ADRS: 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.
ADRS
Largest movements
- Tangible fixed assets -€134,741
down €134,741 (-61.3%), from €219,937 to €85,197
of which Land and buildings: -€140,000
- Current investments +€120,000
new in 2025: €120,000
- Receivables within one year +€27,807
new in 2025: €27,807
of which Trade receivables: +€20,570
- Cash -€14,329
down €14,329 (-37.3%), from €38,460 to €24,131
mainly Current investments (-€120,000) and Receivables within one year (-€27,807)
- Tax, wage and social debts -€19,299
down €19,299 (-52.1%), from €37,046 to €17,747
of which Taxes: -€21,299
- Trade debts +€13,735
up €13,735 (+211.4%), from €6,498 to €20,233
- Reserves +€3,965
up €3,965 (+3.2%), from €124,305 to €128,270
of which Distributable reserves: +€3,965
- Gross operating margin +€19,714
up €19,714 (+78.2%), from €25,201 to €44,916
- Other operating charges +€14,997
up €14,997 (+3134.7%), from €478 to €15,476
- Financial charges +€8,629
up €8,629 (+2262.0%), from €381 to €9,011
- Depreciation -€6,892
down €6,892 (-36.9%), from €18,696 to €11,805
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 | €258,546 | €257,134 | -€1,412 | -0.5% |
| Fixed assets | 21/28 | €219,937 | €85,197 | -€134,741 | -61.3% |
| Tangible fixed assets | 22/27 | €219,937 | €85,197 | -€134,741 | -61.3% |
| Land and buildings | 22 | €140,000 | - | -€140,000 | |
| Furniture and vehicles | 24 | €47,572 | €48,125 | +€553 | +1.2% |
| Other tangible fixed assets | 26 | €32,365 | €37,071 | +€4,707 | +14.5% |
| Current assets | 29/58 | €38,609 | €171,938 | +€133,328 | +345.3% |
| Amounts receivable within one year | 40/41 | - | €27,807 | +€27,807 | |
| Trade receivables | 40 | - | €20,570 | +€20,570 | |
| Other amounts receivable | 41 | - | €7,237 | +€7,237 | |
| Current investments | 50/53 | - | €120,000 | +€120,000 | |
| Cash at bank and in hand | 54/58 | €38,460 | €24,131 | -€14,329 | -37.3% |
| Deferred charges and accrued income | 490/1 | €150 | - | -€150 | |
| Total equity and liabilities | 10/49 | €258,546 | €257,134 | -€1,412 | -0.5% |
| Equity | 10/15 | €142,905 | €146,870 | +€3,965 | +2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €124,305 | €128,270 | +€3,965 | +3.2% |
| Non-distributable reserves | 130/1 | €1,260 | €1,260 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,260 | €1,260 | = | 0.0% |
| Distributable reserves | 133 | €123,045 | €127,010 | +€3,965 | +3.2% |
| Amounts payable | 17/49 | €115,641 | €110,265 | -€5,377 | -4.6% |
| Amounts payable within one year | 42/48 | €115,641 | €110,265 | -€5,377 | -4.6% |
| Trade debts | 44 | €6,498 | €20,233 | +€13,735 | +211.4% |
| Suppliers | 440/4 | €6,498 | €20,233 | +€13,735 | +211.4% |
| Taxes, remuneration and social security | 45 | €37,046 | €17,747 | -€19,299 | -52.1% |
| Taxes | 450/3 | €37,046 | €15,747 | -€21,299 | -57.5% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €72,097 | €72,285 | +€187 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,696 | €11,805 | -€6,892 | -36.9% |
| Other operating charges | 640/8 | €478 | €15,476 | +€14,997 | +3134.7% |
| Gross operating margin | 9900 | €25,201 | €44,916 | +€19,714 | +78.2% |
| Operating profit (loss) | 9901 | €6,026 | €17,635 | +€11,609 | +192.6% |
| Financial income | 75/76B | €1 | €103 | +€102 | +8545.4% |
| Recurring financial income | 75 | €1 | €103 | +€102 | +8545.4% |
| Financial charges | 65/66B | €381 | €9,011 | +€8,629 | +2262.0% |
| Recurring financial charges | 65 | €381 | €9,011 | +€8,629 | +2262.0% |
| Profit (loss) for the period before taxes | 9903 | €5,646 | €8,727 | +€3,081 | +54.6% |
| Income taxes | 67/77 | €4,583 | €4,763 | +€180 | +3.9% |
| Profit (loss) for the period | 9904 | €1,063 | €3,965 | +€2,901 | +272.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,063 | €3,965 | +€2,901 | +272.9% |
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 7 October 2026 via checked.be.