ADENSO: 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.
ADENSO
Largest movements
- Current investments +€25,625
up €25,625 (+30.3%), from €84,527 to €110,152
- Tangible fixed assets -€12,327
down €12,327 (-24.7%), from €49,982 to €37,655
of which Leasing and similar rights: -€11,050
- Receivables within one year +€7,857
up €7,857 (+27.5%), from €28,541 to €36,398
- Cash -€4,645
down €4,645 (-2.3%), from €202,718 to €198,074
mainly Current investments (-€25,625) and Debts after one year (-€10,520)
- Reserves +€20,652
up €20,652 (+7.5%), from €275,811 to €296,463
of which Distributable reserves: +€22,512
- Debts after one year -€10,520
down €10,520 (-28.4%), from €37,027 to €26,507
- Other debts +€4,658
up €4,658 (+37.1%), from €12,549 to €17,207
- Gross operating margin -€11,901
down €11,901 (-21.0%), from €56,769 to €44,869
- Taxes -€3,444
down €3,444 (-25.8%), from €13,325 to €9,880
- Depreciation +€2,097
up €2,097 (+20.5%), from €10,231 to €12,328
- Financial charges -€796
down €796 (-21.8%), from €3,656 to €2,860
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 | €369,621 | €385,547 | +€15,926 | +4.3% |
| Fixed assets | 21/28 | €49,982 | €37,655 | -€12,327 | -24.7% |
| Tangible fixed assets | 22/27 | €49,982 | €37,655 | -€12,327 | -24.7% |
| Plant, machinery and equipment | 23 | €2,550 | €1,969 | -€581 | -22.8% |
| Furniture and vehicles | 24 | €696 | - | -€696 | |
| Leasing and similar rights | 25 | €46,736 | €35,686 | -€11,050 | -23.6% |
| Current assets | 29/58 | €319,639 | €347,892 | +€28,253 | +8.8% |
| Amounts receivable within one year | 40/41 | €28,541 | €36,398 | +€7,857 | +27.5% |
| Trade receivables | 40 | €28,541 | €36,398 | +€7,857 | +27.5% |
| Current investments | 50/53 | €84,527 | €110,152 | +€25,625 | +30.3% |
| Cash at bank and in hand | 54/58 | €202,718 | €198,074 | -€4,645 | -2.3% |
| Deferred charges and accrued income | 490/1 | €3,853 | €3,269 | -€584 | -15.2% |
| Total equity and liabilities | 10/49 | €369,621 | €385,547 | +€15,926 | +4.3% |
| Equity | 10/15 | €294,411 | €315,063 | +€20,652 | +7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €275,811 | €296,463 | +€20,652 | +7.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €273,951 | €296,463 | +€22,512 | +8.2% |
| Amounts payable | 17/49 | €75,210 | €70,484 | -€4,726 | -6.3% |
| Amounts payable after more than one year | 17 | €37,027 | €26,507 | -€10,520 | -28.4% |
| Financial debts | 170/4 | €37,027 | €26,507 | -€10,520 | -28.4% |
| Amounts payable within one year | 42/48 | €36,521 | €42,923 | +€6,403 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €10,106 | €10,520 | +€414 | +4.1% |
| Trade debts | 44 | €3,493 | €6,314 | +€2,821 | +80.8% |
| Suppliers | 440/4 | €3,493 | €6,314 | +€2,821 | +80.8% |
| Taxes, remuneration and social security | 45 | €10,373 | €8,883 | -€1,490 | -14.4% |
| Taxes | 450/3 | €10,373 | €8,883 | -€1,490 | -14.4% |
| Other amounts payable | 47/48 | €12,549 | €17,207 | +€4,658 | +37.1% |
| Accrued charges and deferred income | 492/3 | €1,662 | €1,053 | -€609 | -36.6% |
| Non-recurring operating income | 76A | €1 | €1,000 | +€999 | +104084.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,231 | €12,328 | +€2,097 | +20.5% |
| Other operating charges | 640/8 | €1,215 | €1,343 | +€128 | +10.5% |
| Gross operating margin | 9900 | €56,769 | €44,869 | -€11,901 | -21.0% |
| Operating profit (loss) | 9901 | €45,324 | €31,199 | -€14,125 | -31.2% |
| Financial income | 75/76B | €2,754 | €2,194 | -€560 | -20.3% |
| Recurring financial income | 75 | €2,754 | €2,194 | -€560 | -20.3% |
| Financial charges | 65/66B | €3,656 | €2,860 | -€796 | -21.8% |
| Recurring financial charges | 65 | €3,656 | €2,860 | -€796 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €44,422 | €30,533 | -€13,889 | -31.3% |
| Income taxes | 67/77 | €13,325 | €9,880 | -€3,444 | -25.8% |
| Profit (loss) for the period | 9904 | €31,097 | €20,652 | -€10,444 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,097 | €20,652 | -€10,444 | -33.6% |
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 11 October 2026 via checked.be.