ADRENALIGNE: 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.
ADRENALIGNE
Largest movements
- Financial fixed assets -€4.4m
no longer reported in 2025 (was €4.4m)
- Tangible fixed assets +€514,561
new in 2025: €514,561
of which Land and buildings: +€514,023
- Cash +€67,208
up €67,208 (+33590.5%), from €200 to €67,408
mainly Investment in fixed assets (net) (+€3.8m) and Depreciation (+€20,957)
- Profit (loss) carried forward -€3.8m
down €3.8m (-93.5%), from €4.1m to €265,974
- Financial income -€44,218
no longer reported in 2025 (was €44,218)
- Gross operating margin +€30,920
up €30,920, from -€1,026 to €29,894
- Depreciation +€20,957
new in 2025: €20,957
- Other operating charges +€2,658
up €2,658 (+274.7%), from €968 to €3,626
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 | €4,398,231 | €586,559 | -€3.8m | -86.7% |
| Fixed assets | 21/28 | €4,385,000 | €514,561 | -€3.9m | -88.3% |
| Tangible fixed assets | 22/27 | - | €514,561 | +€514,561 | |
| Land and buildings | 22 | - | €514,023 | +€514,023 | |
| Furniture and vehicles | 24 | - | €538 | +€538 | |
| Financial fixed assets | 28 | €4,385,000 | - | -€4.4m | |
| Current assets | 29/58 | €13,231 | €71,998 | +€58,767 | +444.2% |
| Amounts receivable within one year | 40/41 | €13,031 | €3,920 | -€9,111 | -69.9% |
| Trade receivables | 40 | - | €3,920 | +€3,920 | |
| Other amounts receivable | 41 | €13,031 | - | -€13,031 | |
| Cash at bank and in hand | 54/58 | €200 | €67,408 | +€67,208 | +33590.5% |
| Deferred charges and accrued income | 490/1 | - | €670 | +€670 | |
| Total equity and liabilities | 10/49 | €4,398,231 | €586,559 | -€3.8m | -86.7% |
| Equity | 10/15 | €4,080,705 | €278,374 | -€3.8m | -93.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,068,305 | €265,974 | -€3.8m | -93.5% |
| Amounts payable | 17/49 | €317,526 | €308,185 | -€9,341 | -2.9% |
| Amounts payable within one year | 42/48 | €317,526 | €308,185 | -€9,341 | -2.9% |
| Financial debts | 43 | - | €11 | +€11 | |
| Credit institutions | 430/8 | - | €11 | +€11 | |
| Trade debts | 44 | - | €4,042 | +€4,042 | |
| Suppliers | 440/4 | - | €4,042 | +€4,042 | |
| Taxes, remuneration and social security | 45 | - | €871 | +€871 | |
| Taxes | 450/3 | - | €871 | +€871 | |
| Other amounts payable | 47/48 | €317,526 | €303,260 | -€14,266 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €20,957 | +€20,957 | |
| Other operating charges | 640/8 | €968 | €3,626 | +€2,658 | +274.7% |
| Non-recurring operating charges | 66A | - | €3,807,445 | +€3.8m | |
| Gross operating margin | 9900 | -€1,026 | €29,894 | +€30,920 | |
| Operating profit (loss) | 9901 | -€1,993 | -€3,802,133 | -€3.8m | -190649.5% |
| Financial income | 75/76B | €44,218 | - | -€44,218 | |
| Recurring financial income | 75 | €44,218 | - | -€44,218 | |
| Financial charges | 65/66B | €45 | €238 | +€193 | +429.4% |
| Recurring financial charges | 65 | €45 | €238 | +€193 | +429.4% |
| Profit (loss) for the period before taxes | 9903 | €42,180 | -€3,802,371 | -€3.8m | |
| Income taxes | 67/77 | - | -€40 | -€40 | |
| Profit (loss) for the period | 9904 | €42,180 | -€3,802,331 | -€3.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €42,180 | -€3,802,331 | -€3.8m |
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 6 October 2026 via checked.be.