ADEBO: 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.
ADEBO
Largest movements
- Cash +€73,470
up €73,470 (+99.6%), from €73,796 to €147,266
mainly Net result for the year (+€206,315) and Other debts (+€200,000)
- Stocks and contracts -€15,688
down €15,688 (-6.3%), from €249,487 to €233,799
- Receivables within one year -€6,125
down €6,125 (-4.0%), from €152,633 to €146,508
of which Other amounts receivable: -€16,561
- Other debts +€200,000
new in 2025: €200,000
- Trade debts -€149,667
down €149,667 (-53.0%), from €282,189 to €132,522
- Tax, wage and social debts -€7,203
down €7,203 (-85.2%), from €8,456 to €1,253
of which Remuneration and social security: -€8,005
- Reserves +€6,315
up €6,315 (+3.9%), from €161,758 to €168,073
of which Distributable reserves: +€6,315
- Gross operating margin +€177,373
up €177,373, from -€1,593 to €175,780
- Staff costs -€36,784
down €36,784 (-62.3%), from €59,060 to €22,276
- Write-downs +€14,064
new in 2025: €14,064
- Depreciation -€12,885
down €12,885 (-52.4%), from €24,597 to €11,712
- Taxes -€2,122
down €2,122 (-28.8%), from €7,375 to €5,253
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 | €514,403 | €563,849 | +€49,446 | +9.6% |
| Fixed assets | 21/28 | €37,280 | €35,613 | -€1,667 | -4.5% |
| Intangible fixed assets | 21 | €9,529 | €7,499 | -€2,030 | -21.3% |
| Tangible fixed assets | 22/27 | €25,581 | €25,945 | +€363 | +1.4% |
| Plant, machinery and equipment | 23 | €23,739 | €24,753 | +€1,014 | +4.3% |
| Furniture and vehicles | 24 | €1,843 | €1,192 | -€650 | -35.3% |
| Financial fixed assets | 28 | €2,169 | €2,169 | = | 0.0% |
| Current assets | 29/58 | €477,123 | €528,236 | +€51,113 | +10.7% |
| Stocks and contracts in progress | 3 | €249,487 | €233,799 | -€15,688 | -6.3% |
| Stocks | 30/36 | €249,487 | €233,799 | -€15,688 | -6.3% |
| Amounts receivable within one year | 40/41 | €152,633 | €146,508 | -€6,125 | -4.0% |
| Trade receivables | 40 | €117,307 | €127,744 | +€10,436 | +8.9% |
| Other amounts receivable | 41 | €35,325 | €18,764 | -€16,561 | -46.9% |
| Cash at bank and in hand | 54/58 | €73,796 | €147,266 | +€73,470 | +99.6% |
| Deferred charges and accrued income | 490/1 | €1,208 | €662 | -€545 | -45.1% |
| Total equity and liabilities | 10/49 | €514,403 | €563,849 | +€49,446 | +9.6% |
| Equity | 10/15 | €223,758 | €230,073 | +€6,315 | +2.8% |
| 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 | €161,758 | €168,073 | +€6,315 | +3.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €155,558 | €161,873 | +€6,315 | +4.1% |
| Amounts payable | 17/49 | €290,645 | €333,776 | +€43,131 | +14.8% |
| Amounts payable within one year | 42/48 | €290,645 | €333,776 | +€43,131 | +14.8% |
| Trade debts | 44 | €282,189 | €132,522 | -€149,667 | -53.0% |
| Suppliers | 440/4 | €282,189 | €132,522 | -€149,667 | -53.0% |
| Taxes, remuneration and social security | 45 | €8,456 | €1,253 | -€7,203 | -85.2% |
| Taxes | 450/3 | €452 | €1,253 | +€802 | +177.5% |
| Remuneration and social security | 454/9 | €8,005 | - | -€8,005 | |
| Other amounts payable | 47/48 | - | €200,000 | +€200,000 | |
| Remuneration, social security and pensions | 62 | €59,060 | €22,276 | -€36,784 | -62.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,597 | €11,712 | -€12,885 | -52.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,064 | +€14,064 | |
| Other operating charges | 640/8 | €6,340 | €4,933 | -€1,408 | -22.2% |
| Non-recurring operating charges | 66A | €978 | - | -€978 | |
| Gross operating margin | 9900 | -€1,593 | €175,780 | +€177,373 | |
| Operating profit (loss) | 9901 | -€92,569 | €122,795 | +€215,364 | |
| Financial income | 75/76B | €91,285 | €91,051 | -€234 | -0.3% |
| Recurring financial income | 75 | €65,913 | €67,477 | +€1,564 | +2.4% |
| Non-recurring financial income | 76B | €25,373 | €23,575 | -€1,798 | -7.1% |
| Financial charges | 65/66B | €4,000 | €2,278 | -€1,722 | -43.0% |
| Recurring financial charges | 65 | €4,000 | €2,278 | -€1,722 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,283 | €211,568 | +€216,852 | |
| Income taxes | 67/77 | €7,375 | €5,253 | -€2,122 | -28.8% |
| Profit (loss) for the period | 9904 | -€12,658 | €206,315 | +€218,973 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,658 | €206,315 | +€218,973 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.