ADEPE: 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.
What changed
ADEPE
NACE 41.001, General construction of residential buildings
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€18,743
2024 · -€20,575+€1,832
Equity
€533,421
2024 · €552,164-€18,743
Cash
€25,093
2024 · €20,158+€4,935
Balance sheet total
€3.6m
2024 · €1.9m+€1.7m
Largest movements
Assets
- Stocks and contracts +€1.7m
up €1.7m (+205.6%), from €823,113 to €2.5m
Equity and liabilities
- Debts after one year +€1.0m
up €1.0m (+416.7%), from €250,000 to €1.3m
of which Other amounts payable: +€700,000
- Other debts +€498,231
up €498,231 (+85.9%), from €579,827 to €1.1m
- Short-term financial debts +€127,500
up €127,500 (+34.2%), from €372,500 to €500,000
Income statement
- Gross operating margin +€19,235
up €19,235 (+82.9%), from €23,214 to €42,449
- Other operating charges +€15,227
up €15,227 (+152.8%), from €9,963 to €25,191
- Financial charges +€2,154
up €2,154 (+8.0%), from €26,814 to €28,968
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.
Result 2024
-€20,575
Gross operating margin
+€19,235
Other operating charges
-€15,227
Financial charges
-€2,154
Taxes
-€22
Result 2025
-€18,743
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.
From operations
-€1.2m
Investment
€0
Financing
+€1.2m
Cash 2024
€20,158
From operations (derived)
-€1.2m
Net result for the year
-€18,743
Depreciation
+€7,140
Stocks and contracts
-€1.7m
Receivables within one year
-€22,956
Smaller working-capital items
-€320
Trade debts
+€15,406
Other debts
+€498,231
Accrued charges and deferred income
+€18,666
Financing
+€1.2m
Debts after one year
+€1.0m
Current portion of long-term debt
+€30,873
Short-term financial debts
+€127,500
Cash 2025
€25,093
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,885,945 | €3,598,191 | +€1.7m | +90.8% |
| Fixed assets | 21/28 | €1,041,680 | €1,034,539 | -€7,140 | -0.7% |
| Tangible fixed assets | 22/27 | €56,747 | €49,606 | -€7,140 | -12.6% |
| Land and buildings | 22 | €56,747 | €49,606 | -€7,140 | -12.6% |
| Financial fixed assets | 28 | €984,933 | €984,933 | = | 0.0% |
| Current assets | 29/58 | €844,265 | €2,563,651 | +€1.7m | +203.7% |
| Stocks and contracts in progress | 3 | €823,113 | €2,515,602 | +€1.7m | +205.6% |
| Stocks | 30/36 | €823,113 | €2,515,602 | +€1.7m | +205.6% |
| Amounts receivable within one year | 40/41 | €0 | €22,956 | +€22,956 | |
| Trade receivables | 40 | - | €22,843 | +€22,843 | |
| Other amounts receivable | 41 | €0 | €113 | +€113 | |
| Cash at bank and in hand | 54/58 | €20,158 | €25,093 | +€4,935 | +24.5% |
| Deferred charges and accrued income | 490/1 | €994 | €0 | -€994 | -100.0% |
| Total equity and liabilities | 10/49 | €1,885,945 | €3,598,191 | +€1.7m | +90.8% |
| Equity | 10/15 | €552,164 | €533,421 | -€18,743 | -3.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €490,164 | €471,421 | -€18,743 | -3.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,609 | €25,893 | -€3,716 | -12.5% |
| Distributable reserves | 133 | €454,355 | €439,328 | -€15,027 | -3.3% |
| Provisions and deferred taxes | 16 | €93,499 | €92,261 | -€1,239 | -1.3% |
| Provisions for liabilities and charges | 160/5 | €83,630 | €83,630 | = | 0.0% |
| Pensions and similar obligations | 160 | €83,630 | €83,630 | = | 0.0% |
| Deferred taxes | 168 | €9,870 | €8,631 | -€1,239 | -12.5% |
| Amounts payable | 17/49 | €1,240,282 | €2,972,509 | +€1.7m | +139.7% |
| Amounts payable after more than one year | 17 | €250,000 | €1,291,627 | +€1.0m | +416.7% |
| Financial debts | 170/4 | €250,000 | €591,627 | +€341,627 | +136.7% |
| Other amounts payable | 178/9 | - | €700,000 | +€700,000 | |
| Amounts payable within one year | 42/48 | €955,784 | €1,627,719 | +€671,934 | +70.3% |
| Current portion of amounts payable after more than one year | 42 | - | €30,873 | +€30,873 | |
| Financial debts | 43 | €372,500 | €500,000 | +€127,500 | +34.2% |
| Credit institutions | 430/8 | €372,500 | €500,000 | +€127,500 | +34.2% |
| Trade debts | 44 | €0 | €15,406 | +€15,406 | |
| Suppliers | 440/4 | €0 | €15,406 | +€15,406 | |
| Taxes, remuneration and social security | 45 | €3,457 | €3,382 | -€75 | -2.2% |
| Taxes | 450/3 | €3,457 | €3,382 | -€75 | -2.2% |
| Other amounts payable | 47/48 | €579,827 | €1,078,058 | +€498,231 | +85.9% |
| Accrued charges and deferred income | 492/3 | €34,498 | €53,164 | +€18,666 | +54.1% |
| Non-recurring operating income | 76A | €12,500 | €0 | -€12,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,140 | €7,140 | = | 0.0% |
| Other operating charges | 640/8 | €9,963 | €25,191 | +€15,227 | +152.8% |
| Gross operating margin | 9900 | €23,214 | €42,449 | +€19,235 | +82.9% |
| Operating profit (loss) | 9901 | €6,110 | €10,118 | +€4,008 | +65.6% |
| Financial charges | 65/66B | €26,814 | €28,968 | +€2,154 | +8.0% |
| Recurring financial charges | 65 | €26,814 | €28,968 | +€2,154 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | -€20,704 | -€18,850 | +€1,854 | +9.0% |
| Transfer from deferred taxes | 780 | €1,239 | €1,239 | = | 0.0% |
| Income taxes | 67/77 | €1,110 | €1,132 | +€22 | +2.0% |
| Profit (loss) for the period | 9904 | -€20,575 | -€18,743 | +€1,832 | +8.9% |
| Transfer from tax-exempt reserves | 789 | €3,716 | €3,716 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,859 | -€15,027 | +€1,832 | +10.9% |
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 12 October 2026 via checked.be.