ADEKSPO: 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.
ADEKSPO
Largest movements
- Cash -€20,167
down €20,167 (-38.6%), from €52,301 to €32,135
mainly Trade debts (-€29,851) and Current portion of long-term debt (-€18,846)
- Receivables within one year -€19,844
no longer reported in 2025 (was €19,844)
of which Trade receivables: -€19,839
- Tangible fixed assets -€15,745
down €15,745 (-6.8%), from €231,759 to €216,013
of which Land and buildings: -€11,336
- Trade debts -€29,851
down €29,851 (-62.9%), from €47,431 to €17,580
- Current portion of long-term debt -€18,846
no longer reported in 2025 (was €18,846)
- Profit (loss) carried forward -€7,171
new in 2025: -€7,171
- Tax, wage and social debts +€7,006
up €7,006 (+35.0%), from €20,026 to €27,032
of which Remuneration and social security: +€7,400
- Reserves -€6,830
down €6,830 (-17.7%), from €38,590 to €31,760
of which Distributable reserves: -€6,830
- Staff costs +€8,442
up €8,442 (+8.0%), from €105,596 to €114,038
- Depreciation +€3,151
up €3,151 (+19.5%), from €16,133 to €19,284
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 | €322,472 | €269,440 | -€53,032 | -16.4% |
| Fixed assets | 21/28 | €231,759 | €216,013 | -€15,745 | -6.8% |
| Tangible fixed assets | 22/27 | €231,759 | €216,013 | -€15,745 | -6.8% |
| Land and buildings | 22 | €214,770 | €203,434 | -€11,336 | -5.3% |
| Plant, machinery and equipment | 23 | €5,575 | €4,021 | -€1,553 | -27.9% |
| Furniture and vehicles | 24 | €11,414 | €8,558 | -€2,856 | -25.0% |
| Current assets | 29/58 | €90,713 | €53,427 | -€37,286 | -41.1% |
| Stocks and contracts in progress | 3 | €16,876 | €18,430 | +€1,555 | +9.2% |
| Stocks | 30/36 | €16,876 | €18,430 | +€1,555 | +9.2% |
| Amounts receivable within one year | 40/41 | €19,844 | - | -€19,844 | |
| Trade receivables | 40 | €19,839 | - | -€19,839 | |
| Other amounts receivable | 41 | €5 | - | -€5 | |
| Cash at bank and in hand | 54/58 | €52,301 | €32,135 | -€20,167 | -38.6% |
| Deferred charges and accrued income | 490/1 | €1,692 | €2,862 | +€1,170 | +69.1% |
| Total equity and liabilities | 10/49 | €322,472 | €269,440 | -€53,032 | -16.4% |
| Equity | 10/15 | €44,790 | €30,789 | -€14,000 | -31.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €38,590 | €31,760 | -€6,830 | -17.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €36,730 | €29,900 | -€6,830 | -18.6% |
| Profit (loss) carried forward | 14 | - | -€7,171 | -€7,171 | |
| Amounts payable | 17/49 | €277,682 | €238,651 | -€39,031 | -14.1% |
| Amounts payable after more than one year | 17 | €176,166 | €175,970 | -€196 | -0.1% |
| Financial debts | 170/4 | €175,970 | €175,970 | = | 0.0% |
| Trade debts | 175 | €196 | - | -€196 | |
| Amounts payable within one year | 42/48 | €101,516 | €62,680 | -€38,835 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €18,846 | - | -€18,846 | |
| Trade debts | 44 | €47,431 | €17,580 | -€29,851 | -62.9% |
| Suppliers | 440/4 | €47,431 | €17,580 | -€29,851 | -62.9% |
| Taxes, remuneration and social security | 45 | €20,026 | €27,032 | +€7,006 | +35.0% |
| Taxes | 450/3 | €1,867 | €1,473 | -€394 | -21.1% |
| Remuneration and social security | 454/9 | €18,159 | €25,559 | +€7,400 | +40.8% |
| Other amounts payable | 47/48 | €15,213 | €18,068 | +€2,855 | +18.8% |
| Remuneration, social security and pensions | 62 | €105,596 | €114,038 | +€8,442 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,133 | €19,284 | +€3,151 | +19.5% |
| Other operating charges | 640/8 | €2,638 | €3,284 | +€645 | +24.5% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €132,353 | €131,913 | -€440 | -0.3% |
| Operating profit (loss) | 9901 | €7,886 | -€4,692 | -€12,578 | |
| Financial income | 75/76B | €45 | €2 | -€43 | -95.4% |
| Recurring financial income | 75 | €45 | €2 | -€43 | -95.4% |
| Financial charges | 65/66B | €8,996 | €7,812 | -€1,184 | -13.2% |
| Recurring financial charges | 65 | €8,996 | €7,812 | -€1,184 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,065 | -€12,502 | -€11,437 | -1,074% |
| Income taxes | 67/77 | €1,319 | €1,498 | +€180 | +13.6% |
| Profit (loss) for the period | 9904 | -€2,383 | -€14,000 | -€11,617 | -487% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,383 | -€14,000 | -€11,617 | -487% |
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 30 October 2026 via checked.be.