Adinex: 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.
Adinex
Largest movements
- Cash -€161,970
down €161,970 (-51.1%), from €316,899 to €154,929
mainly Contributions, distributions and other (-€195,995) and Other debts (-€122,500)
- Current investments +€50,090
up €50,090 (+11.1%), from €451,517 to €501,608
- Tangible fixed assets -€30,114
down €30,114 (-24.6%), from €122,256 to €92,142
of which Furniture and vehicles: -€22,910
- Other debts -€122,500
down €122,500 (-49.9%), from €245,386 to €122,886
- Reserves -€31,282
down €31,282 (-4.5%), from €701,392 to €670,110
of which Distributable reserves: -€31,282
- Trade debts +€21,667
up €21,667 (+42.2%), from €51,364 to €73,031
- Tax, wage and social debts -€11,557
down €11,557 (-52.0%), from €22,203 to €10,647
of which Taxes: -€12,145
- Gross operating margin -€212,564
down €212,564 (-40.6%), from €524,013 to €311,448
- Taxes -€50,255
down €50,255 (-75.8%), from €66,328 to €16,073
- Staff costs +€5,474
up €5,474 (+6.4%), from €84,994 to €90,468
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 | €1,102,297 | €956,673 | -€145,623 | -13.2% |
| Fixed assets | 21/28 | €122,256 | €92,142 | -€30,114 | -24.6% |
| Tangible fixed assets | 22/27 | €122,256 | €92,142 | -€30,114 | -24.6% |
| Land and buildings | 22 | €34,102 | €29,060 | -€5,042 | -14.8% |
| Plant, machinery and equipment | 23 | €7,238 | €5,076 | -€2,162 | -29.9% |
| Furniture and vehicles | 24 | €80,916 | €58,006 | -€22,910 | -28.3% |
| Current assets | 29/58 | €980,040 | €864,531 | -€115,509 | -11.8% |
| Amounts receivable within one year | 40/41 | €205,000 | €198,656 | -€6,344 | -3.1% |
| Trade receivables | 40 | €204,000 | €187,492 | -€16,508 | -8.1% |
| Other amounts receivable | 41 | €1,000 | €11,164 | +€10,164 | +1016.4% |
| Current investments | 50/53 | €451,517 | €501,608 | +€50,090 | +11.1% |
| Cash at bank and in hand | 54/58 | €316,899 | €154,929 | -€161,970 | -51.1% |
| Deferred charges and accrued income | 490/1 | €6,624 | €9,338 | +€2,715 | +41.0% |
| Total equity and liabilities | 10/49 | €1,102,297 | €956,673 | -€145,623 | -13.2% |
| Equity | 10/15 | €781,392 | €750,110 | -€31,282 | -4.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Outside capital | 11 | €80,000 | €80,000 | = | 0.0% |
| Share premium | 1100/10 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €701,392 | €670,110 | -€31,282 | -4.5% |
| Non-distributable reserves | 130/1 | €9,500 | €9,500 | = | 0.0% |
| Legal reserve | 130 | €9,500 | - | -€9,500 | |
| Reserves not available under the articles | 1311 | - | €9,500 | +€9,500 | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €673,142 | €641,860 | -€31,282 | -4.6% |
| Amounts payable | 17/49 | €320,905 | €206,563 | -€114,342 | -35.6% |
| Amounts payable within one year | 42/48 | €318,953 | €206,563 | -€112,390 | -35.2% |
| Trade debts | 44 | €51,364 | €73,031 | +€21,667 | +42.2% |
| Suppliers | 440/4 | €51,364 | €73,031 | +€21,667 | +42.2% |
| Taxes, remuneration and social security | 45 | €22,203 | €10,647 | -€11,557 | -52.0% |
| Taxes | 450/3 | €12,145 | - | -€12,145 | |
| Remuneration and social security | 454/9 | €10,059 | €10,647 | +€588 | +5.8% |
| Other amounts payable | 47/48 | €245,386 | €122,886 | -€122,500 | -49.9% |
| Accrued charges and deferred income | 492/3 | €1,952 | - | -€1,952 | |
| Remuneration, social security and pensions | 62 | €84,994 | €90,468 | +€5,474 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,229 | €35,701 | +€472 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,000 | - | -€1,000 | |
| Other operating charges | 640/8 | €2,722 | €2,722 | +€0 | 0.0% |
| Gross operating margin | 9900 | €524,013 | €311,448 | -€212,564 | -40.6% |
| Operating profit (loss) | 9901 | €400,068 | €182,557 | -€217,511 | -54.4% |
| Financial income | 75/76B | €0 | €8 | +€8 | +41950.0% |
| Recurring financial income | 75 | €0 | €8 | +€8 | +41950.0% |
| Financial charges | 65/66B | €1,001 | €1,779 | +€779 | +77.8% |
| Recurring financial charges | 65 | €1,001 | €1,779 | +€779 | +77.8% |
| Profit (loss) for the period before taxes | 9903 | €399,068 | €180,786 | -€218,281 | -54.7% |
| Income taxes | 67/77 | €66,328 | €16,073 | -€50,255 | -75.8% |
| Profit (loss) for the period | 9904 | €332,740 | €164,713 | -€168,026 | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €332,740 | €164,713 | -€168,026 | -50.5% |
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.