DEN ADELAAR: 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.
DEN ADELAAR
Largest movements
- Cash +€78,128
up €78,128 (+2,132%), from €3,665 to €81,793
mainly Net result for the year (+€79,497) and Depreciation (+€63,792)
- Tangible fixed assets +€22,196
up €22,196 (+2.5%), from €882,164 to €904,360
of which Plant, machinery and equipment: +€70,864
- Profit (loss) carried forward +€79,497
up €79,497 (+34.8%), from €228,381 to €307,878
- Other debts -€35,000
no longer reported in 2025 (was €35,000)
- Tax, wage and social debts +€23,702
up €23,702 (+429%), from €5,531 to €29,233
- Current portion of long-term debt +€17,299
up €17,299 (+34.1%), from €50,692 to €67,991
- Gross operating margin +€25,334
up €25,334 (+15.5%), from €163,339 to €188,672
- Depreciation +€15,124
up €15,124 (+31.1%), from €48,667 to €63,792
- Financial charges +€3,789
up €3,789 (+32.8%), from €11,536 to €15,325
- Taxes +€3,439
up €3,439 (+13.5%), from €25,494 to €28,933
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 | €899,715 | €990,005 | +€90,290 | +10.0% |
| Fixed assets | 21/28 | €886,016 | €908,212 | +€22,196 | +2.5% |
| Tangible fixed assets | 22/27 | €882,164 | €904,360 | +€22,196 | +2.5% |
| Land and buildings | 22 | €882,164 | €833,497 | -€48,667 | -5.5% |
| Plant, machinery and equipment | 23 | - | €70,864 | +€70,864 | |
| Financial fixed assets | 28 | €3,852 | €3,852 | = | 0.0% |
| Current assets | 29/58 | €13,699 | €81,793 | +€68,094 | +497% |
| Amounts receivable within one year | 40/41 | €5,794 | - | -€5,794 | |
| Other amounts receivable | 41 | €5,794 | - | -€5,794 | |
| Cash at bank and in hand | 54/58 | €3,665 | €81,793 | +€78,128 | +2,132% |
| Deferred charges and accrued income | 490/1 | €4,240 | - | -€4,240 | |
| Total equity and liabilities | 10/49 | €899,715 | €990,005 | +€90,290 | +10.0% |
| Equity | 10/15 | €371,355 | €450,851 | +€79,497 | +21.4% |
| Contributions | 10/11 | €137,400 | €137,400 | = | 0.0% |
| Reserves | 13 | €5,573 | €5,573 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,573 | €5,573 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,573 | €5,573 | = | 0.0% |
| Profit (loss) carried forward | 14 | €228,381 | €307,878 | +€79,497 | +34.8% |
| Amounts payable | 17/49 | €528,361 | €539,154 | +€10,793 | +2.0% |
| Amounts payable after more than one year | 17 | €412,833 | €417,930 | +€5,098 | +1.2% |
| Financial debts | 170/4 | €412,833 | €417,930 | +€5,098 | +1.2% |
| Amounts payable within one year | 42/48 | €115,528 | €121,224 | +€5,695 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €50,692 | €67,991 | +€17,299 | +34.1% |
| Trade debts | 44 | €305 | - | -€305 | |
| Suppliers | 440/4 | €305 | - | -€305 | |
| Advances received on contracts in progress | 46 | €24,000 | €24,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €5,531 | €29,233 | +€23,702 | +429% |
| Taxes | 450/3 | €5,531 | €29,233 | +€23,702 | +429% |
| Other amounts payable | 47/48 | €35,000 | - | -€35,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,667 | €63,792 | +€15,124 | +31.1% |
| Other operating charges | 640/8 | €1,159 | €1,315 | +€157 | +13.5% |
| Gross operating margin | 9900 | €163,339 | €188,672 | +€25,334 | +15.5% |
| Operating profit (loss) | 9901 | €113,513 | €123,565 | +€10,053 | +8.9% |
| Financial income | 75/76B | - | €189 | +€189 | |
| Recurring financial income | 75 | - | €189 | +€189 | |
| Non-recurring financial income | 76B | - | €189 | +€189 | |
| Financial charges | 65/66B | €11,536 | €15,325 | +€3,789 | +32.8% |
| Recurring financial charges | 65 | €11,536 | €15,325 | +€3,789 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €101,977 | €108,430 | +€6,453 | +6.3% |
| Income taxes | 67/77 | €25,494 | €28,933 | +€3,439 | +13.5% |
| Profit (loss) for the period | 9904 | €76,483 | €79,497 | +€3,014 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €76,483 | €79,497 | +€3,014 | +3.9% |
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 30 October 2026 via checked.be.