ADELIN: 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.
ADELIN
Largest movements
- Tangible fixed assets -€38,080
down €38,080 (-24.4%), from €155,850 to €117,770
of which Land and buildings: -€33,137
- Stocks and contracts +€7,862
up €7,862 (+6.2%), from €126,970 to €134,833
- Cash +€6,670
up €6,670 (+274.5%), from €2,430 to €9,100
mainly Depreciation (+€49,510) and Net result for the year (+€21,936)
- Receivables within one year -€4,903
down €4,903 (-46.5%), from €10,553 to €5,650
- Current portion of long-term debt -€47,601
no longer reported in 2025 (was €47,601)
- Profit (loss) carried forward +€21,936
up €21,936 (+10.6%), from -€206,330 to -€184,394
- Other debts -€10,960
down €10,960 (-3.7%), from €297,351 to €286,391
- Tax, wage and social debts +€8,616
up €8,616 (+93.4%), from €9,224 to €17,840
- Short-term financial debts -€4,061
no longer reported in 2025 (was €4,061)
- Gross operating margin +€43,025
up €43,025 (+57.4%), from €74,910 to €117,935
- Financial income +€9,476
up €9,476 (+34112.4%), from €28 to €9,504
of which Non-recurring financial income: +€9,504
- Staff costs +€5,051
up €5,051 (+14.1%), from €35,716 to €40,766
- Financial charges -€2,629
down €2,629 (-19.7%), from €13,367 to €10,739
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 | €298,850 | €268,399 | -€30,451 | -10.2% |
| Fixed assets | 21/28 | €155,950 | €117,870 | -€38,080 | -24.4% |
| Tangible fixed assets | 22/27 | €155,850 | €117,770 | -€38,080 | -24.4% |
| Land and buildings | 22 | €99,412 | €66,275 | -€33,137 | -33.3% |
| Plant, machinery and equipment | 23 | €53,885 | €48,351 | -€5,534 | -10.3% |
| Furniture and vehicles | 24 | €2,553 | €3,144 | +€591 | +23.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €142,900 | €150,529 | +€7,629 | +5.3% |
| Stocks and contracts in progress | 3 | €126,970 | €134,833 | +€7,862 | +6.2% |
| Stocks | 30/36 | €126,970 | €134,833 | +€7,862 | +6.2% |
| Amounts receivable within one year | 40/41 | €10,553 | €5,650 | -€4,903 | -46.5% |
| Trade receivables | 40 | €10,553 | €5,650 | -€4,903 | -46.5% |
| Cash at bank and in hand | 54/58 | €2,430 | €9,100 | +€6,670 | +274.5% |
| Deferred charges and accrued income | 490/1 | €2,947 | €946 | -€2,001 | -67.9% |
| Total equity and liabilities | 10/49 | €298,850 | €268,399 | -€30,451 | -10.2% |
| Equity | 10/15 | -€188,273 | -€166,337 | +€21,936 | +11.7% |
| Contributions | 10/11 | €16,197 | €16,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€206,330 | -€184,394 | +€21,936 | +10.6% |
| Amounts payable | 17/49 | €487,124 | €434,736 | -€52,388 | -10.8% |
| Amounts payable after more than one year | 17 | €126,873 | €126,873 | = | 0.0% |
| Financial debts | 170/4 | €126,873 | €126,873 | = | 0.0% |
| Amounts payable within one year | 42/48 | €358,944 | €305,935 | -€53,009 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €47,601 | - | -€47,601 | |
| Financial debts | 43 | €4,061 | - | -€4,061 | |
| Credit institutions | 430/8 | €4,061 | - | -€4,061 | |
| Trade debts | 44 | €706 | €1,704 | +€997 | +141.2% |
| Suppliers | 440/4 | €706 | €1,704 | +€997 | +141.2% |
| Taxes, remuneration and social security | 45 | €9,224 | €17,840 | +€8,616 | +93.4% |
| Taxes | 450/3 | €9,224 | €17,840 | +€8,616 | +93.4% |
| Other amounts payable | 47/48 | €297,351 | €286,391 | -€10,960 | -3.7% |
| Accrued charges and deferred income | 492/3 | €1,306 | €1,928 | +€622 | +47.6% |
| Non-recurring operating income | 76A | €4,375 | - | -€4,375 | |
| Remuneration, social security and pensions | 62 | €35,716 | €40,766 | +€5,051 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,427 | €49,510 | +€83 | +0.2% |
| Other operating charges | 640/8 | €4,414 | €4,174 | -€241 | -5.4% |
| Gross operating margin | 9900 | €74,910 | €117,935 | +€43,025 | +57.4% |
| Operating profit (loss) | 9901 | -€14,647 | €23,485 | +€38,132 | |
| Financial income | 75/76B | €28 | €9,504 | +€9,476 | +34112.4% |
| Recurring financial income | 75 | €28 | €0 | -€28 | -99.7% |
| Non-recurring financial income | 76B | - | €9,504 | +€9,504 | |
| Financial charges | 65/66B | €13,367 | €10,739 | -€2,629 | -19.7% |
| Recurring financial charges | 65 | €13,367 | €10,739 | -€2,629 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | -€27,987 | €22,250 | +€50,237 | |
| Income taxes | 67/77 | €395 | €314 | -€81 | -20.4% |
| Profit (loss) for the period | 9904 | -€28,382 | €21,936 | +€50,318 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,382 | €21,936 | +€50,318 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.