ADW Projects: 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 Projects
Largest movements
- Cash -€50,708
down €50,708 (-74.8%), from €67,835 to €17,127
mainly Debts after one year (-€51,596) and Tax, wage and social debts (-€17,201)
- Receivables within one year -€10,838
down €10,838 (-18.2%), from €59,408 to €48,569
of which Other amounts receivable: -€9,884
- Debts after one year -€51,596
down €51,596 (-16.7%), from €309,455 to €257,859
- Reserves +€23,211
up €23,211 (+22.8%), from €101,979 to €125,190
- Tax, wage and social debts -€17,201
down €17,201 (-74.9%), from €22,954 to €5,753
of which Taxes: -€17,223
- Trade debts -€7,785
down €7,785 (-66.1%), from €11,774 to €3,989
- Other debts -€6,131
down €6,131 (-72.6%), from €8,448 to €2,317
- Gross operating margin -€59,995
down €59,995 (-72.4%), from €82,907 to €22,912
- Financial income +€29,347
up €29,347 (+789.7%), from €3,716 to €33,064
- Depreciation -€27,932
down €27,932 (-73.4%), from €38,043 to €10,111
- Taxes -€8,035
down €8,035 (-71.7%), from €11,201 to €3,167
- Other operating charges -€2,933
down €2,933 (-72.0%), from €4,074 to €1,141
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 | €520,406 | €461,833 | -€58,573 | -11.3% |
| Fixed assets | 21/28 | €386,967 | €389,573 | +€2,606 | +0.7% |
| Intangible fixed assets | 21 | €288 | - | -€288 | |
| Tangible fixed assets | 22/27 | €255,959 | €258,853 | +€2,894 | +1.1% |
| Land and buildings | 22 | €243,220 | €249,194 | +€5,974 | +2.5% |
| Plant, machinery and equipment | 23 | €2,045 | €1,701 | -€344 | -16.8% |
| Furniture and vehicles | 24 | €4,432 | €2,323 | -€2,109 | -47.6% |
| Other tangible fixed assets | 26 | €6,263 | €5,636 | -€627 | -10.0% |
| Financial fixed assets | 28 | €130,720 | €130,720 | = | 0.0% |
| Current assets | 29/58 | €133,439 | €72,260 | -€61,179 | -45.8% |
| Stocks and contracts in progress | 3 | €725 | €480 | -€245 | -33.8% |
| Stocks | 30/36 | €725 | €480 | -€245 | -33.8% |
| Amounts receivable within one year | 40/41 | €59,408 | €48,569 | -€10,838 | -18.2% |
| Trade receivables | 40 | €1,190 | €236 | -€954 | -80.2% |
| Other amounts receivable | 41 | €58,218 | €48,333 | -€9,884 | -17.0% |
| Cash at bank and in hand | 54/58 | €67,835 | €17,127 | -€50,708 | -74.8% |
| Deferred charges and accrued income | 490/1 | €5,471 | €6,083 | +€612 | +11.2% |
| Total equity and liabilities | 10/49 | €520,406 | €461,833 | -€58,573 | -11.3% |
| Equity | 10/15 | €131,979 | €155,190 | +€23,211 | +17.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €101,979 | €125,190 | +€23,211 | +22.8% |
| Distributable reserves | 133 | €101,979 | €125,190 | +€23,211 | +22.8% |
| Amounts payable | 17/49 | €388,427 | €306,642 | -€81,785 | -21.1% |
| Amounts payable after more than one year | 17 | €309,455 | €257,859 | -€51,596 | -16.7% |
| Financial debts | 170/4 | €309,455 | €257,859 | -€51,596 | -16.7% |
| Amounts payable within one year | 42/48 | €78,584 | €48,155 | -€30,429 | -38.7% |
| Current portion of amounts payable after more than one year | 42 | €35,409 | €36,096 | +€687 | +1.9% |
| Trade debts | 44 | €11,774 | €3,989 | -€7,785 | -66.1% |
| Suppliers | 440/4 | €11,774 | €3,989 | -€7,785 | -66.1% |
| Taxes, remuneration and social security | 45 | €22,954 | €5,753 | -€17,201 | -74.9% |
| Taxes | 450/3 | €21,201 | €3,978 | -€17,223 | -81.2% |
| Remuneration and social security | 454/9 | €1,753 | €1,775 | +€22 | +1.2% |
| Other amounts payable | 47/48 | €8,448 | €2,317 | -€6,131 | -72.6% |
| Accrued charges and deferred income | 492/3 | €387 | €628 | +€241 | +62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,043 | €10,111 | -€27,932 | -73.4% |
| Other operating charges | 640/8 | €4,074 | €1,141 | -€2,933 | -72.0% |
| Gross operating margin | 9900 | €82,907 | €22,912 | -€59,995 | -72.4% |
| Operating profit (loss) | 9901 | €40,790 | €11,660 | -€29,130 | -71.4% |
| Financial income | 75/76B | €3,716 | €33,064 | +€29,347 | +789.7% |
| Recurring financial income | 75 | €3,716 | €33,064 | +€29,347 | +789.7% |
| Financial charges | 65/66B | €14,114 | €16,680 | +€2,566 | +18.2% |
| Recurring financial charges | 65 | €14,114 | €16,680 | +€2,566 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €30,392 | €28,044 | -€2,348 | -7.7% |
| Income taxes | 67/77 | €11,201 | €3,167 | -€8,035 | -71.7% |
| Profit (loss) for the period | 9904 | €19,191 | €24,877 | +€5,687 | +29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,191 | €24,877 | +€5,687 | +29.6% |
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 9 October 2026 via checked.be.