ADSR: 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.
ADSR
Largest movements
- Receivables within one year +€145,241
up €145,241 (+116.0%), from €125,260 to €270,501
of which Other amounts receivable: +€127,091
- Receivables after one year -€94,129
no longer reported in 2025 (was €94,129)
- Cash -€29,860
down €29,860 (-98.3%), from €30,369 to €509
mainly Receivables within one year (-€145,241) and Contributions, distributions and other (-€135,721)
- Other debts +€15,721
up €15,721 (+13.1%), from €120,000 to €135,721
- Trade debts +€4,039
up €4,039 (+105.7%), from €3,821 to €7,860
- Gross operating margin +€71,607
up €71,607 (+66.0%), from €108,431 to €180,037
- Taxes +€25,849
up €25,849 (+102.6%), from €25,187 to €51,036
- Financial charges -€13,547
down €13,547 (-93.8%), from €14,440 to €893
- Financial income +€4,238
up €4,238 (+70.7%), from €5,993 to €10,232
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 | €255,730 | €275,074 | +€19,344 | +7.6% |
| Fixed assets | 21/28 | €5,971 | €4,064 | -€1,907 | -31.9% |
| Tangible fixed assets | 22/27 | €5,671 | €3,764 | -€1,907 | -33.6% |
| Plant, machinery and equipment | 23 | €3,399 | €2,502 | -€897 | -26.4% |
| Furniture and vehicles | 24 | €2,272 | €1,262 | -€1,010 | -44.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €249,759 | €271,010 | +€21,251 | +8.5% |
| Amounts receivable after more than one year | 29 | €94,129 | - | -€94,129 | |
| Other amounts receivable | 291 | €94,129 | - | -€94,129 | |
| Amounts receivable within one year | 40/41 | €125,260 | €270,501 | +€145,241 | +116.0% |
| Trade receivables | 40 | - | €18,150 | +€18,150 | |
| Other amounts receivable | 41 | €125,260 | €252,351 | +€127,091 | +101.5% |
| Cash at bank and in hand | 54/58 | €30,369 | €509 | -€29,860 | -98.3% |
| Total equity and liabilities | 10/49 | €255,730 | €275,074 | +€19,344 | +7.6% |
| Equity | 10/15 | €37,545 | €37,545 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,545 | €35,545 | = | 0.0% |
| Amounts payable | 17/49 | €218,185 | €237,529 | +€19,344 | +8.9% |
| Amounts payable within one year | 42/48 | €218,185 | €237,529 | +€19,344 | +8.9% |
| Trade debts | 44 | €3,821 | €7,860 | +€4,039 | +105.7% |
| Suppliers | 440/4 | €3,821 | €7,860 | +€4,039 | +105.7% |
| Taxes, remuneration and social security | 45 | €94,365 | €93,949 | -€416 | -0.4% |
| Taxes | 450/3 | €94,365 | €93,949 | -€416 | -0.4% |
| Other amounts payable | 47/48 | €120,000 | €135,721 | +€15,721 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,247 | €1,907 | +€661 | +53.0% |
| Other operating charges | 640/8 | €479 | €712 | +€233 | +48.6% |
| Gross operating margin | 9900 | €108,431 | €180,037 | +€71,607 | +66.0% |
| Operating profit (loss) | 9901 | €106,705 | €177,418 | +€70,713 | +66.3% |
| Financial income | 75/76B | €5,993 | €10,232 | +€4,238 | +70.7% |
| Recurring financial income | 75 | €5,993 | €10,232 | +€4,238 | +70.7% |
| Financial charges | 65/66B | €14,440 | €893 | -€13,547 | -93.8% |
| Recurring financial charges | 65 | €14,440 | €893 | -€13,547 | -93.8% |
| Profit (loss) for the period before taxes | 9903 | €98,259 | €186,757 | +€88,498 | +90.1% |
| Income taxes | 67/77 | €25,187 | €51,036 | +€25,849 | +102.6% |
| Profit (loss) for the period | 9904 | €73,072 | €135,721 | +€62,649 | +85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €73,072 | €135,721 | +€62,649 | +85.7% |
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 11 October 2026 via checked.be.