ADEC: 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.
ADEC
Largest movements
- Tangible fixed assets +€200,735
up €200,735 (+23.0%), from €874,056 to €1.1m
of which Leasing and similar rights: +€114,719
- Receivables within one year -€122,139
down €122,139 (-19.5%), from €626,103 to €503,964
of which Trade receivables: -€120,390
- Cash -€34,042
down €34,042 (-9.8%), from €347,569 to €313,527
mainly Investment in fixed assets (net) (-€379,177) and Trade debts (-€94,810)
- Receivables after one year +€28,323
up €28,323 (+54.1%), from €52,345 to €80,668
- Current investments +€26,056
up €26,056 (+9.5%), from €274,837 to €300,893
- Debts after one year +€182,499
up €182,499 (+39.5%), from €462,579 to €645,078
- Trade debts -€94,810
down €94,810 (-28.4%), from €334,301 to €239,492
- Current portion of long-term debt +€37,700
up €37,700 (+39.5%), from €95,473 to €133,172
- Depreciation +€55,511
up €55,511 (+48.0%), from €115,627 to €171,138
- Staff costs +€45,521
up €45,521 (+5.9%), from €777,137 to €822,658
- Other operating charges -€26,920
down €26,920 (-73.5%), from €36,643 to €9,723
- Write-downs +€25,535
up €25,535, from -€24,140 to €1,395
- Financial charges +€23,094
up €23,094 (+475%), from €4,857 to €27,951
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 | €2,190,893 | €2,312,860 | +€121,967 | +5.6% |
| Fixed assets | 21/28 | €874,056 | €1,082,095 | +€208,039 | +23.8% |
| Intangible fixed assets | 21 | - | €7,304 | +€7,304 | |
| Tangible fixed assets | 22/27 | €874,056 | €1,074,791 | +€200,735 | +23.0% |
| Land and buildings | 22 | €238,721 | €302,043 | +€63,322 | +26.5% |
| Plant, machinery and equipment | 23 | €36,502 | €23,552 | -€12,950 | -35.5% |
| Furniture and vehicles | 24 | €31,697 | €67,341 | +€35,644 | +112% |
| Leasing and similar rights | 25 | €567,136 | €681,855 | +€114,719 | +20.2% |
| Current assets | 29/58 | €1,316,837 | €1,230,765 | -€86,072 | -6.5% |
| Amounts receivable after more than one year | 29 | €52,345 | €80,668 | +€28,323 | +54.1% |
| Other amounts receivable | 291 | €52,345 | €80,668 | +€28,323 | +54.1% |
| Amounts receivable within one year | 40/41 | €626,103 | €503,964 | -€122,139 | -19.5% |
| Trade receivables | 40 | €607,027 | €486,638 | -€120,390 | -19.8% |
| Other amounts receivable | 41 | €19,075 | €17,326 | -€1,749 | -9.2% |
| Current investments | 50/53 | €274,837 | €300,893 | +€26,056 | +9.5% |
| Cash at bank and in hand | 54/58 | €347,569 | €313,527 | -€34,042 | -9.8% |
| Deferred charges and accrued income | 490/1 | €15,983 | €31,713 | +€15,730 | +98.4% |
| Total equity and liabilities | 10/49 | €2,190,893 | €2,312,860 | +€121,967 | +5.6% |
| Equity | 10/15 | €1,040,147 | €1,048,012 | +€7,866 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,021,547 | €1,029,412 | +€7,866 | +0.8% |
| Distributable reserves | 133 | €1,021,547 | €1,029,412 | +€7,866 | +0.8% |
| Amounts payable | 17/49 | €1,150,746 | €1,264,848 | +€114,102 | +9.9% |
| Amounts payable after more than one year | 17 | €462,579 | €645,078 | +€182,499 | +39.5% |
| Financial debts | 170/4 | €462,579 | €645,078 | +€182,499 | +39.5% |
| Amounts payable within one year | 42/48 | €664,752 | €592,305 | -€72,447 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €95,473 | €133,172 | +€37,700 | +39.5% |
| Financial debts | 43 | €6,003 | €25,320 | +€19,317 | +322% |
| Credit institutions | 430/8 | €6,003 | €25,320 | +€19,317 | +322% |
| Trade debts | 44 | €334,301 | €239,492 | -€94,810 | -28.4% |
| Suppliers | 440/4 | €334,301 | €239,492 | -€94,810 | -28.4% |
| Taxes, remuneration and social security | 45 | €114,425 | €96,563 | -€17,862 | -15.6% |
| Taxes | 450/3 | €57,709 | €37,545 | -€20,164 | -34.9% |
| Remuneration and social security | 454/9 | €56,716 | €59,018 | +€2,302 | +4.1% |
| Other amounts payable | 47/48 | €114,551 | €97,758 | -€16,792 | -14.7% |
| Accrued charges and deferred income | 492/3 | €23,415 | €27,465 | +€4,049 | +17.3% |
| Remuneration, social security and pensions | 62 | €777,137 | €822,658 | +€45,521 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,627 | €171,138 | +€55,511 | +48.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€24,140 | €1,395 | +€25,535 | |
| Other operating charges | 640/8 | €36,643 | €9,723 | -€26,920 | -73.5% |
| Gross operating margin | 9900 | €1,107,274 | €1,128,600 | +€21,327 | +1.9% |
| Operating profit (loss) | 9901 | €202,007 | €123,687 | -€78,321 | -38.8% |
| Financial income | 75/76B | €3,393 | €6,011 | +€2,618 | +77.2% |
| Recurring financial income | 75 | €3,393 | €6,011 | +€2,618 | +77.2% |
| Financial charges | 65/66B | €4,857 | €27,951 | +€23,094 | +475% |
| Recurring financial charges | 65 | €4,857 | €27,951 | +€23,094 | +475% |
| Profit (loss) for the period before taxes | 9903 | €200,543 | €101,747 | -€98,796 | -49.3% |
| Income taxes | 67/77 | €21,418 | €3,882 | -€17,536 | -81.9% |
| Profit (loss) for the period | 9904 | €179,126 | €97,866 | -€81,260 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €179,126 | €97,866 | -€81,260 | -45.4% |
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 16 October 2026 via checked.be.