ADSER: 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.
ADSER
Largest movements
- Tangible fixed assets +€906,928
up €906,928 (+843.3%), from €107,539 to €1.0m
of which Land and buildings: +€920,948
- Current investments -€60,249
down €60,249 (-86.1%), from €70,000 to €9,751
- Receivables within one year +€18,106
up €18,106 (+561.9%), from €3,222 to €21,328
of which Trade receivables: +€9,293
- Cash -€15,512
down €15,512 (-32.9%), from €47,181 to €31,669
mainly Investment in fixed assets (net) (-€945,562) and Net result for the year (-€75,870)
- Debts after one year +€765,415
up €765,415 (+2641.0%), from €28,982 to €794,397
- Other debts +€127,225
up €127,225 (+965.6%), from €13,176 to €140,401
- Profit (loss) carried forward -€61,720
new in 2025: -€61,720
- Current portion of long-term debt +€36,083
up €36,083 (+168.5%), from €21,413 to €57,496
- Reserves -€24,150
down €24,150 (-17.2%), from €140,460 to €116,310
- Gross operating margin -€98,265
down €98,265, from €84,150 to -€14,115
- Taxes -€8,094
down €8,094 (-96.7%), from €8,366 to €273
- Staff costs +€6,656
up €6,656 (+41.8%), from €15,916 to €22,572
- Financial charges -€5,209
down €5,209 (-66.6%), from €7,828 to €2,618
- Depreciation +€3,465
up €3,465 (+9.9%), from €35,169 to €38,634
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 | €233,196 | €1,083,595 | +€850,399 | +364.7% |
| Fixed assets | 21/28 | €107,539 | €1,014,467 | +€906,928 | +843.3% |
| Tangible fixed assets | 22/27 | €107,539 | €1,014,467 | +€906,928 | +843.3% |
| Land and buildings | 22 | €28,698 | €949,646 | +€920,948 | +3209.1% |
| Plant, machinery and equipment | 23 | €36,400 | €35,983 | -€416 | -1.1% |
| Furniture and vehicles | 24 | €42,441 | €28,838 | -€13,604 | -32.1% |
| Current assets | 29/58 | €125,657 | €69,128 | -€56,529 | -45.0% |
| Amounts receivable within one year | 40/41 | €3,222 | €21,328 | +€18,106 | +561.9% |
| Trade receivables | 40 | €1,583 | €10,876 | +€9,293 | +587.1% |
| Other amounts receivable | 41 | €1,639 | €10,452 | +€8,812 | +537.6% |
| Current investments | 50/53 | €70,000 | €9,751 | -€60,249 | -86.1% |
| Cash at bank and in hand | 54/58 | €47,181 | €31,669 | -€15,512 | -32.9% |
| Deferred charges and accrued income | 490/1 | €5,254 | €6,380 | +€1,125 | +21.4% |
| Total equity and liabilities | 10/49 | €233,196 | €1,083,595 | +€850,399 | +364.7% |
| Equity | 10/15 | €159,060 | €73,190 | -€85,870 | -54.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €140,460 | €116,310 | -€24,150 | -17.2% |
| Distributable reserves | 133 | €140,460 | €116,310 | -€24,150 | -17.2% |
| Profit (loss) carried forward | 14 | - | -€61,720 | -€61,720 | |
| Amounts payable | 17/49 | €74,136 | €1,010,405 | +€936,269 | +1262.9% |
| Amounts payable after more than one year | 17 | €28,982 | €794,397 | +€765,415 | +2641.0% |
| Financial debts | 170/4 | €28,982 | €794,397 | +€765,415 | +2641.0% |
| Amounts payable within one year | 42/48 | €39,004 | €206,040 | +€167,036 | +428.3% |
| Current portion of amounts payable after more than one year | 42 | €21,413 | €57,496 | +€36,083 | +168.5% |
| Trade debts | 44 | €2,820 | €1,367 | -€1,453 | -51.5% |
| Suppliers | 440/4 | €2,820 | €1,367 | -€1,453 | -51.5% |
| Taxes, remuneration and social security | 45 | €1,595 | €6,777 | +€5,181 | +324.7% |
| Taxes | 450/3 | €973 | €3,805 | +€2,833 | +291.3% |
| Remuneration and social security | 454/9 | €623 | €2,971 | +€2,348 | +377.0% |
| Other amounts payable | 47/48 | €13,176 | €140,401 | +€127,225 | +965.6% |
| Accrued charges and deferred income | 492/3 | €6,150 | €9,968 | +€3,818 | +62.1% |
| Remuneration, social security and pensions | 62 | €15,916 | €22,572 | +€6,656 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,169 | €38,634 | +€3,465 | +9.9% |
| Other operating charges | 640/8 | €226 | €457 | +€232 | +102.8% |
| Gross operating margin | 9900 | €84,150 | -€14,115 | -€98,265 | |
| Operating profit (loss) | 9901 | €32,840 | -€75,779 | -€108,618 | |
| Financial income | 75/76B | €748 | €2,799 | +€2,052 | +274.4% |
| Recurring financial income | 75 | €748 | €2,799 | +€2,052 | +274.4% |
| Financial charges | 65/66B | €7,828 | €2,618 | -€5,209 | -66.6% |
| Recurring financial charges | 65 | €7,828 | €2,618 | -€5,209 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | €25,760 | -€75,597 | -€101,357 | |
| Income taxes | 67/77 | €8,366 | €273 | -€8,094 | -96.7% |
| Profit (loss) for the period | 9904 | €17,394 | -€75,870 | -€93,264 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,394 | -€75,870 | -€93,264 |
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 4 October 2026 via checked.be.