ADRELI: 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.
ADRELI
Largest movements
- Cash -€12,806
down €12,806 (-20.4%), from €62,824 to €50,018
mainly Other debts (-€18,510) and Investment in fixed assets (net) (-€11,918)
- Receivables within one year +€6,189
up €6,189 (+99.4%), from €6,225 to €12,414
of which Trade receivables: +€11,035
- Tangible fixed assets -€1,903
down €1,903 (-3.7%), from €50,826 to €48,922
of which Furniture and vehicles: -€5,532
- Reserves +€26,399
up €26,399 (+44.6%), from €59,180 to €85,578
- Other debts -€18,510
down €18,510 (-100.0%), from €18,510 to €0
- Trade debts -€10,897
down €10,897 (-99.7%), from €10,927 to €30
- Debts after one year -€7,834
down €7,834 (-33.9%), from €23,079 to €15,245
- Tax, wage and social debts +€3,051
up €3,051 (+69.7%), from €4,379 to €7,430
- Gross operating margin -€11,673
down €11,673 (-17.7%), from €65,974 to €54,301
- Taxes -€1,370
down €1,370 (-10.2%), from €13,379 to €12,010
- Depreciation +€1,209
up €1,209 (+9.6%), from €12,612 to €13,821
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 | €123,586 | €116,117 | -€7,470 | -6.0% |
| Fixed assets | 21/28 | €50,826 | €48,922 | -€1,903 | -3.7% |
| Tangible fixed assets | 22/27 | €50,826 | €48,922 | -€1,903 | -3.7% |
| Plant, machinery and equipment | 23 | €7,770 | €11,399 | +€3,629 | +46.7% |
| Furniture and vehicles | 24 | €43,056 | €37,524 | -€5,532 | -12.8% |
| Current assets | 29/58 | €72,761 | €67,194 | -€5,566 | -7.7% |
| Amounts receivable within one year | 40/41 | €6,225 | €12,414 | +€6,189 | +99.4% |
| Trade receivables | 40 | €1,243 | €12,278 | +€11,035 | +888.0% |
| Other amounts receivable | 41 | €4,982 | €136 | -€4,846 | -97.3% |
| Cash at bank and in hand | 54/58 | €62,824 | €50,018 | -€12,806 | -20.4% |
| Deferred charges and accrued income | 490/1 | €3,712 | €4,762 | +€1,050 | +28.3% |
| Total equity and liabilities | 10/49 | €123,586 | €116,117 | -€7,470 | -6.0% |
| Equity | 10/15 | €59,180 | €85,578 | +€26,399 | +44.6% |
| Reserves | 13 | €59,180 | €85,578 | +€26,399 | +44.6% |
| Distributable reserves | 133 | €59,180 | €85,578 | +€26,399 | +44.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €64,407 | €30,539 | -€33,868 | -52.6% |
| Amounts payable after more than one year | 17 | €23,079 | €15,245 | -€7,834 | -33.9% |
| Financial debts | 170/4 | €23,079 | €15,245 | -€7,834 | -33.9% |
| Amounts payable within one year | 42/48 | €41,328 | €15,294 | -€26,034 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €7,512 | €7,834 | +€322 | +4.3% |
| Trade debts | 44 | €10,927 | €30 | -€10,897 | -99.7% |
| Suppliers | 440/4 | €10,927 | €30 | -€10,897 | -99.7% |
| Taxes, remuneration and social security | 45 | €4,379 | €7,430 | +€3,051 | +69.7% |
| Taxes | 450/3 | €4,379 | €7,430 | +€3,051 | +69.7% |
| Other amounts payable | 47/48 | €18,510 | €0 | -€18,510 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €120 | €0 | -€120 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,612 | €13,821 | +€1,209 | +9.6% |
| Other operating charges | 640/8 | €514 | €481 | -€33 | -6.4% |
| Non-recurring operating charges | 66A | - | €122 | +€122 | |
| Gross operating margin | 9900 | €65,974 | €54,301 | -€11,673 | -17.7% |
| Operating profit (loss) | 9901 | €52,728 | €39,877 | -€12,852 | -24.4% |
| Financial income | 75/76B | €2 | €0 | -€1 | -80.4% |
| Recurring financial income | 75 | €2 | €0 | -€1 | -80.4% |
| Financial charges | 65/66B | €1,658 | €1,469 | -€189 | -11.4% |
| Recurring financial charges | 65 | €1,658 | €1,469 | -€189 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €51,072 | €38,408 | -€12,663 | -24.8% |
| Income taxes | 67/77 | €13,379 | €12,010 | -€1,370 | -10.2% |
| Profit (loss) for the period | 9904 | €37,692 | €26,399 | -€11,294 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,692 | €26,399 | -€11,294 | -30.0% |
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 3 October 2026 via checked.be.