Adelante: 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.
What changed
Adelante
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€138,506
2024 · -€56,350+€194,856
Equity
€705,450
2024 · €566,944+€138,506
Cash
€44,695
2024 · €45,369-€675
Balance sheet total
€8.4m
2024 · €8.4m-€24,963
Largest movements
Assets
- Deferred charges and accrued income +€159,091
up €159,091 (+1,872%), from €8,500 to €167,591
Equity and liabilities
- Debts after one year -€160,000
down €160,000 (-2.1%), from €7.5m to €7.3m
- Profit (loss) carried forward +€138,506
up €138,506, from -€93,841 to €44,665
Income statement
- Financial charges -€188,370
down €188,370, from €187,329 to -€1,041
- Gross operating margin +€38,540
up €38,540 (+98.0%), from €39,323 to €77,863
- Taxes +€23,953
new in 2025: €23,953
- Financial income -€5,520
down €5,520 (-3.3%), from €167,413 to €161,893
- Other operating charges +€3,482
up €3,482 (+30.4%), from €11,436 to €14,917
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.
Result 2024
-€56,350
Gross operating margin
+€38,540
Depreciation
+€900
Other operating charges
-€3,482
Financial income
-€5,520
Financial charges
+€188,370
Taxes
-€23,953
Result 2025
€138,506
raises the resultlowers the result
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.
From operations
+€159,325
Investment
€0
Financing
-€160,000
Cash 2024
€45,369
From operations (derived)
+€159,325
Net result for the year
+€138,506
Depreciation
+€63,421
Receivables after one year
+€83,239
Receivables within one year
+€36,720
Deferred charges and accrued income
-€159,091
Trade debts
-€15,376
Tax, wage and social debts
+€13,551
Accrued charges and deferred income
-€1,643
Financing
-€160,000
Debts after one year
-€160,000
Cash 2025
€44,695
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,399,079 | €8,374,116 | -€24,963 | -0.3% |
| Fixed assets | 21/28 | €1,335,584 | €1,272,163 | -€63,421 | -4.7% |
| Tangible fixed assets | 22/27 | €1,214,584 | €1,151,163 | -€63,421 | -5.2% |
| Land and buildings | 22 | €1,214,584 | €1,151,163 | -€63,421 | -5.2% |
| Financial fixed assets | 28 | €121,000 | €121,000 | = | 0.0% |
| Current assets | 29/58 | €7,063,495 | €7,101,953 | +€38,458 | +0.5% |
| Amounts receivable after more than one year | 29 | €6,968,905 | €6,885,667 | -€83,239 | -1.2% |
| Other amounts receivable | 291 | €6,968,905 | €6,885,667 | -€83,239 | -1.2% |
| Amounts receivable within one year | 40/41 | €40,720 | €4,000 | -€36,720 | -90.2% |
| Trade receivables | 40 | €36,720 | €0 | -€36,720 | -100% |
| Other amounts receivable | 41 | €4,000 | €4,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €45,369 | €44,695 | -€675 | -1.5% |
| Deferred charges and accrued income | 490/1 | €8,500 | €167,591 | +€159,091 | +1,872% |
| Total equity and liabilities | 10/49 | €8,399,079 | €8,374,116 | -€24,963 | -0.3% |
| Equity | 10/15 | €566,944 | €705,450 | +€138,506 | +24.4% |
| Contributions | 10/11 | €625,000 | €625,000 | = | 0.0% |
| Capital | 10 | €625,000 | €625,000 | = | 0.0% |
| Issued capital | 100 | €625,000 | €625,000 | = | 0.0% |
| Reserves | 13 | €35,785 | €35,785 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,785 | €35,785 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,841 | €44,665 | +€138,506 | |
| Amounts payable | 17/49 | €7,832,135 | €7,668,666 | -€163,469 | -2.1% |
| Amounts payable after more than one year | 17 | €7,475,000 | €7,315,000 | -€160,000 | -2.1% |
| Financial debts | 170/4 | €7,475,000 | €7,315,000 | -€160,000 | -2.1% |
| Amounts payable within one year | 42/48 | €19,882 | €18,057 | -€1,826 | -9.2% |
| Trade debts | 44 | €16,102 | €726 | -€15,376 | -95.5% |
| Suppliers | 440/4 | €16,102 | €726 | -€15,376 | -95.5% |
| Taxes, remuneration and social security | 45 | €3,780 | €17,331 | +€13,551 | +358% |
| Taxes | 450/3 | €3,780 | €17,331 | +€13,551 | +358% |
| Accrued charges and deferred income | 492/3 | €337,252 | €335,609 | -€1,643 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,321 | €63,421 | -€900 | -1.4% |
| Other operating charges | 640/8 | €11,436 | €14,917 | +€3,482 | +30.4% |
| Gross operating margin | 9900 | €39,323 | €77,863 | +€38,540 | +98.0% |
| Operating profit (loss) | 9901 | -€36,434 | -€475 | +€35,959 | +98.7% |
| Financial income | 75/76B | €167,413 | €161,893 | -€5,520 | -3.3% |
| Recurring financial income | 75 | €167,413 | €161,893 | -€5,520 | -3.3% |
| Financial charges | 65/66B | €187,329 | -€1,041 | -€188,370 | |
| Recurring financial charges | 65 | €187,329 | -€1,041 | -€188,370 | |
| Profit (loss) for the period before taxes | 9903 | -€56,350 | €162,459 | +€218,809 | |
| Income taxes | 67/77 | - | €23,953 | +€23,953 | |
| Profit (loss) for the period | 9904 | -€56,350 | €138,506 | +€194,856 | |
| Transfer to tax-exempt reserves | 689 | €35,785 | €0 | -€35,785 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,135 | €138,506 | +€230,641 |
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 24 October 2026 via checked.be.