ADEL: 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.
ADEL
Largest movements
- Receivables within one year -€14,148
down €14,148 (-33.9%), from €41,779 to €27,631
of which Trade receivables: -€14,222
- Profit (loss) carried forward +€17,025
up €17,025 (+75.5%), from -€22,552 to -€5,528
- Other debts -€11,002
down €11,002 (-47.5%), from €23,151 to €12,149
- Advances received -€10,573
down €10,573 (-44.0%), from €24,043 to €13,470
- Current portion of long-term debt -€6,461
no longer reported in 2025 (was €6,461)
- Trade debts -€2,379
down €2,379 (-42.7%), from €5,568 to €3,189
- Gross operating margin +€14,810
up €14,810 (+174%), from €8,488 to €23,298
- Financial charges -€9,766
down €9,766 (-91.5%), from €10,669 to €903
- Staff costs -€4,231
no longer reported in 2025 (was €4,231)
- Other operating charges +€4,149
up €4,149 (+340%), from €1,222 to €5,370
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
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 | €46,727 | €32,990 | -€13,737 | -29.4% |
| Fixed assets | 21/28 | €172 | €172 | = | 0.0% |
| Financial fixed assets | 28 | €172 | €172 | = | 0.0% |
| Current assets | 29/58 | €46,555 | €32,818 | -€13,737 | -29.5% |
| Stocks and contracts in progress | 3 | €4,775 | €5,187 | +€411 | +8.6% |
| Stocks | 30/36 | €4,775 | €5,187 | +€411 | +8.6% |
| Amounts receivable within one year | 40/41 | €41,779 | €27,631 | -€14,148 | -33.9% |
| Trade receivables | 40 | €27,415 | €13,193 | -€14,222 | -51.9% |
| Other amounts receivable | 41 | €14,365 | €14,438 | +€74 | +0.5% |
| Total equity and liabilities | 10/49 | €46,727 | €32,990 | -€13,737 | -29.4% |
| Equity | 10/15 | -€14,720 | €2,305 | +€17,025 | |
| Contributions | 10/11 | €5,973 | €5,973 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,552 | -€5,528 | +€17,025 | +75.5% |
| Amounts payable | 17/49 | €61,446 | €30,685 | -€30,762 | -50.1% |
| Amounts payable within one year | 42/48 | €61,446 | €30,685 | -€30,762 | -50.1% |
| Current portion of amounts payable after more than one year | 42 | €6,461 | - | -€6,461 | |
| Financial debts | 43 | €2,065 | €1,877 | -€188 | -9.1% |
| Credit institutions | 430/8 | €2,065 | €1,877 | -€188 | -9.1% |
| Trade debts | 44 | €5,568 | €3,189 | -€2,379 | -42.7% |
| Suppliers | 440/4 | €5,568 | €3,189 | -€2,379 | -42.7% |
| Advances received on contracts in progress | 46 | €24,043 | €13,470 | -€10,573 | -44.0% |
| Taxes, remuneration and social security | 45 | €159 | - | -€159 | |
| Remuneration and social security | 454/9 | €159 | - | -€159 | |
| Other amounts payable | 47/48 | €23,151 | €12,149 | -€11,002 | -47.5% |
| Remuneration, social security and pensions | 62 | €4,231 | - | -€4,231 | |
| Other operating charges | 640/8 | €1,222 | €5,370 | +€4,149 | +340% |
| Gross operating margin | 9900 | €8,488 | €23,298 | +€14,810 | +174% |
| Operating profit (loss) | 9901 | €3,036 | €17,928 | +€14,892 | +491% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10,669 | €903 | -€9,766 | -91.5% |
| Recurring financial charges | 65 | €10,669 | €903 | -€9,766 | -91.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,633 | €17,025 | +€24,658 | |
| Profit (loss) for the period | 9904 | -€7,633 | €17,025 | +€24,658 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,633 | €17,025 | +€24,658 |
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 17 October 2026 via checked.be.