ADW GN: 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 GN
Largest movements
- Tangible fixed assets -€765,161
down €765,161 (-14.7%), from €5.2m to €4.4m
of which Land and buildings: -€733,057
- Cash +€319,850
up €319,850 (+1854.5%), from €17,247 to €337,097
mainly Investment in fixed assets (net) (+€572,058) and Net result for the year (+€570,102)
- Other debts -€911,711
down €911,711 (-68.5%), from €1.3m to €419,329
- Reserves +€570,102
up €570,102 (+37.9%), from €1.5m to €2.1m
of which Tax-exempt reserves: +€367,191
- Debts after one year -€122,605
down €122,605 (-11.6%), from €1.1m to €929,881
of which Financial debts: -€122,605
- Provisions +€122,397
up €122,397 (+35.7%), from €342,935 to €465,332
- Trade debts -€80,373
down €80,373 (-98.1%), from €81,916 to €1,543
- Gross operating margin +€898,385
up €898,385 (+652.9%), from €137,597 to €1.0m
- Financial charges -€14,377
down €14,377 (-25.0%), from €57,418 to €43,041
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 | €5,222,702 | €4,797,968 | -€424,734 | -8.1% |
| Fixed assets | 21/28 | €5,192,325 | €4,426,704 | -€765,622 | -14.7% |
| Tangible fixed assets | 22/27 | €5,191,864 | €4,426,704 | -€765,161 | -14.7% |
| Land and buildings | 22 | €4,989,794 | €4,256,737 | -€733,057 | -14.7% |
| Plant, machinery and equipment | 23 | €47,912 | €35,371 | -€12,540 | -26.2% |
| Furniture and vehicles | 24 | €63,194 | €43,630 | -€19,564 | -31.0% |
| Other tangible fixed assets | 26 | €90,965 | €90,965 | = | 0.0% |
| Financial fixed assets | 28 | €461 | - | -€461 | |
| Current assets | 29/58 | €30,377 | €371,265 | +€340,888 | +1122.2% |
| Amounts receivable within one year | 40/41 | €10,120 | €34,168 | +€24,048 | +237.6% |
| Trade receivables | 40 | €10,080 | €13,638 | +€3,558 | +35.3% |
| Other amounts receivable | 41 | €40 | €20,530 | +€20,490 | +51379.2% |
| Cash at bank and in hand | 54/58 | €17,247 | €337,097 | +€319,850 | +1854.5% |
| Deferred charges and accrued income | 490/1 | €3,011 | - | -€3,011 | |
| Total equity and liabilities | 10/49 | €5,222,702 | €4,797,968 | -€424,734 | -8.1% |
| Equity | 10/15 | €2,261,593 | €2,831,695 | +€570,102 | +25.2% |
| Contributions | 10/11 | €756,252 | €756,252 | = | 0.0% |
| Reserves | 13 | €1,505,341 | €2,075,443 | +€570,102 | +37.9% |
| Tax-exempt reserves | 132 | €1,028,806 | €1,395,997 | +€367,191 | +35.7% |
| Distributable reserves | 133 | €476,535 | €679,446 | +€202,911 | +42.6% |
| Provisions and deferred taxes | 16 | €342,935 | €465,332 | +€122,397 | +35.7% |
| Deferred taxes | 168 | €342,935 | €465,332 | +€122,397 | +35.7% |
| Amounts payable | 17/49 | €2,618,174 | €1,500,942 | -€1.1m | -42.7% |
| Amounts payable after more than one year | 17 | €1,052,486 | €929,881 | -€122,605 | -11.6% |
| Financial debts | 170/4 | €1,037,486 | €914,881 | -€122,605 | -11.8% |
| Other amounts payable | 178/9 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,564,439 | €569,811 | -€994,628 | -63.6% |
| Current portion of amounts payable after more than one year | 42 | €121,754 | €122,605 | +€851 | +0.7% |
| Trade debts | 44 | €81,916 | €1,543 | -€80,373 | -98.1% |
| Suppliers | 440/4 | €81,916 | €1,543 | -€80,373 | -98.1% |
| Taxes, remuneration and social security | 45 | €29,728 | €26,333 | -€3,395 | -11.4% |
| Taxes | 450/3 | €8,701 | €8,501 | -€200 | -2.3% |
| Remuneration and social security | 454/9 | €21,027 | €17,832 | -€3,195 | -15.2% |
| Other amounts payable | 47/48 | €1,331,040 | €419,329 | -€911,711 | -68.5% |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,250 | = | 0.0% |
| Non-recurring operating income | 76A | €14,122 | €927,650 | +€913,528 | +6468.8% |
| Remuneration, social security and pensions | 62 | €89,723 | €90,617 | +€894 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,686 | €193,564 | +€9,878 | +5.4% |
| Other operating charges | 640/8 | €8,636 | €11,658 | +€3,022 | +35.0% |
| Gross operating margin | 9900 | €137,597 | €1,035,982 | +€898,385 | +652.9% |
| Operating profit (loss) | 9901 | -€144,448 | €740,145 | +€884,592 | |
| Financial income | 75/76B | €420 | €0 | -€420 | -99.9% |
| Recurring financial income | 75 | €420 | €0 | -€420 | -99.9% |
| Financial charges | 65/66B | €57,418 | €43,041 | -€14,377 | -25.0% |
| Recurring financial charges | 65 | €57,418 | €43,041 | -€14,377 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | -€201,445 | €697,104 | +€898,549 | |
| Transfer from deferred taxes | 780 | €14,494 | €109,516 | +€95,022 | +655.6% |
| Transfer to deferred taxes | 680 | - | €231,913 | +€231,913 | |
| Income taxes | 67/77 | - | €4,606 | +€4,606 | |
| Profit (loss) for the period | 9904 | -€186,951 | €570,102 | +€757,053 | |
| Transfer from tax-exempt reserves | 789 | €43,482 | €328,547 | +€285,065 | +655.6% |
| Transfer to tax-exempt reserves | 689 | - | €695,738 | +€695,738 | |
| Profit (loss) for the period to be appropriated | 9905 | -€143,469 | €202,911 | +€346,380 |
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 8 October 2026 via checked.be.