ADRIAN: 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.
ADRIAN
Largest movements
- Cash -€28,909
down €28,909 (-68.7%), from €42,105 to €13,196
mainly Other debts (-€31,449) and Investment in fixed assets (net) (-€26,662)
- Financial fixed assets +€20,129
up €20,129 (+502%), from €4,009 to €24,138
- Stocks and contracts -€16,130
down €16,130 (-15.1%), from €106,500 to €90,370
- Receivables within one year +€14,282
up €14,282 (+5.1%), from €281,178 to €295,460
of which Trade receivables: +€19,091
- Tangible fixed assets -€12,064
down €12,064 (-23.3%), from €51,799 to €39,735
of which Furniture and vehicles: -€8,718
- Other debts -€31,449
down €31,449 (-80.1%), from €39,243 to €7,794
- Trade debts +€16,367
up €16,367 (+11.3%), from €144,610 to €160,977
- Debts after one year -€16,059
down €16,059 (-40.9%), from €39,253 to €23,194
- Financial charges -€78,309
down €78,309 (-81.6%), from €96,016 to €17,707
- Gross operating margin -€54,915
down €54,915 (-48.7%), from €112,866 to €57,951
- Other operating charges +€9,322
up €9,322 (+144%), from €6,484 to €15,806
- Taxes +€2,497
up €2,497 (+963%), from €259 to €2,756
- Financial income -€1,914
down €1,914 (-94.8%), from €2,018 to €104
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 | €498,647 | €474,656 | -€23,991 | -4.8% |
| Fixed assets | 21/28 | €55,808 | €63,873 | +€8,065 | +14.5% |
| Tangible fixed assets | 22/27 | €51,799 | €39,735 | -€12,064 | -23.3% |
| Plant, machinery and equipment | 23 | €15,644 | €13,798 | -€1,846 | -11.8% |
| Furniture and vehicles | 24 | €33,155 | €24,437 | -€8,718 | -26.3% |
| Other tangible fixed assets | 26 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Financial fixed assets | 28 | €4,009 | €24,138 | +€20,129 | +502% |
| Current assets | 29/58 | €442,839 | €410,783 | -€32,056 | -7.2% |
| Stocks and contracts in progress | 3 | €106,500 | €90,370 | -€16,130 | -15.1% |
| Stocks | 30/36 | €106,500 | €90,370 | -€16,130 | -15.1% |
| Amounts receivable within one year | 40/41 | €281,178 | €295,460 | +€14,282 | +5.1% |
| Trade receivables | 40 | €245,918 | €265,009 | +€19,091 | +7.8% |
| Other amounts receivable | 41 | €35,260 | €30,451 | -€4,809 | -13.6% |
| Cash at bank and in hand | 54/58 | €42,105 | €13,196 | -€28,909 | -68.7% |
| Deferred charges and accrued income | 490/1 | €13,055 | €11,757 | -€1,298 | -9.9% |
| Total equity and liabilities | 10/49 | €498,647 | €474,656 | -€23,991 | -4.8% |
| Equity | 10/15 | €108,866 | €112,055 | +€3,189 | +2.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €83,981 | €87,055 | +€3,075 | +3.7% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €81,481 | €84,555 | +€3,075 | +3.8% |
| Profit (loss) carried forward | 14 | -€114 | €0 | +€114 | |
| Amounts payable | 17/49 | €389,781 | €362,601 | -€27,180 | -7.0% |
| Amounts payable after more than one year | 17 | €39,253 | €23,194 | -€16,059 | -40.9% |
| Financial debts | 170/4 | €39,253 | €23,194 | -€16,059 | -40.9% |
| Amounts payable within one year | 42/48 | €350,528 | €339,215 | -€11,313 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €15,537 | €16,083 | +€546 | +3.5% |
| Financial debts | 43 | €150,553 | €153,817 | +€3,264 | +2.2% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Other loans | 439 | €553 | €3,817 | +€3,264 | +590% |
| Trade debts | 44 | €144,610 | €160,977 | +€16,367 | +11.3% |
| Suppliers | 440/4 | €144,610 | €160,977 | +€16,367 | +11.3% |
| Taxes, remuneration and social security | 45 | €585 | €545 | -€40 | -6.9% |
| Taxes | 450/3 | €585 | €545 | -€40 | -6.9% |
| Other amounts payable | 47/48 | €39,243 | €7,794 | -€31,449 | -80.1% |
| Accrued charges and deferred income | 492/3 | €0 | €192 | +€192 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,156 | €18,597 | -€559 | -2.9% |
| Other operating charges | 640/8 | €6,484 | €15,806 | +€9,322 | +144% |
| Gross operating margin | 9900 | €112,866 | €57,951 | -€54,915 | -48.7% |
| Operating profit (loss) | 9901 | €87,226 | €23,548 | -€63,678 | -73.0% |
| Financial income | 75/76B | €2,018 | €104 | -€1,914 | -94.8% |
| Recurring financial income | 75 | €2,018 | €104 | -€1,914 | -94.8% |
| Financial charges | 65/66B | €96,016 | €17,707 | -€78,309 | -81.6% |
| Recurring financial charges | 65 | €96,016 | €17,707 | -€78,309 | -81.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,772 | €5,944 | +€12,717 | |
| Income taxes | 67/77 | €259 | €2,756 | +€2,497 | +963% |
| Profit (loss) for the period | 9904 | -€7,031 | €3,189 | +€10,220 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,031 | €3,189 | +€10,220 |
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.