ADROVIGA: 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.
ADROVIGA
Largest movements
- Tangible fixed assets -€102,195
down €102,195 (-3.9%), from €2.6m to €2.5m
of which Land and buildings: -€100,074
- Debts after one year -€65,934
down €65,934 (-13.2%), from €500,864 to €434,930
of which Financial debts: -€65,934
- Profit (loss) carried forward -€38,283
down €38,283 (-32.9%), from -€116,373 to -€154,656
- Depreciation +€5,685
up €5,685 (+5.4%), from €105,884 to €111,569
- Gross operating margin -€5,361
down €5,361 (-5.2%), from €103,159 to €97,798
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 | €2,712,744 | €2,609,109 | -€103,635 | -3.8% |
| Formation expenses | 20 | €268 | €134 | -€134 | -50.0% |
| Fixed assets | 21/28 | €2,643,452 | €2,541,257 | -€102,195 | -3.9% |
| Tangible fixed assets | 22/27 | €2,641,882 | €2,539,687 | -€102,195 | -3.9% |
| Land and buildings | 22 | €2,555,338 | €2,455,264 | -€100,074 | -3.9% |
| Other tangible fixed assets | 26 | €86,544 | €84,423 | -€2,121 | -2.5% |
| Financial fixed assets | 28 | €1,570 | €1,570 | = | 0.0% |
| Current assets | 29/58 | €69,024 | €67,718 | -€1,306 | -1.9% |
| Amounts receivable within one year | 40/41 | €20,664 | €28,917 | +€8,253 | +39.9% |
| Trade receivables | 40 | €20,664 | €28,917 | +€8,253 | +39.9% |
| Cash at bank and in hand | 54/58 | €48,360 | €37,795 | -€10,565 | -21.8% |
| Deferred charges and accrued income | 490/1 | - | €1,006 | +€1,006 | |
| Total equity and liabilities | 10/49 | €2,712,744 | €2,609,109 | -€103,635 | -3.8% |
| Equity | 10/15 | -€97,823 | -€136,106 | -€38,283 | -39.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€116,373 | -€154,656 | -€38,283 | -32.9% |
| Amounts payable | 17/49 | €2,810,567 | €2,745,215 | -€65,352 | -2.3% |
| Amounts payable after more than one year | 17 | €500,864 | €434,930 | -€65,934 | -13.2% |
| Financial debts | 170/4 | €499,464 | €433,530 | -€65,934 | -13.2% |
| Other amounts payable | 178/9 | €1,400 | €1,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,309,703 | €2,310,285 | +€582 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €64,858 | €65,933 | +€1,075 | +1.7% |
| Trade debts | 44 | €493 | - | -€493 | |
| Suppliers | 440/4 | €493 | - | -€493 | |
| Other amounts payable | 47/48 | €2,244,352 | €2,244,352 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,884 | €111,569 | +€5,685 | +5.4% |
| Other operating charges | 640/8 | €14,951 | €15,421 | +€470 | +3.1% |
| Gross operating margin | 9900 | €103,159 | €97,798 | -€5,361 | -5.2% |
| Operating profit (loss) | 9901 | -€17,676 | -€29,192 | -€11,516 | -65.2% |
| Financial charges | 65/66B | €10,090 | €9,091 | -€999 | -9.9% |
| Recurring financial charges | 65 | €10,090 | €9,091 | -€999 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | -€27,766 | -€38,283 | -€10,517 | -37.9% |
| Profit (loss) for the period | 9904 | -€27,766 | -€38,283 | -€10,517 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,766 | -€38,283 | -€10,517 | -37.9% |
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 21 October 2026 via checked.be.