ADEPHAR: 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.
ADEPHAR
Largest movements
- Cash +€122,364
up €122,364 (+56.4%), from €216,809 to €339,173
mainly Net result for the year (+€214,605) and Depreciation (+€76,543)
- Tangible fixed assets -€33,705
down €33,705 (-6.6%), from €508,074 to €474,369
of which Land and buildings: -€25,881
- Stocks and contracts -€16,501
down €16,501 (-14.9%), from €110,965 to €94,464
- Reserves +€155,781
up €155,781 (+54.9%), from €283,695 to €439,476
- Other debts -€92,384
down €92,384 (-32.7%), from €282,315 to €189,931
- Debts after one year -€25,600
down €25,600 (-9.5%), from €268,663 to €243,063
- Trade debts +€24,074
up €24,074 (+16.4%), from €147,020 to €171,094
- Tax, wage and social debts +€14,567
up €14,567 (+92.2%), from €15,796 to €30,363
of which Remuneration and social security: +€10,060
- Gross operating margin +€253,244
up €253,244 (+51.2%), from €494,712 to €747,956
- Staff costs +€62,700
up €62,700 (+32.9%), from €190,599 to €253,299
- Taxes +€36,816
up €36,816 (+90.5%), from €40,671 to €77,487
- Depreciation +€22,776
up €22,776 (+42.4%), from €53,767 to €76,543
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 | €1,063,361 | €1,141,122 | +€77,761 | +7.3% |
| Fixed assets | 21/28 | €508,124 | €474,419 | -€33,705 | -6.6% |
| Tangible fixed assets | 22/27 | €508,074 | €474,369 | -€33,705 | -6.6% |
| Land and buildings | 22 | €347,012 | €321,131 | -€25,881 | -7.5% |
| Plant, machinery and equipment | 23 | €1,474 | €8,227 | +€6,753 | +458.1% |
| Furniture and vehicles | 24 | €159,588 | €145,011 | -€14,577 | -9.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €555,237 | €666,703 | +€111,466 | +20.1% |
| Stocks and contracts in progress | 3 | €110,965 | €94,464 | -€16,501 | -14.9% |
| Stocks | 30/36 | €110,965 | €94,464 | -€16,501 | -14.9% |
| Amounts receivable within one year | 40/41 | €219,948 | €226,116 | +€6,168 | +2.8% |
| Trade receivables | 40 | €204,319 | €214,128 | +€9,809 | +4.8% |
| Other amounts receivable | 41 | €15,629 | €11,988 | -€3,641 | -23.3% |
| Cash at bank and in hand | 54/58 | €216,809 | €339,173 | +€122,364 | +56.4% |
| Deferred charges and accrued income | 490/1 | €7,515 | €6,950 | -€565 | -7.5% |
| Total equity and liabilities | 10/49 | €1,063,361 | €1,141,122 | +€77,761 | +7.3% |
| Equity | 10/15 | €302,295 | €458,076 | +€155,781 | +51.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €283,695 | €439,476 | +€155,781 | +54.9% |
| Distributable reserves | 133 | €283,695 | €439,476 | +€155,781 | +54.9% |
| Amounts payable | 17/49 | €761,066 | €683,046 | -€78,020 | -10.3% |
| Amounts payable after more than one year | 17 | €268,663 | €243,063 | -€25,600 | -9.5% |
| Financial debts | 170/4 | €268,663 | €243,063 | -€25,600 | -9.5% |
| Amounts payable within one year | 42/48 | €492,403 | €439,983 | -€52,420 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €47,272 | €48,595 | +€1,323 | +2.8% |
| Trade debts | 44 | €147,020 | €171,094 | +€24,074 | +16.4% |
| Suppliers | 440/4 | €147,020 | €171,094 | +€24,074 | +16.4% |
| Taxes, remuneration and social security | 45 | €15,796 | €30,363 | +€14,567 | +92.2% |
| Taxes | 450/3 | €5,508 | €10,015 | +€4,507 | +81.8% |
| Remuneration and social security | 454/9 | €10,288 | €20,348 | +€10,060 | +97.8% |
| Other amounts payable | 47/48 | €282,315 | €189,931 | -€92,384 | -32.7% |
| Remuneration, social security and pensions | 62 | €190,599 | €253,299 | +€62,700 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,767 | €76,543 | +€22,776 | +42.4% |
| Other operating charges | 640/8 | €2,423 | €3,088 | +€665 | +27.4% |
| Non-recurring operating charges | 66A | €77,313 | €94,007 | +€16,694 | +21.6% |
| Gross operating margin | 9900 | €494,712 | €747,956 | +€253,244 | +51.2% |
| Operating profit (loss) | 9901 | €170,610 | €321,019 | +€150,409 | +88.2% |
| Financial charges | 65/66B | €27,044 | €28,927 | +€1,883 | +7.0% |
| Recurring financial charges | 65 | €27,044 | €28,927 | +€1,883 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €143,566 | €292,092 | +€148,526 | +103.5% |
| Income taxes | 67/77 | €40,671 | €77,487 | +€36,816 | +90.5% |
| Profit (loss) for the period | 9904 | €102,895 | €214,605 | +€111,710 | +108.6% |
| Profit (loss) for the period to be appropriated | 9905 | €102,895 | €214,605 | +€111,710 | +108.6% |
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.