ADR-Expert: what changed
ADR-Expert
Largest movements
- Tangible fixed assets +€38,349
new in 2025: €38,349
of which Leasing and similar rights: +€37,973
- Receivables within one year +€7,891
up €7,891 (+2,785%), from €283 to €8,174
of which Trade receivables: +€7,856
- Cash +€2,025
up €2,025 (+81.9%), from €2,473 to €4,498
mainly Debts after one year (+€39,021) and Net result for the year (+€7,786)
- Deferred charges and accrued income +€1,665
up €1,665 (+366%), from €455 to €2,120
- Debts after one year +€39,021
new in 2025: €39,021
of which Financial debts: +€30,976
- Current portion of long-term debt +€6,743
new in 2025: €6,743
- Tax, wage and social debts +€4,348
up €4,348 (+956%), from €455 to €4,803
- Other debts -€1,445
down €1,445 (-76.4%), from €1,892 to €447
- Trade debts +€968
up €968 (+133%), from €730 to €1,698
- Gross operating margin +€9,470
up €9,470 (+342%), from €2,772 to €12,243
- Depreciation +€2,161
up €2,161 (+372%), from €581 to €2,742
- Taxes +€436
up €436 (+53.1%), from €821 to €1,256
- Financial charges +€366
up €366 (+841%), from €44 to €409
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,610 | €53,331 | +€49,721 | +1,377% |
| Formation expenses | 20 | €398 | €190 | -€208 | -52.3% |
| Fixed assets | 21/28 | - | €38,349 | +€38,349 | |
| Tangible fixed assets | 22/27 | - | €38,349 | +€38,349 | |
| Furniture and vehicles | 24 | - | €375 | +€375 | |
| Leasing and similar rights | 25 | - | €37,973 | +€37,973 | |
| Current assets | 29/58 | €3,212 | €14,793 | +€11,581 | +361% |
| Amounts receivable within one year | 40/41 | €283 | €8,174 | +€7,891 | +2,785% |
| Trade receivables | 40 | €260 | €8,116 | +€7,856 | +3,021% |
| Other amounts receivable | 41 | €23 | €58 | +€35 | +151% |
| Cash at bank and in hand | 54/58 | €2,473 | €4,498 | +€2,025 | +81.9% |
| Deferred charges and accrued income | 490/1 | €455 | €2,120 | +€1,665 | +366% |
| Total equity and liabilities | 10/49 | €3,610 | €53,331 | +€49,721 | +1,377% |
| Equity | 10/15 | €534 | €620 | +€86 | +16.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,466 | -€1,380 | +€86 | +5.9% |
| Amounts payable | 17/49 | €3,077 | €52,712 | +€49,635 | +1,613% |
| Amounts payable after more than one year | 17 | - | €39,021 | +€39,021 | |
| Financial debts | 170/4 | - | €30,976 | +€30,976 | |
| Other amounts payable | 178/9 | - | €8,045 | +€8,045 | |
| Amounts payable within one year | 42/48 | €3,077 | €13,691 | +€10,614 | +345% |
| Current portion of amounts payable after more than one year | 42 | - | €6,743 | +€6,743 | |
| Trade debts | 44 | €730 | €1,698 | +€968 | +133% |
| Suppliers | 440/4 | €730 | €1,698 | +€968 | +133% |
| Taxes, remuneration and social security | 45 | €455 | €4,803 | +€4,348 | +956% |
| Taxes | 450/3 | €455 | €4,803 | +€4,348 | +956% |
| Other amounts payable | 47/48 | €1,892 | €447 | -€1,445 | -76.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €581 | €2,742 | +€2,161 | +372% |
| Other operating charges | 640/8 | - | €50 | +€50 | |
| Gross operating margin | 9900 | €2,772 | €12,243 | +€9,470 | +342% |
| Operating profit (loss) | 9901 | €2,192 | €9,451 | +€7,259 | +331% |
| Financial charges | 65/66B | €44 | €409 | +€366 | +841% |
| Recurring financial charges | 65 | €44 | €409 | +€366 | +841% |
| Profit (loss) for the period before taxes | 9903 | €2,148 | €9,042 | +€6,894 | +321% |
| Income taxes | 67/77 | €821 | €1,256 | +€436 | +53.1% |
| Profit (loss) for the period | 9904 | €1,328 | €7,786 | +€6,458 | +486% |
| Profit (loss) for the period to be appropriated | 9905 | €1,328 | €7,786 | +€6,458 | +486% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.