ADESO: 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.
ADESO
Largest movements
- Tangible fixed assets +€153,564
up €153,564 (+40.4%), from €380,030 to €533,595
of which Land and buildings: +€438,854
- Current investments -€50,000
down €50,000 (-11.2%), from €445,000 to €395,000
- Cash -€14,954
down €14,954 (-3.3%), from €451,996 to €437,043
mainly Investment in fixed assets (net) (-€168,577) and Receivables within one year (-€2,454)
- Reserves +€89,973
up €89,973 (+8.0%), from €1.1m to €1.2m
of which Distributable reserves: +€89,973
- Gross operating margin -€14,485
down €14,485 (-10.2%), from €141,804 to €127,319
- Financial income +€9,148
up €9,148 (+130.6%), from €7,006 to €16,154
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 | €1,348,992 | €1,440,045 | +€91,053 | +6.7% |
| Fixed assets | 21/28 | €380,030 | €533,595 | +€153,564 | +40.4% |
| Tangible fixed assets | 22/27 | €380,030 | €533,595 | +€153,564 | +40.4% |
| Land and buildings | 22 | €49,949 | €488,803 | +€438,854 | +878.6% |
| Plant, machinery and equipment | 23 | - | €3,001 | +€3,001 | |
| Furniture and vehicles | 24 | €52,098 | €37,679 | -€14,419 | -27.7% |
| Other tangible fixed assets | 26 | €1,012 | €4,112 | +€3,100 | +306.3% |
| Assets under construction and advance payments | 27 | €276,971 | - | -€276,971 | |
| Current assets | 29/58 | €968,961 | €906,450 | -€62,511 | -6.5% |
| Amounts receivable within one year | 40/41 | €70,639 | €73,093 | +€2,454 | +3.5% |
| Trade receivables | 40 | €45,750 | €40,778 | -€4,972 | -10.9% |
| Other amounts receivable | 41 | €24,889 | €32,314 | +€7,426 | +29.8% |
| Current investments | 50/53 | €445,000 | €395,000 | -€50,000 | -11.2% |
| Cash at bank and in hand | 54/58 | €451,996 | €437,043 | -€14,954 | -3.3% |
| Deferred charges and accrued income | 490/1 | €1,326 | €1,315 | -€11 | -0.8% |
| Total equity and liabilities | 10/49 | €1,348,992 | €1,440,045 | +€91,053 | +6.7% |
| Equity | 10/15 | €1,139,876 | €1,229,850 | +€89,973 | +7.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,127,476 | €1,217,450 | +€89,973 | +8.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,641 | €9,641 | = | 0.0% |
| Distributable reserves | 133 | €1,115,976 | €1,205,949 | +€89,973 | +8.1% |
| Amounts payable | 17/49 | €209,115 | €210,195 | +€1,080 | +0.5% |
| Amounts payable within one year | 42/48 | €209,115 | €210,195 | +€1,080 | +0.5% |
| Trade debts | 44 | €4,025 | €6,025 | +€2,000 | +49.7% |
| Suppliers | 440/4 | €4,025 | €6,025 | +€2,000 | +49.7% |
| Taxes, remuneration and social security | 45 | €4,292 | €3,372 | -€920 | -21.4% |
| Taxes | 450/3 | €4,292 | €3,372 | -€920 | -21.4% |
| Remuneration and social security | 454/9 | €0 | €0 | = | 0.0% |
| Other amounts payable | 47/48 | €200,798 | €200,798 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,217 | €15,013 | -€204 | -1.3% |
| Other operating charges | 640/8 | €1,494 | €1,673 | +€179 | +12.0% |
| Gross operating margin | 9900 | €141,804 | €127,319 | -€14,485 | -10.2% |
| Operating profit (loss) | 9901 | €125,094 | €110,633 | -€14,461 | -11.6% |
| Financial income | 75/76B | €7,006 | €16,154 | +€9,148 | +130.6% |
| Recurring financial income | 75 | €7,006 | €16,154 | +€9,148 | +130.6% |
| Financial charges | 65/66B | €364 | €199 | -€165 | -45.3% |
| Recurring financial charges | 65 | €364 | €199 | -€165 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €131,736 | €126,588 | -€5,148 | -3.9% |
| Income taxes | 67/77 | €37,992 | €36,615 | -€1,377 | -3.6% |
| Profit (loss) for the period | 9904 | €93,744 | €89,973 | -€3,771 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,744 | €89,973 | -€3,771 | -4.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.