ADEL: 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.
ADEL
Largest movements
- Receivables within one year +€75,306
up €75,306 (+239.2%), from €31,482 to €106,787
of which Trade receivables: +€76,022
- Tangible fixed assets -€1,480
down €1,480 (-45.6%), from €3,247 to €1,768
- Trade debts +€31,267
up €31,267 (+235.7%), from €13,266 to €44,533
- Debts after one year +€23,040
new in 2025: €23,040
- Tax, wage and social debts +€21,559
up €21,559 (+504.9%), from €4,269 to €25,828
of which Taxes: +€18,323
- Other debts -€18,309
down €18,309 (-94.8%), from €19,323 to €1,014
- Profit (loss) carried forward +€17,323
up €17,323 (+76.9%), from -€22,532 to -€5,209
- Gross operating margin +€77,878
up €77,878 (+1695.6%), from €4,593 to €82,471
- Staff costs +€49,228
up €49,228 (+1171.6%), from €4,202 to €53,430
- Other operating charges +€3,355
up €3,355 (+278.3%), from €1,206 to €4,561
- Financial charges +€1,671
up €1,671 (+91.6%), from €1,825 to €3,496
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,850 | €111,782 | +€73,932 | +195.3% |
| Fixed assets | 21/28 | €6,214 | €4,141 | -€2,073 | -33.4% |
| Intangible fixed assets | 21 | €2,967 | €2,373 | -€594 | -20.0% |
| Tangible fixed assets | 22/27 | €3,247 | €1,768 | -€1,480 | -45.6% |
| Furniture and vehicles | 24 | €3,247 | €1,768 | -€1,480 | -45.6% |
| Current assets | 29/58 | €31,636 | €107,641 | +€76,005 | +240.2% |
| Amounts receivable within one year | 40/41 | €31,482 | €106,787 | +€75,306 | +239.2% |
| Trade receivables | 40 | €30,613 | €106,635 | +€76,022 | +248.3% |
| Other amounts receivable | 41 | €868 | €152 | -€716 | -82.5% |
| Deferred charges and accrued income | 490/1 | €155 | €854 | +€699 | +451.9% |
| Total equity and liabilities | 10/49 | €37,850 | €111,782 | +€73,932 | +195.3% |
| Equity | 10/15 | -€3,940 | €13,383 | +€17,323 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,532 | -€5,209 | +€17,323 | +76.9% |
| Amounts payable | 17/49 | €41,790 | €98,399 | +€56,609 | +135.5% |
| Amounts payable after more than one year | 17 | - | €23,040 | +€23,040 | |
| Other amounts payable | 178/9 | - | €23,040 | +€23,040 | |
| Amounts payable within one year | 42/48 | €41,364 | €75,303 | +€33,939 | +82.0% |
| Financial debts | 43 | €4,505 | €3,927 | -€578 | -12.8% |
| Credit institutions | 430/8 | €4,505 | €3,927 | -€578 | -12.8% |
| Trade debts | 44 | €13,266 | €44,533 | +€31,267 | +235.7% |
| Suppliers | 440/4 | €13,266 | €44,533 | +€31,267 | +235.7% |
| Taxes, remuneration and social security | 45 | €4,269 | €25,828 | +€21,559 | +504.9% |
| Taxes | 450/3 | €731 | €19,053 | +€18,323 | +2507.3% |
| Remuneration and social security | 454/9 | €3,539 | €6,775 | +€3,236 | +91.4% |
| Other amounts payable | 47/48 | €19,323 | €1,014 | -€18,309 | -94.8% |
| Accrued charges and deferred income | 492/3 | €426 | €56 | -€370 | -86.8% |
| Remuneration, social security and pensions | 62 | €4,202 | €53,430 | +€49,228 | +1171.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,670 | €982 | -€688 | -41.2% |
| Other operating charges | 640/8 | €1,206 | €4,561 | +€3,355 | +278.3% |
| Non-recurring operating charges | 66A | - | €2,344 | +€2,344 | |
| Gross operating margin | 9900 | €4,593 | €82,471 | +€77,878 | +1695.6% |
| Operating profit (loss) | 9901 | -€2,484 | €21,155 | +€23,639 | |
| Financial income | 75/76B | €0 | €20 | +€20 | +67800.0% |
| Recurring financial income | 75 | €0 | €20 | +€20 | +67800.0% |
| Financial charges | 65/66B | €1,825 | €3,496 | +€1,671 | +91.6% |
| Recurring financial charges | 65 | €1,825 | €3,496 | +€1,671 | +91.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,309 | €17,679 | +€21,988 | |
| Income taxes | 67/77 | - | €357 | +€357 | |
| Profit (loss) for the period | 9904 | -€4,309 | €17,323 | +€21,632 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,309 | €17,323 | +€21,632 |
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 8 October 2026 via checked.be.