DR MARC ADLER: 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.
DR MARC ADLER
Largest movements
- Tangible fixed assets -€70,768
down €70,768 (-9.2%), from €767,643 to €696,876
of which Land and buildings: -€56,803
- Cash +€57,872
up €57,872 (+28.3%), from €204,439 to €262,311
mainly Other debts (+€403,352) and Depreciation (+€135,635)
- Receivables within one year +€33,905
new in 2025: €33,905
- Current investments +€12,304
up €12,304 (+9.8%), from €124,940 to €137,244
- Other debts +€403,352
up €403,352 (+2,065%), from €19,536 to €422,888
- Reserves -€313,350
down €313,350 (-68.8%), from €455,251 to €141,901
- Debts after one year -€108,212
down €108,212 (-24.9%), from €434,846 to €326,634
- Accrued charges and deferred income +€24,013
up €24,013 (+39.1%), from €61,394 to €85,407
- Tax, wage and social debts +€16,502
up €16,502 (+59.5%), from €27,736 to €44,238
of which Taxes: +€23,453
- Gross operating margin -€46,456
down €46,456 (-8.5%), from €543,829 to €497,372
- Staff costs +€45,920
up €45,920 (+51.4%), from €89,343 to €135,263
- Financial charges +€45,379
up €45,379 (+34.5%), from €131,426 to €176,804
- Taxes -€21,386
down €21,386 (-55.8%), from €38,342 to €16,956
- Depreciation +€5,675
up €5,675 (+4.4%), from €129,959 to €135,635
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 | €1,114,904 | €1,151,740 | +€36,836 | +3.3% |
| Fixed assets | 21/28 | €767,820 | €697,053 | -€70,768 | -9.2% |
| Tangible fixed assets | 22/27 | €767,643 | €696,876 | -€70,768 | -9.2% |
| Land and buildings | 22 | €358,977 | €302,174 | -€56,803 | -15.8% |
| Plant, machinery and equipment | 23 | €128,207 | €108,909 | -€19,298 | -15.1% |
| Furniture and vehicles | 24 | €71,821 | €56,565 | -€15,257 | -21.2% |
| Other tangible fixed assets | 26 | €206,770 | €229,227 | +€22,457 | +10.9% |
| Assets under construction and advance payments | 27 | €1,867 | - | -€1,867 | |
| Financial fixed assets | 28 | €177 | €177 | = | 0.0% |
| Current assets | 29/58 | €347,084 | €454,687 | +€107,604 | +31.0% |
| Amounts receivable within one year | 40/41 | - | €33,905 | +€33,905 | |
| Other amounts receivable | 41 | - | €33,905 | +€33,905 | |
| Current investments | 50/53 | €124,940 | €137,244 | +€12,304 | +9.8% |
| Cash at bank and in hand | 54/58 | €204,439 | €262,311 | +€57,872 | +28.3% |
| Deferred charges and accrued income | 490/1 | €17,704 | €21,226 | +€3,522 | +19.9% |
| Total equity and liabilities | 10/49 | €1,114,904 | €1,151,740 | +€36,836 | +3.3% |
| Equity | 10/15 | €469,511 | €156,161 | -€313,350 | -66.7% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Contributions outside capital | 11 | €14,260 | €14,260 | = | 0.0% |
| Share premium | 1100/10 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €455,251 | €141,901 | -€313,350 | -68.8% |
| Distributable reserves | 133 | €455,251 | €141,901 | -€313,350 | -68.8% |
| Amounts payable | 17/49 | €645,393 | €995,578 | +€350,185 | +54.3% |
| Amounts payable after more than one year | 17 | €434,846 | €326,634 | -€108,212 | -24.9% |
| Financial debts | 170/4 | €434,846 | €326,634 | -€108,212 | -24.9% |
| Amounts payable within one year | 42/48 | €149,152 | €583,537 | +€434,384 | +291% |
| Current portion of amounts payable after more than one year | 42 | €99,352 | €104,374 | +€5,021 | +5.1% |
| Trade debts | 44 | €2,528 | €12,037 | +€9,509 | +376% |
| Suppliers | 440/4 | €2,528 | €12,037 | +€9,509 | +376% |
| Taxes, remuneration and social security | 45 | €27,736 | €44,238 | +€16,502 | +59.5% |
| Taxes | 450/3 | €20,785 | €44,238 | +€23,453 | +113% |
| Remuneration and social security | 454/9 | €6,952 | - | -€6,952 | |
| Other amounts payable | 47/48 | €19,536 | €422,888 | +€403,352 | +2,065% |
| Accrued charges and deferred income | 492/3 | €61,394 | €85,407 | +€24,013 | +39.1% |
| Remuneration, social security and pensions | 62 | €89,343 | €135,263 | +€45,920 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,959 | €135,635 | +€5,675 | +4.4% |
| Other operating charges | 640/8 | €9,958 | €10,186 | +€228 | +2.3% |
| Gross operating margin | 9900 | €543,829 | €497,372 | -€46,456 | -8.5% |
| Operating profit (loss) | 9901 | €314,568 | €216,289 | -€98,280 | -31.2% |
| Financial income | 75/76B | €564 | €304 | -€260 | -46.1% |
| Recurring financial income | 75 | €564 | €304 | -€260 | -46.1% |
| Financial charges | 65/66B | €131,426 | €176,804 | +€45,379 | +34.5% |
| Recurring financial charges | 65 | €131,426 | €176,804 | +€45,379 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €183,707 | €39,788 | -€143,919 | -78.3% |
| Income taxes | 67/77 | €38,342 | €16,956 | -€21,386 | -55.8% |
| Profit (loss) for the period | 9904 | €145,365 | €22,832 | -€122,533 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €145,365 | €22,832 | -€122,533 | -84.3% |
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 22 October 2026 via checked.be.