ADECORS: 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.
ADECORS
Largest movements
- Receivables within one year +€16,588
up €16,588 (+11.5%), from €144,623 to €161,212
of which Other amounts receivable: +€24,230
- Tangible fixed assets -€4,060
down €4,060 (-60.0%), from €6,767 to €2,707
- Advances received +€20,447
up €20,447 (+1,585%), from €1,290 to €21,737
- Other debts -€10,814
down €10,814 (-24.6%), from €43,879 to €33,065
- Profit (loss) carried forward +€9,179
up €9,179 (+72.0%), from €12,747 to €21,925
- Trade debts +€8,304
up €8,304 (+13.5%), from €61,413 to €69,718
- Debts after one year -€7,819
no longer reported in 2025 (was €7,819)
- Taxes +€11,068
new in 2025: €11,068
- Gross operating margin +€6,418
up €6,418 (+32.4%), from €19,821 to €26,239
- Financial charges -€1,233
down €1,233 (-52.8%), from €2,335 to €1,102
- Other operating charges +€844
up €844 (+95.3%), from €885 to €1,729
- Financial income +€693
up €693 (+337%), from €206 to €899
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 | €157,198 | €170,108 | +€12,910 | +8.2% |
| Fixed assets | 21/28 | €8,367 | €4,307 | -€4,060 | -48.5% |
| Tangible fixed assets | 22/27 | €6,767 | €2,707 | -€4,060 | -60.0% |
| Leasing and similar rights | 25 | €6,767 | €2,707 | -€4,060 | -60.0% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €148,831 | €165,801 | +€16,970 | +11.4% |
| Amounts receivable within one year | 40/41 | €144,623 | €161,212 | +€16,588 | +11.5% |
| Trade receivables | 40 | €117,777 | €110,135 | -€7,642 | -6.5% |
| Other amounts receivable | 41 | €26,847 | €51,077 | +€24,230 | +90.3% |
| Cash at bank and in hand | 54/58 | €4,208 | €4,590 | +€382 | +9.1% |
| Total equity and liabilities | 10/49 | €157,198 | €170,108 | +€12,910 | +8.2% |
| Equity | 10/15 | €32,680 | €41,859 | +€9,179 | +28.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,333 | €1,333 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,333 | €1,333 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,333 | €1,333 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,747 | €21,925 | +€9,179 | +72.0% |
| Amounts payable | 17/49 | €124,518 | €128,249 | +€3,731 | +3.0% |
| Amounts payable after more than one year | 17 | €7,819 | - | -€7,819 | |
| Financial debts | 170/4 | €7,819 | - | -€7,819 | |
| Amounts payable within one year | 42/48 | €116,699 | €128,249 | +€11,550 | +9.9% |
| Financial debts | 43 | - | €209 | +€209 | |
| Credit institutions | 430/8 | - | €209 | +€209 | |
| Trade debts | 44 | €61,413 | €69,718 | +€8,304 | +13.5% |
| Suppliers | 440/4 | €61,413 | €69,718 | +€8,304 | +13.5% |
| Advances received on contracts in progress | 46 | €1,290 | €21,737 | +€20,447 | +1,585% |
| Taxes, remuneration and social security | 45 | €10,116 | €3,521 | -€6,596 | -65.2% |
| Taxes | 450/3 | €10,116 | €3,521 | -€6,596 | -65.2% |
| Other amounts payable | 47/48 | €43,879 | €33,065 | -€10,814 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,060 | €4,060 | = | 0.0% |
| Other operating charges | 640/8 | €885 | €1,729 | +€844 | +95.3% |
| Gross operating margin | 9900 | €19,821 | €26,239 | +€6,418 | +32.4% |
| Operating profit (loss) | 9901 | €14,876 | €20,450 | +€5,574 | +37.5% |
| Financial income | 75/76B | €206 | €899 | +€693 | +337% |
| Recurring financial income | 75 | €206 | €899 | +€693 | +337% |
| Financial charges | 65/66B | €2,335 | €1,102 | -€1,233 | -52.8% |
| Recurring financial charges | 65 | €2,335 | €1,102 | -€1,233 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | €12,747 | €20,247 | +€7,500 | +58.8% |
| Income taxes | 67/77 | - | €11,068 | +€11,068 | |
| Profit (loss) for the period | 9904 | €12,747 | €9,179 | -€3,568 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,747 | €9,179 | -€3,568 | -28.0% |
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 25 October 2026 via checked.be.