ADELAER: 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.
ADELAER
Largest movements
- Receivables after one year +€82,219
up €82,219 (+19.9%), from €412,500 to €494,719
- Receivables within one year +€64,692
up €64,692 (+1717.3%), from €3,767 to €68,459
of which Other amounts receivable: +€67,192
- Deferred charges and accrued income +€37,449
up €37,449 (+518.5%), from €7,222 to €44,671
- Debts after one year +€82,219
up €82,219 (+19.9%), from €412,500 to €494,719
of which Financial debts: +€75,000
- Accrued charges and deferred income +€36,371
up €36,371 (+486.3%), from €7,479 to €43,850
- Reserves +€34,815
new in 2025: €34,815
- Trade debts +€14,435
up €14,435 (+3678.5%), from €392 to €14,827
- Tax, wage and social debts +€11,802
up €11,802 (+505.9%), from €2,333 to €14,135
- Gross operating margin +€54,563
up €54,563 (+3387.9%), from €1,611 to €56,174
- Financial income +€37,414
up €37,414 (+515.5%), from €7,258 to €44,671
- Financial charges +€34,977
up €34,977 (+328.8%), from €10,637 to €45,614
- Taxes +€8,590
up €8,590 (+309.9%), from €2,772 to €11,363
- Other operating charges -€2,385
down €2,385 (-79.4%), from €3,003 to €618
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 | €426,804 | €614,346 | +€187,542 | +43.9% |
| Fixed assets | 21/28 | €1,580 | €2,124 | +€544 | +34.4% |
| Tangible fixed assets | 22/27 | €1,580 | €2,124 | +€544 | +34.4% |
| Furniture and vehicles | 24 | €1,580 | €2,124 | +€544 | +34.4% |
| Current assets | 29/58 | €425,224 | €612,223 | +€186,998 | +44.0% |
| Amounts receivable after more than one year | 29 | €412,500 | €494,719 | +€82,219 | +19.9% |
| Other amounts receivable | 291 | €412,500 | €494,719 | +€82,219 | +19.9% |
| Amounts receivable within one year | 40/41 | €3,767 | €68,459 | +€64,692 | +1717.3% |
| Trade receivables | 40 | €2,500 | €0 | -€2,500 | -100.0% |
| Other amounts receivable | 41 | €1,267 | €68,459 | +€67,192 | +5302.5% |
| Cash at bank and in hand | 54/58 | €1,735 | €4,373 | +€2,638 | +152.1% |
| Deferred charges and accrued income | 490/1 | €7,222 | €44,671 | +€37,449 | +518.5% |
| Total equity and liabilities | 10/49 | €426,804 | €614,346 | +€187,542 | +43.9% |
| Equity | 10/15 | -€6,901 | €35,815 | +€42,716 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €34,815 | +€34,815 | |
| Distributable reserves | 133 | - | €34,815 | +€34,815 | |
| Profit (loss) carried forward | 14 | -€7,901 | €0 | +€7,901 | |
| Amounts payable | 17/49 | €433,705 | €578,531 | +€144,826 | +33.4% |
| Amounts payable after more than one year | 17 | €412,500 | €494,719 | +€82,219 | +19.9% |
| Financial debts | 170/4 | €412,500 | €487,500 | +€75,000 | +18.2% |
| Other amounts payable | 178/9 | - | €7,219 | +€7,219 | |
| Amounts payable within one year | 42/48 | €13,725 | €39,962 | +€26,237 | +191.2% |
| Trade debts | 44 | €392 | €14,827 | +€14,435 | +3678.5% |
| Suppliers | 440/4 | €392 | €14,827 | +€14,435 | +3678.5% |
| Taxes, remuneration and social security | 45 | €2,333 | €14,135 | +€11,802 | +505.9% |
| Taxes | 450/3 | €2,333 | €14,135 | +€11,802 | +505.9% |
| Other amounts payable | 47/48 | €11,000 | €11,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,479 | €43,850 | +€36,371 | +486.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €356 | €535 | +€178 | +50.0% |
| Other operating charges | 640/8 | €3,003 | €618 | -€2,385 | -79.4% |
| Gross operating margin | 9900 | €1,611 | €56,174 | +€54,563 | +3387.9% |
| Operating profit (loss) | 9901 | -€1,749 | €55,021 | +€56,770 | |
| Financial income | 75/76B | €7,258 | €44,671 | +€37,414 | +515.5% |
| Recurring financial income | 75 | €7,258 | €44,671 | +€37,414 | +515.5% |
| Financial charges | 65/66B | €10,637 | €45,614 | +€34,977 | +328.8% |
| Recurring financial charges | 65 | €10,637 | €45,614 | +€34,977 | +328.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,128 | €54,079 | +€59,207 | |
| Income taxes | 67/77 | €2,772 | €11,363 | +€8,590 | +309.9% |
| Profit (loss) for the period | 9904 | -€7,901 | €42,716 | +€50,617 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,901 | €42,716 | +€50,617 |
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 10 October 2026 via checked.be.