ADW CONCEPT: what changed
Two fiscal 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 CONCEPT
Largest movements
- Cash -€24,261
down €24,261 (-11.8%), from €206,166 to €181,905
mainly Investment in fixed assets (net) (-€23,953) and Contributions, distributions and other (-€21,022)
- Tangible fixed assets +€22,030
up €22,030 (+101.5%), from €21,704 to €43,734
of which Plant, machinery and equipment: +€17,883
- Receivables within one year -€2,671
down €2,671 (-28.8%), from €9,276 to €6,605
of which Other amounts receivable: -€1,391
- Profit (loss) carried forward +€22,571
up €22,571 (+24.9%), from €90,772 to €113,343
- Reserves -€21,022
down €21,022 (-21.4%), from €98,092 to €77,070
- Trade debts -€17,971
down €17,971 (-77.7%), from €23,124 to €5,153
- Other debts +€6,106
up €6,106 (+118.4%), from €5,158 to €11,264
- Tax, wage and social debts +€5,414
new in 2025: €5,414
- Gross operating margin +€24,444
up €24,444 (+1644.6%), from €1,486 to €25,930
- Financial income -€3,045
down €3,045 (-85.3%), from €3,568 to €523
of which Non-recurring financial income: -€2,409
- Taxes +€1,884
new in 2025: €1,884
- Depreciation +€417
up €417 (+27.7%), from €1,506 to €1,923
- Other operating charges -€387
no longer reported in 2025 (was €387)
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 | €237,145 | €232,244 | -€4,901 | -2.1% |
| Fixed assets | 21/28 | €21,704 | €43,734 | +€22,030 | +101.5% |
| Tangible fixed assets | 22/27 | €21,704 | €43,734 | +€22,030 | +101.5% |
| Plant, machinery and equipment | 23 | €21,704 | €39,587 | +€17,883 | +82.4% |
| Furniture and vehicles | 24 | - | €4,147 | +€4,147 | |
| Current assets | 29/58 | €215,442 | €188,510 | -€26,932 | -12.5% |
| Amounts receivable within one year | 40/41 | €9,276 | €6,605 | -€2,671 | -28.8% |
| Trade receivables | 40 | €7,884 | €6,605 | -€1,279 | -16.2% |
| Other amounts receivable | 41 | €1,391 | €0 | -€1,391 | -100.0% |
| Cash at bank and in hand | 54/58 | €206,166 | €181,905 | -€24,261 | -11.8% |
| Total equity and liabilities | 10/49 | €237,145 | €232,244 | -€4,901 | -2.1% |
| Equity | 10/15 | €208,864 | €210,413 | +€1,549 | +0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €98,092 | €77,070 | -€21,022 | -21.4% |
| Non-distributable reserves | 130/1 | €98,092 | €77,070 | -€21,022 | -21.4% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Other | 1319 | €96,092 | €75,070 | -€21,022 | -21.9% |
| Profit (loss) carried forward | 14 | €90,772 | €113,343 | +€22,571 | +24.9% |
| Amounts payable | 17/49 | €28,282 | €21,831 | -€6,451 | -22.8% |
| Amounts payable within one year | 42/48 | €28,282 | €21,831 | -€6,451 | -22.8% |
| Trade debts | 44 | €23,124 | €5,153 | -€17,971 | -77.7% |
| Suppliers | 440/4 | €23,124 | €5,153 | -€17,971 | -77.7% |
| Taxes, remuneration and social security | 45 | - | €5,414 | +€5,414 | |
| Taxes | 450/3 | - | €5,414 | +€5,414 | |
| Other amounts payable | 47/48 | €5,158 | €11,264 | +€6,106 | +118.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,506 | €1,923 | +€417 | +27.7% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Non-recurring operating charges | 66A | €2,409 | - | -€2,409 | |
| Gross operating margin | 9900 | €1,486 | €25,930 | +€24,444 | +1644.6% |
| Operating profit (loss) | 9901 | -€2,816 | €24,007 | +€26,823 | |
| Financial income | 75/76B | €3,568 | €523 | -€3,045 | -85.3% |
| Recurring financial income | 75 | €1,159 | €523 | -€636 | -54.9% |
| Non-recurring financial income | 76B | €2,409 | - | -€2,409 | |
| Financial charges | 65/66B | €149 | €75 | -€74 | -49.5% |
| Recurring financial charges | 65 | €149 | €75 | -€74 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €604 | €24,455 | +€23,851 | +3951.4% |
| Income taxes | 67/77 | - | €1,884 | +€1,884 | |
| Profit (loss) for the period | 9904 | €604 | €22,571 | +€21,967 | +3639.3% |
| Profit (loss) for the period to be appropriated | 9905 | €604 | €22,571 | +€21,967 | +3639.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.