ADEM: 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.
ADEM
Largest movements
- Cash +€14,412
up €14,412 (+49.7%), from €28,999 to €43,411
mainly Net result for the year (+€30,432) and Depreciation (+€5,836)
- Current investments +€12,000
up €12,000 (+75.6%), from €15,883 to €27,883
- Tangible fixed assets -€5,836
down €5,836 (-76.7%), from €7,610 to €1,775
- Receivables within one year +€4,971
up €4,971 (+7.3%), from €68,275 to €73,246
- Reserves +€30,432
up €30,432 (+31.2%), from €97,419 to €127,851
- Current portion of long-term debt -€2,824
down €2,824 (-100%), from €2,824 to €0
- Other debts -€2,820
down €2,820 (-100%), from €2,820 to €0
- Gross operating margin -€5,332
down €5,332 (-10.2%), from €52,424 to €47,092
- Financial income +€2,557
up €2,557 (+1,658%), from €154 to €2,712
- Taxes -€1,327
down €1,327 (-10.1%), from €13,171 to €11,844
- Other operating charges +€581
up €581 (+56.4%), from €1,029 to €1,610
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 | €121,352 | €147,398 | +€26,047 | +21.5% |
| Fixed assets | 21/28 | €7,610 | €1,775 | -€5,836 | -76.7% |
| Tangible fixed assets | 22/27 | €7,610 | €1,775 | -€5,836 | -76.7% |
| Furniture and vehicles | 24 | €7,610 | €1,775 | -€5,836 | -76.7% |
| Current assets | 29/58 | €113,742 | €145,624 | +€31,882 | +28.0% |
| Amounts receivable within one year | 40/41 | €68,275 | €73,246 | +€4,971 | +7.3% |
| Other amounts receivable | 41 | €68,275 | €73,246 | +€4,971 | +7.3% |
| Current investments | 50/53 | €15,883 | €27,883 | +€12,000 | +75.6% |
| Cash at bank and in hand | 54/58 | €28,999 | €43,411 | +€14,412 | +49.7% |
| Deferred charges and accrued income | 490/1 | €584 | €1,083 | +€499 | +85.5% |
| Total equity and liabilities | 10/49 | €121,352 | €147,398 | +€26,047 | +21.5% |
| Equity | 10/15 | €110,856 | €141,288 | +€30,432 | +27.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €97,419 | €127,851 | +€30,432 | +31.2% |
| Distributable reserves | 133 | €97,419 | €127,851 | +€30,432 | +31.2% |
| Profit (loss) carried forward | 14 | €7,437 | €7,437 | = | 0.0% |
| Amounts payable | 17/49 | €10,496 | €6,110 | -€4,386 | -41.8% |
| Amounts payable within one year | 42/48 | €10,496 | €6,110 | -€4,386 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €2,824 | €0 | -€2,824 | -100% |
| Trade debts | 44 | - | €1,320 | +€1,320 | |
| Suppliers | 440/4 | - | €1,320 | +€1,320 | |
| Taxes, remuneration and social security | 45 | €4,852 | €4,790 | -€62 | -1.3% |
| Taxes | 450/3 | €4,852 | €4,790 | -€62 | -1.3% |
| Other amounts payable | 47/48 | €2,820 | €0 | -€2,820 | -100% |
| Non-recurring operating income | 76A | €1,318 | - | -€1,318 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,836 | €5,836 | = | 0.0% |
| Other operating charges | 640/8 | €1,029 | €1,610 | +€581 | +56.4% |
| Gross operating margin | 9900 | €52,424 | €47,092 | -€5,332 | -10.2% |
| Operating profit (loss) | 9901 | €45,560 | €39,647 | -€5,913 | -13.0% |
| Financial income | 75/76B | €154 | €2,712 | +€2,557 | +1,658% |
| Recurring financial income | 75 | €154 | €2,712 | +€2,557 | +1,658% |
| Financial charges | 65/66B | €124 | €82 | -€42 | -33.7% |
| Recurring financial charges | 65 | €124 | €82 | -€42 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €45,590 | €42,276 | -€3,314 | -7.3% |
| Income taxes | 67/77 | €13,171 | €11,844 | -€1,327 | -10.1% |
| Profit (loss) for the period | 9904 | €32,419 | €30,432 | -€1,987 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,419 | €30,432 | -€1,987 | -6.1% |
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 30 October 2026 via checked.be.