ADECOR: 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.
ADECOR
Largest movements
- Tangible fixed assets -€51,989
down €51,989 (-9.5%), from €547,511 to €495,522
of which Land and buildings: -€31,677
- Stocks and contracts +€40,087
up €40,087 (+36.8%), from €108,838 to €148,925
- Cash +€15,595
up €15,595 (+4.9%), from €321,295 to €336,890
mainly Advances received (+€65,972) and Depreciation (+€61,262)
- Advances received +€65,972
up €65,972 (+25.9%), from €254,975 to €320,948
- Trade debts -€46,604
down €46,604 (-26.8%), from €173,619 to €127,015
- Other debts +€44,250
up €44,250 (+147.5%), from €30,000 to €74,250
- Debts after one year -€26,014
down €26,014 (-12.8%), from €202,474 to €176,461
- Reserves -€23,019
down €23,019 (-9.2%), from €250,173 to €227,154
of which Distributable reserves: -€17,077
- Staff costs -€73,686
down €73,686 (-21.0%), from €350,724 to €277,038
- Gross operating margin -€39,025
down €39,025 (-9.8%), from €399,433 to €360,408
- Provisions +€20,289
up €20,289, from -€20,289 to €0
- Taxes +€4,941
up €4,941 (+95.7%), from €5,164 to €10,104
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 | €1,075,708 | €1,085,839 | +€10,131 | +0.9% |
| Fixed assets | 21/28 | €547,561 | €495,572 | -€51,989 | -9.5% |
| Tangible fixed assets | 22/27 | €547,511 | €495,522 | -€51,989 | -9.5% |
| Land and buildings | 22 | €417,836 | €386,159 | -€31,677 | -7.6% |
| Plant, machinery and equipment | 23 | €5,217 | €2,367 | -€2,850 | -54.6% |
| Furniture and vehicles | 24 | €59,553 | €32,818 | -€26,736 | -44.9% |
| Other tangible fixed assets | 26 | €64,905 | €74,178 | +€9,273 | +14.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €528,147 | €590,267 | +€62,120 | +11.8% |
| Stocks and contracts in progress | 3 | €108,838 | €148,925 | +€40,087 | +36.8% |
| Stocks | 30/36 | €108,838 | €148,925 | +€40,087 | +36.8% |
| Amounts receivable within one year | 40/41 | €92,404 | €98,428 | +€6,025 | +6.5% |
| Trade receivables | 40 | €88,404 | €98,428 | +€10,025 | +11.3% |
| Other amounts receivable | 41 | €4,000 | €0 | -€4,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €321,295 | €336,890 | +€15,595 | +4.9% |
| Deferred charges and accrued income | 490/1 | €5,610 | €6,024 | +€413 | +7.4% |
| Total equity and liabilities | 10/49 | €1,075,708 | €1,085,839 | +€10,131 | +0.9% |
| Equity | 10/15 | €268,765 | €245,746 | -€23,019 | -8.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €250,173 | €227,154 | -€23,019 | -9.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €137,101 | €131,159 | -€5,942 | -4.3% |
| Distributable reserves | 133 | €111,213 | €94,136 | -€17,077 | -15.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €48,955 | €45,895 | -€3,060 | -6.2% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €48,955 | €45,895 | -€3,060 | -6.2% |
| Amounts payable | 17/49 | €757,987 | €794,198 | +€36,210 | +4.8% |
| Amounts payable after more than one year | 17 | €202,474 | €176,461 | -€26,014 | -12.8% |
| Financial debts | 170/4 | €202,474 | €176,461 | -€26,014 | -12.8% |
| Amounts payable within one year | 42/48 | €555,513 | €617,737 | +€62,224 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €25,118 | €26,014 | +€896 | +3.6% |
| Trade debts | 44 | €173,619 | €127,015 | -€46,604 | -26.8% |
| Suppliers | 440/4 | €173,619 | €127,015 | -€46,604 | -26.8% |
| Advances received on contracts in progress | 46 | €254,975 | €320,948 | +€65,972 | +25.9% |
| Taxes, remuneration and social security | 45 | €71,801 | €69,511 | -€2,289 | -3.2% |
| Taxes | 450/3 | €37,349 | €33,042 | -€4,307 | -11.5% |
| Remuneration and social security | 454/9 | €34,452 | €36,469 | +€2,018 | +5.9% |
| Other amounts payable | 47/48 | €30,000 | €74,250 | +€44,250 | +147.5% |
| Non-recurring operating income | 76A | €7,691 | €0 | -€7,691 | -100.0% |
| Remuneration, social security and pensions | 62 | €350,724 | €277,038 | -€73,686 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,658 | €61,262 | +€605 | +1.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€20,289 | €0 | +€20,289 | |
| Other operating charges | 640/8 | €14,549 | €15,174 | +€626 | +4.3% |
| Non-recurring operating charges | 66A | €96 | €0 | -€96 | -100.0% |
| Gross operating margin | 9900 | €399,433 | €360,408 | -€39,025 | -9.8% |
| Operating profit (loss) | 9901 | -€6,304 | €6,933 | +€13,237 | |
| Financial income | 75/76B | €18,069 | €16,461 | -€1,608 | -8.9% |
| Recurring financial income | 75 | €18,069 | €16,461 | -€1,608 | -8.9% |
| Financial charges | 65/66B | €8,731 | €9,369 | +€638 | +7.3% |
| Recurring financial charges | 65 | €8,731 | €9,369 | +€638 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €3,034 | €14,025 | +€10,991 | +362.2% |
| Transfer from deferred taxes | 780 | €3,060 | €3,060 | = | 0.0% |
| Income taxes | 67/77 | €5,164 | €10,104 | +€4,941 | +95.7% |
| Profit (loss) for the period | 9904 | €930 | €6,981 | +€6,050 | +650.4% |
| Transfer from tax-exempt reserves | 789 | €5,942 | €5,942 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,872 | €12,923 | +€6,050 | +88.0% |
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 30 September 2026 via checked.be.