ADHORAH: 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.
ADHORAH
Largest movements
- Tangible fixed assets -€26,976
down €26,976 (-4.5%), from €602,690 to €575,714
of which Land and buildings: -€16,469
- Receivables within one year -€14,200
no longer reported in 2025 (was €14,200)
- Debts after one year -€125,323
down €125,323 (-26.9%), from €465,348 to €340,025
of which Other amounts payable: -€80,987
- Other debts +€98,055
up €98,055 (+136.2%), from €72,000 to €170,055
- Reserves -€10,851
down €10,851 (-4.8%), from €224,396 to €213,545
of which Distributable reserves: -€9,503
- Gross operating margin +€14,958
up €14,958 (+11.0%), from €135,583 to €150,541
- Taxes +€11,694
up €11,694 (+65.3%), from €17,921 to €29,615
- Financial charges -€4,600
down €4,600 (-22.3%), from €20,655 to €16,055
- Other operating charges +€3,789
up €3,789 (+169.2%), from €2,239 to €6,028
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €882,980 | €841,122 | -€41,858 | -4.7% |
| Fixed assets | 21/28 | €868,098 | €841,122 | -€26,976 | -3.1% |
| Tangible fixed assets | 22/27 | €602,690 | €575,714 | -€26,976 | -4.5% |
| Land and buildings | 22 | €571,486 | €555,017 | -€16,469 | -2.9% |
| Furniture and vehicles | 24 | €31,204 | €20,697 | -€10,507 | -33.7% |
| Financial fixed assets | 28 | €265,408 | €265,408 | = | 0.0% |
| Current assets | 29/58 | €14,882 | - | -€14,882 | |
| Amounts receivable within one year | 40/41 | €14,200 | - | -€14,200 | |
| Trade receivables | 40 | €14,200 | - | -€14,200 | |
| Deferred charges and accrued income | 490/1 | €682 | - | -€682 | |
| Total equity and liabilities | 10/49 | €882,980 | €841,122 | -€41,858 | -4.7% |
| Equity | 10/15 | €244,856 | €234,005 | -€10,851 | -4.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €224,396 | €213,545 | -€10,851 | -4.8% |
| Tax-exempt reserves | 132 | €40,555 | €39,207 | -€1,348 | -3.3% |
| Distributable reserves | 133 | €183,841 | €174,338 | -€9,503 | -5.2% |
| Provisions and deferred taxes | 16 | €10,139 | €9,802 | -€337 | -3.3% |
| Deferred taxes | 168 | €10,139 | €9,802 | -€337 | -3.3% |
| Amounts payable | 17/49 | €627,985 | €597,315 | -€30,670 | -4.9% |
| Amounts payable after more than one year | 17 | €465,348 | €340,025 | -€125,323 | -26.9% |
| Financial debts | 170/4 | €301,236 | €256,900 | -€44,336 | -14.7% |
| Other amounts payable | 178/9 | €164,112 | €83,125 | -€80,987 | -49.3% |
| Amounts payable within one year | 42/48 | €162,637 | €257,290 | +€94,653 | +58.2% |
| Current portion of amounts payable after more than one year | 42 | €50,675 | €44,336 | -€6,339 | -12.5% |
| Financial debts | 43 | €9,849 | €9,671 | -€178 | -1.8% |
| Credit institutions | 430/8 | €9,849 | €9,671 | -€178 | -1.8% |
| Trade debts | 44 | €1,379 | €3,238 | +€1,859 | +134.8% |
| Suppliers | 440/4 | €1,379 | €3,238 | +€1,859 | +134.8% |
| Taxes, remuneration and social security | 45 | €28,734 | €29,990 | +€1,256 | +4.4% |
| Taxes | 450/3 | €28,734 | €29,990 | +€1,256 | +4.4% |
| Other amounts payable | 47/48 | €72,000 | €170,055 | +€98,055 | +136.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,976 | €26,976 | = | 0.0% |
| Other operating charges | 640/8 | €2,239 | €6,028 | +€3,789 | +169.2% |
| Gross operating margin | 9900 | €135,583 | €150,541 | +€14,958 | +11.0% |
| Operating profit (loss) | 9901 | €106,368 | €117,537 | +€11,169 | +10.5% |
| Financial charges | 65/66B | €20,655 | €16,055 | -€4,600 | -22.3% |
| Recurring financial charges | 65 | €20,655 | €16,055 | -€4,600 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €85,713 | €101,482 | +€15,769 | +18.4% |
| Transfer from deferred taxes | 780 | €337 | €337 | = | 0.0% |
| Income taxes | 67/77 | €17,921 | €29,615 | +€11,694 | +65.3% |
| Profit (loss) for the period | 9904 | €68,129 | €72,204 | +€4,075 | +6.0% |
| Transfer from tax-exempt reserves | 789 | €1,348 | €1,348 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,477 | €73,552 | +€4,075 | +5.9% |
Source: filed annual accounts (NBB), fiscal years ended 29 September 2024 and 29 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.