ADRENALO: 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.
ADRENALO
Largest movements
- Cash -€78,685
down €78,685 (-91.7%), from €85,811 to €7,126
mainly Net result for the year (-€64,888) and Stocks and contracts (-€33,004)
- Stocks and contracts +€33,004
up €33,004 (+56.9%), from €58,015 to €91,019
- Tangible fixed assets -€12,331
down €12,331 (-34.2%), from €36,043 to €23,713
of which Other tangible fixed assets: -€9,166
- Receivables within one year -€3,494
down €3,494 (-56.5%), from €6,186 to €2,692
- Profit (loss) carried forward -€64,888
down €64,888 (-64.9%), from €100,031 to €35,142
- Tax, wage and social debts +€11,210
up €11,210 (+20.9%), from €53,693 to €64,903
of which Remuneration and social security: +€5,859
- Debts after one year -€8,215
no longer reported in 2025 (was €8,215)
- Trade debts +€4,973
up €4,973 (+27.4%), from €18,121 to €23,094
- Advances received -€2,631
no longer reported in 2025 (was €2,631)
- Gross operating margin -€72,312
down €72,312 (-30.0%), from €240,722 to €168,409
- Staff costs -€8,372
down €8,372 (-3.8%), from €219,759 to €211,387
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 | €211,243 | €151,881 | -€59,362 | -28.1% |
| Fixed assets | 21/28 | €59,731 | €48,544 | -€11,187 | -18.7% |
| Tangible fixed assets | 22/27 | €36,043 | €23,713 | -€12,331 | -34.2% |
| Plant, machinery and equipment | 23 | €5,985 | €4,254 | -€1,731 | -28.9% |
| Furniture and vehicles | 24 | €1,985 | €552 | -€1,434 | -72.2% |
| Other tangible fixed assets | 26 | €28,073 | €18,906 | -€9,166 | -32.7% |
| Financial fixed assets | 28 | €23,688 | €24,831 | +€1,143 | +4.8% |
| Current assets | 29/58 | €151,512 | €103,337 | -€48,175 | -31.8% |
| Stocks and contracts in progress | 3 | €58,015 | €91,019 | +€33,004 | +56.9% |
| Stocks | 30/36 | €58,015 | €91,019 | +€33,004 | +56.9% |
| Amounts receivable within one year | 40/41 | €6,186 | €2,692 | -€3,494 | -56.5% |
| Trade receivables | 40 | €6,186 | €2,692 | -€3,494 | -56.5% |
| Current investments | 50/53 | €1,500 | €2,500 | +€1,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €85,811 | €7,126 | -€78,685 | -91.7% |
| Total equity and liabilities | 10/49 | €211,243 | €151,881 | -€59,362 | -28.1% |
| Equity | 10/15 | €120,491 | €55,602 | -€64,888 | -53.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,031 | €35,142 | -€64,888 | -64.9% |
| Amounts payable | 17/49 | €90,753 | €96,279 | +€5,526 | +6.1% |
| Amounts payable after more than one year | 17 | €8,215 | - | -€8,215 | |
| Financial debts | 170/4 | €8,215 | - | -€8,215 | |
| Amounts payable within one year | 42/48 | €82,538 | €96,279 | +€13,741 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €8,093 | €8,282 | +€189 | +2.3% |
| Trade debts | 44 | €18,121 | €23,094 | +€4,973 | +27.4% |
| Suppliers | 440/4 | €18,121 | €23,094 | +€4,973 | +27.4% |
| Advances received on contracts in progress | 46 | €2,631 | - | -€2,631 | |
| Taxes, remuneration and social security | 45 | €53,693 | €64,903 | +€11,210 | +20.9% |
| Taxes | 450/3 | €29,545 | €34,896 | +€5,351 | +18.1% |
| Remuneration and social security | 454/9 | €24,148 | €30,007 | +€5,859 | +24.3% |
| Remuneration, social security and pensions | 62 | €219,759 | €211,387 | -€8,372 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,331 | €12,331 | = | 0.0% |
| Other operating charges | 640/8 | €2,396 | €3,878 | +€1,482 | +61.8% |
| Gross operating margin | 9900 | €240,722 | €168,409 | -€72,312 | -30.0% |
| Operating profit (loss) | 9901 | €6,237 | -€59,186 | -€65,422 | |
| Financial income | 75/76B | €3,201 | €2,452 | -€749 | -23.4% |
| Recurring financial income | 75 | €3,201 | €2,452 | -€749 | -23.4% |
| Financial charges | 65/66B | €7,859 | €5,754 | -€2,105 | -26.8% |
| Recurring financial charges | 65 | €7,859 | €5,754 | -€2,105 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €1,578 | -€62,487 | -€64,066 | |
| Income taxes | 67/77 | €128 | €2,401 | +€2,273 | +1,772% |
| Profit (loss) for the period | 9904 | €1,450 | -€64,888 | -€66,338 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,450 | -€64,888 | -€66,338 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.