ADR Industrial: 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 Industrial
Largest movements
- Cash +€49,605
up €49,605 (+32.7%), from €151,925 to €201,529
mainly Net result for the year (+€144,022) and Tax, wage and social debts (+€39,485)
- Receivables after one year +€40,000
new in 2025: €40,000
- Receivables within one year +€36,613
up €36,613 (+69.8%), from €52,420 to €89,034
- Intangible fixed assets -€27,000
down €27,000 (-10.8%), from €249,750 to €222,750
- Stocks and contracts +€8,890
up €8,890 (+33.6%), from €26,454 to €35,344
- Reserves +€144,022
up €144,022 (+109%), from €131,747 to €275,769
- Tax, wage and social debts +€39,485
up €39,485 (+58.2%), from €67,894 to €107,379
- Debts after one year -€28,565
down €28,565 (-30.2%), from €94,485 to €65,920
- Current portion of long-term debt -€24,732
down €24,732 (-18.7%), from €131,918 to €107,187
- Trade debts -€16,325
down €16,325 (-32.0%), from €50,962 to €34,637
- Gross operating margin +€11,997
up €11,997 (+5.9%), from €204,466 to €216,464
- Depreciation +€7,113
up €7,113 (+35.1%), from €20,250 to €27,363
- Financial charges -€6,160
down €6,160 (-39.2%), from €15,704 to €9,544
- Taxes +€4,972
up €4,972 (+13.2%), from €37,804 to €42,777
- Financial income +€4,851
up €4,851 (+179%), from €2,711 to €7,563
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 | €480,549 | €593,835 | +€113,285 | +23.6% |
| Fixed assets | 21/28 | €249,750 | €227,927 | -€21,823 | -8.7% |
| Intangible fixed assets | 21 | €249,750 | €222,750 | -€27,000 | -10.8% |
| Tangible fixed assets | 22/27 | - | €5,177 | +€5,177 | |
| Furniture and vehicles | 24 | - | €5,177 | +€5,177 | |
| Current assets | 29/58 | €230,799 | €365,907 | +€135,108 | +58.5% |
| Amounts receivable after more than one year | 29 | - | €40,000 | +€40,000 | |
| Other amounts receivable | 291 | - | €40,000 | +€40,000 | |
| Stocks and contracts in progress | 3 | €26,454 | €35,344 | +€8,890 | +33.6% |
| Stocks | 30/36 | €26,454 | €35,344 | +€8,890 | +33.6% |
| Amounts receivable within one year | 40/41 | €52,420 | €89,034 | +€36,613 | +69.8% |
| Trade receivables | 40 | €52,420 | €89,034 | +€36,613 | +69.8% |
| Cash at bank and in hand | 54/58 | €151,925 | €201,529 | +€49,605 | +32.7% |
| Total equity and liabilities | 10/49 | €480,549 | €593,835 | +€113,285 | +23.6% |
| Equity | 10/15 | €133,747 | €277,769 | +€144,022 | +108% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €131,747 | €275,769 | +€144,022 | +109% |
| Distributable reserves | 133 | €131,747 | €275,769 | +€144,022 | +109% |
| Amounts payable | 17/49 | €346,802 | €316,065 | -€30,737 | -8.9% |
| Amounts payable after more than one year | 17 | €94,485 | €65,920 | -€28,565 | -30.2% |
| Financial debts | 170/4 | €94,485 | €65,920 | -€28,565 | -30.2% |
| Amounts payable within one year | 42/48 | €252,317 | €250,145 | -€2,172 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €131,918 | €107,187 | -€24,732 | -18.7% |
| Trade debts | 44 | €50,962 | €34,637 | -€16,325 | -32.0% |
| Suppliers | 440/4 | €50,962 | €34,637 | -€16,325 | -32.0% |
| Taxes, remuneration and social security | 45 | €67,894 | €107,379 | +€39,485 | +58.2% |
| Taxes | 450/3 | €67,894 | €107,379 | +€39,485 | +58.2% |
| Other amounts payable | 47/48 | €1,543 | €943 | -€600 | -38.9% |
| Remuneration, social security and pensions | 62 | €702 | €0 | -€702 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,250 | €27,363 | +€7,113 | +35.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €237 | €0 | -€237 | -100% |
| Other operating charges | 640/8 | €734 | €320 | -€414 | -56.4% |
| Gross operating margin | 9900 | €204,466 | €216,464 | +€11,997 | +5.9% |
| Operating profit (loss) | 9901 | €182,544 | €188,780 | +€6,236 | +3.4% |
| Financial income | 75/76B | €2,711 | €7,563 | +€4,851 | +179% |
| Recurring financial income | 75 | €2,711 | €7,563 | +€4,851 | +179% |
| Financial charges | 65/66B | €15,704 | €9,544 | -€6,160 | -39.2% |
| Recurring financial charges | 65 | €15,704 | €9,544 | -€6,160 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | €169,552 | €186,799 | +€17,247 | +10.2% |
| Income taxes | 67/77 | €37,804 | €42,777 | +€4,972 | +13.2% |
| Profit (loss) for the period | 9904 | €131,747 | €144,022 | +€12,275 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €131,747 | €144,022 | +€12,275 | +9.3% |
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 16 October 2026 via checked.be.