ADLER R.: 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.
ADLER R.
Largest movements
- Cash -€33,921
down €33,921 (-62.3%), from €54,438 to €20,517
mainly Stocks and contracts (-€31,243) and Receivables within one year (-€23,497)
- Stocks and contracts +€31,243
up €31,243 (+42.8%), from €72,937 to €104,180
- Receivables within one year +€23,497
up €23,497 (+7.7%), from €306,471 to €329,968
of which Trade receivables: +€23,196
- Reserves +€14,679
up €14,679 (+16.5%), from €88,785 to €103,465
of which Distributable reserves: +€14,679
- Trade debts +€8,446
new in 2025: €8,446
- Gross operating margin +€19,188
up €19,188, from -€1,625 to €17,563
- Taxes -€7,239
down €7,239 (-90.0%), from €8,041 to €801
- Financial charges -€1,414
down €1,414 (-25.4%), from €5,555 to €4,142
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 | €433,846 | €455,459 | +€21,612 | +5.0% |
| Current assets | 29/58 | €433,846 | €455,459 | +€21,612 | +5.0% |
| Stocks and contracts in progress | 3 | €72,937 | €104,180 | +€31,243 | +42.8% |
| Stocks | 30/36 | €72,937 | €104,180 | +€31,243 | +42.8% |
| Amounts receivable within one year | 40/41 | €306,471 | €329,968 | +€23,497 | +7.7% |
| Trade receivables | 40 | €111,971 | €135,167 | +€23,196 | +20.7% |
| Other amounts receivable | 41 | €194,500 | €194,801 | +€301 | +0.2% |
| Cash at bank and in hand | 54/58 | €54,438 | €20,517 | -€33,921 | -62.3% |
| Deferred charges and accrued income | 490/1 | - | €793 | +€793 | |
| Total equity and liabilities | 10/49 | €433,846 | €455,459 | +€21,612 | +5.0% |
| Equity | 10/15 | €94,985 | €109,665 | +€14,679 | +15.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €88,785 | €103,465 | +€14,679 | +16.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €86,925 | €101,605 | +€14,679 | +16.9% |
| Amounts payable | 17/49 | €338,861 | €345,794 | +€6,933 | +2.0% |
| Amounts payable within one year | 42/48 | €338,861 | €345,794 | +€6,933 | +2.0% |
| Trade debts | 44 | - | €8,446 | +€8,446 | |
| Suppliers | 440/4 | - | €8,446 | +€8,446 | |
| Advances received on contracts in progress | 46 | €31,132 | €31,132 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €27,337 | €25,760 | -€1,577 | -5.8% |
| Taxes | 450/3 | €27,337 | €25,472 | -€1,865 | -6.8% |
| Remuneration and social security | 454/9 | - | €288 | +€288 | |
| Other amounts payable | 47/48 | €280,392 | €280,456 | +€64 | 0.0% |
| Other operating charges | 640/8 | €118 | €186 | +€68 | +57.4% |
| Gross operating margin | 9900 | -€1,625 | €17,563 | +€19,188 | |
| Operating profit (loss) | 9901 | -€1,743 | €17,378 | +€19,120 | |
| Financial income | 75/76B | €2,077 | €2,245 | +€167 | +8.1% |
| Recurring financial income | 75 | €2,077 | €2,245 | +€167 | +8.1% |
| Financial charges | 65/66B | €5,555 | €4,142 | -€1,414 | -25.4% |
| Recurring financial charges | 65 | €5,555 | €4,142 | -€1,414 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,221 | €15,481 | +€20,702 | |
| Income taxes | 67/77 | €8,041 | €801 | -€7,239 | -90.0% |
| Profit (loss) for the period | 9904 | -€13,261 | €14,679 | +€27,941 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,261 | €14,679 | +€27,941 |
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 31 October 2026 via checked.be.