Adelphi: 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.
Adelphi
Largest movements
- Receivables within one year -€4,119
down €4,119 (-20.6%), from €19,957 to €15,838
of which Trade receivables: -€2,724
- Tangible fixed assets +€1,614
up €1,614 (+22.2%), from €7,264 to €8,878
of which Other tangible fixed assets: +€3,154
- Deferred charges and accrued income -€394
down €394 (-55.4%), from €713 to €318
- Short-term financial debts -€12,604
down €12,604 (-94.4%), from €13,357 to €753
- Reserves +€8,414
up €8,414 (+314.9%), from €2,672 to €11,086
- Trade debts +€2,196
up €2,196 (+58.1%), from €3,783 to €5,979
- Tax, wage and social debts -€905
down €905 (-11.1%), from €8,122 to €7,216
- Gross operating margin +€6,958
up €6,958 (+73.5%), from €9,473 to €16,431
- Taxes +€2,199
up €2,199 (+78.3%), from €2,807 to €5,006
- Other operating charges -€385
down €385 (-76.3%), from €505 to €120
- Financial charges -€336
down €336 (-15.9%), from €2,119 to €1,783
- Depreciation -€186
down €186 (-10.7%), from €1,738 to €1,552
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,933 | €25,034 | -€2,899 | -10.4% |
| Fixed assets | 21/28 | €7,264 | €8,878 | +€1,614 | +22.2% |
| Tangible fixed assets | 22/27 | €7,264 | €8,878 | +€1,614 | +22.2% |
| Plant, machinery and equipment | 23 | €2,447 | €907 | -€1,540 | -62.9% |
| Other tangible fixed assets | 26 | €4,818 | €7,971 | +€3,154 | +65.5% |
| Current assets | 29/58 | €20,669 | €16,156 | -€4,513 | -21.8% |
| Amounts receivable within one year | 40/41 | €19,957 | €15,838 | -€4,119 | -20.6% |
| Trade receivables | 40 | €9,621 | €6,897 | -€2,724 | -28.3% |
| Other amounts receivable | 41 | €10,336 | €8,941 | -€1,395 | -13.5% |
| Deferred charges and accrued income | 490/1 | €713 | €318 | -€394 | -55.4% |
| Total equity and liabilities | 10/49 | €27,933 | €25,034 | -€2,899 | -10.4% |
| Equity | 10/15 | €2,672 | €11,086 | +€8,414 | +314.9% |
| Reserves | 13 | €2,672 | €11,086 | +€8,414 | +314.9% |
| Distributable reserves | 133 | €2,672 | €11,086 | +€8,414 | +314.9% |
| Amounts payable | 17/49 | €25,262 | €13,949 | -€11,313 | -44.8% |
| Amounts payable within one year | 42/48 | €25,262 | €13,949 | -€11,313 | -44.8% |
| Financial debts | 43 | €13,357 | €753 | -€12,604 | -94.4% |
| Credit institutions | 430/8 | €13,357 | €753 | -€12,604 | -94.4% |
| Trade debts | 44 | €3,783 | €5,979 | +€2,196 | +58.1% |
| Suppliers | 440/4 | €3,783 | €5,979 | +€2,196 | +58.1% |
| Taxes, remuneration and social security | 45 | €8,122 | €7,216 | -€905 | -11.1% |
| Taxes | 450/3 | €8,122 | €7,216 | -€905 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,738 | €1,552 | -€186 | -10.7% |
| Other operating charges | 640/8 | €505 | €120 | -€385 | -76.3% |
| Gross operating margin | 9900 | €9,473 | €16,431 | +€6,958 | +73.5% |
| Operating profit (loss) | 9901 | €7,230 | €14,759 | +€7,529 | +104.1% |
| Financial income | 75/76B | €368 | €444 | +€76 | +20.7% |
| Recurring financial income | 75 | €368 | €444 | +€76 | +20.7% |
| Financial charges | 65/66B | €2,119 | €1,783 | -€336 | -15.9% |
| Recurring financial charges | 65 | €2,119 | €1,783 | -€336 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €5,479 | €13,420 | +€7,941 | +144.9% |
| Income taxes | 67/77 | €2,807 | €5,006 | +€2,199 | +78.3% |
| Profit (loss) for the period | 9904 | €2,672 | €8,414 | +€5,742 | +214.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,672 | €8,414 | +€5,742 | +214.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.