ADCOR: 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.
ADCOR
Largest movements
- Receivables within one year +€122,958
up €122,958 (+76.9%), from €159,994 to €282,952
of which Trade receivables: +€79,860
- Current investments -€65,000
down €65,000 (-100%), from €65,000 to €0
- Deferred charges and accrued income +€17,891
up €17,891 (+134%), from €13,328 to €31,219
- Cash -€11,772
down €11,772 (-73.2%), from €16,071 to €4,299
mainly Receivables within one year (-€122,958) and Deferred charges and accrued income (-€17,891)
- Reserves +€44,118
up €44,118 (+31.7%), from €139,069 to €183,188
- Other debts +€17,585
up €17,585 (+2.2%), from €795,500 to €813,085
- Gross operating margin -€113,050
down €113,050 (-60.2%), from €187,728 to €74,678
- Taxes -€30,943
down €30,943 (-63.9%), from €48,400 to €17,457
- Financial charges +€18,066
up €18,066 (+157%), from €11,482 to €29,548
- Financial income +€5,018
up €5,018 (+37.6%), from €13,328 to €18,346
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 | €1,000,615 | €1,067,579 | +€66,964 | +6.7% |
| Fixed assets | 21/28 | €86,596 | €89,484 | +€2,888 | +3.3% |
| Tangible fixed assets | 22/27 | €3,721 | €6,609 | +€2,888 | +77.6% |
| Furniture and vehicles | 24 | €3,721 | €6,609 | +€2,888 | +77.6% |
| Financial fixed assets | 28 | €82,875 | €82,875 | = | 0.0% |
| Current assets | 29/58 | €914,019 | €978,095 | +€64,076 | +7.0% |
| Amounts receivable after more than one year | 29 | €659,625 | €659,625 | = | 0.0% |
| Other amounts receivable | 291 | €659,625 | €659,625 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €159,994 | €282,952 | +€122,958 | +76.9% |
| Trade receivables | 40 | €18,755 | €98,615 | +€79,860 | +426% |
| Other amounts receivable | 41 | €141,239 | €184,337 | +€43,098 | +30.5% |
| Current investments | 50/53 | €65,000 | €0 | -€65,000 | -100% |
| Cash at bank and in hand | 54/58 | €16,071 | €4,299 | -€11,772 | -73.2% |
| Deferred charges and accrued income | 490/1 | €13,328 | €31,219 | +€17,891 | +134% |
| Total equity and liabilities | 10/49 | €1,000,615 | €1,067,579 | +€66,964 | +6.7% |
| Equity | 10/15 | €139,169 | €183,288 | +€44,118 | +31.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €139,069 | €183,188 | +€44,118 | +31.7% |
| Distributable reserves | 133 | €139,069 | €183,188 | +€44,118 | +31.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €861,446 | €884,291 | +€22,846 | +2.7% |
| Amounts payable within one year | 42/48 | €850,424 | €872,898 | +€22,475 | +2.6% |
| Trade debts | 44 | €357 | €10,896 | +€10,539 | +2,950% |
| Suppliers | 440/4 | €357 | €10,896 | +€10,539 | +2,950% |
| Taxes, remuneration and social security | 45 | €54,566 | €48,917 | -€5,649 | -10.4% |
| Taxes | 450/3 | €53,815 | €48,917 | -€4,897 | -9.1% |
| Remuneration and social security | 454/9 | €752 | €0 | -€752 | -100% |
| Other amounts payable | 47/48 | €795,500 | €813,085 | +€17,585 | +2.2% |
| Accrued charges and deferred income | 492/3 | €11,022 | €11,393 | +€371 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,333 | €1,068 | -€266 | -19.9% |
| Other operating charges | 640/8 | €772 | €0 | -€772 | -100% |
| Gross operating margin | 9900 | €187,728 | €74,678 | -€113,050 | -60.2% |
| Operating profit (loss) | 9901 | €185,623 | €73,610 | -€112,013 | -60.3% |
| Financial income | 75/76B | €13,328 | €18,346 | +€5,018 | +37.6% |
| Recurring financial income | 75 | €13,328 | €18,346 | +€5,018 | +37.6% |
| Financial charges | 65/66B | €11,482 | €29,548 | +€18,066 | +157% |
| Recurring financial charges | 65 | €11,482 | €29,548 | +€18,066 | +157% |
| Profit (loss) for the period before taxes | 9903 | €187,469 | €62,408 | -€125,061 | -66.7% |
| Income taxes | 67/77 | €48,400 | €17,457 | -€30,943 | -63.9% |
| Profit (loss) for the period | 9904 | €139,069 | €44,951 | -€94,118 | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €139,069 | €44,951 | -€94,118 | -67.7% |
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 24 October 2026 via checked.be.