Adseco: 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.
Adseco
Largest movements
- Cash +€719,673
up €719,673 (+931%), from €77,298 to €796,972
mainly Net result for the year (+€672,997) and Current investments (+€300,000)
- Current investments -€300,000
down €300,000 (-100%), from €300,000 to €0
- Tangible fixed assets -€34,369
down €34,369 (-10.7%), from €320,243 to €285,875
of which Land and buildings: -€18,607
- Reserves +€475,431
up €475,431 (+66.7%), from €713,296 to €1.2m
- Contributions -€122,700
down €122,700 (-38.5%), from €318,600 to €195,900
- Tax, wage and social debts +€75,000
up €75,000 (+229%), from €32,754 to €107,755
- Debts after one year -€35,000
down €35,000 (-50.0%), from €70,000 to €35,000
- Gross operating margin +€337,353
up €337,353 (+169%), from €199,454 to €536,807
- Financial income +€258,289
up €258,289 (+226%), from €114,188 to €372,477
- Taxes +€132,425
up €132,425 (+217%), from €61,016 to €193,441
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 | €1,177,163 | €1,570,809 | +€393,645 | +33.4% |
| Fixed assets | 21/28 | €796,243 | €761,875 | -€34,369 | -4.3% |
| Tangible fixed assets | 22/27 | €320,243 | €285,875 | -€34,369 | -10.7% |
| Land and buildings | 22 | €116,839 | €98,231 | -€18,607 | -15.9% |
| Furniture and vehicles | 24 | €216 | €0 | -€216 | -100% |
| Other tangible fixed assets | 26 | €203,188 | €187,644 | -€15,545 | -7.7% |
| Financial fixed assets | 28 | €476,000 | €476,000 | = | 0.0% |
| Current assets | 29/58 | €380,920 | €808,934 | +€428,014 | +112% |
| Amounts receivable within one year | 40/41 | €519 | €7,394 | +€6,874 | +1,324% |
| Trade receivables | 40 | - | €187 | +€187 | |
| Other amounts receivable | 41 | €519 | €7,206 | +€6,687 | +1,288% |
| Current investments | 50/53 | €300,000 | €0 | -€300,000 | -100% |
| Cash at bank and in hand | 54/58 | €77,298 | €796,972 | +€719,673 | +931% |
| Deferred charges and accrued income | 490/1 | €3,102 | €4,569 | +€1,466 | +47.3% |
| Total equity and liabilities | 10/49 | €1,177,163 | €1,570,809 | +€393,645 | +33.4% |
| Equity | 10/15 | €1,031,896 | €1,384,627 | +€352,731 | +34.2% |
| Contributions | 10/11 | €318,600 | €195,900 | -€122,700 | -38.5% |
| Reserves | 13 | €713,296 | €1,188,727 | +€475,431 | +66.7% |
| Distributable reserves | 133 | €713,296 | €1,188,727 | +€475,431 | +66.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €145,267 | €186,182 | +€40,915 | +28.2% |
| Amounts payable after more than one year | 17 | €70,000 | €35,000 | -€35,000 | -50.0% |
| Financial debts | 170/4 | €70,000 | €35,000 | -€35,000 | -50.0% |
| Amounts payable within one year | 42/48 | €71,022 | €148,683 | +€77,661 | +109% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €35,000 | €35,000 | = | 0.0% |
| Other loans | 439 | €35,000 | €35,000 | = | 0.0% |
| Trade debts | 44 | €1,549 | €4,263 | +€2,713 | +175% |
| Suppliers | 440/4 | €1,549 | €4,263 | +€2,713 | +175% |
| Taxes, remuneration and social security | 45 | €32,754 | €107,755 | +€75,000 | +229% |
| Taxes | 450/3 | €32,754 | €107,755 | +€75,000 | +229% |
| Other amounts payable | 47/48 | €1,718 | €1,666 | -€52 | -3.0% |
| Accrued charges and deferred income | 492/3 | €4,245 | €2,498 | -€1,747 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,500 | €34,369 | -€131 | -0.4% |
| Other operating charges | 640/8 | €2,852 | €1,443 | -€1,409 | -49.4% |
| Gross operating margin | 9900 | €199,454 | €536,807 | +€337,353 | +169% |
| Operating profit (loss) | 9901 | €162,102 | €500,996 | +€338,894 | +209% |
| Financial income | 75/76B | €114,188 | €372,477 | +€258,289 | +226% |
| Recurring financial income | 75 | €114,188 | €372,477 | +€258,289 | +226% |
| Financial charges | 65/66B | €8,930 | €7,035 | -€1,895 | -21.2% |
| Recurring financial charges | 65 | €8,930 | €7,035 | -€1,895 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €267,360 | €866,437 | +€599,078 | +224% |
| Income taxes | 67/77 | €61,016 | €193,441 | +€132,425 | +217% |
| Profit (loss) for the period | 9904 | €206,344 | €672,997 | +€466,653 | +226% |
| Profit (loss) for the period to be appropriated | 9905 | €206,344 | €672,997 | +€466,653 | +226% |
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 19 October 2026 via checked.be.