ADSEM: 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.
ADSEM
Largest movements
- Cash +€93,816
up €93,816 (+63.7%), from €147,385 to €241,201
mainly Other debts (+€42,412) and Provisions (+€29,800)
- Receivables within one year +€11,435
up €11,435 (+29.4%), from €38,908 to €50,344
of which Trade receivables: +€11,015
- Other debts +€42,412
new in 2025: €42,412
- Provisions +€29,800
new in 2025: €29,800
- Tax, wage and social debts +€24,660
up €24,660 (+198.0%), from €12,452 to €37,113
of which Taxes: +€25,536
- Accrued charges and deferred income +€15,000
up €15,000 (+300.0%), from €5,000 to €20,000
- Profit (loss) carried forward -€4,841
down €4,841 (-3.4%), from €142,425 to €137,584
- Gross operating margin +€42,453
up €42,453 (+64.4%), from €65,914 to €108,367
- Provisions +€29,587
new in 2025: €29,587
- Financial charges +€28,104
up €28,104 (+8715.1%), from €322 to €28,427
- Staff costs +€2,909
up €2,909 (+52.1%), from €5,580 to €8,489
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 | €193,680 | €301,818 | +€108,139 | +55.8% |
| Fixed assets | 21/28 | €6,430 | €8,768 | +€2,338 | +36.4% |
| Intangible fixed assets | 21 | €1,947 | €1,447 | -€500 | -25.7% |
| Tangible fixed assets | 22/27 | €3,883 | €6,721 | +€2,838 | +73.1% |
| Land and buildings | 22 | €234 | €1,662 | +€1,428 | +610.0% |
| Plant, machinery and equipment | 23 | €1,883 | €1,660 | -€223 | -11.8% |
| Furniture and vehicles | 24 | €1,766 | €3,399 | +€1,633 | +92.4% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €187,250 | €293,050 | +€105,801 | +56.5% |
| Amounts receivable within one year | 40/41 | €38,908 | €50,344 | +€11,435 | +29.4% |
| Trade receivables | 40 | €38,908 | €49,924 | +€11,015 | +28.3% |
| Other amounts receivable | 41 | - | €420 | +€420 | |
| Cash at bank and in hand | 54/58 | €147,385 | €241,201 | +€93,816 | +63.7% |
| Deferred charges and accrued income | 490/1 | €956 | €1,506 | +€550 | +57.5% |
| Total equity and liabilities | 10/49 | €193,680 | €301,818 | +€108,139 | +55.8% |
| Equity | 10/15 | €162,885 | €158,044 | -€4,841 | -3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,425 | €137,584 | -€4,841 | -3.4% |
| Provisions and deferred taxes | 16 | - | €29,800 | +€29,800 | |
| Provisions for liabilities and charges | 160/5 | - | €29,800 | +€29,800 | |
| Other liabilities and charges | 164/5 | - | €29,800 | +€29,800 | |
| Amounts payable | 17/49 | €30,794 | €113,974 | +€83,180 | +270.1% |
| Amounts payable within one year | 42/48 | €25,794 | €93,974 | +€68,180 | +264.3% |
| Trade debts | 44 | €13,342 | €14,450 | +€1,108 | +8.3% |
| Suppliers | 440/4 | €13,342 | €14,450 | +€1,108 | +8.3% |
| Taxes, remuneration and social security | 45 | €12,452 | €37,113 | +€24,660 | +198.0% |
| Taxes | 450/3 | €11,576 | €37,113 | +€25,536 | +220.6% |
| Remuneration and social security | 454/9 | €876 | - | -€876 | |
| Other amounts payable | 47/48 | - | €42,412 | +€42,412 | |
| Accrued charges and deferred income | 492/3 | €5,000 | €20,000 | +€15,000 | +300.0% |
| Remuneration, social security and pensions | 62 | €5,580 | €8,489 | +€2,909 | +52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,995 | €2,331 | -€664 | -22.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €29,587 | +€29,587 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €65,914 | €108,367 | +€42,453 | +64.4% |
| Operating profit (loss) | 9901 | €56,951 | €67,560 | +€10,609 | +18.6% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €322 | €28,427 | +€28,104 | +8715.1% |
| Recurring financial charges | 65 | €322 | €28,427 | +€28,104 | +8715.1% |
| Profit (loss) for the period before taxes | 9903 | €56,628 | €39,142 | -€17,486 | -30.9% |
| Income taxes | 67/77 | €14,633 | €14,571 | -€61 | -0.4% |
| Profit (loss) for the period | 9904 | €41,995 | €24,570 | -€17,425 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €41,995 | €24,570 | -€17,425 | -41.5% |
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 29 September 2026 via checked.be.