ADEKAR: 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.
ADEKAR
Largest movements
- Receivables within one year +€40,000
up €40,000, from €0 to €40,000
- Tangible fixed assets +€34,399
up €34,399 (+3,874%), from €888 to €35,287
- Cash +€17,759
up €17,759 (+123%), from €14,460 to €32,218
mainly Net result for the year (+€124,436) and Depreciation (+€6,693)
- Reserves +€124,436
up €124,436 (+151%), from €82,629 to €207,065
- Other debts -€31,250
down €31,250 (-29.5%), from €105,845 to €74,595
- Gross operating margin +€83,949
up €83,949 (+91.0%), from €92,275 to €176,224
- Taxes +€20,073
up €20,073 (+86.3%), from €23,270 to €43,343
- Depreciation +€6,248
up €6,248 (+1,404%), from €445 to €6,693
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 | €215,348 | €308,287 | +€92,939 | +43.2% |
| Fixed assets | 21/28 | €200,888 | €235,287 | +€34,399 | +17.1% |
| Tangible fixed assets | 22/27 | €888 | €35,287 | +€34,399 | +3,874% |
| Furniture and vehicles | 24 | €888 | €35,287 | +€34,399 | +3,874% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €14,460 | €73,000 | +€58,540 | +405% |
| Amounts receivable within one year | 40/41 | €0 | €40,000 | +€40,000 | |
| Trade receivables | 40 | €0 | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €14,460 | €32,218 | +€17,759 | +123% |
| Deferred charges and accrued income | 490/1 | - | €782 | +€782 | |
| Total equity and liabilities | 10/49 | €215,348 | €308,287 | +€92,939 | +43.2% |
| Equity | 10/15 | €87,629 | €212,065 | +€124,436 | +142% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €82,629 | €207,065 | +€124,436 | +151% |
| Distributable reserves | 133 | €82,629 | €207,065 | +€124,436 | +151% |
| Amounts payable | 17/49 | €127,719 | €96,222 | -€31,497 | -24.7% |
| Amounts payable within one year | 42/48 | €127,719 | €96,192 | -€31,527 | -24.7% |
| Trade debts | 44 | €552 | €572 | +€20 | +3.6% |
| Suppliers | 440/4 | €552 | €572 | +€20 | +3.6% |
| Taxes, remuneration and social security | 45 | €21,322 | €21,026 | -€297 | -1.4% |
| Taxes | 450/3 | €21,322 | €21,026 | -€297 | -1.4% |
| Other amounts payable | 47/48 | €105,845 | €74,595 | -€31,250 | -29.5% |
| Accrued charges and deferred income | 492/3 | - | €30 | +€30 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €445 | €6,693 | +€6,248 | +1,404% |
| Other operating charges | 640/8 | €1,107 | €1,751 | +€645 | +58.2% |
| Gross operating margin | 9900 | €92,275 | €176,224 | +€83,949 | +91.0% |
| Operating profit (loss) | 9901 | €90,723 | €167,779 | +€77,056 | +84.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €128 | €0 | -€128 | -100% |
| Recurring financial charges | 65 | €128 | €0 | -€128 | -100% |
| Profit (loss) for the period before taxes | 9903 | €90,595 | €167,779 | +€77,185 | +85.2% |
| Income taxes | 67/77 | €23,270 | €43,343 | +€20,073 | +86.3% |
| Profit (loss) for the period | 9904 | €67,325 | €124,436 | +€57,112 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €67,325 | €124,436 | +€57,112 | +84.8% |
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 14 October 2026 via checked.be.