ADVERFI: 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.
ADVERFI
Largest movements
- Tangible fixed assets +€79,492
up €79,492 (+15.0%), from €530,156 to €609,648
of which Plant, machinery and equipment: +€103,231
- Receivables within one year -€29,681
down €29,681 (-48.9%), from €60,670 to €30,988
of which Trade receivables: -€28,335
- Trade debts +€53,988
up €53,988 (+190%), from €28,352 to €82,340
- Debts after one year -€38,122
down €38,122 (-7.3%), from €524,197 to €486,075
- Current portion of long-term debt +€17,958
up €17,958 (+28.4%), from €63,177 to €81,135
- Staff costs +€57,196
up €57,196 (+29.1%), from €196,730 to €253,927
- Depreciation -€29,026
down €29,026 (-44.4%), from €65,307 to €36,281
- Gross operating margin +€26,400
up €26,400 (+7.0%), from €377,519 to €403,919
- Financial income +€9,412
up €9,412 (+20.7%), from €45,395 to €54,807
- Financial charges +€5,355
up €5,355 (+33.8%), from €15,853 to €21,208
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 | €885,068 | €921,855 | +€36,788 | +4.2% |
| Fixed assets | 21/28 | €708,847 | €784,489 | +€75,642 | +10.7% |
| Intangible fixed assets | 21 | €12,192 | €8,342 | -€3,850 | -31.6% |
| Tangible fixed assets | 22/27 | €530,156 | €609,648 | +€79,492 | +15.0% |
| Land and buildings | 22 | €458,852 | €448,105 | -€10,748 | -2.3% |
| Plant, machinery and equipment | 23 | €11,004 | €114,236 | +€103,231 | +938% |
| Furniture and vehicles | 24 | €60,299 | €47,307 | -€12,992 | -21.5% |
| Financial fixed assets | 28 | €166,500 | €166,500 | = | 0.0% |
| Current assets | 29/58 | €176,220 | €137,366 | -€38,854 | -22.0% |
| Amounts receivable within one year | 40/41 | €60,670 | €30,988 | -€29,681 | -48.9% |
| Trade receivables | 40 | €47,423 | €19,088 | -€28,335 | -59.8% |
| Other amounts receivable | 41 | €13,247 | €11,901 | -€1,346 | -10.2% |
| Current investments | 50/53 | €96,200 | €96,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,843 | €7,400 | -€8,444 | -53.3% |
| Deferred charges and accrued income | 490/1 | €3,508 | €2,778 | -€729 | -20.8% |
| Total equity and liabilities | 10/49 | €885,068 | €921,855 | +€36,788 | +4.2% |
| Equity | 10/15 | €99,312 | €100,642 | +€1,330 | +1.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €93,112 | €94,442 | +€1,330 | +1.4% |
| Distributable reserves | 133 | €93,112 | €94,442 | +€1,330 | +1.4% |
| Amounts payable | 17/49 | €785,756 | €821,214 | +€35,458 | +4.5% |
| Amounts payable after more than one year | 17 | €524,197 | €486,075 | -€38,122 | -7.3% |
| Financial debts | 170/4 | €524,197 | €486,075 | -€38,122 | -7.3% |
| Amounts payable within one year | 42/48 | €261,559 | €335,139 | +€73,580 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €63,177 | €81,135 | +€17,958 | +28.4% |
| Trade debts | 44 | €28,352 | €82,340 | +€53,988 | +190% |
| Suppliers | 440/4 | €28,352 | €82,340 | +€53,988 | +190% |
| Taxes, remuneration and social security | 45 | €29,548 | €31,664 | +€2,116 | +7.2% |
| Taxes | 450/3 | €4,409 | €1,982 | -€2,427 | -55.1% |
| Remuneration and social security | 454/9 | €25,139 | €29,682 | +€4,544 | +18.1% |
| Other amounts payable | 47/48 | €140,482 | €140,000 | -€482 | -0.3% |
| Remuneration, social security and pensions | 62 | €196,730 | €253,927 | +€57,196 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,307 | €36,281 | -€29,026 | -44.4% |
| Other operating charges | 640/8 | €1,878 | €3,015 | +€1,137 | +60.5% |
| Gross operating margin | 9900 | €377,519 | €403,919 | +€26,400 | +7.0% |
| Operating profit (loss) | 9901 | €113,604 | €110,696 | -€2,907 | -2.6% |
| Financial income | 75/76B | €45,395 | €54,807 | +€9,412 | +20.7% |
| Recurring financial income | 75 | €45,395 | €54,807 | +€9,412 | +20.7% |
| Financial charges | 65/66B | €15,853 | €21,208 | +€5,355 | +33.8% |
| Recurring financial charges | 65 | €15,853 | €21,208 | +€5,355 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €143,146 | €144,295 | +€1,149 | +0.8% |
| Income taxes | 67/77 | €2,942 | €2,965 | +€23 | +0.8% |
| Profit (loss) for the period | 9904 | €140,203 | €141,330 | +€1,126 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €140,203 | €141,330 | +€1,126 | +0.8% |
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 28 October 2026 via checked.be.