ADAGE: 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.
ADAGE
Largest movements
- Cash +€34,864
up €34,864 (+39.4%), from €88,589 to €123,453
mainly Other debts (+€120,842) and Net result for the year (+€79,542)
- Receivables within one year -€23,673
down €23,673 (-35.9%), from €65,997 to €42,324
of which Other amounts receivable: -€25,570
- Tangible fixed assets -€5,054
down €5,054 (-70.0%), from €7,222 to €2,168
of which Furniture and vehicles: -€6,121
- Profit (loss) carried forward -€143,698
no longer reported in 2025 (was €143,698)
- Other debts +€120,842
up €120,842 (+14506.8%), from €833 to €121,675
- Tax, wage and social debts +€34,756
up €34,756 (+329.8%), from €10,540 to €45,295
- Current portion of long-term debt -€5,537
no longer reported in 2025 (was €5,537)
- Gross operating margin +€15,364
up €15,364 (+16.5%), from €93,317 to €108,681
- Taxes +€2,932
up €2,932 (+15.8%), from €18,594 to €21,526
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 | €163,796 | €170,160 | +€6,364 | +3.9% |
| Fixed assets | 21/28 | €7,222 | €2,168 | -€5,054 | -70.0% |
| Tangible fixed assets | 22/27 | €7,222 | €2,168 | -€5,054 | -70.0% |
| Plant, machinery and equipment | 23 | - | €1,207 | +€1,207 | |
| Furniture and vehicles | 24 | €6,121 | - | -€6,121 | |
| Other tangible fixed assets | 26 | €1,101 | €961 | -€140 | -12.7% |
| Current assets | 29/58 | €156,574 | €167,992 | +€11,418 | +7.3% |
| Amounts receivable within one year | 40/41 | €65,997 | €42,324 | -€23,673 | -35.9% |
| Trade receivables | 40 | €30,546 | €32,443 | +€1,897 | +6.2% |
| Other amounts receivable | 41 | €35,451 | €9,881 | -€25,570 | -72.1% |
| Cash at bank and in hand | 54/58 | €88,589 | €123,453 | +€34,864 | +39.4% |
| Deferred charges and accrued income | 490/1 | €1,987 | €2,215 | +€227 | +11.4% |
| Total equity and liabilities | 10/49 | €163,796 | €170,160 | +€6,364 | +3.9% |
| Equity | 10/15 | €145,698 | €2,000 | -€143,698 | -98.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €143,698 | - | -€143,698 | |
| Amounts payable | 17/49 | €18,098 | €168,160 | +€150,063 | +829.2% |
| Amounts payable within one year | 42/48 | €17,643 | €167,701 | +€150,058 | +850.5% |
| Current portion of amounts payable after more than one year | 42 | €5,537 | - | -€5,537 | |
| Trade debts | 44 | €734 | €731 | -€3 | -0.4% |
| Suppliers | 440/4 | €734 | €731 | -€3 | -0.4% |
| Taxes, remuneration and social security | 45 | €10,540 | €45,295 | +€34,756 | +329.8% |
| Taxes | 450/3 | €10,540 | €45,295 | +€34,756 | +329.8% |
| Other amounts payable | 47/48 | €833 | €121,675 | +€120,842 | +14506.8% |
| Accrued charges and deferred income | 492/3 | €454 | €459 | +€5 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,300 | €6,711 | -€590 | -8.1% |
| Other operating charges | 640/8 | €93 | €660 | +€567 | +610.0% |
| Gross operating margin | 9900 | €93,317 | €108,681 | +€15,364 | +16.5% |
| Operating profit (loss) | 9901 | €85,924 | €101,310 | +€15,386 | +17.9% |
| Financial income | 75/76B | €1,015 | €0 | -€1,015 | -100.0% |
| Recurring financial income | 75 | €1,015 | €0 | -€1,015 | -100.0% |
| Financial charges | 65/66B | €574 | €242 | -€333 | -57.9% |
| Recurring financial charges | 65 | €574 | €242 | -€333 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | €86,364 | €101,069 | +€14,704 | +17.0% |
| Income taxes | 67/77 | €18,594 | €21,526 | +€2,932 | +15.8% |
| Profit (loss) for the period | 9904 | €67,771 | €79,542 | +€11,772 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,771 | €79,542 | +€11,772 | +17.4% |
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 4 October 2026 via checked.be.