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
- Receivables within one year -€29,051
down €29,051 (-52.4%), from €55,398 to €26,347
of which Other amounts receivable: -€24,475
- Tangible fixed assets -€6,987
down €6,987 (-7.4%), from €94,806 to €87,820
- Cash -€4,802
down €4,802 (-22.4%), from €21,474 to €16,671
mainly Trade debts (-€81,732)
- Trade debts -€81,732
down €81,732 (-52.8%), from €154,816 to €73,084
- Debts after one year +€18,500
new in 2025: €18,500
- Other debts +€14,351
new in 2025: €14,351
- Tax, wage and social debts +€6,212
up €6,212 (+8.6%), from €72,254 to €78,466
of which Remuneration and social security: +€28,191
- Gross operating margin -€34,746
down €34,746 (-30.5%), from €113,966 to €79,220
- Staff costs -€18,847
down €18,847 (-22.0%), from €85,642 to €66,795
- Other operating charges -€12,198
down €12,198 (-79.2%), from €15,393 to €3,195
- Financial charges -€2,730
down €2,730 (-86.8%), from €3,146 to €416
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 | €197,487 | €156,648 | -€40,840 | -20.7% |
| Fixed assets | 21/28 | €95,616 | €88,629 | -€6,987 | -7.3% |
| Tangible fixed assets | 22/27 | €94,806 | €87,820 | -€6,987 | -7.4% |
| Plant, machinery and equipment | 23 | €94,806 | €87,820 | -€6,987 | -7.4% |
| Financial fixed assets | 28 | €810 | €810 | = | 0.0% |
| Current assets | 29/58 | €101,871 | €68,018 | -€33,853 | -33.2% |
| Stocks and contracts in progress | 3 | €25,000 | €25,000 | = | 0.0% |
| Stocks | 30/36 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €55,398 | €26,347 | -€29,051 | -52.4% |
| Trade receivables | 40 | €7,649 | €3,073 | -€4,576 | -59.8% |
| Other amounts receivable | 41 | €47,749 | €23,274 | -€24,475 | -51.3% |
| Cash at bank and in hand | 54/58 | €21,474 | €16,671 | -€4,802 | -22.4% |
| Total equity and liabilities | 10/49 | €197,487 | €156,648 | -€40,840 | -20.7% |
| Equity | 10/15 | -€29,583 | -€27,753 | +€1,829 | +6.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,583 | -€37,753 | +€1,829 | +4.6% |
| Amounts payable | 17/49 | €227,070 | €184,401 | -€42,669 | -18.8% |
| Amounts payable after more than one year | 17 | - | €18,500 | +€18,500 | |
| Financial debts | 170/4 | - | €18,500 | +€18,500 | |
| Amounts payable within one year | 42/48 | €227,070 | €165,901 | -€61,169 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €154,816 | €73,084 | -€81,732 | -52.8% |
| Suppliers | 440/4 | €154,816 | €73,084 | -€81,732 | -52.8% |
| Taxes, remuneration and social security | 45 | €72,254 | €78,466 | +€6,212 | +8.6% |
| Taxes | 450/3 | €60,929 | €38,950 | -€21,980 | -36.1% |
| Remuneration and social security | 454/9 | €11,325 | €39,516 | +€28,191 | +248.9% |
| Other amounts payable | 47/48 | - | €14,351 | +€14,351 | |
| Remuneration, social security and pensions | 62 | €85,642 | €66,795 | -€18,847 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,794 | €6,987 | +€193 | +2.8% |
| Other operating charges | 640/8 | €15,393 | €3,195 | -€12,198 | -79.2% |
| Gross operating margin | 9900 | €113,966 | €79,220 | -€34,746 | -30.5% |
| Operating profit (loss) | 9901 | €6,137 | €2,244 | -€3,893 | -63.4% |
| Financial income | 75/76B | €5 | €1 | -€4 | -72.9% |
| Recurring financial income | 75 | €5 | €1 | -€4 | -72.9% |
| Financial charges | 65/66B | €3,146 | €416 | -€2,730 | -86.8% |
| Recurring financial charges | 65 | €3,146 | €416 | -€2,730 | -86.8% |
| Profit (loss) for the period before taxes | 9903 | €2,996 | €1,829 | -€1,167 | -38.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €2,996 | €1,829 | -€1,167 | -38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,996 | €1,829 | -€1,167 | -38.9% |
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 8 October 2026 via checked.be.