ADW Capital: 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.
ADW Capital
Largest movements
- Receivables within one year -€285,834
down €285,834 (-50.0%), from €571,863 to €286,029
- Cash +€66,866
up €66,866 (+138%), from €48,487 to €115,353
mainly Receivables within one year (+€285,834) and Depreciation (+€1,016)
- Other debts -€141,482
down €141,482 (-100%), from €141,482 to €0
- Profit (loss) carried forward -€76,717
down €76,717, from €0 to -€76,717
- Financial income -€744,957
down €744,957 (-99.5%), from €748,978 to €4,022
- Financial charges -€129,258
down €129,258 (-67.5%), from €191,528 to €62,270
- Taxes -€113,687
down €113,687 (-100%), from €113,687 to €0
- Gross operating margin -€11,057
down €11,057 (-173%), from -€6,395 to -€17,452
- Depreciation +€615
up €615 (+154%), from €400 to €1,016
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 | €622,997 | €403,014 | -€219,983 | -35.3% |
| Fixed assets | 21/28 | €2,647 | €1,631 | -€1,016 | -38.4% |
| Tangible fixed assets | 22/27 | €2,647 | €1,631 | -€1,016 | -38.4% |
| Plant, machinery and equipment | 23 | €2,647 | €1,631 | -€1,016 | -38.4% |
| Current assets | 29/58 | €620,350 | €401,382 | -€218,967 | -35.3% |
| Amounts receivable within one year | 40/41 | €571,863 | €286,029 | -€285,834 | -50.0% |
| Other amounts receivable | 41 | €571,863 | €286,029 | -€285,834 | -50.0% |
| Cash at bank and in hand | 54/58 | €48,487 | €115,353 | +€66,866 | +138% |
| Total equity and liabilities | 10/49 | €622,997 | €403,014 | -€219,983 | -35.3% |
| Equity | 10/15 | €366,044 | €289,327 | -€76,717 | -21.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €361,044 | €361,044 | = | 0.0% |
| Distributable reserves | 133 | €361,044 | €361,044 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€76,717 | -€76,717 | |
| Amounts payable | 17/49 | €256,953 | €113,687 | -€143,266 | -55.8% |
| Amounts payable within one year | 42/48 | €256,953 | €113,687 | -€143,266 | -55.8% |
| Trade debts | 44 | €1,784 | €0 | -€1,784 | -100% |
| Suppliers | 440/4 | €1,784 | €0 | -€1,784 | -100% |
| Taxes, remuneration and social security | 45 | €113,687 | €113,687 | = | 0.0% |
| Taxes | 450/3 | €113,687 | €113,687 | = | 0.0% |
| Other amounts payable | 47/48 | €141,482 | €0 | -€141,482 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400 | €1,016 | +€615 | +154% |
| Gross operating margin | 9900 | -€6,395 | -€17,452 | -€11,057 | -173% |
| Operating profit (loss) | 9901 | -€6,795 | -€18,468 | -€11,673 | -172% |
| Financial income | 75/76B | €748,978 | €4,022 | -€744,957 | -99.5% |
| Recurring financial income | 75 | €748,978 | €4,022 | -€744,957 | -99.5% |
| Financial charges | 65/66B | €191,528 | €62,270 | -€129,258 | -67.5% |
| Recurring financial charges | 65 | €191,528 | €62,270 | -€129,258 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €550,655 | -€76,717 | -€627,372 | |
| Income taxes | 67/77 | €113,687 | €0 | -€113,687 | -100% |
| Profit (loss) for the period | 9904 | €436,968 | -€76,717 | -€513,685 | |
| Profit (loss) for the period to be appropriated | 9905 | €436,968 | -€76,717 | -€513,685 |
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 15 October 2026 via checked.be.