ADR EXPRESS: 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 EXPRESS
Largest movements
- Tangible fixed assets -€71,816
down €71,816 (-24.3%), from €296,146 to €224,330
of which Furniture and vehicles: -€69,174
- Cash +€63,201
up €63,201 (+39.4%), from €160,543 to €223,744
mainly Depreciation (+€74,979) and Receivables within one year (+€46,364)
- Receivables within one year -€46,364
down €46,364 (-22.6%), from €205,315 to €158,951
of which Trade receivables: -€49,764
- Debts after one year -€57,935
down €57,935 (-33.2%), from €174,302 to €116,368
- Current portion of long-term debt +€16,469
up €16,469 (+62.6%), from €26,301 to €42,770
- Other debts -€15,000
down €15,000 (-78.4%), from €19,131 to €4,131
- Reserves +€13,937
up €13,937 (+3.6%), from €382,399 to €396,336
of which Distributable reserves: +€13,937
- Tax, wage and social debts -€6,747
down €6,747 (-23.0%), from €29,368 to €22,621
of which Taxes: -€7,766
- Gross operating margin -€24,969
down €24,969 (-14.8%), from €169,085 to €144,116
- Depreciation +€4,505
up €4,505 (+6.4%), from €70,474 to €74,979
- Other operating charges -€3,198
down €3,198 (-6.7%), from €48,076 to €44,878
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 | €670,528 | €616,150 | -€54,378 | -8.1% |
| Fixed assets | 21/28 | €296,548 | €224,732 | -€71,816 | -24.2% |
| Tangible fixed assets | 22/27 | €296,146 | €224,330 | -€71,816 | -24.3% |
| Land and buildings | 22 | €3,490 | €2,792 | -€698 | -20.0% |
| Plant, machinery and equipment | 23 | €353 | - | -€353 | |
| Furniture and vehicles | 24 | €286,986 | €217,812 | -€69,174 | -24.1% |
| Other tangible fixed assets | 26 | €5,318 | €3,726 | -€1,592 | -29.9% |
| Financial fixed assets | 28 | €402 | €402 | = | 0.0% |
| Current assets | 29/58 | €373,980 | €391,418 | +€17,438 | +4.7% |
| Amounts receivable within one year | 40/41 | €205,315 | €158,951 | -€46,364 | -22.6% |
| Trade receivables | 40 | €201,275 | €151,511 | -€49,764 | -24.7% |
| Other amounts receivable | 41 | €4,040 | €7,440 | +€3,400 | +84.2% |
| Cash at bank and in hand | 54/58 | €160,543 | €223,744 | +€63,201 | +39.4% |
| Deferred charges and accrued income | 490/1 | €8,121 | €8,722 | +€601 | +7.4% |
| Total equity and liabilities | 10/49 | €670,528 | €616,150 | -€54,378 | -8.1% |
| Equity | 10/15 | €402,859 | €416,796 | +€13,937 | +3.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €382,399 | €396,336 | +€13,937 | +3.6% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €372,399 | €386,336 | +€13,937 | +3.7% |
| Amounts payable | 17/49 | €267,669 | €199,354 | -€68,315 | -25.5% |
| Amounts payable after more than one year | 17 | €174,302 | €116,368 | -€57,935 | -33.2% |
| Financial debts | 170/4 | €174,302 | €116,368 | -€57,935 | -33.2% |
| Amounts payable within one year | 42/48 | €92,617 | €81,945 | -€10,672 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €26,301 | €42,770 | +€16,469 | +62.6% |
| Trade debts | 44 | €17,817 | €12,423 | -€5,394 | -30.3% |
| Suppliers | 440/4 | €17,817 | €12,423 | -€5,394 | -30.3% |
| Taxes, remuneration and social security | 45 | €29,368 | €22,621 | -€6,747 | -23.0% |
| Taxes | 450/3 | €29,368 | €21,602 | -€7,766 | -26.4% |
| Remuneration and social security | 454/9 | - | €1,019 | +€1,019 | |
| Other amounts payable | 47/48 | €19,131 | €4,131 | -€15,000 | -78.4% |
| Accrued charges and deferred income | 492/3 | €750 | €1,042 | +€292 | +39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,474 | €74,979 | +€4,505 | +6.4% |
| Other operating charges | 640/8 | €48,076 | €44,878 | -€3,198 | -6.7% |
| Gross operating margin | 9900 | €169,085 | €144,116 | -€24,969 | -14.8% |
| Operating profit (loss) | 9901 | €50,535 | €24,259 | -€26,276 | -52.0% |
| Financial income | 75/76B | €1,258 | €974 | -€284 | -22.6% |
| Recurring financial income | 75 | €1,258 | €974 | -€284 | -22.6% |
| Financial charges | 65/66B | €7,587 | €7,793 | +€206 | +2.7% |
| Recurring financial charges | 65 | €7,587 | €7,793 | +€206 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €44,206 | €17,440 | -€26,766 | -60.5% |
| Income taxes | 67/77 | €3,265 | €3,503 | +€238 | +7.3% |
| Profit (loss) for the period | 9904 | €40,940 | €13,937 | -€27,004 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,940 | €13,937 | -€27,004 | -66.0% |
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 18 October 2026 via checked.be.