ADEXCO: 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.
ADEXCO
Largest movements
- Tangible fixed assets -€23,527
down €23,527 (-18.6%), from €126,223 to €102,696
of which Furniture and vehicles: -€25,570
- Cash -€13,976
down €13,976 (-21.8%), from €64,121 to €50,145
mainly Net result for the year (-€31,454) and Debts after one year (-€23,000)
- Receivables within one year -€11,159
down €11,159 (-15.6%), from €71,436 to €60,277
of which Trade receivables: -€10,828
- Reserves -€31,454
down €31,454 (-23.7%), from €132,857 to €101,402
- Debts after one year -€23,000
down €23,000 (-46.0%), from €50,000 to €27,000
- Current portion of long-term debt +€12,000
new in 2025: €12,000
- Other debts -€5,769
down €5,769 (-74.1%), from €7,788 to €2,020
- Financial income -€21,000
no longer reported in 2025 (was €21,000)
- Depreciation +€12,500
up €12,500 (+60.4%), from €20,690 to €33,190
- Other operating charges -€6,145
down €6,145 (-56.0%), from €10,965 to €4,820
- Gross operating margin +€5,991
up €5,991 (+3.1%), from €192,814 to €198,805
- Staff costs +€3,459
up €3,459 (+1.9%), from €185,852 to €189,311
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 | €267,537 | €219,201 | -€48,335 | -18.1% |
| Fixed assets | 21/28 | €126,743 | €103,216 | -€23,527 | -18.6% |
| Tangible fixed assets | 22/27 | €126,223 | €102,696 | -€23,527 | -18.6% |
| Plant, machinery and equipment | 23 | €10,492 | €12,535 | +€2,043 | +19.5% |
| Furniture and vehicles | 24 | €115,730 | €90,160 | -€25,570 | -22.1% |
| Financial fixed assets | 28 | €520 | €520 | = | 0.0% |
| Current assets | 29/58 | €140,794 | €115,985 | -€24,808 | -17.6% |
| Amounts receivable within one year | 40/41 | €71,436 | €60,277 | -€11,159 | -15.6% |
| Trade receivables | 40 | €68,059 | €57,231 | -€10,828 | -15.9% |
| Other amounts receivable | 41 | €3,378 | €3,046 | -€331 | -9.8% |
| Cash at bank and in hand | 54/58 | €64,121 | €50,145 | -€13,976 | -21.8% |
| Deferred charges and accrued income | 490/1 | €5,236 | €5,563 | +€327 | +6.3% |
| Total equity and liabilities | 10/49 | €267,537 | €219,201 | -€48,335 | -18.1% |
| Equity | 10/15 | €187,857 | €156,402 | -€31,454 | -16.7% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Outside capital | 11 | €55,000 | €55,000 | = | 0.0% |
| Share premium | 1100/10 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €132,857 | €101,402 | -€31,454 | -23.7% |
| Distributable reserves | 133 | €132,857 | €101,402 | -€31,454 | -23.7% |
| Amounts payable | 17/49 | €79,680 | €62,799 | -€16,881 | -21.2% |
| Amounts payable after more than one year | 17 | €50,000 | €27,000 | -€23,000 | -46.0% |
| Financial debts | 170/4 | €50,000 | €27,000 | -€23,000 | -46.0% |
| Amounts payable within one year | 42/48 | €29,047 | €35,163 | +€6,116 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | - | €12,000 | +€12,000 | |
| Financial debts | 43 | €407 | €464 | +€57 | +13.9% |
| Credit institutions | 430/8 | €407 | €464 | +€57 | +13.9% |
| Trade debts | 44 | €209 | €2,384 | +€2,175 | +1040.7% |
| Suppliers | 440/4 | €209 | €2,384 | +€2,175 | +1040.7% |
| Taxes, remuneration and social security | 45 | €20,643 | €18,295 | -€2,347 | -11.4% |
| Taxes | 450/3 | €18,661 | €15,735 | -€2,926 | -15.7% |
| Remuneration and social security | 454/9 | €1,982 | €2,560 | +€578 | +29.2% |
| Other amounts payable | 47/48 | €7,788 | €2,020 | -€5,769 | -74.1% |
| Accrued charges and deferred income | 492/3 | €633 | €636 | +€4 | +0.6% |
| Non-recurring operating income | 76A | - | €3,308 | +€3,308 | |
| Remuneration, social security and pensions | 62 | €185,852 | €189,311 | +€3,459 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,690 | €33,190 | +€12,500 | +60.4% |
| Other operating charges | 640/8 | €10,965 | €4,820 | -€6,145 | -56.0% |
| Non-recurring operating charges | 66A | €896 | €2,239 | +€1,343 | +149.9% |
| Gross operating margin | 9900 | €192,814 | €198,805 | +€5,991 | +3.1% |
| Operating profit (loss) | 9901 | -€25,590 | -€30,755 | -€5,166 | -20.2% |
| Financial income | 75/76B | €21,000 | - | -€21,000 | |
| Recurring financial income | 75 | €21,000 | - | -€21,000 | |
| Financial charges | 65/66B | €715 | €254 | -€461 | -64.4% |
| Recurring financial charges | 65 | €715 | €254 | -€461 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,305 | -€31,010 | -€25,705 | -484.6% |
| Income taxes | 67/77 | €431 | €445 | +€14 | +3.2% |
| Profit (loss) for the period | 9904 | -€5,736 | -€31,454 | -€25,719 | -448.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,736 | -€31,454 | -€25,719 | -448.4% |
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 8 October 2026 via checked.be.