ADR1: 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.
ADR1
Largest movements
- Cash -€28,220
down €28,220 (-47.9%), from €58,976 to €30,755
mainly Net result for the year (-€27,542) and Trade debts (-€3,841)
- Receivables within one year -€8,559
down €8,559 (-23.3%), from €36,794 to €28,235
- Tangible fixed assets +€1,746
up €1,746 (+51.2%), from €3,414 to €5,160
- Profit (loss) carried forward -€27,542
down €27,542 (-38.3%), from €71,819 to €44,277
- Trade debts -€3,841
down €3,841 (-95.5%), from €4,022 to €182
- Tax, wage and social debts -€3,650
down €3,650 (-13.8%), from €26,463 to €22,812
of which Remuneration and social security: -€7,554
- Gross operating margin -€80,474
down €80,474, from €61,033 to -€19,441
- Taxes -€5,488
down €5,488 (-58.3%), from €9,411 to €3,923
- Staff costs -€2,197
down €2,197 (-37.9%), from €5,800 to €3,603
- Financial income +€649
up €649 (+59.4%), from €1,094 to €1,743
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 | €109,304 | €74,271 | -€35,033 | -32.1% |
| Fixed assets | 21/28 | €13,534 | €15,280 | +€1,746 | +12.9% |
| Tangible fixed assets | 22/27 | €3,414 | €5,160 | +€1,746 | +51.2% |
| Plant, machinery and equipment | 23 | €3,414 | €5,160 | +€1,746 | +51.2% |
| Financial fixed assets | 28 | €10,120 | €10,120 | = | 0.0% |
| Current assets | 29/58 | €95,770 | €58,990 | -€36,779 | -38.4% |
| Amounts receivable within one year | 40/41 | €36,794 | €28,235 | -€8,559 | -23.3% |
| Other amounts receivable | 41 | €36,794 | €28,235 | -€8,559 | -23.3% |
| Cash at bank and in hand | 54/58 | €58,976 | €30,755 | -€28,220 | -47.9% |
| Total equity and liabilities | 10/49 | €109,304 | €74,271 | -€35,033 | -32.1% |
| Equity | 10/15 | €78,819 | €51,277 | -€27,542 | -34.9% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,819 | €44,277 | -€27,542 | -38.3% |
| Amounts payable | 17/49 | €30,485 | €22,994 | -€7,491 | -24.6% |
| Amounts payable within one year | 42/48 | €30,485 | €22,994 | -€7,491 | -24.6% |
| Trade debts | 44 | €4,022 | €182 | -€3,841 | -95.5% |
| Suppliers | 440/4 | €4,022 | €182 | -€3,841 | -95.5% |
| Taxes, remuneration and social security | 45 | €26,463 | €22,812 | -€3,650 | -13.8% |
| Taxes | 450/3 | €11,354 | €15,257 | +€3,904 | +34.4% |
| Remuneration and social security | 454/9 | €15,109 | €7,555 | -€7,554 | -50.0% |
| Remuneration, social security and pensions | 62 | €5,800 | €3,603 | -€2,197 | -37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €910 | €1,269 | +€358 | +39.3% |
| Other operating charges | 640/8 | €297 | - | -€297 | |
| Non-recurring operating charges | 66A | €247 | €882 | +€635 | +256.9% |
| Gross operating margin | 9900 | €61,033 | -€19,441 | -€80,474 | |
| Operating profit (loss) | 9901 | €53,778 | -€25,195 | -€78,974 | |
| Financial income | 75/76B | €1,094 | €1,743 | +€649 | +59.4% |
| Recurring financial income | 75 | €1,094 | €1,743 | +€649 | +59.4% |
| Financial charges | 65/66B | €123 | €166 | +€43 | +35.4% |
| Recurring financial charges | 65 | €123 | €166 | +€43 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €54,749 | -€23,619 | -€78,368 | |
| Income taxes | 67/77 | €9,411 | €3,923 | -€5,488 | -58.3% |
| Profit (loss) for the period | 9904 | €45,338 | -€27,542 | -€72,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,338 | -€27,542 | -€72,880 |
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 3 October 2026 via checked.be.