ADESKO PAPER AND PULP: what changed
ADESKO PAPER AND PULP
Largest movements
- Receivables within one year -€129,925
down €129,925 (-53.6%), from €242,288 to €112,363
of which Trade receivables: -€115,530
- Cash +€30,518
up €30,518 (+1,227%), from €2,488 to €33,006
mainly Contributions, distributions and other (+€194,624) and Receivables within one year (+€129,925)
- Stocks and contracts -€7,000
down €7,000 (-100%), from €7,000 to €0
- Tangible fixed assets +€2,788
up €2,788 (+24.3%), from €11,494 to €14,282
of which Plant, machinery and equipment: +€4,788
- Debts after one year -€210,000
down €210,000 (-84.0%), from €250,000 to €40,000
- Contributions +€194,624
up €194,624 (+1,570%), from €12,400 to €207,024
- Profit (loss) carried forward -€77,830
down €77,830 (-101%), from -€77,134 to -€154,964
- Tax, wage and social debts -€11,296
down €11,296 (-53.8%), from €20,987 to €9,690
of which Remuneration and social security: -€11,025
- Other debts +€6,979
up €6,979 (+26.5%), from €26,332 to €33,311
- Staff costs -€57,019
down €57,019 (-31.5%), from €180,840 to €123,821
- Gross operating margin -€34,810
down €34,810 (-36.4%), from €95,566 to €60,756
- Financial charges +€3,529
up €3,529 (+66.4%), from €5,319 to €8,849
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €263,660 | €159,973 | -€103,686 | -39.3% |
| Fixed assets | 21/28 | €11,494 | €14,282 | +€2,788 | +24.3% |
| Tangible fixed assets | 22/27 | €11,494 | €14,282 | +€2,788 | +24.3% |
| Plant, machinery and equipment | 23 | €3,631 | €8,419 | +€4,788 | +132% |
| Furniture and vehicles | 24 | €7,863 | €5,863 | -€2,000 | -25.4% |
| Current assets | 29/58 | €252,166 | €145,692 | -€106,474 | -42.2% |
| Stocks and contracts in progress | 3 | €7,000 | €0 | -€7,000 | -100% |
| Stocks | 30/36 | €7,000 | €0 | -€7,000 | -100% |
| Amounts receivable within one year | 40/41 | €242,288 | €112,363 | -€129,925 | -53.6% |
| Trade receivables | 40 | €227,869 | €112,340 | -€115,530 | -50.7% |
| Other amounts receivable | 41 | €14,419 | €23 | -€14,395 | -99.8% |
| Cash at bank and in hand | 54/58 | €2,488 | €33,006 | +€30,518 | +1,227% |
| Deferred charges and accrued income | 490/1 | €390 | €323 | -€67 | -17.1% |
| Total equity and liabilities | 10/49 | €263,660 | €159,973 | -€103,686 | -39.3% |
| Equity | 10/15 | -€62,874 | €53,920 | +€116,794 | |
| Contributions | 10/11 | €12,400 | €207,024 | +€194,624 | +1,570% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €0 | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€77,134 | -€154,964 | -€77,830 | -101% |
| Amounts payable | 17/49 | €326,533 | €106,053 | -€220,480 | -67.5% |
| Amounts payable after more than one year | 17 | €250,000 | €40,000 | -€210,000 | -84.0% |
| Other amounts payable | 178/9 | €250,000 | €40,000 | -€210,000 | -84.0% |
| Amounts payable within one year | 42/48 | €76,533 | €66,053 | -€10,480 | -13.7% |
| Trade debts | 44 | €29,215 | €23,052 | -€6,163 | -21.1% |
| Suppliers | 440/4 | €29,215 | €23,052 | -€6,163 | -21.1% |
| Taxes, remuneration and social security | 45 | €20,987 | €9,690 | -€11,296 | -53.8% |
| Taxes | 450/3 | €2,098 | €1,827 | -€271 | -12.9% |
| Remuneration and social security | 454/9 | €18,889 | €7,863 | -€11,025 | -58.4% |
| Other amounts payable | 47/48 | €26,332 | €33,311 | +€6,979 | +26.5% |
| Remuneration, social security and pensions | 62 | €180,840 | €123,821 | -€57,019 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,632 | €5,082 | -€550 | -9.8% |
| Other operating charges | 640/8 | €1,193 | €840 | -€353 | -29.6% |
| Gross operating margin | 9900 | €95,566 | €60,756 | -€34,810 | -36.4% |
| Operating profit (loss) | 9901 | -€92,099 | -€68,986 | +€23,113 | +25.1% |
| Financial income | 75/76B | €112 | €5 | -€107 | -95.9% |
| Recurring financial income | 75 | €112 | €5 | -€107 | -95.9% |
| Financial charges | 65/66B | €5,319 | €8,849 | +€3,529 | +66.4% |
| Recurring financial charges | 65 | €5,319 | €8,849 | +€3,529 | +66.4% |
| Profit (loss) for the period before taxes | 9903 | -€97,307 | -€77,830 | +€19,477 | +20.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€97,307 | -€77,830 | +€19,477 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,307 | -€77,830 | +€19,477 | +20.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.