ADENES BELUX: 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.
ADENES BELUX
Largest movements
- Financial fixed assets +€1.9m
up €1.9m (+159%), from €1.2m to €3.1m
- Deferred charges and accrued income +€240,066
up €240,066 (+105%), from €227,889 to €467,955
- Cash -€158,547
down €158,547 (-99.1%), from €160,059 to €1,513
mainly Investment in fixed assets (net) (-€2.2m) and Other debts (-€749,461)
- Debts after one year +€2.1m
up €2.1m (+3,602%), from €58,625 to €2.2m
- Other debts -€749,461
down €749,461 (-62.5%), from €1.2m to €450,539
- Profit (loss) carried forward +€390,680
up €390,680 (+66.3%), from €589,278 to €979,957
- Current portion of long-term debt +€230,309
up €230,309 (+402%), from €57,220 to €287,529
- Trade debts +€65,296
up €65,296 (+17.6%), from €370,538 to €435,835
- Gross operating margin -€295,225
down €295,225 (-32.6%), from €904,397 to €609,173
- Financial income +€199,442
up €199,442 (+106%), from €188,007 to €387,449
- Taxes -€88,393
down €88,393 (-92.7%), from €95,304 to €6,911
- Financial charges +€45,009
up €45,009 (+160%), from €28,144 to €73,153
- Depreciation +€29,469
up €29,469 (+14.0%), from €211,060 to €240,529
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 | €2,685,904 | €4,712,478 | +€2.0m | +75.5% |
| Fixed assets | 21/28 | €1,849,328 | €3,766,857 | +€1.9m | +104% |
| Intangible fixed assets | 21 | €632,411 | €659,535 | +€27,124 | +4.3% |
| Tangible fixed assets | 22/27 | €22,947 | €19,559 | -€3,388 | -14.8% |
| Furniture and vehicles | 24 | €22,947 | €19,559 | -€3,388 | -14.8% |
| Financial fixed assets | 28 | €1,193,970 | €3,087,763 | +€1.9m | +159% |
| Current assets | 29/58 | €836,576 | €945,621 | +€109,045 | +13.0% |
| Stocks and contracts in progress | 3 | €101,920 | €95,116 | -€6,804 | -6.7% |
| Contracts in progress | 37 | €101,920 | €95,116 | -€6,804 | -6.7% |
| Amounts receivable within one year | 40/41 | €346,707 | €381,037 | +€34,330 | +9.9% |
| Trade receivables | 40 | €336,500 | €348,628 | +€12,129 | +3.6% |
| Other amounts receivable | 41 | €10,208 | €32,409 | +€22,201 | +217% |
| Cash at bank and in hand | 54/58 | €160,059 | €1,513 | -€158,547 | -99.1% |
| Deferred charges and accrued income | 490/1 | €227,889 | €467,955 | +€240,066 | +105% |
| Total equity and liabilities | 10/49 | €2,685,904 | €4,712,478 | +€2.0m | +75.5% |
| Equity | 10/15 | €904,855 | €1,295,535 | +€390,680 | +43.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €295,117 | €295,117 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,400 | €21,400 | = | 0.0% |
| Distributable reserves | 133 | €273,717 | €273,717 | = | 0.0% |
| Profit (loss) carried forward | 14 | €589,278 | €979,957 | +€390,680 | +66.3% |
| Amounts payable | 17/49 | €1,781,049 | €3,416,943 | +€1.6m | +91.9% |
| Amounts payable after more than one year | 17 | €58,625 | €2,170,504 | +€2.1m | +3,602% |
| Financial debts | 170/4 | €58,625 | €2,170,504 | +€2.1m | +3,602% |
| Amounts payable within one year | 42/48 | €1,696,846 | €1,234,456 | -€462,390 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €57,220 | €287,529 | +€230,309 | +402% |
| Financial debts | 43 | €17,500 | €17,685 | +€185 | +1.1% |
| Credit institutions | 430/8 | €17,500 | €17,685 | +€185 | +1.1% |
| Trade debts | 44 | €370,538 | €435,835 | +€65,296 | +17.6% |
| Suppliers | 440/4 | €370,538 | €435,835 | +€65,296 | +17.6% |
| Taxes, remuneration and social security | 45 | €51,588 | €42,869 | -€8,719 | -16.9% |
| Taxes | 450/3 | €3,509 | €2,919 | -€590 | -16.8% |
| Remuneration and social security | 454/9 | €48,079 | €39,950 | -€8,130 | -16.9% |
| Other amounts payable | 47/48 | €1,200,000 | €450,539 | -€749,461 | -62.5% |
| Accrued charges and deferred income | 492/3 | €25,578 | €11,983 | -€13,595 | -53.2% |
| Remuneration, social security and pensions | 62 | €304,471 | €281,074 | -€23,397 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,060 | €240,529 | +€29,469 | +14.0% |
| Other operating charges | 640/8 | €798 | €4,276 | +€3,478 | +436% |
| Gross operating margin | 9900 | €904,397 | €609,173 | -€295,225 | -32.6% |
| Operating profit (loss) | 9901 | €388,069 | €83,294 | -€304,776 | -78.5% |
| Financial income | 75/76B | €188,007 | €387,449 | +€199,442 | +106% |
| Recurring financial income | 75 | €188,007 | €387,449 | +€199,442 | +106% |
| Financial charges | 65/66B | €28,144 | €73,153 | +€45,009 | +160% |
| Recurring financial charges | 65 | €28,144 | €73,153 | +€45,009 | +160% |
| Profit (loss) for the period before taxes | 9903 | €547,933 | €397,590 | -€150,343 | -27.4% |
| Income taxes | 67/77 | €95,304 | €6,911 | -€88,393 | -92.7% |
| Profit (loss) for the period | 9904 | €452,629 | €390,680 | -€61,950 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €452,629 | €390,680 | -€61,950 | -13.7% |
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 31 October 2026 via checked.be.