ADRIMAX: 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.
ADRIMAX
Largest movements
- Receivables within one year +€75,548
up €75,548 (+52.7%), from €143,482 to €219,030
- Cash +€10,562
up €10,562 (+734%), from €1,439 to €12,001
mainly Other debts (+€71,096) and Net result for the year (+€23,127)
- Other debts +€71,096
up €71,096 (+188%), from €37,826 to €108,922
- Reserves +€20,000
up €20,000 (+2.7%), from €736,860 to €756,860
of which Distributable reserves: +€20,000
- Tax, wage and social debts -€14,700
down €14,700 (-42.5%), from €34,602 to €19,902
- Current portion of long-term debt +€10,085
new in 2025: €10,085
- Gross operating margin -€98,550
down €98,550 (-94.8%), from €103,945 to €5,395
- Taxes -€43,165
down €43,165, from €27,500 to -€15,665
- Financial income +€5,113
new in 2025: €5,113
- Financial charges +€1,729
up €1,729 (+415%), from €417 to €2,146
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 | €821,596 | €912,325 | +€90,729 | +11.0% |
| Fixed assets | 21/28 | €676,675 | €676,181 | -€494 | -0.1% |
| Tangible fixed assets | 22/27 | €1,876 | €1,382 | -€494 | -26.3% |
| Furniture and vehicles | 24 | €1,876 | €1,382 | -€494 | -26.3% |
| Financial fixed assets | 28 | €674,799 | €674,799 | = | 0.0% |
| Current assets | 29/58 | €144,922 | €236,145 | +€91,223 | +62.9% |
| Amounts receivable within one year | 40/41 | €143,482 | €219,030 | +€75,548 | +52.7% |
| Other amounts receivable | 41 | €143,482 | €219,030 | +€75,548 | +52.7% |
| Cash at bank and in hand | 54/58 | €1,439 | €12,001 | +€10,562 | +734% |
| Deferred charges and accrued income | 490/1 | - | €5,113 | +€5,113 | |
| Total equity and liabilities | 10/49 | €821,596 | €912,325 | +€90,729 | +11.0% |
| Equity | 10/15 | €746,882 | €770,009 | +€23,127 | +3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €736,860 | €756,860 | +€20,000 | +2.7% |
| 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 | €735,000 | €755,000 | +€20,000 | +2.7% |
| Profit (loss) carried forward | 14 | €3,822 | €6,949 | +€3,127 | +81.8% |
| Amounts payable | 17/49 | €74,714 | €142,316 | +€67,602 | +90.5% |
| Amounts payable within one year | 42/48 | €74,648 | €140,445 | +€65,797 | +88.1% |
| Current portion of amounts payable after more than one year | 42 | - | €10,085 | +€10,085 | |
| Trade debts | 44 | €2,220 | €1,537 | -€684 | -30.8% |
| Suppliers | 440/4 | €2,220 | €1,537 | -€684 | -30.8% |
| Taxes, remuneration and social security | 45 | €34,602 | €19,902 | -€14,700 | -42.5% |
| Taxes | 450/3 | €34,602 | €19,902 | -€14,700 | -42.5% |
| Other amounts payable | 47/48 | €37,826 | €108,922 | +€71,096 | +188% |
| Accrued charges and deferred income | 492/3 | €66 | €1,871 | +€1,805 | +2,736% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100 | €494 | +€394 | +393% |
| Other operating charges | 640/8 | €387 | €407 | +€19 | +5.0% |
| Gross operating margin | 9900 | €103,945 | €5,395 | -€98,550 | -94.8% |
| Operating profit (loss) | 9901 | €103,457 | €4,494 | -€98,963 | -95.7% |
| Financial income | 75/76B | - | €5,113 | +€5,113 | |
| Recurring financial income | 75 | - | €5,113 | +€5,113 | |
| Financial charges | 65/66B | €417 | €2,146 | +€1,729 | +415% |
| Recurring financial charges | 65 | €417 | €2,146 | +€1,729 | +415% |
| Profit (loss) for the period before taxes | 9903 | €103,041 | €7,462 | -€95,579 | -92.8% |
| Income taxes | 67/77 | €27,500 | -€15,665 | -€43,165 | |
| Profit (loss) for the period | 9904 | €75,541 | €23,127 | -€52,414 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,541 | €23,127 | -€52,414 | -69.4% |
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 19 October 2026 via checked.be.