Adfil: 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.
What changed
Adfil
NACE 20.600, Manufacture of chemicals and chemical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.0m
2024 · €2.4m+€1.6m
Equity
€10.7m
2024 · €6.7m+€4.0m
Cash
€1.1m
2024 · €1.8m-€712,636
Balance sheet total
€15.8m
2024 · €14.5m+€1.3m
Largest movements
Assets
- Stocks and contracts +€1.5m
up €1.5m (+46.9%), from €3.1m to €4.6m
- Financial fixed assets +€822,495
up €822,495 (+36.5%), from €2.3m to €3.1m
of which Affiliated companies: +€822,495
- Cash -€712,636
down €712,636 (-39.0%), from €1.8m to €1.1m
mainly Other debts (-€1.6m) and Investment in fixed assets (net) (-€1.5m)
- Receivables within one year -€455,922
down €455,922 (-12.2%), from €3.7m to €3.3m
of which Trade receivables: -€430,785
Equity and liabilities
- Reserves +€4.0m
up €4.0m (+61.7%), from €6.5m to €10.5m
of which Distributable reserves: +€4.2m
- Other debts -€1.6m
no longer reported in 2025 (was €1.6m)
- Trade debts -€508,045
down €508,045 (-16.3%), from €3.1m to €2.6m
- Debts after one year -€488,540
down €488,540 (-37.1%), from €1.3m to €826,690
Income statement
- Turnover +€2.9m
up €2.9m (+15.6%), from €18.7m to €21.6m
- Goods and materials +€1.6m
up €1.6m (+21.7%), from €7.3m to €8.9m
of which Purchases: +€1.7m
- Services and other goods +€1.2m
up €1.2m (+17.9%), from €6.8m to €8.0m
- Other operating income +€923,395
up €923,395 (+48.2%), from €1.9m to €2.8m
- Staff costs +€689,660
up €689,660 (+23.4%), from €3.0m to €3.6m
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.
Result 2024
€2.4m
Turnover
+€2.9m
Other operating income
+€923,395
Goods and materials
-€1.6m
Services and other goods
-€1.2m
Staff costs
-€689,660
Depreciation
-€115,183
Write-downs
+€331,743
Other operating charges
-€1,205
Other operating items
+€1.3m
Financial income
+€236,909
Financial charges
+€14,664
Taxes
-€518,936
Result 2025
€4.0m
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.
From operations
+€1.3m
Investment
-€1.5m
Financing
-€507,073
Cash 2024
€1.8m
From operations (derived)
+€1.3m
Net result for the year
+€4.0m
Depreciation
+€565,402
Stocks and contracts
-€1.5m
Receivables within one year
+€455,922
Deferred charges and accrued income
-€51,588
Trade debts
-€508,045
Tax, wage and social debts
+€21,071
Other debts
-€1.6m
Accrued charges and deferred income
-€84,351
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
-€507,073
Debts after one year
-€488,540
Current portion of long-term debt
-€18,533
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,459,275 | €15,775,677 | +€1.3m | +9.1% |
| Fixed assets | 21/28 | €5,705,208 | €6,662,031 | +€956,823 | +16.8% |
| Intangible fixed assets | 21 | €130,373 | €122,059 | -€8,314 | -6.4% |
| Tangible fixed assets | 22/27 | €3,318,658 | €3,461,300 | +€142,642 | +4.3% |
| Plant, machinery and equipment | 23 | €3,134,694 | €3,237,001 | +€102,306 | +3.3% |
| Furniture and vehicles | 24 | €3,967 | €1,092 | -€2,874 | -72.5% |
| Other tangible fixed assets | 26 | €179,997 | €223,207 | +€43,210 | +24.0% |
| Financial fixed assets | 28 | €2,256,177 | €3,078,672 | +€822,495 | +36.5% |
| Affiliated companies | 280/1 | €2,038,677 | €2,861,172 | +€822,495 | +40.3% |
| Participating interests | 280 | €2,038,677 | €2,861,172 | +€822,495 | +40.3% |
| Companies linked by participating interests | 282/3 | €210,000 | €210,000 | = | 0.0% |
| Participating interests | 282 | €210,000 | €210,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €7,500 | €7,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €8,754,067 | €9,113,646 | +€359,579 | +4.1% |
| Stocks and contracts in progress | 3 | €3,145,742 | €4,622,291 | +€1.5m | +46.9% |
| Stocks | 30/36 | €3,145,742 | €4,622,291 | +€1.5m | +46.9% |
| Raw materials and consumables | 30/31 | €728,335 | €741,984 | +€13,649 | +1.9% |
| Finished goods | 33 | €1,892,206 | €3,206,749 | +€1.3m | +69.5% |
| Goods purchased for resale | 34 | €525,201 | €673,557 | +€148,356 | +28.2% |
| Amounts receivable within one year | 40/41 | €3,743,943 | €3,288,021 | -€455,922 | -12.2% |
| Trade receivables | 40 | €3,418,588 | €2,987,803 | -€430,785 | -12.6% |
| Other amounts receivable | 41 | €325,355 | €300,218 | -€25,137 | -7.7% |
| Cash at bank and in hand | 54/58 | €1,829,053 | €1,116,417 | -€712,636 | -39.0% |
| Deferred charges and accrued income | 490/1 | €35,329 | €86,917 | +€51,588 | +146.0% |
| Total equity and liabilities | 10/49 | €14,459,275 | €15,775,677 | +€1.3m | +9.1% |
| Equity | 10/15 | €6,656,755 | €10,668,144 | +€4.0m | +60.3% |
| Contributions | 10/11 | €152,096 | €152,096 | = | 0.0% |
| Capital | 10 | €152,096 | €152,096 | = | 0.0% |
| Issued capital | 100 | €152,096 | €152,096 | = | 0.0% |
| Reserves | 13 | €6,504,659 | €10,516,047 | +€4.0m | +61.7% |
| Non-distributable reserves | 130/1 | €20,350 | €20,350 | = | 0.0% |
| Legal reserve | 130 | €20,350 | €20,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €341,594 | €138,702 | -€202,892 | -59.4% |
| Distributable reserves | 133 | €6,142,714 | €10,356,995 | +€4.2m | +68.6% |
| Amounts payable | 17/49 | €7,802,520 | €5,107,533 | -€2.7m | -34.5% |
| Amounts payable after more than one year | 17 | €1,315,230 | €826,690 | -€488,540 | -37.1% |
| Financial debts | 170/4 | €1,315,230 | €826,690 | -€488,540 | -37.1% |
| Credit institutions | 173 | €1,315,230 | €826,690 | -€488,540 | -37.1% |
| Amounts payable within one year | 42/48 | €6,287,883 | €4,165,787 | -€2.1m | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €507,073 | €488,540 | -€18,533 | -3.7% |
| Trade debts | 44 | €3,125,597 | €2,617,551 | -€508,045 | -16.3% |
| Suppliers | 440/4 | €3,125,597 | €2,617,551 | -€508,045 | -16.3% |
| Taxes, remuneration and social security | 45 | €1,038,624 | €1,059,695 | +€21,071 | +2.0% |
| Taxes | 450/3 | €565,573 | €283,219 | -€282,354 | -49.9% |
| Remuneration and social security | 454/9 | €473,051 | €776,476 | +€303,425 | +64.1% |
| Other amounts payable | 47/48 | €1,616,589 | - | -€1.6m | |
| Accrued charges and deferred income | 492/3 | €199,406 | €115,056 | -€84,351 | -42.3% |
| Operating income | 70/76A | €20,670,809 | €25,799,463 | +€5.1m | +24.8% |
| Turnover | 70 | €18,699,476 | €21,616,235 | +€2.9m | +15.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €54,664 | €1,291,574 | +€1.2m | +2262.7% |
| Other operating income | 74 | €1,916,669 | €2,840,064 | +€923,395 | +48.2% |
| Non-recurring operating income | 76A | - | €51,589 | +€51,589 | |
| Operating charges | 60/66A | €17,519,853 | €20,788,077 | +€3.3m | +18.7% |
| Goods for resale, raw materials and consumables | 60 | €7,300,967 | €8,887,130 | +€1.6m | +21.7% |
| Purchases | 600/8 | €7,391,189 | €9,043,419 | +€1.7m | +22.4% |
| Change in stocks: decrease (increase) | 609 | -€90,223 | -€156,288 | -€66,066 | -73.2% |
| Services and other goods | 61 | €6,756,108 | €7,963,864 | +€1.2m | +17.9% |
| Remuneration, social security and pensions | 62 | €2,952,182 | €3,641,842 | +€689,660 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €450,220 | €565,402 | +€115,183 | +25.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,563 | -€315,180 | -€331,743 | |
| Other operating charges | 640/8 | €43,813 | €45,018 | +€1,205 | +2.8% |
| Operating profit (loss) | 9901 | €3,150,956 | €5,011,386 | +€1.9m | +59.0% |
| Financial income | 75/76B | €49,010 | €285,919 | +€236,909 | +483.4% |
| Recurring financial income | 75 | €49,010 | €285,919 | +€236,909 | +483.4% |
| Income from financial fixed assets | 750 | - | €254,222 | +€254,222 | |
| Income from current assets | 751 | €1,332 | - | -€1,332 | |
| Other financial income | 752/9 | €47,678 | €31,697 | -€15,981 | -33.5% |
| Financial charges | 65/66B | €206,360 | €191,696 | -€14,664 | -7.1% |
| Recurring financial charges | 65 | €206,360 | €191,696 | -€14,664 | -7.1% |
| Debt charges | 650 | €128,443 | €72,385 | -€56,058 | -43.6% |
| Other financial charges | 652/9 | €77,917 | €119,311 | +€41,394 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | €2,993,606 | €5,105,609 | +€2.1m | +70.6% |
| Income taxes | 67/77 | €575,285 | €1,094,220 | +€518,936 | +90.2% |
| Taxes | 670/3 | €605,213 | €1,094,220 | +€489,007 | +80.8% |
| Tax adjustments and reversals of tax provisions | 77 | €29,929 | - | -€29,929 | |
| Profit (loss) for the period | 9904 | €2,418,321 | €4,011,389 | +€1.6m | +65.9% |
| Transfer from tax-exempt reserves | 789 | €57,637 | €202,892 | +€145,255 | +252.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,475,958 | €4,214,281 | +€1.7m | +70.2% |
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 7 October 2026 via checked.be.