A.D.J.: 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.
A.D.J.
Largest movements
- Cash +€28,736
up €28,736 (+572.0%), from €5,024 to €33,760
mainly Receivables within one year (+€27,455) and Trade debts (+€22,844)
- Receivables within one year -€27,455
down €27,455 (-63.8%), from €43,062 to €15,608
of which Trade receivables: -€27,455
- Stocks and contracts +€17,193
up €17,193 (+9.5%), from €181,900 to €199,093
- Deferred charges and accrued income +€5,680
up €5,680 (+486.2%), from €1,168 to €6,849
- Trade debts +€22,844
up €22,844 (+40.9%), from €55,846 to €78,690
- Advances received -€21,907
down €21,907 (-68.3%), from €32,073 to €10,165
- Profit (loss) carried forward +€12,212
up €12,212, from -€12,212 to €0
- Tax, wage and social debts +€6,903
up €6,903 (+221.1%), from €3,122 to €10,025
of which Taxes: +€6,810
- Other debts +€5,169
up €5,169 (+3.7%), from €138,214 to €143,384
- Gross operating margin +€20,749
up €20,749 (+75.7%), from €27,422 to €48,171
- Other operating charges -€9,273
down €9,273 (-81.2%), from €11,413 to €2,140
- Taxes +€2,647
up €2,647 (+515.6%), from €513 to €3,160
- Depreciation -€2,633
down €2,633 (-84.4%), from €3,119 to €486
- Staff costs +€2,130
up €2,130 (+8.1%), from €26,221 to €28,351
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.
Cash bridge derived
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 | €237,502 | €262,849 | +€25,347 | +10.7% |
| Fixed assets | 21/28 | €6,348 | €7,540 | +€1,192 | +18.8% |
| Tangible fixed assets | 22/27 | €1,142 | €2,334 | +€1,192 | +104.4% |
| Furniture and vehicles | 24 | €1,142 | €2,334 | +€1,192 | +104.4% |
| Financial fixed assets | 28 | €5,206 | €5,206 | = | 0.0% |
| Current assets | 29/58 | €231,154 | €255,309 | +€24,155 | +10.4% |
| Stocks and contracts in progress | 3 | €181,900 | €199,093 | +€17,193 | +9.5% |
| Stocks | 30/36 | €181,900 | €199,093 | +€17,193 | +9.5% |
| Amounts receivable within one year | 40/41 | €43,062 | €15,608 | -€27,455 | -63.8% |
| Trade receivables | 40 | €43,062 | €15,608 | -€27,455 | -63.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €5,024 | €33,760 | +€28,736 | +572.0% |
| Deferred charges and accrued income | 490/1 | €1,168 | €6,849 | +€5,680 | +486.2% |
| Total equity and liabilities | 10/49 | €237,502 | €262,849 | +€25,347 | +10.7% |
| Equity | 10/15 | €8,248 | €20,585 | +€12,338 | +149.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,985 | +€126 | +6.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | - | €126 | +€126 | |
| Profit (loss) carried forward | 14 | -€12,212 | €0 | +€12,212 | |
| Amounts payable | 17/49 | €229,255 | €242,264 | +€13,009 | +5.7% |
| Amounts payable within one year | 42/48 | €229,255 | €242,264 | +€13,009 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €55,846 | €78,690 | +€22,844 | +40.9% |
| Suppliers | 440/4 | €55,846 | €78,690 | +€22,844 | +40.9% |
| Advances received on contracts in progress | 46 | €32,073 | €10,165 | -€21,907 | -68.3% |
| Taxes, remuneration and social security | 45 | €3,122 | €10,025 | +€6,903 | +221.1% |
| Taxes | 450/3 | €1,370 | €8,180 | +€6,810 | +496.9% |
| Remuneration and social security | 454/9 | €1,752 | €1,844 | +€93 | +5.3% |
| Other amounts payable | 47/48 | €138,214 | €143,384 | +€5,169 | +3.7% |
| Remuneration, social security and pensions | 62 | €26,221 | €28,351 | +€2,130 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,119 | €486 | -€2,633 | -84.4% |
| Other operating charges | 640/8 | €11,413 | €2,140 | -€9,273 | -81.2% |
| Gross operating margin | 9900 | €27,422 | €48,171 | +€20,749 | +75.7% |
| Operating profit (loss) | 9901 | -€13,331 | €17,194 | +€30,525 | |
| Financial income | 75/76B | €1 | €1 | +€0 | +14.8% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +14.8% |
| Financial charges | 65/66B | €949 | €1,697 | +€749 | +78.9% |
| Recurring financial charges | 65 | €949 | €1,697 | +€749 | +78.9% |
| Profit (loss) for the period before taxes | 9903 | -€14,278 | €15,498 | +€29,776 | |
| Income taxes | 67/77 | €513 | €3,160 | +€2,647 | +515.6% |
| Profit (loss) for the period | 9904 | -€14,792 | €12,338 | +€27,130 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,792 | €12,338 | +€27,130 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.