Adseco: 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.
Adseco
Largest movements
- Current investments +€300,000
new in 2024: €300,000
- Cash -€118,968
down €118,968 (-60.6%), from €196,266 to €77,298
mainly Current investments (-€300,000) and Debts after one year (-€35,000)
- Tangible fixed assets -€35,944
down €35,944 (-10.1%), from €356,187 to €320,243
of which Land and buildings: -€19,304
- Deferred charges and accrued income -€15,283
down €15,283 (-83.1%), from €18,385 to €3,102
- Reserves +€204,626
up €204,626 (+40.2%), from €508,671 to €713,296
- Debts after one year -€35,000
down €35,000 (-33.3%), from €105,000 to €70,000
- Tax, wage and social debts -€28,902
down €28,902 (-46.9%), from €61,656 to €32,754
- Current portion of long-term debt -€15,000
down €15,000 (-100.0%), from €15,000 to €0
- Taxes +€23,293
up €23,293 (+61.7%), from €37,723 to €61,016
- Financial income +€22,452
up €22,452 (+24.5%), from €91,735 to €114,188
- Gross operating margin +€10,353
up €10,353 (+5.5%), from €189,101 to €199,454
- Other operating charges +€2,036
up €2,036 (+249.4%), from €816 to €2,852
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,050,539 | €1,177,163 | +€126,624 | +12.1% |
| Fixed assets | 21/28 | €832,187 | €796,243 | -€35,944 | -4.3% |
| Tangible fixed assets | 22/27 | €356,187 | €320,243 | -€35,944 | -10.1% |
| Land and buildings | 22 | €136,142 | €116,839 | -€19,304 | -14.2% |
| Furniture and vehicles | 24 | €564 | €216 | -€348 | -61.6% |
| Other tangible fixed assets | 26 | €219,481 | €203,188 | -€16,292 | -7.4% |
| Financial fixed assets | 28 | €476,000 | €476,000 | = | 0.0% |
| Current assets | 29/58 | €218,353 | €380,920 | +€162,568 | +74.5% |
| Amounts receivable within one year | 40/41 | €3,701 | €519 | -€3,182 | -86.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,701 | €519 | -€3,182 | -86.0% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €196,266 | €77,298 | -€118,968 | -60.6% |
| Deferred charges and accrued income | 490/1 | €18,385 | €3,102 | -€15,283 | -83.1% |
| Total equity and liabilities | 10/49 | €1,050,539 | €1,177,163 | +€126,624 | +12.1% |
| Equity | 10/15 | €827,271 | €1,031,896 | +€204,626 | +24.7% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €508,671 | €713,296 | +€204,626 | +40.2% |
| Distributable reserves | 133 | €508,671 | €713,296 | +€204,626 | +40.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €223,268 | €145,267 | -€78,002 | -34.9% |
| Amounts payable after more than one year | 17 | €105,000 | €70,000 | -€35,000 | -33.3% |
| Financial debts | 170/4 | €105,000 | €70,000 | -€35,000 | -33.3% |
| Amounts payable within one year | 42/48 | €114,257 | €71,022 | -€43,235 | -37.8% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €0 | -€15,000 | -100.0% |
| Financial debts | 43 | €35,000 | €35,000 | = | 0.0% |
| Other loans | 439 | €35,000 | €35,000 | = | 0.0% |
| Trade debts | 44 | €935 | €1,549 | +€615 | +65.8% |
| Suppliers | 440/4 | €935 | €1,549 | +€615 | +65.8% |
| Taxes, remuneration and social security | 45 | €61,656 | €32,754 | -€28,902 | -46.9% |
| Taxes | 450/3 | €61,656 | €32,754 | -€28,902 | -46.9% |
| Other amounts payable | 47/48 | €1,666 | €1,718 | +€52 | +3.1% |
| Accrued charges and deferred income | 492/3 | €4,012 | €4,245 | +€233 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,575 | €34,500 | +€1,925 | +5.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €816 | €2,852 | +€2,036 | +249.4% |
| Gross operating margin | 9900 | €189,101 | €199,454 | +€10,353 | +5.5% |
| Operating profit (loss) | 9901 | €155,710 | €162,102 | +€6,393 | +4.1% |
| Financial income | 75/76B | €91,735 | €114,188 | +€22,452 | +24.5% |
| Recurring financial income | 75 | €91,735 | €114,188 | +€22,452 | +24.5% |
| Financial charges | 65/66B | €9,734 | €8,930 | -€804 | -8.3% |
| Recurring financial charges | 65 | €9,734 | €8,930 | -€804 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €237,711 | €267,360 | +€29,649 | +12.5% |
| Income taxes | 67/77 | €37,723 | €61,016 | +€23,293 | +61.7% |
| Profit (loss) for the period | 9904 | €199,988 | €206,344 | +€6,356 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €199,988 | €206,344 | +€6,356 | +3.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.