ADSO: 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.
ADSO
Largest movements
- Receivables within one year -€75,038
down €75,038 (-59.3%), from €126,498 to €51,460
of which Trade receivables: -€71,121
- Cash +€30,817
up €30,817 (+885%), from €3,483 to €34,300
mainly Receivables within one year (+€75,038) and Net result for the year (+€68,807)
- Tangible fixed assets -€16,606
down €16,606 (-34.9%), from €47,596 to €30,990
of which Leasing and similar rights: -€9,917
- Stocks and contracts -€7,146
down €7,146 (-6.9%), from €104,075 to €96,929
- Financial fixed assets -€7,005
no longer reported in 2025 (was €7,005)
- Profit (loss) carried forward +€68,807
up €68,807 (+29.9%), from -€230,216 to -€161,409
- Debts after one year -€42,714
down €42,714 (-33.0%), from €129,436 to €86,722
- Trade debts -€39,367
down €39,367 (-49.7%), from €79,183 to €39,816
- Accrued charges and deferred income -€30,243
no longer reported in 2025 (was €30,243)
- Short-term financial debts -€17,184
down €17,184 (-25.6%), from €67,184 to €50,000
- Gross operating margin +€103,355
up €103,355 (+275%), from €37,644 to €140,998
- Other operating charges -€35,933
down €35,933 (-95.1%), from €37,773 to €1,840
- Staff costs -€13,415
down €13,415 (-26.0%), from €51,663 to €38,248
- Depreciation -€7,573
down €7,573 (-31.1%), from €24,314 to €16,741
- Financial charges -€3,687
down €3,687 (-27.7%), from €13,301 to €9,614
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 | €291,974 | €215,943 | -€76,031 | -26.0% |
| Fixed assets | 21/28 | €56,001 | €30,990 | -€25,011 | -44.7% |
| Intangible fixed assets | 21 | €1,400 | - | -€1,400 | |
| Tangible fixed assets | 22/27 | €47,596 | €30,990 | -€16,606 | -34.9% |
| Plant, machinery and equipment | 23 | €5,908 | €11,119 | +€5,211 | +88.2% |
| Furniture and vehicles | 24 | €2,426 | €424 | -€2,003 | -82.5% |
| Leasing and similar rights | 25 | €10,987 | €1,071 | -€9,917 | -90.3% |
| Other tangible fixed assets | 26 | €28,274 | €18,376 | -€9,898 | -35.0% |
| Financial fixed assets | 28 | €7,005 | - | -€7,005 | |
| Current assets | 29/58 | €235,973 | €184,953 | -€51,020 | -21.6% |
| Stocks and contracts in progress | 3 | €104,075 | €96,929 | -€7,146 | -6.9% |
| Stocks | 30/36 | €104,075 | €96,929 | -€7,146 | -6.9% |
| Amounts receivable within one year | 40/41 | €126,498 | €51,460 | -€75,038 | -59.3% |
| Trade receivables | 40 | €122,433 | €51,312 | -€71,121 | -58.1% |
| Other amounts receivable | 41 | €4,065 | €148 | -€3,917 | -96.4% |
| Cash at bank and in hand | 54/58 | €3,483 | €34,300 | +€30,817 | +885% |
| Deferred charges and accrued income | 490/1 | €1,917 | €2,264 | +€347 | +18.1% |
| Total equity and liabilities | 10/49 | €291,974 | €215,943 | -€76,031 | -26.0% |
| Equity | 10/15 | -€117,441 | -€48,634 | +€68,807 | +58.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,175 | €94,175 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €92,315 | €92,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€230,216 | -€161,409 | +€68,807 | +29.9% |
| Amounts payable | 17/49 | €409,415 | €264,578 | -€144,837 | -35.4% |
| Amounts payable after more than one year | 17 | €129,436 | €86,722 | -€42,714 | -33.0% |
| Financial debts | 170/4 | €129,436 | €86,722 | -€42,714 | -33.0% |
| Amounts payable within one year | 42/48 | €249,736 | €177,856 | -€71,881 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €58,563 | €47,949 | -€10,614 | -18.1% |
| Financial debts | 43 | €67,184 | €50,000 | -€17,184 | -25.6% |
| Credit institutions | 430/8 | €67,184 | €50,000 | -€17,184 | -25.6% |
| Trade debts | 44 | €79,183 | €39,816 | -€39,367 | -49.7% |
| Suppliers | 440/4 | €79,183 | €39,816 | -€39,367 | -49.7% |
| Taxes, remuneration and social security | 45 | €9,206 | €7,384 | -€1,822 | -19.8% |
| Taxes | 450/3 | €3,062 | €2,069 | -€993 | -32.4% |
| Remuneration and social security | 454/9 | €6,144 | €5,316 | -€828 | -13.5% |
| Other amounts payable | 47/48 | €35,600 | €32,707 | -€2,894 | -8.1% |
| Accrued charges and deferred income | 492/3 | €30,243 | - | -€30,243 | |
| Remuneration, social security and pensions | 62 | €51,663 | €38,248 | -€13,415 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,314 | €16,741 | -€7,573 | -31.1% |
| Other operating charges | 640/8 | €37,773 | €1,840 | -€35,933 | -95.1% |
| Non-recurring operating charges | 66A | - | €8,832 | +€8,832 | |
| Gross operating margin | 9900 | €37,644 | €140,998 | +€103,355 | +275% |
| Operating profit (loss) | 9901 | -€76,106 | €75,337 | +€151,443 | |
| Financial income | 75/76B | €6 | €3,241 | +€3,235 | +57,561% |
| Recurring financial income | 75 | €6 | €3,241 | +€3,235 | +57,561% |
| Financial charges | 65/66B | €13,301 | €9,614 | -€3,687 | -27.7% |
| Recurring financial charges | 65 | €13,301 | €9,614 | -€3,687 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | -€89,401 | €68,963 | +€158,364 | |
| Income taxes | 67/77 | €166 | €157 | -€9 | -5.4% |
| Profit (loss) for the period | 9904 | -€89,567 | €68,807 | +€158,373 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,567 | €68,807 | +€158,373 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.