ADENAS: 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.
ADENAS
Largest movements
- Receivables within one year +€41,781
up €41,781 (+33.3%), from €125,304 to €167,085
of which Trade receivables: +€31,514
- Cash -€15,152
down €15,152 (-37.0%), from €40,946 to €25,794
mainly Receivables within one year (-€41,781) and Investment in fixed assets (net) (-€2,201)
- Intangible fixed assets -€3,300
down €3,300 (-64.9%), from €5,081 to €1,781
- Trade debts +€11,612
up €11,612 (+79.1%), from €14,679 to €26,291
- Profit (loss) carried forward +€9,235
up €9,235, from -€6,559 to €2,676
- Tax, wage and social debts +€3,333
up €3,333 (+96.8%), from €3,444 to €6,777
of which Remuneration and social security: +€3,413
- Gross operating margin +€56,043
up €56,043 (+99.5%), from €56,346 to €112,389
- Staff costs +€33,675
up €33,675 (+65.3%), from €51,563 to €85,238
- Taxes +€4,258
up €4,258 (+156%), from €2,733 to €6,991
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.
Derived cash bridge
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 | €182,462 | €206,441 | +€23,979 | +13.1% |
| Fixed assets | 21/28 | €10,656 | €6,827 | -€3,829 | -35.9% |
| Intangible fixed assets | 21 | €5,081 | €1,781 | -€3,300 | -64.9% |
| Tangible fixed assets | 22/27 | €2,688 | €2,139 | -€549 | -20.4% |
| Furniture and vehicles | 24 | €2,688 | €2,139 | -€549 | -20.4% |
| Financial fixed assets | 28 | €2,887 | €2,907 | +€20 | +0.7% |
| Current assets | 29/58 | €171,806 | €199,614 | +€27,807 | +16.2% |
| Amounts receivable within one year | 40/41 | €125,304 | €167,085 | +€41,781 | +33.3% |
| Trade receivables | 40 | €114,765 | €146,280 | +€31,514 | +27.5% |
| Other amounts receivable | 41 | €10,539 | €20,806 | +€10,267 | +97.4% |
| Cash at bank and in hand | 54/58 | €40,946 | €25,794 | -€15,152 | -37.0% |
| Deferred charges and accrued income | 490/1 | €5,556 | €6,734 | +€1,178 | +21.2% |
| Total equity and liabilities | 10/49 | €182,462 | €206,441 | +€23,979 | +13.1% |
| Equity | 10/15 | €152,102 | €161,336 | +€9,235 | +6.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €97,160 | €97,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €95,300 | €95,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,559 | €2,676 | +€9,235 | |
| Amounts payable | 17/49 | €30,361 | €45,105 | +€14,744 | +48.6% |
| Amounts payable within one year | 42/48 | €30,361 | €45,105 | +€14,744 | +48.6% |
| Current portion of amounts payable after more than one year | 42 | €11,500 | €11,500 | = | 0.0% |
| Trade debts | 44 | €14,679 | €26,291 | +€11,612 | +79.1% |
| Suppliers | 440/4 | €14,679 | €26,291 | +€11,612 | +79.1% |
| Taxes, remuneration and social security | 45 | €3,444 | €6,777 | +€3,333 | +96.8% |
| Taxes | 450/3 | €79 | - | -€79 | |
| Remuneration and social security | 454/9 | €3,365 | €6,777 | +€3,413 | +101% |
| Other amounts payable | 47/48 | €737 | €536 | -€201 | -27.2% |
| Remuneration, social security and pensions | 62 | €51,563 | €85,238 | +€33,675 | +65.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,663 | €6,030 | +€367 | +6.5% |
| Other operating charges | 640/8 | €1,255 | €2,223 | +€968 | +77.2% |
| Gross operating margin | 9900 | €56,346 | €112,389 | +€56,043 | +99.5% |
| Operating profit (loss) | 9901 | -€2,135 | €18,898 | +€21,033 | |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €1,824 | €2,676 | +€852 | +46.7% |
| Recurring financial charges | 65 | €1,824 | €2,676 | +€852 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,959 | €16,226 | +€20,185 | |
| Income taxes | 67/77 | €2,733 | €6,991 | +€4,258 | +156% |
| Profit (loss) for the period | 9904 | -€6,693 | €9,235 | +€15,927 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,693 | €9,235 | +€15,927 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.