ADM: 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.
ADM
Largest movements
- Cash +€160,619
up €160,619 (+203%), from €79,078 to €239,696
mainly Other debts (+€344,442) and Depreciation (+€175,913)
- Receivables within one year -€99,622
down €99,622 (-66.7%), from €149,425 to €49,803
of which Other amounts receivable: -€128,650
- Other debts +€344,442
new in 2025: €344,442
- Trade debts -€124,003
down €124,003 (-90.4%), from €137,231 to €13,228
- Debts after one year -€75,000
down €75,000 (-16.0%), from €468,750 to €393,750
- Tax, wage and social debts -€53,761
down €53,761 (-83.7%), from €64,193 to €10,432
of which Taxes: -€35,322
- Reserves -€50,623
down €50,623 (-4.6%), from €1.1m to €1.0m
of which Tax-exempt reserves: -€73,675
- Staff costs -€47,110
down €47,110 (-33.5%), from €140,760 to €93,650
- Taxes +€23,030
up €23,030 (+160%), from €14,403 to €37,432
- Gross operating margin +€22,188
up €22,188 (+5.9%), from €377,589 to €399,777
- Depreciation +€13,897
up €13,897 (+8.6%), from €162,016 to €175,913
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 | €1,900,506 | €1,946,221 | +€45,715 | +2.4% |
| Fixed assets | 21/28 | €1,630,377 | €1,612,100 | -€18,277 | -1.1% |
| Intangible fixed assets | 21 | €60,492 | €44,949 | -€15,543 | -25.7% |
| Tangible fixed assets | 22/27 | €1,569,531 | €1,566,796 | -€2,734 | -0.2% |
| Land and buildings | 22 | €1,510,806 | €1,505,865 | -€4,941 | -0.3% |
| Plant, machinery and equipment | 23 | €2,103 | €1,835 | -€267 | -12.7% |
| Furniture and vehicles | 24 | €4,843 | €8,514 | +€3,671 | +75.8% |
| Other tangible fixed assets | 26 | €51,779 | €50,582 | -€1,197 | -2.3% |
| Financial fixed assets | 28 | €354 | €354 | = | 0.0% |
| Current assets | 29/58 | €270,129 | €334,122 | +€63,992 | +23.7% |
| Amounts receivable within one year | 40/41 | €149,425 | €49,803 | -€99,622 | -66.7% |
| Trade receivables | 40 | - | €29,028 | +€29,028 | |
| Other amounts receivable | 41 | €149,425 | €20,776 | -€128,650 | -86.1% |
| Cash at bank and in hand | 54/58 | €79,078 | €239,696 | +€160,619 | +203% |
| Deferred charges and accrued income | 490/1 | €41,626 | €44,622 | +€2,996 | +7.2% |
| Total equity and liabilities | 10/49 | €1,900,506 | €1,946,221 | +€45,715 | +2.4% |
| Equity | 10/15 | €1,155,331 | €1,104,709 | -€50,623 | -4.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,093,831 | €1,043,209 | -€50,623 | -4.6% |
| Non-distributable reserves | 130/1 | €532,420 | €555,472 | +€23,052 | +4.3% |
| Legal reserve | 130 | €20,668 | €20,668 | = | 0.0% |
| Other | 1319 | €511,752 | €534,804 | +€23,052 | +4.5% |
| Tax-exempt reserves | 132 | €275,948 | €202,273 | -€73,675 | -26.7% |
| Distributable reserves | 133 | €285,463 | €285,463 | = | 0.0% |
| Amounts payable | 17/49 | €745,175 | €841,512 | +€96,338 | +12.9% |
| Amounts payable after more than one year | 17 | €468,750 | €393,750 | -€75,000 | -16.0% |
| Financial debts | 170/4 | €468,750 | €393,750 | -€75,000 | -16.0% |
| Amounts payable within one year | 42/48 | €276,425 | €443,102 | +€166,678 | +60.3% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €137,231 | €13,228 | -€124,003 | -90.4% |
| Suppliers | 440/4 | €137,231 | €13,228 | -€124,003 | -90.4% |
| Taxes, remuneration and social security | 45 | €64,193 | €10,432 | -€53,761 | -83.7% |
| Taxes | 450/3 | €43,555 | €8,232 | -€35,322 | -81.1% |
| Remuneration and social security | 454/9 | €20,639 | €2,200 | -€18,439 | -89.3% |
| Other amounts payable | 47/48 | - | €344,442 | +€344,442 | |
| Accrued charges and deferred income | 492/3 | - | €4,660 | +€4,660 | |
| Remuneration, social security and pensions | 62 | €140,760 | €93,650 | -€47,110 | -33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,016 | €175,913 | +€13,897 | +8.6% |
| Other operating charges | 640/8 | €10,882 | €11,629 | +€747 | +6.9% |
| Non-recurring operating charges | 66A | €374 | €684 | +€311 | +83.2% |
| Gross operating margin | 9900 | €377,589 | €399,777 | +€22,188 | +5.9% |
| Operating profit (loss) | 9901 | €63,557 | €117,901 | +€54,343 | +85.5% |
| Financial income | 75/76B | €6,934 | €6,650 | -€284 | -4.1% |
| Recurring financial income | 75 | €6,934 | €6,650 | -€284 | -4.1% |
| Financial charges | 65/66B | €20,704 | €21,910 | +€1,205 | +5.8% |
| Recurring financial charges | 65 | €20,704 | €21,910 | +€1,205 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €49,787 | €102,641 | +€52,854 | +106% |
| Income taxes | 67/77 | €14,403 | €37,432 | +€23,030 | +160% |
| Profit (loss) for the period | 9904 | €35,385 | €65,209 | +€29,824 | +84.3% |
| Transfer from tax-exempt reserves | 789 | - | €73,675 | +€73,675 | |
| Transfer to tax-exempt reserves | 689 | €105,250 | - | -€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | -€69,865 | €138,884 | +€208,749 |
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 20 October 2026 via checked.be.