ADSM: 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.
ADSM
Largest movements
- Formation expenses -€531
no longer reported in 2025 (was €531)
- Cash +€67
up €67 (+108.4%), from €62 to €128
mainly Depreciation (+€531) and Other debts (+€220)
- Profit (loss) carried forward -€684
down €684 (-84.8%), from -€807 to -€1,492
- Other debts +€220
up €220 (+220.0%), from €100 to €320
- Depreciation -€238
down €238 (-30.9%), from €769 to €531
- Financial charges +€115
up €115 (+298.9%), from €38 to €153
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 | €593 | €128 | -€464 | -78.4% |
| Formation expenses | 20 | €531 | - | -€531 | |
| Current assets | 29/58 | €62 | €128 | +€67 | +108.4% |
| Cash at bank and in hand | 54/58 | €62 | €128 | +€67 | +108.4% |
| Total equity and liabilities | 10/49 | €593 | €128 | -€464 | -78.4% |
| Equity | 10/15 | €493 | -€192 | -€684 | |
| Contributions | 10/11 | €1,300 | €1,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€807 | -€1,492 | -€684 | -84.8% |
| Amounts payable | 17/49 | €100 | €320 | +€220 | +220.0% |
| Amounts payable within one year | 42/48 | €100 | €320 | +€220 | +220.0% |
| Other amounts payable | 47/48 | €100 | €320 | +€220 | +220.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | €531 | -€238 | -30.9% |
| Gross operating margin | 9900 | - | €0 | = | |
| Operating profit (loss) | 9901 | -€769 | -€531 | +€238 | +30.9% |
| Financial charges | 65/66B | €38 | €153 | +€115 | +298.9% |
| Recurring financial charges | 65 | €38 | €153 | +€115 | +298.9% |
| Profit (loss) for the period before taxes | 9903 | -€807 | -€684 | +€123 | +15.2% |
| Profit (loss) for the period | 9904 | -€807 | -€684 | +€123 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€807 | -€684 | +€123 | +15.2% |
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 2 October 2026 via checked.be.