ADRENALINE: 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.
ADRENALINE
Largest movements
- Cash +€37,203
up €37,203 (+97.7%), from €38,098 to €75,301
mainly Net result for the year (+€39,003) and Receivables within one year (+€9,064)
- Stocks and contracts +€11,183
up €11,183 (+190.2%), from €5,880 to €17,063
- Receivables within one year -€9,064
down €9,064 (-8.8%), from €103,340 to €94,275
of which Trade receivables: -€9,616
- Tangible fixed assets -€7,924
down €7,924 (-66.9%), from €11,846 to €3,922
of which Plant, machinery and equipment: -€5,815
- Profit (loss) carried forward +€54,792
up €54,792 (+34.1%), from -€160,687 to -€105,895
- Reserves -€15,789
down €15,789 (-9.8%), from €161,011 to €145,222
of which Tax-exempt reserves: -€15,789
- Other debts -€4,306
down €4,306 (-10.5%), from €41,049 to €36,744
- Debts after one year -€1,923
no longer reported in 2025 (was €1,923)
- Turnover -€300,807
no longer reported in 2025 (was €300,807)
- Gross operating margin +€12,823
up €12,823 (+14.2%), from €90,562 to €103,385
- Purchases and services +€8,252
up €8,252 (+3.8%), from €219,444 to €227,696
- Other operating charges +€4,063
up €4,063 (+255.4%), from €1,591 to €5,653
- Staff costs +€4,029
up €4,029 (+7.9%), from €50,735 to €54,764
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 | €160,206 | €191,604 | +€31,398 | +19.6% |
| Fixed assets | 21/28 | €12,889 | €4,964 | -€7,924 | -61.5% |
| Tangible fixed assets | 22/27 | €11,846 | €3,922 | -€7,924 | -66.9% |
| Plant, machinery and equipment | 23 | €9,257 | €3,442 | -€5,815 | -62.8% |
| Leasing and similar rights | 25 | €2,589 | €480 | -€2,109 | -81.5% |
| Financial fixed assets | 28 | €1,043 | €1,043 | = | 0.0% |
| Current assets | 29/58 | €147,317 | €186,640 | +€39,322 | +26.7% |
| Stocks and contracts in progress | 3 | €5,880 | €17,063 | +€11,183 | +190.2% |
| Stocks | 30/36 | €5,880 | €17,063 | +€11,183 | +190.2% |
| Amounts receivable within one year | 40/41 | €103,340 | €94,275 | -€9,064 | -8.8% |
| Trade receivables | 40 | €103,280 | €93,665 | -€9,616 | -9.3% |
| Other amounts receivable | 41 | €59 | €611 | +€551 | +929.7% |
| Cash at bank and in hand | 54/58 | €38,098 | €75,301 | +€37,203 | +97.7% |
| Total equity and liabilities | 10/49 | €160,206 | €191,604 | +€31,398 | +19.6% |
| Equity | 10/15 | €88,325 | €127,327 | +€39,003 | +44.2% |
| Contributions | 10/11 | €88,000 | €88,000 | = | 0.0% |
| Reserves | 13 | €161,011 | €145,222 | -€15,789 | -9.8% |
| Non-distributable reserves | 130/1 | €1,977 | €1,977 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,977 | €1,977 | = | 0.0% |
| Tax-exempt reserves | 132 | €156,259 | €140,470 | -€15,789 | -10.1% |
| Distributable reserves | 133 | €2,776 | €2,776 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€160,687 | -€105,895 | +€54,792 | +34.1% |
| Amounts payable | 17/49 | €71,881 | €64,277 | -€7,605 | -10.6% |
| Amounts payable after more than one year | 17 | €1,923 | - | -€1,923 | |
| Financial debts | 170/4 | €1,923 | - | -€1,923 | |
| Amounts payable within one year | 42/48 | €69,959 | €64,277 | -€5,682 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €1,981 | €351 | -€1,630 | -82.3% |
| Trade debts | 44 | €14,252 | €15,704 | +€1,452 | +10.2% |
| Suppliers | 440/4 | €14,252 | €15,704 | +€1,452 | +10.2% |
| Taxes, remuneration and social security | 45 | €12,677 | €11,478 | -€1,199 | -9.5% |
| Taxes | 450/3 | €4,599 | €3,019 | -€1,580 | -34.4% |
| Remuneration and social security | 454/9 | €8,078 | €8,459 | +€381 | +4.7% |
| Other amounts payable | 47/48 | €41,049 | €36,744 | -€4,306 | -10.5% |
| Turnover | 70 | €300,807 | - | -€300,807 | |
| Goods, raw materials, services and sundry goods | 60/61 | €219,444 | €227,696 | +€8,252 | +3.8% |
| Remuneration, social security and pensions | 62 | €50,735 | €54,764 | +€4,029 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,057 | €3,774 | -€1,283 | -25.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,514 | +€1,514 | |
| Other operating charges | 640/8 | €1,591 | €5,653 | +€4,063 | +255.4% |
| Gross operating margin | 9900 | €90,562 | €103,385 | +€12,823 | +14.2% |
| Operating profit (loss) | 9901 | €33,179 | €37,679 | +€4,500 | +13.6% |
| Financial income | 75/76B | €362 | €2,502 | +€2,139 | +590.9% |
| Recurring financial income | 75 | €362 | €990 | +€628 | +173.4% |
| Non-recurring financial income | 76B | - | €1,512 | +€1,512 | |
| Financial charges | 65/66B | €381 | €1,016 | +€635 | +166.8% |
| Recurring financial charges | 65 | €381 | €420 | +€40 | +10.4% |
| Non-recurring financial charges | 66B | - | €595 | +€595 | |
| Profit (loss) for the period before taxes | 9903 | €33,160 | €39,165 | +€6,004 | +18.1% |
| Income taxes | 67/77 | €135 | €162 | +€28 | +20.5% |
| Profit (loss) for the period | 9904 | €33,026 | €39,003 | +€5,977 | +18.1% |
| Transfer from tax-exempt reserves | 789 | - | €15,789 | +€15,789 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,026 | €54,792 | +€21,766 | +65.9% |
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 2 October 2026 via checked.be.