ADELHEID: 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.
ADELHEID
Largest movements
- Cash +€61,066
up €61,066 (+11.9%), from €514,115 to €575,181
mainly Net result for the year (+€26,885) and Receivables within one year (+€15,975)
- Receivables within one year -€15,975
down €15,975 (-47.4%), from €33,732 to €17,757
of which Trade receivables: -€11,975
- Stocks and contracts -€14,819
down €14,819 (-97.6%), from €15,182 to €362
- Tangible fixed assets -€12,441
down €12,441 (-23.0%), from €54,001 to €41,560
- Reserves +€52,161
up €52,161 (+11.0%), from €473,758 to €525,920
- Profit (loss) carried forward -€25,277
down €25,277 (-100.0%), from €25,277 to €0
- Financial charges -€4,530
down €4,530 (-36.5%), from €12,413 to €7,883
- Taxes +€2,596
up €2,596 (+24.5%), from €10,595 to €13,192
- Gross operating margin -€2,523
down €2,523 (-5.3%), from €47,162 to €44,639
- Write-downs -€1,382
down €1,382 (-53.9%), from -€2,562 to -€3,944
- Financial income +€1,035
up €1,035 (+7.7%), from €13,430 to €14,465
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 | €618,405 | €636,018 | +€17,614 | +2.8% |
| Fixed assets | 21/28 | €54,001 | €41,560 | -€12,441 | -23.0% |
| Tangible fixed assets | 22/27 | €54,001 | €41,560 | -€12,441 | -23.0% |
| Furniture and vehicles | 24 | €54,001 | €41,560 | -€12,441 | -23.0% |
| Current assets | 29/58 | €564,403 | €594,458 | +€30,055 | +5.3% |
| Stocks and contracts in progress | 3 | €15,182 | €362 | -€14,819 | -97.6% |
| Stocks | 30/36 | €15,182 | €362 | -€14,819 | -97.6% |
| Amounts receivable within one year | 40/41 | €33,732 | €17,757 | -€15,975 | -47.4% |
| Trade receivables | 40 | €29,732 | €17,757 | -€11,975 | -40.3% |
| Other amounts receivable | 41 | €4,000 | €0 | -€4,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €514,115 | €575,181 | +€61,066 | +11.9% |
| Deferred charges and accrued income | 490/1 | €1,375 | €1,158 | -€217 | -15.8% |
| Total equity and liabilities | 10/49 | €618,405 | €636,018 | +€17,614 | +2.8% |
| Equity | 10/15 | €519,035 | €545,920 | +€26,885 | +5.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €473,758 | €525,920 | +€52,161 | +11.0% |
| Distributable reserves | 133 | €473,758 | €525,920 | +€52,161 | +11.0% |
| Profit (loss) carried forward | 14 | €25,277 | €0 | -€25,277 | -100.0% |
| Amounts payable | 17/49 | €99,370 | €90,099 | -€9,271 | -9.3% |
| Amounts payable within one year | 42/48 | €92,125 | €84,575 | -€7,550 | -8.2% |
| Trade debts | 44 | €5,033 | €4,533 | -€500 | -9.9% |
| Suppliers | 440/4 | €5,033 | €4,533 | -€500 | -9.9% |
| Taxes, remuneration and social security | 45 | €7,268 | €5,008 | -€2,261 | -31.1% |
| Taxes | 450/3 | €7,268 | €5,008 | -€2,261 | -31.1% |
| Other amounts payable | 47/48 | €79,824 | €75,034 | -€4,790 | -6.0% |
| Accrued charges and deferred income | 492/3 | €7,244 | €5,524 | -€1,721 | -23.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,669 | €14,210 | +€541 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,562 | -€3,944 | -€1,382 | -53.9% |
| Other operating charges | 640/8 | €1,107 | €878 | -€229 | -20.7% |
| Gross operating margin | 9900 | €47,162 | €44,639 | -€2,523 | -5.3% |
| Operating profit (loss) | 9901 | €34,948 | €33,495 | -€1,453 | -4.2% |
| Financial income | 75/76B | €13,430 | €14,465 | +€1,035 | +7.7% |
| Recurring financial income | 75 | €13,430 | €14,465 | +€1,035 | +7.7% |
| Financial charges | 65/66B | €12,413 | €7,883 | -€4,530 | -36.5% |
| Recurring financial charges | 65 | €12,413 | €7,883 | -€4,530 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €35,964 | €40,077 | +€4,112 | +11.4% |
| Income taxes | 67/77 | €10,595 | €13,192 | +€2,596 | +24.5% |
| Profit (loss) for the period | 9904 | €25,369 | €26,885 | +€1,516 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,369 | €26,885 | +€1,516 | +6.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.