ADALGI: what changed
Two fiscal 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.
ADALGI
Largest movements
- Receivables within one year -€143,332
down €143,332 (-35.4%), from €405,296 to €261,964
of which Trade receivables: -€80,898
- Tangible fixed assets +€139,034
up €139,034 (+85.8%), from €161,987 to €301,021
of which Plant, machinery and equipment: +€139,299
- Stocks and contracts +€43,293
up €43,293 (+20.6%), from €210,426 to €253,719
- Cash +€19,212
up €19,212 (+33.7%), from €56,972 to €76,184
mainly Receivables within one year (+€143,332) and Trade debts (+€104,109)
- Trade debts +€104,109
up €104,109 (+40.3%), from €258,286 to €362,395
- Tax, wage and social debts -€18,855
down €18,855 (-23.6%), from €79,773 to €60,918
of which Remuneration and social security: -€18,821
- Debts after one year -€17,500
down €17,500 (-19.0%), from €91,875 to €74,375
- Current portion of long-term debt -€9,837
down €9,837 (-36.0%), from €27,337 to €17,500
- Gross operating margin -€109,797
down €109,797 (-19.6%), from €561,571 to €451,774
- Taxes -€33,073
down €33,073 (-98.9%), from €33,455 to €382
- Depreciation +€14,310
up €14,310 (+43.4%), from €32,993 to €47,303
- Staff costs +€9,821
up €9,821 (+2.7%), from €363,958 to €373,779
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.
Cash bridge derived
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 | €842,476 | €896,045 | +€53,569 | +6.4% |
| Fixed assets | 21/28 | €161,987 | €301,021 | +€139,034 | +85.8% |
| Tangible fixed assets | 22/27 | €161,987 | €301,021 | +€139,034 | +85.8% |
| Plant, machinery and equipment | 23 | €161,190 | €300,489 | +€139,299 | +86.4% |
| Furniture and vehicles | 24 | €797 | €532 | -€265 | -33.3% |
| Current assets | 29/58 | €680,489 | €595,024 | -€85,465 | -12.6% |
| Stocks and contracts in progress | 3 | €210,426 | €253,719 | +€43,293 | +20.6% |
| Stocks | 30/36 | €210,426 | €253,719 | +€43,293 | +20.6% |
| Amounts receivable within one year | 40/41 | €405,296 | €261,964 | -€143,332 | -35.4% |
| Trade receivables | 40 | €141,808 | €60,910 | -€80,898 | -57.0% |
| Other amounts receivable | 41 | €263,488 | €201,054 | -€62,434 | -23.7% |
| Cash at bank and in hand | 54/58 | €56,972 | €76,184 | +€19,212 | +33.7% |
| Deferred charges and accrued income | 490/1 | €7,795 | €3,156 | -€4,639 | -59.5% |
| Total equity and liabilities | 10/49 | €842,476 | €896,045 | +€53,569 | +6.4% |
| Equity | 10/15 | €374,912 | €374,870 | -€42 | 0.0% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €312,412 | €312,370 | -€42 | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €306,162 | €306,120 | -€42 | 0.0% |
| Amounts payable | 17/49 | €467,564 | €521,175 | +€53,611 | +11.5% |
| Amounts payable after more than one year | 17 | €91,875 | €74,375 | -€17,500 | -19.0% |
| Financial debts | 170/4 | €91,875 | €74,375 | -€17,500 | -19.0% |
| Amounts payable within one year | 42/48 | €365,396 | €440,813 | +€75,417 | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €27,337 | €17,500 | -€9,837 | -36.0% |
| Trade debts | 44 | €258,286 | €362,395 | +€104,109 | +40.3% |
| Suppliers | 440/4 | €258,286 | €362,395 | +€104,109 | +40.3% |
| Taxes, remuneration and social security | 45 | €79,773 | €60,918 | -€18,855 | -23.6% |
| Taxes | 450/3 | €416 | €382 | -€34 | -8.2% |
| Remuneration and social security | 454/9 | €79,357 | €60,536 | -€18,821 | -23.7% |
| Accrued charges and deferred income | 492/3 | €10,293 | €5,987 | -€4,306 | -41.8% |
| Remuneration, social security and pensions | 62 | €363,958 | €373,779 | +€9,821 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,993 | €47,303 | +€14,310 | +43.4% |
| Other operating charges | 640/8 | €17,005 | €15,976 | -€1,029 | -6.0% |
| Non-recurring operating charges | 66A | €297 | - | -€297 | |
| Gross operating margin | 9900 | €561,571 | €451,774 | -€109,797 | -19.6% |
| Operating profit (loss) | 9901 | €147,318 | €14,716 | -€132,602 | -90.0% |
| Financial income | 75/76B | €4,322 | €2,047 | -€2,275 | -52.6% |
| Recurring financial income | 75 | €4,322 | €2,047 | -€2,275 | -52.6% |
| Financial charges | 65/66B | €17,457 | €16,424 | -€1,033 | -5.9% |
| Recurring financial charges | 65 | €16,657 | €16,424 | -€233 | -1.4% |
| Non-recurring financial charges | 66B | €800 | - | -€800 | |
| Profit (loss) for the period before taxes | 9903 | €134,183 | €339 | -€133,844 | -99.7% |
| Income taxes | 67/77 | €33,455 | €382 | -€33,073 | -98.9% |
| Profit (loss) for the period | 9904 | €100,728 | -€43 | -€100,771 | |
| Profit (loss) for the period to be appropriated | 9905 | €100,728 | -€43 | -€100,771 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.