ADELAAR Projects: 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.
ADELAAR Projects
Largest movements
- Receivables within one year -€86,684
down €86,684 (-2.1%), from €4.1m to €4.0m
of which Trade receivables: -€86,684
- Tax, wage and social debts -€87,611
down €87,611 (-90.2%), from €97,163 to €9,553
- Trade debts -€85,128
down €85,128 (-92.5%), from €91,980 to €6,853
- Reserves +€80,814
up €80,814 (+29.4%), from €275,015 to €355,829
- Other operating charges -€41,377
down €41,377 (-96.7%), from €42,771 to €1,393
- Gross operating margin -€25,915
down €25,915 (-23.5%), from €110,213 to €84,298
- Taxes -€16,017
down €16,017 (-94.5%), from €16,941 to €924
- Financial charges -€4,105
down €4,105 (-77.9%), from €5,272 to €1,167
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 | €4,889,014 | €4,802,731 | -€86,282 | -1.8% |
| Current assets | 29/58 | €4,889,014 | €4,802,731 | -€86,282 | -1.8% |
| Stocks and contracts in progress | 3 | €353,683 | €313,672 | -€40,011 | -11.3% |
| Stocks | 30/36 | €353,683 | €313,672 | -€40,011 | -11.3% |
| Amounts receivable within one year | 40/41 | €4,051,262 | €3,964,578 | -€86,684 | -2.1% |
| Trade receivables | 40 | €86,684 | - | -€86,684 | |
| Other amounts receivable | 41 | €3,964,578 | €3,964,578 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €484,069 | €524,482 | +€40,412 | +8.3% |
| Total equity and liabilities | 10/49 | €4,889,014 | €4,802,731 | -€86,282 | -1.8% |
| Equity | 10/15 | €293,615 | €374,429 | +€80,814 | +27.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €275,015 | €355,829 | +€80,814 | +29.4% |
| Distributable reserves | 133 | €275,015 | €355,829 | +€80,814 | +29.4% |
| Amounts payable | 17/49 | €4,595,399 | €4,428,303 | -€167,096 | -3.6% |
| Amounts payable within one year | 42/48 | €4,595,399 | €4,428,303 | -€167,096 | -3.6% |
| Trade debts | 44 | €91,980 | €6,853 | -€85,128 | -92.5% |
| Suppliers | 440/4 | €91,980 | €6,853 | -€85,128 | -92.5% |
| Taxes, remuneration and social security | 45 | €97,163 | €9,553 | -€87,611 | -90.2% |
| Taxes | 450/3 | €97,163 | €9,553 | -€87,611 | -90.2% |
| Other amounts payable | 47/48 | €4,406,256 | €4,411,897 | +€5,642 | +0.1% |
| Other operating charges | 640/8 | €42,771 | €1,393 | -€41,377 | -96.7% |
| Gross operating margin | 9900 | €110,213 | €84,298 | -€25,915 | -23.5% |
| Operating profit (loss) | 9901 | €67,442 | €82,905 | +€15,463 | +22.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €5,272 | €1,167 | -€4,105 | -77.9% |
| Recurring financial charges | 65 | €5,272 | €1,167 | -€4,105 | -77.9% |
| Profit (loss) for the period before taxes | 9903 | €62,170 | €81,738 | +€19,568 | +31.5% |
| Income taxes | 67/77 | €16,941 | €924 | -€16,017 | -94.5% |
| Profit (loss) for the period | 9904 | €45,229 | €80,814 | +€35,585 | +78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,229 | €80,814 | +€35,585 | +78.7% |
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 3 October 2026 via checked.be.