ADSG: 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.
ADSG
Largest movements
- Tangible fixed assets +€142,014
up €142,014 (+26.8%), from €529,980 to €671,993
of which Other tangible fixed assets: +€146,939
- Cash +€53,831
up €53,831 (+76.4%), from €70,484 to €124,315
mainly Other debts (+€142,151) and Depreciation (+€94,153)
- Other debts +€142,151
up €142,151 (+29.9%), from €474,799 to €616,950
- Debts after one year +€53,751
up €53,751 (+34.5%), from €155,604 to €209,356
- Trade debts -€12,783
down €12,783 (-44.9%), from €28,450 to €15,667
- Current portion of long-term debt +€11,673
up €11,673 (+34.1%), from €34,253 to €45,925
- Gross operating margin +€29,977
up €29,977 (+24.2%), from €123,945 to €153,922
- Depreciation +€11,401
up €11,401 (+13.8%), from €82,752 to €94,153
- Staff costs +€4,855
up €4,855 (+11.9%), from €40,638 to €45,493
- Other operating charges +€4,627
up €4,627 (+128%), from €3,604 to €8,231
- Financial income +€2,348
up €2,348 (+312%), from €753 to €3,101
of which Financial income: +€2,355
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 | €739,448 | €937,778 | +€198,330 | +26.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €539,180 | €688,193 | +€149,014 | +27.6% |
| Tangible fixed assets | 22/27 | €529,980 | €671,993 | +€142,014 | +26.8% |
| Land and buildings | 22 | €189,690 | €181,201 | -€8,489 | -4.5% |
| Plant, machinery and equipment | 23 | €253,484 | €224,091 | -€29,394 | -11.6% |
| Furniture and vehicles | 24 | €27,214 | €60,172 | +€32,958 | +121% |
| Other tangible fixed assets | 26 | €59,591 | €206,530 | +€146,939 | +247% |
| Financial fixed assets | 28 | €9,200 | €16,200 | +€7,000 | +76.1% |
| Current assets | 29/58 | €200,268 | €249,585 | +€49,316 | +24.6% |
| Stocks and contracts in progress | 3 | €38,708 | €39,228 | +€520 | +1.3% |
| Stocks | 30/36 | €38,708 | €39,228 | +€520 | +1.3% |
| Amounts receivable within one year | 40/41 | €86,332 | €82,269 | -€4,063 | -4.7% |
| Trade receivables | 40 | €82,765 | €82,269 | -€496 | -0.6% |
| Other amounts receivable | 41 | €3,567 | - | -€3,567 | |
| Cash at bank and in hand | 54/58 | €70,484 | €124,315 | +€53,831 | +76.4% |
| Deferred charges and accrued income | 490/1 | €4,745 | €3,773 | -€971 | -20.5% |
| Total equity and liabilities | 10/49 | €739,448 | €937,778 | +€198,330 | +26.8% |
| Equity | 10/15 | €30,878 | €31,759 | +€881 | +2.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,946 | €22,574 | +€1,628 | +7.8% |
| Investment grants | 15 | €3,732 | €2,985 | -€746 | -20.0% |
| Amounts payable | 17/49 | €708,570 | €906,019 | +€197,449 | +27.9% |
| Amounts payable after more than one year | 17 | €155,604 | €209,356 | +€53,751 | +34.5% |
| Financial debts | 170/4 | €155,604 | €209,356 | +€53,751 | +34.5% |
| Amounts payable within one year | 42/48 | €552,966 | €696,664 | +€143,698 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €34,253 | €45,925 | +€11,673 | +34.1% |
| Financial debts | 43 | €1,313 | €768 | -€545 | -41.5% |
| Credit institutions | 430/8 | €1,313 | €768 | -€545 | -41.5% |
| Trade debts | 44 | €28,450 | €15,667 | -€12,783 | -44.9% |
| Suppliers | 440/4 | €28,450 | €15,667 | -€12,783 | -44.9% |
| Taxes, remuneration and social security | 45 | €14,152 | €17,353 | +€3,202 | +22.6% |
| Taxes | 450/3 | €3,391 | €9,280 | +€5,890 | +174% |
| Remuneration and social security | 454/9 | €10,761 | €8,073 | -€2,688 | -25.0% |
| Other amounts payable | 47/48 | €474,799 | €616,950 | +€142,151 | +29.9% |
| Remuneration, social security and pensions | 62 | €40,638 | €45,493 | +€4,855 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,752 | €94,153 | +€11,401 | +13.8% |
| Other operating charges | 640/8 | €3,604 | €8,231 | +€4,627 | +128% |
| Non-recurring operating charges | 66A | - | €233 | +€233 | |
| Gross operating margin | 9900 | €123,945 | €153,922 | +€29,977 | +24.2% |
| Operating profit (loss) | 9901 | -€3,050 | €5,811 | +€8,861 | |
| Financial income | 75/76B | €753 | €3,101 | +€2,348 | +312% |
| Recurring financial income | 75 | €746 | €3,101 | +€2,355 | +316% |
| Non-recurring financial income | 76B | €7 | - | -€7 | |
| Financial charges | 65/66B | €5,496 | €7,285 | +€1,789 | +32.5% |
| Recurring financial charges | 65 | €5,496 | €7,203 | +€1,707 | +31.1% |
| Non-recurring financial charges | 66B | - | €82 | +€82 | |
| Profit (loss) for the period before taxes | 9903 | -€7,792 | €1,628 | +€9,420 | |
| Profit (loss) for the period | 9904 | -€7,792 | €1,628 | +€9,420 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,792 | €1,628 | +€9,420 |
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 13 October 2026 via checked.be.