ADEEL: 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.
ADEEL
Largest movements
- Receivables within one year +€25,420
new in 2025: €25,420
- Cash +€8,346
up €8,346 (+287.4%), from €2,904 to €11,250
mainly Accrued charges and deferred income (+€29,678) and Trade debts (+€11,346)
- Stocks and contracts +€3,054
up €3,054 (+13.6%), from €22,450 to €25,504
- Accrued charges and deferred income +€29,678
new in 2025: €29,678
- Trade debts +€11,346
up €11,346 (+652.2%), from €1,740 to €13,085
- Other debts -€3,270
down €3,270 (-70.0%), from €4,674 to €1,404
- Short-term financial debts -€3,228
no longer reported in 2025 (was €3,228)
- Reserves +€2,227
up €2,227 (+23.5%), from €9,477 to €11,704
- Gross operating margin +€575
up €575 (+12.4%), from €4,629 to €5,204
- Other operating charges -€415
down €415 (-15.7%), from €2,645 to €2,230
- Taxes +€208
up €208 (+52.3%), from €397 to €605
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 | €25,354 | €62,174 | +€36,820 | +145.2% |
| Current assets | 29/58 | €25,354 | €62,174 | +€36,820 | +145.2% |
| Stocks and contracts in progress | 3 | €22,450 | €25,504 | +€3,054 | +13.6% |
| Stocks | 30/36 | €22,450 | €25,504 | +€3,054 | +13.6% |
| Amounts receivable within one year | 40/41 | - | €25,420 | +€25,420 | |
| Trade receivables | 40 | - | €25,420 | +€25,420 | |
| Cash at bank and in hand | 54/58 | €2,904 | €11,250 | +€8,346 | +287.4% |
| Total equity and liabilities | 10/49 | €25,354 | €62,174 | +€36,820 | +145.2% |
| Equity | 10/15 | €14,477 | €16,704 | +€2,227 | +15.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,477 | €11,704 | +€2,227 | +23.5% |
| Distributable reserves | 133 | €9,477 | €11,704 | +€2,227 | +23.5% |
| Amounts payable | 17/49 | €10,878 | €45,470 | +€34,593 | +318.0% |
| Amounts payable within one year | 42/48 | €10,878 | €15,793 | +€4,915 | +45.2% |
| Financial debts | 43 | €3,228 | - | -€3,228 | |
| Credit institutions | 430/8 | €3,228 | - | -€3,228 | |
| Trade debts | 44 | €1,740 | €13,085 | +€11,346 | +652.2% |
| Suppliers | 440/4 | €1,740 | €13,085 | +€11,346 | +652.2% |
| Taxes, remuneration and social security | 45 | €1,236 | €1,304 | +€68 | +5.5% |
| Taxes | 450/3 | €1,236 | €1,304 | +€68 | +5.5% |
| Other amounts payable | 47/48 | €4,674 | €1,404 | -€3,270 | -70.0% |
| Accrued charges and deferred income | 492/3 | - | €29,678 | +€29,678 | |
| Other operating charges | 640/8 | €2,645 | €2,230 | -€415 | -15.7% |
| Gross operating margin | 9900 | €4,629 | €5,204 | +€575 | +12.4% |
| Operating profit (loss) | 9901 | €1,984 | €2,974 | +€990 | +49.9% |
| Financial charges | 65/66B | €163 | €143 | -€21 | -12.7% |
| Recurring financial charges | 65 | €163 | €143 | -€21 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €1,821 | €2,832 | +€1,011 | +55.5% |
| Income taxes | 67/77 | €397 | €605 | +€208 | +52.3% |
| Profit (loss) for the period | 9904 | €1,424 | €2,227 | +€803 | +56.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,424 | €2,227 | +€803 | +56.4% |
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.