AdES: what changed
Two fiscal 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.
AdES
Largest movements
- Receivables within one year +€60,771
up €60,771 (+54.7%), from €111,088 to €171,859
of which Trade receivables: +€65,730
- Deferred charges and accrued income +€24,786
up €24,786 (+397.6%), from €6,234 to €31,020
- Cash -€5,204
no longer reported in 2025 (was €5,204)
mainly Receivables within one year (-€60,771) and Deferred charges and accrued income (-€24,786)
- Intangible fixed assets -€2,319
down €2,319 (-100.0%), from €2,319 to €0
- Tax, wage and social debts +€41,209
up €41,209 (+107.6%), from €38,314 to €79,523
of which Taxes: +€32,628
- Short-term financial debts +€23,285
new in 2025: €23,285
- Profit (loss) carried forward +€21,369
up €21,369 (+96.2%), from -€22,222 to -€853
- Other debts -€14,021
down €14,021 (-44.9%), from €31,236 to €17,215
- Debts after one year +€12,151
new in 2025: €12,151
- Gross operating margin +€168,887
up €168,887 (+110.4%), from €152,955 to €321,842
- Staff costs +€110,892
up €110,892 (+71.1%), from €156,011 to €266,903
- Taxes +€12,323
up €12,323 (+6011.2%), from €205 to €12,528
- Other operating charges +€5,493
up €5,493 (+80.2%), from €6,852 to €12,345
- Depreciation -€3,293
down €3,293 (-40.9%), from €8,056 to €4,763
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 | €127,295 | €206,158 | +€78,863 | +62.0% |
| Fixed assets | 21/28 | €4,769 | €3,279 | -€1,490 | -31.2% |
| Intangible fixed assets | 21 | €2,319 | €0 | -€2,319 | -100.0% |
| Tangible fixed assets | 22/27 | €2,450 | €3,279 | +€829 | +33.8% |
| Plant, machinery and equipment | 23 | €516 | €2,482 | +€1,966 | +381.0% |
| Furniture and vehicles | 24 | €1,934 | €797 | -€1,137 | -58.8% |
| Current assets | 29/58 | €122,526 | €202,879 | +€80,353 | +65.6% |
| Amounts receivable within one year | 40/41 | €111,088 | €171,859 | +€60,771 | +54.7% |
| Trade receivables | 40 | €106,129 | €171,859 | +€65,730 | +61.9% |
| Other amounts receivable | 41 | €4,959 | - | -€4,959 | |
| Cash at bank and in hand | 54/58 | €5,204 | - | -€5,204 | |
| Deferred charges and accrued income | 490/1 | €6,234 | €31,020 | +€24,786 | +397.6% |
| Total equity and liabilities | 10/49 | €127,295 | €206,158 | +€78,863 | +62.0% |
| Equity | 10/15 | €35,578 | €56,947 | +€21,369 | +60.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €54,800 | €54,800 | = | 0.0% |
| Distributable reserves | 133 | €54,800 | €54,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,222 | -€853 | +€21,369 | +96.2% |
| Amounts payable | 17/49 | €91,717 | €149,211 | +€57,494 | +62.7% |
| Amounts payable after more than one year | 17 | - | €12,151 | +€12,151 | |
| Financial debts | 170/4 | - | €12,151 | +€12,151 | |
| Amounts payable within one year | 42/48 | €83,353 | €137,060 | +€53,707 | +64.4% |
| Current portion of amounts payable after more than one year | 42 | - | €5,984 | +€5,984 | |
| Financial debts | 43 | - | €23,285 | +€23,285 | |
| Credit institutions | 430/8 | - | €23,285 | +€23,285 | |
| Trade debts | 44 | €13,803 | €11,053 | -€2,750 | -19.9% |
| Suppliers | 440/4 | €13,803 | €11,053 | -€2,750 | -19.9% |
| Taxes, remuneration and social security | 45 | €38,314 | €79,523 | +€41,209 | +107.6% |
| Taxes | 450/3 | €12,731 | €45,359 | +€32,628 | +256.3% |
| Remuneration and social security | 454/9 | €25,583 | €34,164 | +€8,581 | +33.5% |
| Other amounts payable | 47/48 | €31,236 | €17,215 | -€14,021 | -44.9% |
| Accrued charges and deferred income | 492/3 | €8,364 | - | -€8,364 | |
| Remuneration, social security and pensions | 62 | €156,011 | €266,903 | +€110,892 | +71.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,056 | €4,763 | -€3,293 | -40.9% |
| Other operating charges | 640/8 | €6,852 | €12,345 | +€5,493 | +80.2% |
| Gross operating margin | 9900 | €152,955 | €321,842 | +€168,887 | +110.4% |
| Operating profit (loss) | 9901 | -€17,964 | €37,831 | +€55,795 | |
| Financial charges | 65/66B | €4,126 | €3,934 | -€192 | -4.7% |
| Recurring financial charges | 65 | €4,126 | €3,934 | -€192 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,090 | €33,897 | +€55,987 | |
| Income taxes | 67/77 | €205 | €12,528 | +€12,323 | +6011.2% |
| Profit (loss) for the period | 9904 | -€22,295 | €21,369 | +€43,664 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,295 | €21,369 | +€43,664 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.