ADELPHI: 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.
ADELPHI
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year +€423,168
up €423,168 (+12.5%), from €3.4m to €3.8m
- Profit (loss) carried forward -€290,463
down €290,463 (-27.0%), from -€1.1m to -€1.4m
- Current portion of long-term debt -€129,833
no longer reported in 2025 (was €129,833)
- Gross operating margin +€158,197
up €158,197 (+116.4%), from €135,905 to €294,102
- Other operating charges +€89,037
up €89,037 (+726.9%), from €12,250 to €101,286
- Financial charges +€74,679
up €74,679 (+23.0%), from €324,652 to €399,331
- Depreciation -€36,984
down €36,984 (-30.6%), from €120,932 to €83,947
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 | €8,374,536 | €8,302,888 | -€71,649 | -0.9% |
| Fixed assets | 21/28 | €8,343,955 | €8,265,377 | -€78,579 | -0.9% |
| Tangible fixed assets | 22/27 | €3,434,772 | €3,356,194 | -€78,579 | -2.3% |
| Land and buildings | 22 | €3,434,772 | €3,356,194 | -€78,579 | -2.3% |
| Financial fixed assets | 28 | €4,909,183 | €4,909,183 | = | 0.0% |
| Current assets | 29/58 | €30,581 | €37,511 | +€6,930 | +22.7% |
| Amounts receivable within one year | 40/41 | €2,028 | €1,434 | -€594 | -29.3% |
| Trade receivables | 40 | €2,028 | €1,434 | -€594 | -29.3% |
| Cash at bank and in hand | 54/58 | €25,947 | €32,310 | +€6,363 | +24.5% |
| Deferred charges and accrued income | 490/1 | €2,606 | €3,767 | +€1,161 | +44.6% |
| Total equity and liabilities | 10/49 | €8,374,536 | €8,302,888 | -€71,649 | -0.9% |
| Equity | 10/15 | €1,725,492 | €1,435,030 | -€290,463 | -16.8% |
| Contributions | 10/11 | €235,499 | €235,499 | = | 0.0% |
| Capital | 10 | €235,499 | €235,499 | = | 0.0% |
| Issued capital | 100 | €235,499 | €235,499 | = | 0.0% |
| Revaluation surpluses | 12 | €2,565,948 | €2,565,948 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,075,954 | -€1,366,417 | -€290,463 | -27.0% |
| Amounts payable | 17/49 | €6,649,044 | €6,867,858 | +€218,814 | +3.3% |
| Amounts payable after more than one year | 17 | €3,379,107 | €3,802,276 | +€423,168 | +12.5% |
| Financial debts | 170/4 | €3,379,107 | €3,802,276 | +€423,168 | +12.5% |
| Amounts payable within one year | 42/48 | €3,269,937 | €3,065,583 | -€204,354 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €129,833 | - | -€129,833 | |
| Trade debts | 44 | €14,242 | €22,682 | +€8,440 | +59.3% |
| Suppliers | 440/4 | €14,242 | €22,682 | +€8,440 | +59.3% |
| Other amounts payable | 47/48 | €3,125,862 | €3,042,901 | -€82,961 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,932 | €83,947 | -€36,984 | -30.6% |
| Other operating charges | 640/8 | €12,250 | €101,286 | +€89,037 | +726.9% |
| Gross operating margin | 9900 | €135,905 | €294,102 | +€158,197 | +116.4% |
| Operating profit (loss) | 9901 | €2,724 | €108,868 | +€106,145 | +3897.3% |
| Financial income | 75/76B | €249 | €0 | -€249 | -100.0% |
| Recurring financial income | 75 | €249 | €0 | -€249 | -100.0% |
| Financial charges | 65/66B | €324,652 | €399,331 | +€74,679 | +23.0% |
| Recurring financial charges | 65 | €324,652 | €399,331 | +€74,679 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | -€321,679 | -€290,463 | +€31,217 | +9.7% |
| Profit (loss) for the period | 9904 | -€321,679 | -€290,463 | +€31,217 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€321,679 | -€290,463 | +€31,217 | +9.7% |
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 1 October 2026 via checked.be.