ADW HORECA: 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
ADW HORECA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,720
2024 · €38,009-€33,289
Equity
€129,502
2024 · €124,782+€4,720
Cash
€80,313
2024 · €77,549+€2,764
Balance sheet total
€788,903
2024 · €817,014-€28,111
Largest movements
Assets
- Tangible fixed assets -€26,127
down €26,127 (-3.6%), from €726,340 to €700,214
of which Land and buildings: -€17,197
Equity and liabilities
- Debts after one year -€27,728
down €27,728 (-7.4%), from €375,233 to €347,505
Income statement
- Gross operating margin -€71,991
down €71,991 (-44.7%), from €161,024 to €89,033
- Depreciation -€17,603
down €17,603 (-22.7%), from €77,511 to €59,907
- Taxes -€12,358
down €12,358 (-86.7%), from €14,257 to €1,899
- Financial charges -€7,110
down €7,110 (-43.3%), from €16,413 to €9,302
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
€38,009
Gross operating margin
-€71,991
Depreciation
+€17,603
Write-downs
+€1,588
Other operating charges
+€55
Financial income
-€13
Financial charges
+€7,110
Taxes
+€12,358
Result 2025
€4,720
raises the resultlowers the result
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
+€67,397
Investment
-€33,781
Financing
-€30,852
Cash 2024
€77,549
From operations (derived)
+€67,397
Net result for the year
+€4,720
Depreciation
+€59,907
Receivables within one year
+€5,421
Deferred charges and accrued income
-€672
Trade debts
-€778
Tax, wage and social debts
+€899
Other debts
-€2,100
Investment (derived)
-€33,781
Investment in fixed assets (net)
-€33,781
Financing
-€30,852
Debts after one year
-€27,728
Current portion of long-term debt
-€3,125
Cash 2025
€80,313
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €817,014 | €788,903 | -€28,111 | -3.4% |
| Fixed assets | 21/28 | €726,460 | €700,334 | -€26,127 | -3.6% |
| Tangible fixed assets | 22/27 | €726,340 | €700,214 | -€26,127 | -3.6% |
| Land and buildings | 22 | €699,694 | €682,497 | -€17,197 | -2.5% |
| Furniture and vehicles | 24 | €26,646 | €17,717 | -€8,929 | -33.5% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €90,554 | €88,569 | -€1,985 | -2.2% |
| Amounts receivable within one year | 40/41 | €7,066 | €1,645 | -€5,421 | -76.7% |
| Trade receivables | 40 | €1,225 | €0 | -€1,225 | -100% |
| Other amounts receivable | 41 | €5,841 | €1,645 | -€4,196 | -71.8% |
| Cash at bank and in hand | 54/58 | €77,549 | €80,313 | +€2,764 | +3.6% |
| Deferred charges and accrued income | 490/1 | €5,940 | €6,612 | +€672 | +11.3% |
| Total equity and liabilities | 10/49 | €817,014 | €788,903 | -€28,111 | -3.4% |
| Equity | 10/15 | €124,782 | €129,502 | +€4,720 | +3.8% |
| Contributions | 10/11 | €13,285 | €13,285 | = | 0.0% |
| Reserves | 13 | €111,497 | €116,217 | +€4,720 | +4.2% |
| Non-distributable reserves | 130/1 | €1,328 | €1,328 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,328 | €1,328 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,018 | €4,018 | = | 0.0% |
| Distributable reserves | 133 | €106,151 | €110,871 | +€4,720 | +4.4% |
| Amounts payable | 17/49 | €692,232 | €659,401 | -€32,831 | -4.7% |
| Amounts payable after more than one year | 17 | €375,233 | €347,505 | -€27,728 | -7.4% |
| Financial debts | 170/4 | €375,233 | €347,505 | -€27,728 | -7.4% |
| Amounts payable within one year | 42/48 | €316,999 | €311,895 | -€5,104 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €55,527 | €52,403 | -€3,125 | -5.6% |
| Trade debts | 44 | €54,907 | €54,129 | -€778 | -1.4% |
| Suppliers | 440/4 | €54,907 | €54,129 | -€778 | -1.4% |
| Taxes, remuneration and social security | 45 | €36 | €935 | +€899 | +2,487% |
| Taxes | 450/3 | €36 | €935 | +€899 | +2,487% |
| Other amounts payable | 47/48 | €206,529 | €204,429 | -€2,100 | -1.0% |
| Non-recurring operating income | 76A | €67,545 | €760 | -€66,785 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,511 | €59,907 | -€17,603 | -22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,588 | €0 | -€1,588 | -100% |
| Other operating charges | 640/8 | €13,260 | €13,204 | -€55 | -0.4% |
| Gross operating margin | 9900 | €161,024 | €89,033 | -€71,991 | -44.7% |
| Operating profit (loss) | 9901 | €68,666 | €15,921 | -€52,744 | -76.8% |
| Financial income | 75/76B | €13 | €0 | -€13 | -100% |
| Recurring financial income | 75 | €13 | €0 | -€13 | -100% |
| Financial charges | 65/66B | €16,413 | €9,302 | -€7,110 | -43.3% |
| Recurring financial charges | 65 | €16,413 | €9,302 | -€7,110 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €52,266 | €6,619 | -€45,647 | -87.3% |
| Income taxes | 67/77 | €14,257 | €1,899 | -€12,358 | -86.7% |
| Profit (loss) for the period | 9904 | €38,009 | €4,720 | -€33,289 | -87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,009 | €4,720 | -€33,289 | -87.6% |
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 14 October 2026 via checked.be.