ADELARD: 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.
ADELARD
Largest movements
- Tangible fixed assets -€41,834
down €41,834 (-6.9%), from €608,715 to €566,881
of which Land and buildings: -€23,619
- Receivables within one year -€7,853
down €7,853 (-81.7%), from €9,615 to €1,761
- Cash +€7,143
up €7,143 (+48.6%), from €14,700 to €21,843
mainly Depreciation (+€73,327) and Other debts (+€40,354)
- Profit (loss) carried forward -€73,566
down €73,566 (-31.4%), from -€234,352 to -€307,918
- Other debts +€40,354
up €40,354 (+7.6%), from €529,886 to €570,240
- Trade debts -€8,034
down €8,034 (-85.1%), from €9,445 to €1,411
- Gross operating margin +€10,487
up €10,487, from -€898 to €9,589
- Depreciation -€4,189
down €4,189 (-5.4%), from €77,516 to €73,327
- Other operating charges -€1,968
down €1,968 (-40.8%), from €4,818 to €2,850
- Financial charges +€117
up €117 (+1.7%), from €6,882 to €7,000
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
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 | €635,920 | €592,446 | -€43,474 | -6.8% |
| Fixed assets | 21/28 | €608,715 | €566,881 | -€41,834 | -6.9% |
| Tangible fixed assets | 22/27 | €608,715 | €566,881 | -€41,834 | -6.9% |
| Land and buildings | 22 | €440,778 | €417,159 | -€23,619 | -5.4% |
| Plant, machinery and equipment | 23 | €100,229 | €97,789 | -€2,441 | -2.4% |
| Furniture and vehicles | 24 | €25,889 | €17,377 | -€8,513 | -32.9% |
| Other tangible fixed assets | 26 | €41,819 | €34,557 | -€7,262 | -17.4% |
| Current assets | 29/58 | €27,205 | €25,565 | -€1,640 | -6.0% |
| Amounts receivable within one year | 40/41 | €9,615 | €1,761 | -€7,853 | -81.7% |
| Trade receivables | 40 | €9,615 | €1,761 | -€7,853 | -81.7% |
| Cash at bank and in hand | 54/58 | €14,700 | €21,843 | +€7,143 | +48.6% |
| Deferred charges and accrued income | 490/1 | €2,890 | €1,960 | -€930 | -32.2% |
| Total equity and liabilities | 10/49 | €635,920 | €592,446 | -€43,474 | -6.8% |
| Equity | 10/15 | -€159,352 | -€232,918 | -€73,566 | -46.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€234,352 | -€307,918 | -€73,566 | -31.4% |
| Amounts payable | 17/49 | €795,273 | €825,364 | +€30,092 | +3.8% |
| Amounts payable after more than one year | 17 | €250,000 | €250,000 | = | 0.0% |
| Financial debts | 170/4 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €542,429 | €572,521 | +€30,092 | +5.5% |
| Trade debts | 44 | €9,445 | €1,411 | -€8,034 | -85.1% |
| Suppliers | 440/4 | €9,445 | €1,411 | -€8,034 | -85.1% |
| Taxes, remuneration and social security | 45 | €3,097 | €869 | -€2,228 | -71.9% |
| Taxes | 450/3 | €3,097 | €869 | -€2,228 | -71.9% |
| Other amounts payable | 47/48 | €529,886 | €570,240 | +€40,354 | +7.6% |
| Accrued charges and deferred income | 492/3 | €2,844 | €2,844 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,516 | €73,327 | -€4,189 | -5.4% |
| Other operating charges | 640/8 | €4,818 | €2,850 | -€1,968 | -40.8% |
| Gross operating margin | 9900 | -€898 | €9,589 | +€10,487 | |
| Operating profit (loss) | 9901 | -€83,232 | -€66,588 | +€16,644 | +20.0% |
| Financial income | 75/76B | €16 | €22 | +€6 | +36.6% |
| Recurring financial income | 75 | €16 | €22 | +€6 | +36.6% |
| Financial charges | 65/66B | €6,882 | €7,000 | +€117 | +1.7% |
| Recurring financial charges | 65 | €6,882 | €7,000 | +€117 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€90,099 | -€73,566 | +€16,533 | +18.3% |
| Profit (loss) for the period | 9904 | -€90,099 | -€73,566 | +€16,533 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€90,099 | -€73,566 | +€16,533 | +18.3% |
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 19 October 2026 via checked.be.