ADFERON: 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.
ADFERON
Largest movements
- Receivables after one year -€28,700
down €28,700 (-71.8%), from €40,000 to €11,300
- Tangible fixed assets -€11,673
down €11,673 (-21.8%), from €53,461 to €41,788
of which Furniture and vehicles: -€8,370
- Cash +€11,633
up €11,633 (+544%), from €2,138 to €13,771
mainly Net result for the year (+€37,186) and Receivables after one year (+€28,700)
- Receivables within one year -€3,138
down €3,138 (-6.4%), from €49,294 to €46,156
of which Other amounts receivable: -€3,516
- Debts after one year -€14,723
down €14,723 (-48.1%), from €30,607 to €15,884
- Tax, wage and social debts -€10,473
down €10,473 (-52.5%), from €19,961 to €9,488
- Reserves -€7,465
down €7,465 (-6.4%), from €116,585 to €109,120
of which Distributable reserves: -€7,465
- Trade debts +€2,677
new in 2025: €2,677
- Gross operating margin +€7,770
up €7,770 (+12.5%), from €62,139 to €69,909
- Depreciation +€1,511
up €1,511 (+14.9%), from €10,162 to €11,673
- Financial charges -€841
down €841 (-28.5%), from €2,954 to €2,113
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.
Derived cash bridge
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 | €204,904 | €173,276 | -€31,628 | -15.4% |
| Fixed assets | 21/28 | €53,661 | €42,238 | -€11,423 | -21.3% |
| Tangible fixed assets | 22/27 | €53,461 | €41,788 | -€11,673 | -21.8% |
| Furniture and vehicles | 24 | €22,226 | €13,856 | -€8,370 | -37.7% |
| Other tangible fixed assets | 26 | €31,235 | €27,932 | -€3,303 | -10.6% |
| Financial fixed assets | 28 | €200 | €450 | +€250 | +125% |
| Current assets | 29/58 | €151,243 | €131,038 | -€20,205 | -13.4% |
| Amounts receivable after more than one year | 29 | €40,000 | €11,300 | -€28,700 | -71.8% |
| Other amounts receivable | 291 | €40,000 | €11,300 | -€28,700 | -71.8% |
| Amounts receivable within one year | 40/41 | €49,294 | €46,156 | -€3,138 | -6.4% |
| Trade receivables | 40 | €24,076 | €24,454 | +€378 | +1.6% |
| Other amounts receivable | 41 | €25,218 | €21,702 | -€3,516 | -13.9% |
| Current investments | 50/53 | €59,810 | €59,810 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,138 | €13,771 | +€11,633 | +544% |
| Total equity and liabilities | 10/49 | €204,904 | €173,276 | -€31,628 | -15.4% |
| Equity | 10/15 | €137,663 | €130,198 | -€7,464 | -5.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €116,585 | €109,120 | -€7,465 | -6.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €114,585 | €107,120 | -€7,465 | -6.5% |
| Profit (loss) carried forward | 14 | €1,078 | €1,078 | +€1 | +0.1% |
| Amounts payable | 17/49 | €67,241 | €43,077 | -€24,164 | -35.9% |
| Amounts payable after more than one year | 17 | €30,607 | €15,884 | -€14,723 | -48.1% |
| Financial debts | 170/4 | €30,607 | €15,884 | -€14,723 | -48.1% |
| Amounts payable within one year | 42/48 | €36,634 | €27,193 | -€9,440 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €16,454 | €14,723 | -€1,731 | -10.5% |
| Trade debts | 44 | - | €2,677 | +€2,677 | |
| Suppliers | 440/4 | - | €2,677 | +€2,677 | |
| Taxes, remuneration and social security | 45 | €19,961 | €9,488 | -€10,473 | -52.5% |
| Taxes | 450/3 | €19,961 | €9,488 | -€10,473 | -52.5% |
| Other amounts payable | 47/48 | €218 | €305 | +€86 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,162 | €11,673 | +€1,511 | +14.9% |
| Other operating charges | 640/8 | €2,250 | €1,863 | -€387 | -17.2% |
| Gross operating margin | 9900 | €62,139 | €69,909 | +€7,770 | +12.5% |
| Operating profit (loss) | 9901 | €49,727 | €56,373 | +€6,646 | +13.4% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €2,954 | €2,113 | -€841 | -28.5% |
| Recurring financial charges | 65 | €2,954 | €2,113 | -€841 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €46,773 | €54,264 | +€7,490 | +16.0% |
| Income taxes | 67/77 | €17,284 | €17,078 | -€206 | -1.2% |
| Profit (loss) for the period | 9904 | €29,489 | €37,186 | +€7,696 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,489 | €37,186 | +€7,696 | +26.1% |
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 13 October 2026 via checked.be.