ADWELCO: 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.
ADWELCO
Largest movements
- Receivables within one year +€21,945
up €21,945 (+2.3%), from €973,517 to €995,462
of which Other amounts receivable: +€26,287
- Other debts +€67,700
up €67,700 (+61.3%), from €110,528 to €178,228
- Profit (loss) carried forward -€54,219
down €54,219 (-2.9%), from €1.9m to €1.8m
- Tax, wage and social debts -€37,963
down €37,963 (-55.7%), from €68,109 to €30,147
- Gross operating margin -€83,565
down €83,565 (-91.4%), from €91,457 to €7,892
- Taxes -€21,752
down €21,752 (-55.6%), from €39,157 to €17,405
- Financial income +€7,610
up €7,610 (+11.1%), from €68,276 to €75,887
- Other operating charges -€3,002
down €3,002 (-30.0%), from €9,997 to €6,995
- Depreciation +€1,601
up €1,601 (+22.2%), from €7,207 to €8,808
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 | €2,171,376 | €2,160,714 | -€10,661 | -0.5% |
| Fixed assets | 21/28 | €371,158 | €362,350 | -€8,808 | -2.4% |
| Tangible fixed assets | 22/27 | €369,608 | €360,800 | -€8,808 | -2.4% |
| Land and buildings | 22 | €356,366 | €350,857 | -€5,509 | -1.5% |
| Plant, machinery and equipment | 23 | €607 | €67 | -€540 | -89.0% |
| Furniture and vehicles | 24 | €12,636 | €9,877 | -€2,759 | -21.8% |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €1,800,218 | €1,798,364 | -€1,854 | -0.1% |
| Amounts receivable after more than one year | 29 | €800,000 | €800,000 | = | 0.0% |
| Trade receivables | 290 | €800,000 | €800,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €973,517 | €995,462 | +€21,945 | +2.3% |
| Trade receivables | 40 | €16,315 | €11,973 | -€4,342 | -26.6% |
| Other amounts receivable | 41 | €957,202 | €983,489 | +€26,287 | +2.7% |
| Cash at bank and in hand | 54/58 | €22,735 | €2,902 | -€19,833 | -87.2% |
| Deferred charges and accrued income | 490/1 | €3,966 | €0 | -€3,966 | -100% |
| Total equity and liabilities | 10/49 | €2,171,376 | €2,160,714 | -€10,661 | -0.5% |
| Equity | 10/15 | €1,940,891 | €1,886,672 | -€54,219 | -2.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,872,691 | €1,818,472 | -€54,219 | -2.9% |
| Amounts payable | 17/49 | €230,485 | €274,043 | +€43,558 | +18.9% |
| Amounts payable within one year | 42/48 | €230,485 | €274,043 | +€43,558 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €5,000 | = | 0.0% |
| Trade debts | 44 | €46,848 | €60,668 | +€13,820 | +29.5% |
| Suppliers | 440/4 | €46,848 | €60,668 | +€13,820 | +29.5% |
| Taxes, remuneration and social security | 45 | €68,109 | €30,147 | -€37,963 | -55.7% |
| Taxes | 450/3 | €68,109 | €30,147 | -€37,963 | -55.7% |
| Other amounts payable | 47/48 | €110,528 | €178,228 | +€67,700 | +61.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,207 | €8,808 | +€1,601 | +22.2% |
| Other operating charges | 640/8 | €9,997 | €6,995 | -€3,002 | -30.0% |
| Gross operating margin | 9900 | €91,457 | €7,892 | -€83,565 | -91.4% |
| Operating profit (loss) | 9901 | €74,254 | -€7,911 | -€82,165 | |
| Financial income | 75/76B | €68,276 | €75,887 | +€7,610 | +11.1% |
| Recurring financial income | 75 | €68,276 | €75,887 | +€7,610 | +11.1% |
| Financial charges | 65/66B | €4,843 | €4,790 | -€53 | -1.1% |
| Recurring financial charges | 65 | €4,843 | €4,790 | -€53 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €137,687 | €63,185 | -€74,502 | -54.1% |
| Income taxes | 67/77 | €39,157 | €17,405 | -€21,752 | -55.6% |
| Profit (loss) for the period | 9904 | €98,530 | €45,781 | -€52,750 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €98,530 | €45,781 | -€52,750 | -53.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.