ADAEQUATIO: 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.
ADAEQUATIO
Largest movements
- Receivables within one year +€51,739
up €51,739 (+25.8%), from €200,738 to €252,477
of which Other amounts receivable: +€99,012
- Cash -€36,287
down €36,287 (-64.5%), from €56,282 to €19,995
mainly Receivables within one year (-€51,739) and Trade debts (-€47,325)
- Other debts +€53,783
up €53,783 (+37.7%), from €142,836 to €196,619
- Trade debts -€47,325
down €47,325 (-70.1%), from €67,558 to €20,233
- Reserves +€25,500
new in 2025: €25,500
- Gross operating margin -€16,711
down €16,711 (-11.9%), from €140,566 to €123,855
- Taxes -€1,426
down €1,426 (-8.0%), from €17,778 to €16,351
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 | €1,422,933 | €1,441,290 | +€18,357 | +1.3% |
| Fixed assets | 21/28 | €1,156,149 | €1,159,912 | +€3,763 | +0.3% |
| Tangible fixed assets | 22/27 | €1,940 | €5,704 | +€3,763 | +194.0% |
| Plant, machinery and equipment | 23 | €116 | - | -€116 | |
| Furniture and vehicles | 24 | €1,825 | €5,704 | +€3,879 | +212.6% |
| Financial fixed assets | 28 | €1,154,209 | €1,154,209 | = | 0.0% |
| Current assets | 29/58 | €266,784 | €281,377 | +€14,593 | +5.5% |
| Amounts receivable within one year | 40/41 | €200,738 | €252,477 | +€51,739 | +25.8% |
| Trade receivables | 40 | €134,343 | €87,071 | -€47,272 | -35.2% |
| Other amounts receivable | 41 | €66,395 | €165,407 | +€99,012 | +149.1% |
| Current investments | 50/53 | €5,500 | €5,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,282 | €19,995 | -€36,287 | -64.5% |
| Deferred charges and accrued income | 490/1 | €4,264 | €3,405 | -€859 | -20.1% |
| Total equity and liabilities | 10/49 | €1,422,933 | €1,441,290 | +€18,357 | +1.3% |
| Equity | 10/15 | €80,849 | €106,445 | +€25,596 | +31.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | - | €25,500 | +€25,500 | |
| Distributable reserves | 133 | - | €25,500 | +€25,500 | |
| Profit (loss) carried forward | 14 | €19,349 | €19,445 | +€96 | +0.5% |
| Provisions and deferred taxes | 16 | €1,104,696 | €1,094,165 | -€10,531 | -1.0% |
| Provisions for liabilities and charges | 160/5 | €1,104,696 | €1,094,165 | -€10,531 | -1.0% |
| Other liabilities and charges | 164/5 | €1,104,696 | €1,094,165 | -€10,531 | -1.0% |
| Amounts payable | 17/49 | €237,388 | €240,680 | +€3,292 | +1.4% |
| Amounts payable within one year | 42/48 | €237,388 | €240,680 | +€3,292 | +1.4% |
| Trade debts | 44 | €67,558 | €20,233 | -€47,325 | -70.1% |
| Suppliers | 440/4 | €67,558 | €20,233 | -€47,325 | -70.1% |
| Taxes, remuneration and social security | 45 | €26,994 | €23,828 | -€3,166 | -11.7% |
| Taxes | 450/3 | €26,994 | €23,828 | -€3,166 | -11.7% |
| Other amounts payable | 47/48 | €142,836 | €196,619 | +€53,783 | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,682 | €762 | -€919 | -54.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,287 | -€10,531 | -€244 | -2.4% |
| Other operating charges | 640/8 | €2,919 | €3,711 | +€792 | +27.1% |
| Gross operating margin | 9900 | €140,566 | €123,855 | -€16,711 | -11.9% |
| Operating profit (loss) | 9901 | €146,252 | €129,913 | -€16,339 | -11.2% |
| Financial income | 75/76B | €7 | €26 | +€18 | +250.9% |
| Recurring financial income | 75 | €7 | €26 | +€18 | +250.9% |
| Financial charges | 65/66B | €88,537 | €87,992 | -€545 | -0.6% |
| Recurring financial charges | 65 | €88,537 | €87,992 | -€545 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €57,722 | €41,947 | -€15,775 | -27.3% |
| Income taxes | 67/77 | €17,778 | €16,351 | -€1,426 | -8.0% |
| Profit (loss) for the period | 9904 | €39,945 | €25,596 | -€14,349 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,945 | €25,596 | -€14,349 | -35.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.