ADCON: what changed
What changed
ADCON
filed annual accounts (NBB)
Net result for the year
-€25,408
2024 · €70,059-€95,467
Equity
€1.3m
2024 · €1.3m-€25,408
Cash
€82,718
2024 · €71,357+€11,361
Balance sheet total
€1.3m
2024 · €1.3m-€25,543
Largest movements
Assets
- Current investments -€70,808
down €70,808 (-7.8%), from €912,489 to €841,681
- Tangible fixed assets +€31,647
up €31,647 (+10.0%), from €316,202 to €347,849
of which Other tangible fixed assets: +€39,880
Equity and liabilities
- Profit (loss) carried forward -€25,408
down €25,408 (-2.1%), from €1.2m to €1.2m
Income statement
- Financial income -€84,277
down €84,277 (-82.7%), from €101,920 to €17,643
- Financial charges +€13,636
up €13,636 (+138%), from €9,874 to €23,509
- Gross operating margin +€6,231
up €6,231 (+52.7%), from -€11,815 to -€5,585
- Depreciation +€6,216
up €6,216 (+151%), from €4,116 to €10,332
- Taxes -€1,885
down €1,885, from €1,867 to -€17
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€70,059
Gross operating margin
+€6,231
Depreciation
-€6,216
Other operating charges
+€546
Financial income
-€84,277
Financial charges
-€13,636
Taxes
+€1,885
Result 2025
-€25,408
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€17,468
Investment
+€28,829
Financing
€0
Cash 2024
€71,357
From operations (derived)
-€17,468
Net result for the year
-€25,408
Depreciation
+€10,332
Receivables within one year
-€2,173
Smaller working-capital items
-€219
Investment (derived)
+€28,829
Investment in fixed assets (net)
-€41,979
Current investments
+€70,808
Cash 2025
€82,718
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,302,553 | €1,277,010 | -€25,543 | -2.0% |
| Fixed assets | 21/28 | €316,202 | €347,849 | +€31,647 | +10.0% |
| Tangible fixed assets | 22/27 | €316,202 | €347,849 | +€31,647 | +10.0% |
| Land and buildings | 22 | €316,202 | €307,969 | -€8,233 | -2.6% |
| Other tangible fixed assets | 26 | - | €39,880 | +€39,880 | |
| Current assets | 29/58 | €986,351 | €929,161 | -€57,190 | -5.8% |
| Amounts receivable within one year | 40/41 | €2,505 | €4,677 | +€2,173 | +86.7% |
| Other amounts receivable | 41 | €2,505 | €4,677 | +€2,173 | +86.7% |
| Current investments | 50/53 | €912,489 | €841,681 | -€70,808 | -7.8% |
| Cash at bank and in hand | 54/58 | €71,357 | €82,718 | +€11,361 | +15.9% |
| Deferred charges and accrued income | 490/1 | - | €84 | +€84 | |
| Total equity and liabilities | 10/49 | €1,302,553 | €1,277,010 | -€25,543 | -2.0% |
| Equity | 10/15 | €1,302,335 | €1,276,927 | -€25,408 | -2.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,201 | €6,201 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,201 | €6,201 | = | 0.0% |
| Legal reserve | 130 | €6,201 | €6,201 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,234,134 | €1,208,726 | -€25,408 | -2.1% |
| Amounts payable | 17/49 | €218 | €83 | -€135 | -61.9% |
| Amounts payable within one year | 42/48 | €218 | €83 | -€135 | -61.9% |
| Trade debts | 44 | €218 | €83 | -€135 | -61.9% |
| Suppliers | 440/4 | €218 | €83 | -€135 | -61.9% |
| Non-recurring operating income | 76A | - | €165 | +€165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,116 | €10,332 | +€6,216 | +151% |
| Other operating charges | 640/8 | €4,189 | €3,643 | -€546 | -13.0% |
| Gross operating margin | 9900 | -€11,815 | -€5,585 | +€6,231 | +52.7% |
| Operating profit (loss) | 9901 | -€20,120 | -€19,559 | +€561 | +2.8% |
| Financial income | 75/76B | €101,920 | €17,643 | -€84,277 | -82.7% |
| Recurring financial income | 75 | €101,920 | €17,643 | -€84,277 | -82.7% |
| Financial charges | 65/66B | €9,874 | €23,509 | +€13,636 | +138% |
| Recurring financial charges | 65 | €9,874 | €23,509 | +€13,636 | +138% |
| Profit (loss) for the period before taxes | 9903 | €71,926 | -€25,426 | -€97,352 | |
| Income taxes | 67/77 | €1,867 | -€17 | -€1,885 | |
| Profit (loss) for the period | 9904 | €70,059 | -€25,408 | -€95,467 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,059 | -€25,408 | -€95,467 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.