ADHerstal: 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.
ADHerstal
Largest movements
- Cash -€567,787
down €567,787 (-49.4%), from €1.1m to €581,689
mainly Accrued charges and deferred income (-€262,146) and Net result for the year (-€244,073)
- Stocks and contracts -€121,401
down €121,401 (-17.4%), from €699,436 to €578,035
- Receivables within one year +€68,489
up €68,489 (+100.5%), from €68,163 to €136,652
of which Trade receivables: +€48,257
- Accrued charges and deferred income -€262,146
no longer reported in 2025 (was €262,146)
- Profit (loss) carried forward -€244,073
down €244,073 (-102.2%), from -€238,857 to -€482,930
- Debts after one year -€97,962
down €97,962 (-19.5%), from €503,563 to €405,601
- Tax, wage and social debts -€33,730
down €33,730 (-11.4%), from €294,984 to €261,254
of which Remuneration and social security: -€37,284
- Other debts +€19,666
up €19,666 (+6280.5%), from €313 to €19,979
- Gross operating margin +€584,508
up €584,508 (+42.6%), from €1.4m to €2.0m
- Staff costs +€504,119
up €504,119 (+31.9%), from €1.6m to €2.1m
- Other operating charges +€82,329
up €82,329 (+30953.0%), from €266 to €82,595
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 | €1,945,068 | €1,347,957 | -€597,110 | -30.7% |
| Fixed assets | 21/28 | €20,767 | €39,580 | +€18,813 | +90.6% |
| Tangible fixed assets | 22/27 | €19,267 | €38,080 | +€18,813 | +97.6% |
| Land and buildings | 22 | €4,154 | €3,728 | -€426 | -10.3% |
| Plant, machinery and equipment | 23 | €1,650 | €22,868 | +€21,218 | +1286.0% |
| Furniture and vehicles | 24 | €13,463 | €11,484 | -€1,979 | -14.7% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,924,301 | €1,308,377 | -€615,923 | -32.0% |
| Stocks and contracts in progress | 3 | €699,436 | €578,035 | -€121,401 | -17.4% |
| Stocks | 30/36 | €699,436 | €578,035 | -€121,401 | -17.4% |
| Amounts receivable within one year | 40/41 | €68,163 | €136,652 | +€68,489 | +100.5% |
| Trade receivables | 40 | €68,163 | €116,420 | +€48,257 | +70.8% |
| Other amounts receivable | 41 | - | €20,232 | +€20,232 | |
| Cash at bank and in hand | 54/58 | €1,149,476 | €581,689 | -€567,787 | -49.4% |
| Deferred charges and accrued income | 490/1 | €7,225 | €12,001 | +€4,776 | +66.1% |
| Total equity and liabilities | 10/49 | €1,945,068 | €1,347,957 | -€597,110 | -30.7% |
| Equity | 10/15 | -€188,857 | -€432,930 | -€244,073 | -129.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€238,857 | -€482,930 | -€244,073 | -102.2% |
| Amounts payable | 17/49 | €2,133,925 | €1,780,887 | -€353,038 | -16.5% |
| Amounts payable after more than one year | 17 | €503,563 | €405,601 | -€97,962 | -19.5% |
| Financial debts | 170/4 | €503,563 | €405,601 | -€97,962 | -19.5% |
| Amounts payable within one year | 42/48 | €1,368,216 | €1,375,287 | +€7,070 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €93,687 | €97,962 | +€4,276 | +4.6% |
| Trade debts | 44 | €979,232 | €996,091 | +€16,859 | +1.7% |
| Suppliers | 440/4 | €979,232 | €996,091 | +€16,859 | +1.7% |
| Taxes, remuneration and social security | 45 | €294,984 | €261,254 | -€33,730 | -11.4% |
| Taxes | 450/3 | €20,611 | €24,165 | +€3,554 | +17.2% |
| Remuneration and social security | 454/9 | €274,374 | €237,089 | -€37,284 | -13.6% |
| Other amounts payable | 47/48 | €313 | €19,979 | +€19,666 | +6280.5% |
| Accrued charges and deferred income | 492/3 | €262,146 | - | -€262,146 | |
| Remuneration, social security and pensions | 62 | €1,582,173 | €2,086,291 | +€504,119 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,045 | €7,959 | +€3,914 | +96.7% |
| Other operating charges | 640/8 | €266 | €82,595 | +€82,329 | +30953.0% |
| Gross operating margin | 9900 | €1,371,512 | €1,956,019 | +€584,508 | +42.6% |
| Operating profit (loss) | 9901 | -€214,972 | -€220,826 | -€5,853 | -2.7% |
| Financial income | 75/76B | €521 | €10,424 | +€9,904 | +1902.1% |
| Recurring financial income | 75 | €521 | €10,424 | +€9,904 | +1902.1% |
| Financial charges | 65/66B | €24,140 | €33,450 | +€9,310 | +38.6% |
| Recurring financial charges | 65 | €24,140 | €33,450 | +€9,310 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | -€238,592 | -€243,851 | -€5,260 | -2.2% |
| Income taxes | 67/77 | €266 | €221 | -€45 | -16.8% |
| Profit (loss) for the period | 9904 | -€238,857 | -€244,073 | -€5,215 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€238,857 | -€244,073 | -€5,215 | -2.2% |
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 8 October 2026 via checked.be.