LAMBERT ADNET: 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.
LAMBERT ADNET
Largest movements
- Tangible fixed assets +€3.6m
up €3.6m (+73.3%), from €4.9m to €8.6m
- Current investments -€700,000
no longer reported in 2025 (was €700,000)
- Receivables within one year -€366,186
down €366,186 (-88.7%), from €412,873 to €46,688
of which Trade receivables: -€361,798
- Financial fixed assets -€182,499
down €182,499 (-99.0%), from €184,339 to €1,840
- Debts after one year +€2.6m
up €2.6m (+95.3%), from €2.7m to €5.3m
- Reserves -€514,998
down €514,998 (-30.8%), from €1.7m to €1.2m
of which Tax-exempt reserves: -€317,952
- Current portion of long-term debt +€192,269
up €192,269 (+62.6%), from €307,227 to €499,496
- Other debts +€168,993
up €168,993 (+189%), from €89,273 to €258,266
- Depreciation +€587,924
up €587,924 (+297%), from €198,025 to €785,949
- Gross operating margin -€238,482
down €238,482 (-23.6%), from €1.0m to €773,788
- Taxes -€123,986
no longer reported in 2025 (was €123,986)
- Financial charges +€89,738
up €89,738 (+94.5%), from €94,931 to €184,669
- Financial income -€21,724
down €21,724 (-68.2%), from €31,874 to €10,150
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 | €6,317,373 | €8,761,639 | +€2.4m | +38.7% |
| Fixed assets | 21/28 | €5,131,443 | €8,574,570 | +€3.4m | +67.1% |
| Tangible fixed assets | 22/27 | €4,947,104 | €8,572,730 | +€3.6m | +73.3% |
| Land and buildings | 22 | €4,947,104 | €8,572,730 | +€3.6m | +73.3% |
| Financial fixed assets | 28 | €184,339 | €1,840 | -€182,499 | -99.0% |
| Current assets | 29/58 | €1,185,930 | €187,069 | -€998,861 | -84.2% |
| Stocks and contracts in progress | 3 | €7,678 | €7,678 | = | 0.0% |
| Stocks | 30/36 | €7,678 | €7,678 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €412,873 | €46,688 | -€366,186 | -88.7% |
| Trade receivables | 40 | €408,486 | €46,688 | -€361,798 | -88.6% |
| Other amounts receivable | 41 | €4,388 | - | -€4,388 | |
| Current investments | 50/53 | €700,000 | - | -€700,000 | |
| Cash at bank and in hand | 54/58 | €63,561 | €126,889 | +€63,328 | +99.6% |
| Deferred charges and accrued income | 490/1 | €1,816 | €5,813 | +€3,997 | +220% |
| Total equity and liabilities | 10/49 | €6,317,373 | €8,761,639 | +€2.4m | +38.7% |
| Equity | 10/15 | €2,785,487 | €2,270,489 | -€514,998 | -18.5% |
| Contributions | 10/11 | €1,115,521 | €1,115,521 | = | 0.0% |
| Capital | 10 | €1,115,521 | €1,115,521 | = | 0.0% |
| Issued capital | 100 | €1,115,521 | €1,115,521 | = | 0.0% |
| Reserves | 13 | €1,669,966 | €1,154,968 | -€514,998 | -30.8% |
| Non-distributable reserves | 130/1 | €111,552 | €111,552 | = | 0.0% |
| Legal reserve | 130 | €111,552 | €111,552 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,107,640 | €789,688 | -€317,952 | -28.7% |
| Distributable reserves | 133 | €450,774 | €253,728 | -€197,047 | -43.7% |
| Provisions and deferred taxes | 16 | €342,289 | €320,990 | -€21,300 | -6.2% |
| Deferred taxes | 168 | €342,289 | €320,990 | -€21,300 | -6.2% |
| Amounts payable | 17/49 | €3,189,596 | €6,170,160 | +€3.0m | +93.4% |
| Amounts payable after more than one year | 17 | €2,722,322 | €5,316,273 | +€2.6m | +95.3% |
| Financial debts | 170/4 | €2,722,322 | €5,316,273 | +€2.6m | +95.3% |
| Amounts payable within one year | 42/48 | €456,942 | €793,808 | +€336,866 | +73.7% |
| Current portion of amounts payable after more than one year | 42 | €307,227 | €499,496 | +€192,269 | +62.6% |
| Trade debts | 44 | €27,270 | €21,561 | -€5,709 | -20.9% |
| Suppliers | 440/4 | €27,270 | €21,561 | -€5,709 | -20.9% |
| Taxes, remuneration and social security | 45 | €33,173 | €14,486 | -€18,686 | -56.3% |
| Taxes | 450/3 | €33,173 | €14,486 | -€18,686 | -56.3% |
| Other amounts payable | 47/48 | €89,273 | €258,266 | +€168,993 | +189% |
| Accrued charges and deferred income | 492/3 | €10,332 | €60,078 | +€49,746 | +481% |
| Non-recurring operating income | 76A | €293,029 | - | -€293,029 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,025 | €785,949 | +€587,924 | +297% |
| Other operating charges | 640/8 | €39,042 | €43,756 | +€4,714 | +12.1% |
| Gross operating margin | 9900 | €1,012,270 | €773,788 | -€238,482 | -23.6% |
| Operating profit (loss) | 9901 | €775,202 | -€55,917 | -€831,119 | |
| Financial income | 75/76B | €31,874 | €10,150 | -€21,724 | -68.2% |
| Recurring financial income | 75 | €31,874 | €10,150 | -€21,724 | -68.2% |
| Financial charges | 65/66B | €94,931 | €184,669 | +€89,738 | +94.5% |
| Recurring financial charges | 65 | €94,931 | €184,669 | +€89,738 | +94.5% |
| Profit (loss) for the period before taxes | 9903 | €712,145 | -€230,437 | -€942,582 | |
| Transfer from deferred taxes | 780 | €22,904 | €21,300 | -€1,604 | -7.0% |
| Transfer to deferred taxes | 680 | €73,257 | - | -€73,257 | |
| Income taxes | 67/77 | €123,986 | - | -€123,986 | |
| Profit (loss) for the period | 9904 | €537,805 | -€209,137 | -€746,942 | |
| Transfer from tax-exempt reserves | 789 | €47,417 | €317,952 | +€270,535 | +571% |
| Transfer to tax-exempt reserves | 689 | €219,772 | - | -€219,772 | |
| Profit (loss) for the period to be appropriated | 9905 | €365,450 | €108,814 | -€256,636 | -70.2% |
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 13 October 2026 via checked.be.