Adrimaar: 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.
Adrimaar
Largest movements
- Current investments +€130,943
up €130,943 (+50.2%), from €260,587 to €391,529
- Financial fixed assets -€103,554
no longer reported in 2025 (was €103,554)
- Receivables within one year -€32,902
down €32,902 (-51.1%), from €64,391 to €31,489
of which Trade receivables: -€36,603
- Tangible fixed assets -€9,028
down €9,028 (-4.1%), from €221,128 to €212,100
of which Land and buildings: -€5,493
- Reserves -€130,339
down €130,339 (-38.7%), from €336,399 to €206,060
- Debts after one year +€100,000
up €100,000 (+40.0%), from €250,000 to €350,000
- Other debts +€36,145
up €36,145 (+154.4%), from €23,404 to €59,550
- Tax, wage and social debts -€18,220
down €18,220 (-77.1%), from €23,630 to €5,410
- Gross operating margin -€125,528
down €125,528, from €83,239 to -€42,289
- Financial income +€120,001
up €120,001 (+5607.2%), from €2,140 to €122,141
- Financial charges -€2,998
down €2,998 (-12.3%), from €24,432 to €21,434
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 | €665,800 | €648,027 | -€17,773 | -2.7% |
| Fixed assets | 21/28 | €324,682 | €212,100 | -€112,582 | -34.7% |
| Tangible fixed assets | 22/27 | €221,128 | €212,100 | -€9,028 | -4.1% |
| Land and buildings | 22 | €203,488 | €197,995 | -€5,493 | -2.7% |
| Plant, machinery and equipment | 23 | €10,544 | €9,849 | -€695 | -6.6% |
| Furniture and vehicles | 24 | €7,096 | €4,257 | -€2,839 | -40.0% |
| Financial fixed assets | 28 | €103,554 | - | -€103,554 | |
| Current assets | 29/58 | €341,118 | €435,927 | +€94,809 | +27.8% |
| Amounts receivable within one year | 40/41 | €64,391 | €31,489 | -€32,902 | -51.1% |
| Trade receivables | 40 | €36,603 | - | -€36,603 | |
| Other amounts receivable | 41 | €27,788 | €31,489 | +€3,701 | +13.3% |
| Current investments | 50/53 | €260,587 | €391,529 | +€130,943 | +50.2% |
| Cash at bank and in hand | 54/58 | €12,868 | €9,578 | -€3,290 | -25.6% |
| Deferred charges and accrued income | 490/1 | €3,273 | €3,330 | +€57 | +1.7% |
| Total equity and liabilities | 10/49 | €665,800 | €648,027 | -€17,773 | -2.7% |
| Equity | 10/15 | €348,799 | €218,460 | -€130,339 | -37.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €336,399 | €206,060 | -€130,339 | -38.7% |
| Distributable reserves | 133 | €336,399 | €206,060 | -€130,339 | -38.7% |
| Amounts payable | 17/49 | €317,001 | €429,567 | +€112,565 | +35.5% |
| Amounts payable after more than one year | 17 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Other amounts payable | 178/9 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Amounts payable within one year | 42/48 | €52,966 | €67,177 | +€14,210 | +26.8% |
| Trade debts | 44 | €5,932 | €2,217 | -€3,715 | -62.6% |
| Suppliers | 440/4 | €5,932 | €2,217 | -€3,715 | -62.6% |
| Taxes, remuneration and social security | 45 | €23,630 | €5,410 | -€18,220 | -77.1% |
| Taxes | 450/3 | €23,630 | €5,410 | -€18,220 | -77.1% |
| Other amounts payable | 47/48 | €23,404 | €59,550 | +€36,145 | +154.4% |
| Accrued charges and deferred income | 492/3 | €14,035 | €12,390 | -€1,645 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,593 | €12,407 | +€813 | +7.0% |
| Other operating charges | 640/8 | €1,715 | €1,870 | +€155 | +9.1% |
| Gross operating margin | 9900 | €83,239 | -€42,289 | -€125,528 | |
| Operating profit (loss) | 9901 | €69,931 | -€56,566 | -€126,497 | |
| Financial income | 75/76B | €2,140 | €122,141 | +€120,001 | +5607.2% |
| Recurring financial income | 75 | €2,140 | €122,141 | +€120,001 | +5607.2% |
| Financial charges | 65/66B | €24,432 | €21,434 | -€2,998 | -12.3% |
| Recurring financial charges | 65 | €24,432 | €21,434 | -€2,998 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €47,639 | €44,141 | -€3,498 | -7.3% |
| Income taxes | 67/77 | €16,681 | €16,480 | -€201 | -1.2% |
| Profit (loss) for the period | 9904 | €30,958 | €27,661 | -€3,297 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,958 | €27,661 | -€3,297 | -10.6% |
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 9 October 2026 via checked.be.