ADECON: 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.
What changed
ADECON
NACE 43.240, Other construction installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€915,362
2024 · €1.3m-€425,388
Equity
€10.2m
2024 · €9.3m+€915,362
Cash
€1.8m
2024 · €1.4m+€460,684
Balance sheet total
€11.4m
2024 · €11.4m+€2,096
Largest movements
Assets
- Current investments -€1.1m
down €1.1m (-18.3%), from €6.0m to €4.9m
- Cash +€460,684
up €460,684 (+34.0%), from €1.4m to €1.8m
mainly Current investments (+€1.1m) and Net result for the year (+€915,362)
- Tangible fixed assets +€300,556
up €300,556 (+13.1%), from €2.3m to €2.6m
of which Furniture and vehicles: +€488,948
- Receivables within one year +€300,446
up €300,446 (+18.0%), from €1.7m to €2.0m
of which Trade receivables: +€271,528
Equity and liabilities
- Other debts -€924,937
no longer reported in 2025 (was €924,937)
- Reserves +€908,350
up €908,350 (+13.4%), from €6.8m to €7.7m
of which Distributable reserves: +€840,000
Income statement
- Gross operating margin -€577,421
down €577,421 (-14.5%), from €4.0m to €3.4m
- Taxes -€226,357
down €226,357 (-38.8%), from €583,140 to €356,783
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.
Result 2024
€1.3m
Gross operating margin
-€577,421
Staff costs
-€33,447
Depreciation
-€34,178
Write-downs
-€2,340
Other operating charges
+€2,663
Other operating items
-€12,921
Financial income
+€6,107
Financial charges
-€89
Taxes
+€226,357
Deferred taxes and other
-€119
Result 2025
€915,362
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.
From operations
+€483,034
Investment
-€22,350
Financing
€0
Cash 2024
€1.4m
From operations (derived)
+€483,034
Net result for the year
+€915,362
Depreciation
+€820,723
Receivables within one year
-€300,446
Deferred charges and accrued income
-€39,339
Smaller working-capital items
-€746
Trade debts
+€40,609
Tax, wage and social debts
-€28,192
Other debts
-€924,937
Investment (derived)
-€22,350
Investment in fixed assets (net)
-€1.1m
Current investments
+€1.1m
Cash 2025
€1.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,425,423 | €11,427,518 | +€2,096 | 0.0% |
| Fixed assets | 21/28 | €2,296,801 | €2,593,728 | +€296,927 | +12.9% |
| Intangible fixed assets | 21 | €10,469 | €6,840 | -€3,629 | -34.7% |
| Tangible fixed assets | 22/27 | €2,286,332 | €2,586,888 | +€300,556 | +13.1% |
| Land and buildings | 22 | €759 | €53 | -€706 | -93.0% |
| Plant, machinery and equipment | 23 | €750,415 | €562,729 | -€187,685 | -25.0% |
| Furniture and vehicles | 24 | €1,535,158 | €2,024,106 | +€488,948 | +31.9% |
| Current assets | 29/58 | €9,128,622 | €8,833,790 | -€294,832 | -3.2% |
| Stocks and contracts in progress | 3 | €79,866 | €79,866 | = | 0.0% |
| Stocks | 30/36 | €79,866 | €79,866 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,668,096 | €1,968,542 | +€300,446 | +18.0% |
| Trade receivables | 40 | €1,188,784 | €1,460,312 | +€271,528 | +22.8% |
| Other amounts receivable | 41 | €479,312 | €508,230 | +€28,918 | +6.0% |
| Current investments | 50/53 | €5,990,099 | €4,894,799 | -€1.1m | -18.3% |
| Cash at bank and in hand | 54/58 | €1,354,344 | €1,815,028 | +€460,684 | +34.0% |
| Deferred charges and accrued income | 490/1 | €36,216 | €75,555 | +€39,339 | +108.6% |
| Total equity and liabilities | 10/49 | €11,425,423 | €11,427,518 | +€2,096 | 0.0% |
| Equity | 10/15 | €9,299,053 | €10,214,414 | +€915,362 | +9.8% |
| Contributions | 10/11 | €19,107 | €19,107 | = | 0.0% |
| Reserves | 13 | €6,790,959 | €7,699,308 | +€908,350 | +13.4% |
| Tax-exempt reserves | 132 | €372,146 | €440,496 | +€68,350 | +18.4% |
| Distributable reserves | 133 | €6,418,813 | €7,258,813 | +€840,000 | +13.1% |
| Profit (loss) carried forward | 14 | €2,488,987 | €2,495,999 | +€7,012 | +0.3% |
| Provisions and deferred taxes | 16 | €1,239 | €126 | -€1,113 | -89.9% |
| Deferred taxes | 168 | €1,239 | €126 | -€1,113 | -89.9% |
| Amounts payable | 17/49 | €2,125,131 | €1,212,978 | -€912,153 | -42.9% |
| Amounts payable within one year | 42/48 | €2,125,131 | €1,212,611 | -€912,520 | -42.9% |
| Trade debts | 44 | €950,908 | €991,517 | +€40,609 | +4.3% |
| Suppliers | 440/4 | €950,908 | €991,517 | +€40,609 | +4.3% |
| Taxes, remuneration and social security | 45 | €249,286 | €221,094 | -€28,192 | -11.3% |
| Taxes | 450/3 | €240,002 | €211,500 | -€28,502 | -11.9% |
| Remuneration and social security | 454/9 | €9,284 | €9,594 | +€310 | +3.3% |
| Other amounts payable | 47/48 | €924,937 | - | -€924,937 | |
| Accrued charges and deferred income | 492/3 | - | €367 | +€367 | |
| Non-recurring operating income | 76A | €67,250 | €78,000 | +€10,750 | +16.0% |
| Remuneration, social security and pensions | 62 | €1,330,098 | €1,363,544 | +€33,447 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €786,546 | €820,723 | +€34,178 | +4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,874 | €5,214 | +€2,340 | +81.4% |
| Other operating charges | 640/8 | €29,427 | €26,764 | -€2,663 | -9.0% |
| Non-recurring operating charges | 66A | - | €12,921 | +€12,921 | |
| Gross operating margin | 9900 | €3,988,714 | €3,411,293 | -€577,421 | -14.5% |
| Operating profit (loss) | 9901 | €1,839,770 | €1,182,127 | -€657,643 | -35.7% |
| Financial income | 75/76B | €83,969 | €90,075 | +€6,107 | +7.3% |
| Recurring financial income | 75 | €83,969 | €90,075 | +€6,107 | +7.3% |
| Financial charges | 65/66B | €1,081 | €1,171 | +€89 | +8.3% |
| Recurring financial charges | 65 | €1,081 | €1,171 | +€89 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €1,922,657 | €1,271,032 | -€651,625 | -33.9% |
| Transfer from deferred taxes | 780 | €1,233 | €1,113 | -€119 | -9.7% |
| Income taxes | 67/77 | €583,140 | €356,783 | -€226,357 | -38.8% |
| Profit (loss) for the period | 9904 | €1,340,750 | €915,362 | -€425,388 | -31.7% |
| Transfer from tax-exempt reserves | 789 | €2,935 | €2,650 | -€285 | -9.7% |
| Transfer to tax-exempt reserves | 689 | €53,500 | €71,000 | +€17,500 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,290,184 | €847,012 | -€443,172 | -34.3% |
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 3 October 2026 via checked.be.