ADX: 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.
ADX
Largest movements
- Receivables within one year -€76,923
down €76,923 (-91.9%), from €83,730 to €6,806
of which Trade receivables: -€81,721
- Cash +€12,634
up €12,634 (+17.5%), from €72,268 to €84,902
mainly Receivables within one year (+€76,923) and Net result for the year (+€51,063)
- Tangible fixed assets -€7,036
down €7,036 (-10.1%), from €69,507 to €62,471
of which Other tangible fixed assets: -€7,258
- Deferred charges and accrued income +€2,712
up €2,712 (+258%), from €1,053 to €3,765
- Other debts -€59,262
down €59,262 (-33.5%), from €177,024 to €117,762
- Trade debts -€4,851
down €4,851 (-57.8%), from €8,391 to €3,540
- Tax, wage and social debts -€4,500
down €4,500 (-21.7%), from €20,737 to €16,237
of which Taxes: -€4,042
- Gross operating margin -€89,070
down €89,070 (-49.7%), from €179,054 to €89,984
- Taxes -€19,489
down €19,489 (-50.7%), from €38,412 to €18,924
- Financial charges +€2,689
up €2,689 (+50.7%), from €5,308 to €7,997
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 | €226,558 | €157,944 | -€68,613 | -30.3% |
| Fixed assets | 21/28 | €69,507 | €62,471 | -€7,036 | -10.1% |
| Tangible fixed assets | 22/27 | €69,507 | €62,471 | -€7,036 | -10.1% |
| Plant, machinery and equipment | 23 | €6,438 | €4,986 | -€1,452 | -22.6% |
| Furniture and vehicles | 24 | €4,986 | €6,660 | +€1,674 | +33.6% |
| Other tangible fixed assets | 26 | €58,083 | €50,825 | -€7,258 | -12.5% |
| Current assets | 29/58 | €157,051 | €95,473 | -€61,578 | -39.2% |
| Amounts receivable within one year | 40/41 | €83,730 | €6,806 | -€76,923 | -91.9% |
| Trade receivables | 40 | €81,721 | €0 | -€81,721 | -100% |
| Other amounts receivable | 41 | €2,008 | €6,806 | +€4,798 | +239% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €72,268 | €84,902 | +€12,634 | +17.5% |
| Deferred charges and accrued income | 490/1 | €1,053 | €3,765 | +€2,712 | +258% |
| Total equity and liabilities | 10/49 | €226,558 | €157,944 | -€68,613 | -30.3% |
| Equity | 10/15 | €20,405 | €20,405 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €206,153 | €137,539 | -€68,613 | -33.3% |
| Amounts payable within one year | 42/48 | €206,153 | €137,539 | -€68,613 | -33.3% |
| Trade debts | 44 | €8,391 | €3,540 | -€4,851 | -57.8% |
| Suppliers | 440/4 | €8,391 | €3,540 | -€4,851 | -57.8% |
| Taxes, remuneration and social security | 45 | €20,737 | €16,237 | -€4,500 | -21.7% |
| Taxes | 450/3 | €20,279 | €16,237 | -€4,042 | -19.9% |
| Remuneration and social security | 454/9 | €458 | €0 | -€458 | -100% |
| Other amounts payable | 47/48 | €177,024 | €117,762 | -€59,262 | -33.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,606 | €9,309 | +€702 | +8.2% |
| Other operating charges | 640/8 | €2,346 | €2,724 | +€378 | +16.1% |
| Gross operating margin | 9900 | €179,054 | €89,984 | -€89,070 | -49.7% |
| Operating profit (loss) | 9901 | €168,101 | €77,951 | -€90,150 | -53.6% |
| Financial income | 75/76B | €46 | €33 | -€13 | -28.4% |
| Recurring financial income | 75 | €46 | €33 | -€13 | -28.4% |
| Financial charges | 65/66B | €5,308 | €7,997 | +€2,689 | +50.7% |
| Recurring financial charges | 65 | €5,308 | €7,997 | +€2,689 | +50.7% |
| Profit (loss) for the period before taxes | 9903 | €162,839 | €69,987 | -€92,853 | -57.0% |
| Income taxes | 67/77 | €38,412 | €18,924 | -€19,489 | -50.7% |
| Profit (loss) for the period | 9904 | €124,427 | €51,063 | -€73,364 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,427 | €51,063 | -€73,364 | -59.0% |
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 26 October 2026 via checked.be.