ADRENOV: 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.
ADRENOV
Largest movements
- Receivables within one year +€12,934
up €12,934 (+39.5%), from €32,770 to €45,704
of which Trade receivables: +€6,893
- Cash -€10,710
down €10,710 (-73.0%), from €14,669 to €3,958
mainly Receivables within one year (-€12,934) and Other debts (-€10,009)
- Stocks and contracts +€4,035
up €4,035 (+33.7%), from €11,970 to €16,005
- Trade debts +€20,195
up €20,195 (+214%), from €9,440 to €29,635
of which Bills of exchange payable: +€17,502
- Other debts -€10,009
down €10,009 (-46.4%), from €21,593 to €11,584
- Tax, wage and social debts -€7,215
down €7,215 (-87.2%), from €8,273 to €1,058
of which Remuneration and social security: -€7,200
- Profit (loss) carried forward +€3,287
up €3,287 (+16.4%), from €19,992 to €23,280
- Gross operating margin -€254
down €254 (-4.7%), from €5,390 to €5,136
- Other operating charges +€162
up €162 (+57.2%), from €283 to €445
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 | €59,408 | €65,667 | +€6,259 | +10.5% |
| Current assets | 29/58 | €59,408 | €65,667 | +€6,259 | +10.5% |
| Stocks and contracts in progress | 3 | €11,970 | €16,005 | +€4,035 | +33.7% |
| Contracts in progress | 37 | €11,970 | €16,005 | +€4,035 | +33.7% |
| Amounts receivable within one year | 40/41 | €32,770 | €45,704 | +€12,934 | +39.5% |
| Trade receivables | 40 | €32,079 | €38,971 | +€6,893 | +21.5% |
| Other amounts receivable | 41 | €691 | €6,732 | +€6,041 | +875% |
| Cash at bank and in hand | 54/58 | €14,669 | €3,958 | -€10,710 | -73.0% |
| Total equity and liabilities | 10/49 | €59,408 | €65,667 | +€6,259 | +10.5% |
| Equity | 10/15 | €20,102 | €23,390 | +€3,287 | +16.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €10 | €10 | = | 0.0% |
| Distributable reserves | 133 | €10 | €10 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,992 | €23,280 | +€3,287 | +16.4% |
| Amounts payable | 17/49 | €39,306 | €42,277 | +€2,971 | +7.6% |
| Amounts payable within one year | 42/48 | €39,306 | €42,277 | +€2,971 | +7.6% |
| Trade debts | 44 | €9,440 | €29,635 | +€20,195 | +214% |
| Suppliers | 440/4 | €8,293 | €10,986 | +€2,693 | +32.5% |
| Bills of exchange payable | 441 | €1,148 | €18,649 | +€17,502 | +1,525% |
| Taxes, remuneration and social security | 45 | €8,273 | €1,058 | -€7,215 | -87.2% |
| Taxes | 450/3 | €1,073 | €1,058 | -€15 | -1.4% |
| Remuneration and social security | 454/9 | €7,200 | - | -€7,200 | |
| Other amounts payable | 47/48 | €21,593 | €11,584 | -€10,009 | -46.4% |
| Other operating charges | 640/8 | €283 | €445 | +€162 | +57.2% |
| Gross operating margin | 9900 | €5,390 | €5,136 | -€254 | -4.7% |
| Operating profit (loss) | 9901 | €5,107 | €4,691 | -€416 | -8.1% |
| Financial charges | 65/66B | €347 | €345 | -€2 | -0.4% |
| Recurring financial charges | 65 | €347 | €345 | -€2 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €4,760 | €4,346 | -€415 | -8.7% |
| Income taxes | 67/77 | €1,073 | €1,058 | -€15 | -1.4% |
| Profit (loss) for the period | 9904 | €3,687 | €3,287 | -€400 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,687 | €3,287 | -€400 | -10.8% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.