558 | €179,960 | -€101,598 | -36.1% |
| Stocks | 30/36 | €281,558 | €179,960 | -€101,598 | -36.1% |
| Amounts receivable within one year | 40/41 | €276,833 | €104,781 | -€172,052 | -62.2% |
| Trade receivables | 40 | €248,340 | €103,742 | -€144,598 | -58.2% |
| Other amounts receivable | 41 | €28,493 | €1,040 | -€27,454 | -96.4% |
| Current investments | 50/53 | €2,058 | €0 | -€2,058 | -100.0% |
| Cash at bank and in hand | 54/58 | €202,736 | €212,744 | +€10,008 | +4.9% |
| Deferred charges and accrued income | 490/1 | €31,384 | €20,995 | -€10,389 | -33.1% |
| Total equity and liabilities | 10/49 | €865,589 | €601,860 | -€263,728 | -30.5% |
| Equity | 10/15 | €287,101 | €14,419 | -€272,683 | -95.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €262,101 | €262,101 | = | 0.0% |
| Distributable reserves | 133 | €262,101 | €262,101 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€272,683 | -€272,683 | |
| Amounts payable | 17/49 | €578,487 | €587,442 | +€8,954 | +1.5% |
| Amounts payable within one year | 42/48 | €578,487 | €587,442 | +€8,954 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €58,500 | €0 | -€58,500 | -100.0% |
| Financial debts | 43 | €138 | €152,915 | +€152,777 | +110563.9% |
| Credit institutions | 430/8 | €138 | €152,915 | +€152,777 | +110563.9% |
| Trade debts | 44 | €211,524 | €137,992 | -€73,532 | -34.8% |
| Suppliers | 440/4 | €211,524 | €137,992 | -€73,532 | -34.8% |
| Advances received on contracts in progress | 46 | €84,300 | €34,887 | -€49,413 | -58.6% |
| Taxes, remuneration and social security | 45 | €115,958 | €182,512 | +€66,553 | +57.4% |
| Taxes | 450/3 | €25,426 | €26,147 | +€721 | +2.8% |
| Remuneration and social security | 454/9 | €90,533 | €156,365 | +€65,832 | +72.7% |
| Other amounts payable | 47/48 | €108,067 | €79,136 | -€28,931 | -26.8% |
| Remuneration, social security and pensions | 62 | €989,023 | €1,062,387 | +€73,364 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,727 | €13,861 | -€27,866 | -66.8% |
| Other operating charges | 640/8 | €13,278 | €12,700 | -€579 | -4.4% |
| Gross operating margin | 9900 | €1,078,014 | €797,544 | -€280,471 | -26.0% |
| Operating profit (loss) | 9901 | €33,985 | -€291,404 | -€325,389 | |
| Financial income | 75/76B | €35,710 | €28,888 | -€6,823 | -19.1% |
| Recurring financial income | 75 | €35,710 | €28,888 | -€6,823 | -19.1% |
| Financial charges | 65/66B | €1,775 | €8,970 | +€7,194 | +405.3% |
| Recurring financial charges | 65 | €1,775 | €8,970 | +€7,194 | +405.3% |
| Profit (loss) for the period before taxes | 9903 | €67,921 | -€271,486 | -€339,407 | |
| Income taxes | 67/77 | €24,954 | €1,197 | -€23,757 | -95.2% |
| Profit (loss) for the period | 9904 | €42,967 | -€272,683 | -€315,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,967 | -€272,683 | -€315,650 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.