ADR MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€40,782
up €40,782 (+27710.8%), from €147 to €40,929
mainly Other debts (+€50,000) and Receivables within one year (+€26,163)
- Receivables within one year -€26,163
down €26,163 (-68.3%), from €38,282 to €12,119
of which Other amounts receivable: -€32,163
- Debts after one year -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Other debts +€50,000
up €50,000 (+2061.7%), from €2,425 to €52,425
- Profit (loss) carried forward +€14,434
up €14,434 (+65.5%), from -€22,051 to -€7,617
- Financial income +€13,080
new in 2025: €13,080
- Gross operating margin +€4,669
up €4,669, from -€2,501 to €2,167
- Other operating charges +€401
up €401 (+98.9%), from €406 to €807
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 | €38,429 | €53,048 | +€14,619 | +38.0% |
| Current assets | 29/58 | €38,429 | €53,048 | +€14,619 | +38.0% |
| Amounts receivable within one year | 40/41 | €38,282 | €12,119 | -€26,163 | -68.3% |
| Trade receivables | 40 | €6,000 | €12,000 | +€6,000 | +100.0% |
| Other amounts receivable | 41 | €32,282 | €119 | -€32,163 | -99.6% |
| Cash at bank and in hand | 54/58 | €147 | €40,929 | +€40,782 | +27710.8% |
| Total equity and liabilities | 10/49 | €38,429 | €53,048 | +€14,619 | +38.0% |
| Equity | 10/15 | -€13,996 | €438 | +€14,434 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,051 | -€7,617 | +€14,434 | +65.5% |
| Amounts payable | 17/49 | €52,425 | €52,610 | +€185 | +0.4% |
| Amounts payable after more than one year | 17 | €50,000 | €0 | -€50,000 | -100.0% |
| Financial debts | 170/4 | €50,000 | €0 | -€50,000 | -100.0% |
| Amounts payable within one year | 42/48 | €2,425 | €52,610 | +€50,185 | +2069.3% |
| Trade debts | 44 | €0 | €185 | +€185 | |
| Suppliers | 440/4 | €0 | €185 | +€185 | |
| Other amounts payable | 47/48 | €2,425 | €52,425 | +€50,000 | +2061.7% |
| Other operating charges | 640/8 | €406 | €807 | +€401 | +98.9% |
| Gross operating margin | 9900 | -€2,501 | €2,167 | +€4,669 | |
| Operating profit (loss) | 9901 | -€2,907 | €1,360 | +€4,267 | |
| Financial income | 75/76B | - | €13,080 | +€13,080 | |
| Recurring financial income | 75 | - | €13,080 | +€13,080 | |
| Financial charges | 65/66B | €0 | €6 | +€6 | |
| Recurring financial charges | 65 | €0 | €6 | +€6 | |
| Profit (loss) for the period before taxes | 9903 | -€2,907 | €14,434 | +€17,341 | |
| Profit (loss) for the period | 9904 | -€2,907 | €14,434 | +€17,341 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,907 | €14,434 | +€17,341 |
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 8 October 2026 via checked.be.