ADSUM II: 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.
What changed
ADSUM II
NACE 47.711, Retail sale of women's outerwear
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15,898
2024 · €46,255-€30,357
Equity
€102,735
2024 · €86,837+€15,898
Cash
€26,550
2024 · €3,717+€22,833
Balance sheet total
€1.7m
2024 · €1.6m+€82,221
Largest movements
Assets
- Financial fixed assets +€145,220
new in 2025: €145,220
- Deferred charges and accrued income -€37,985
down €37,985 (-11.3%), from €337,360 to €299,375
- Tangible fixed assets -€23,766
down €23,766 (-2.3%), from €1.0m to €1.0m
- Cash +€22,833
up €22,833 (+614%), from €3,717 to €26,550
mainly Debts after one year (+€66,568) and Deferred charges and accrued income (+€37,985)
- Stocks and contracts -€17,925
down €17,925 (-10.7%), from €167,095 to €149,169
Equity and liabilities
- Debts after one year +€66,568
up €66,568 (+5.4%), from €1.2m to €1.3m
- Current portion of long-term debt +€21,079
up €21,079 (+13.4%), from €157,492 to €178,571
- Other debts -€16,892
down €16,892 (-30.3%), from €55,727 to €38,835
Income statement
- Gross operating margin -€29,974
down €29,974 (-21.9%), from €136,769 to €106,795
- Write-downs +€3,117
up €3,117 (+35.7%), from €8,735 to €11,852
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.
Result 2024
€46,255
Gross operating margin
-€29,974
Depreciation
+€216
Write-downs
-€3,117
Other operating charges
+€290
Other operating items
+€586
Financial income
+€322
Financial charges
+€1,346
Taxes
-€26
Result 2025
€15,898
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€80,406
Investment
-€145,220
Financing
+€87,647
Cash 2024
€3,717
From operations (derived)
+€80,406
Net result for the year
+€15,898
Depreciation
+€27,048
Stocks and contracts
+€17,925
Receivables within one year
+€2,875
Deferred charges and accrued income
+€37,985
Trade debts
-€627
Tax, wage and social debts
-€4,815
Advances received
+€135
Other debts
-€16,892
Accrued charges and deferred income
+€874
Investment (derived)
-€145,220
Investment in fixed assets (net)
-€145,220
Financing
+€87,647
Debts after one year
+€66,568
Current portion of long-term debt
+€21,079
Cash 2025
€26,550
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,580,576 | €1,662,797 | +€82,221 | +5.2% |
| Fixed assets | 21/28 | €1,044,581 | €1,162,754 | +€118,172 | +11.3% |
| Intangible fixed assets | 21 | €13,911 | €10,630 | -€3,281 | -23.6% |
| Tangible fixed assets | 22/27 | €1,030,670 | €1,006,904 | -€23,766 | -2.3% |
| Land and buildings | 22 | €928,086 | €918,438 | -€9,648 | -1.0% |
| Plant, machinery and equipment | 23 | €3,380 | €2,424 | -€956 | -28.3% |
| Furniture and vehicles | 24 | €56,161 | €47,307 | -€8,854 | -15.8% |
| Other tangible fixed assets | 26 | €43,044 | €38,735 | -€4,309 | -10.0% |
| Financial fixed assets | 28 | - | €145,220 | +€145,220 | |
| Current assets | 29/58 | €535,995 | €500,043 | -€35,952 | -6.7% |
| Stocks and contracts in progress | 3 | €167,095 | €149,169 | -€17,925 | -10.7% |
| Stocks | 30/36 | €167,095 | €149,169 | -€17,925 | -10.7% |
| Amounts receivable within one year | 40/41 | €27,823 | €24,949 | -€2,875 | -10.3% |
| Trade receivables | 40 | €26,402 | €23,749 | -€2,654 | -10.1% |
| Other amounts receivable | 41 | €1,421 | €1,200 | -€221 | -15.6% |
| Cash at bank and in hand | 54/58 | €3,717 | €26,550 | +€22,833 | +614% |
| Deferred charges and accrued income | 490/1 | €337,360 | €299,375 | -€37,985 | -11.3% |
| Total equity and liabilities | 10/49 | €1,580,576 | €1,662,797 | +€82,221 | +5.2% |
| Equity | 10/15 | €86,837 | €102,735 | +€15,898 | +18.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €185,117 | €185,117 | = | 0.0% |
| Distributable reserves | 133 | €185,117 | €185,117 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,680 | -€94,783 | +€15,898 | +14.4% |
| Amounts payable | 17/49 | €1,493,739 | €1,560,062 | +€66,323 | +4.4% |
| Amounts payable after more than one year | 17 | €1,241,974 | €1,308,542 | +€66,568 | +5.4% |
| Financial debts | 170/4 | €1,241,974 | €1,308,542 | +€66,568 | +5.4% |
| Amounts payable within one year | 42/48 | €246,843 | €245,723 | -€1,119 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €157,492 | €178,571 | +€21,079 | +13.4% |
| Trade debts | 44 | €9,239 | €8,612 | -€627 | -6.8% |
| Suppliers | 440/4 | €9,239 | €8,612 | -€627 | -6.8% |
| Advances received on contracts in progress | 46 | - | €135 | +€135 | |
| Taxes, remuneration and social security | 45 | €24,385 | €19,570 | -€4,815 | -19.7% |
| Taxes | 450/3 | €24,385 | €19,570 | -€4,815 | -19.7% |
| Other amounts payable | 47/48 | €55,727 | €38,835 | -€16,892 | -30.3% |
| Accrued charges and deferred income | 492/3 | €4,922 | €5,797 | +€874 | +17.8% |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,263 | €27,048 | -€216 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,735 | €11,852 | +€3,117 | +35.7% |
| Other operating charges | 640/8 | €5,441 | €5,151 | -€290 | -5.3% |
| Non-recurring operating charges | 66A | €1,296 | €710 | -€586 | -45.2% |
| Gross operating margin | 9900 | €136,769 | €106,795 | -€29,974 | -21.9% |
| Operating profit (loss) | 9901 | €94,033 | €62,034 | -€32,000 | -34.0% |
| Financial income | 75/76B | €139 | €461 | +€322 | +233% |
| Recurring financial income | 75 | €139 | €461 | +€322 | +233% |
| Financial charges | 65/66B | €47,738 | €46,392 | -€1,346 | -2.8% |
| Recurring financial charges | 65 | €47,738 | €46,392 | -€1,346 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €46,433 | €16,102 | -€30,331 | -65.3% |
| Income taxes | 67/77 | €179 | €205 | +€26 | +14.5% |
| Profit (loss) for the period | 9904 | €46,255 | €15,898 | -€30,357 | -65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,255 | €15,898 | -€30,357 | -65.6% |
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 25 October 2026 via checked.be.