ADRATIO: 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.
ADRATIO
Largest movements
- Current investments +€26,518
up €26,518 (+36.1%), from €73,503 to €100,022
- Tangible fixed assets -€23,276
down €23,276 (-18.0%), from €129,316 to €106,040
of which Land and buildings: -€20,663
- Profit (loss) carried forward +€3,940
up €3,940 (+65.3%), from -€6,034 to -€2,094
- Other operating charges +€3,257
new in 2025: €3,257
- Write-downs -€3,158
no longer reported in 2025 (was €3,158)
- Gross operating margin -€763
down €763 (-2.6%), from €29,807 to €29,045
- Taxes -€565
no longer reported in 2025 (was €565)
- Financial income +€428
up €428 (+36.1%), from €1,185 to €1,613
of which Financial income: +€420
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 | €211,181 | €213,854 | +€2,673 | +1.3% |
| Fixed assets | 21/28 | €129,316 | €106,040 | -€23,276 | -18.0% |
| Tangible fixed assets | 22/27 | €129,316 | €106,040 | -€23,276 | -18.0% |
| Land and buildings | 22 | €118,542 | €97,878 | -€20,663 | -17.4% |
| Plant, machinery and equipment | 23 | €10,774 | €8,162 | -€2,612 | -24.2% |
| Current assets | 29/58 | €81,865 | €107,814 | +€25,949 | +31.7% |
| Amounts receivable within one year | 40/41 | €7,579 | €6,774 | -€805 | -10.6% |
| Other amounts receivable | 41 | €7,579 | €6,774 | -€805 | -10.6% |
| Current investments | 50/53 | €73,503 | €100,022 | +€26,518 | +36.1% |
| Cash at bank and in hand | 54/58 | €782 | €1,017 | +€235 | +30.1% |
| Total equity and liabilities | 10/49 | €211,181 | €213,854 | +€2,673 | +1.3% |
| Equity | 10/15 | €208,821 | €212,761 | +€3,940 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €196,255 | €196,255 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €194,395 | €194,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,034 | -€2,094 | +€3,940 | +65.3% |
| Amounts payable | 17/49 | €2,359 | €1,093 | -€1,267 | -53.7% |
| Amounts payable within one year | 42/48 | €2,359 | €493 | -€1,867 | -79.1% |
| Trade debts | 44 | €295 | €111 | -€184 | -62.3% |
| Suppliers | 440/4 | €295 | €111 | -€184 | -62.3% |
| Other amounts payable | 47/48 | €2,064 | €381 | -€1,683 | -81.5% |
| Accrued charges and deferred income | 492/3 | - | €600 | +€600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,276 | €23,276 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,158 | - | -€3,158 | |
| Other operating charges | 640/8 | - | €3,257 | +€3,257 | |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €29,807 | €29,045 | -€763 | -2.6% |
| Operating profit (loss) | 9901 | €3,374 | €2,512 | -€862 | -25.5% |
| Financial income | 75/76B | €1,185 | €1,613 | +€428 | +36.1% |
| Recurring financial income | 75 | €1,185 | €1,605 | +€420 | +35.4% |
| Non-recurring financial income | 76B | - | €8 | +€8 | |
| Financial charges | 65/66B | €195 | €185 | -€10 | -5.3% |
| Recurring financial charges | 65 | €195 | €185 | -€10 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €4,364 | €3,940 | -€424 | -9.7% |
| Income taxes | 67/77 | €565 | - | -€565 | |
| Profit (loss) for the period | 9904 | €3,798 | €3,940 | +€142 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,798 | €3,940 | +€142 | +3.7% |
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 4 October 2026 via checked.be.