ADAGES: 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.
ADAGES
Largest movements
- Cash -€43,153
down €43,153 (-23.8%), from €181,643 to €138,490
mainly Short-term financial debts (-€60,000) and Contributions, distributions and other (-€36,000)
- Tangible fixed assets -€19,568
down €19,568 (-9.1%), from €215,257 to €195,689
of which Land and buildings: -€17,363
- Receivables within one year -€18,514
down €18,514 (-16.6%), from €111,480 to €92,965
of which Trade receivables: -€10,382
- Short-term financial debts -€60,000
no longer reported in 2025 (was €60,000)
- Debts after one year -€20,322
no longer reported in 2025 (was €20,322)
- Reserves +€18,000
up €18,000 (+6.5%), from €275,000 to €293,000
- Current portion of long-term debt -€13,513
down €13,513 (-39.9%), from €33,835 to €20,322
- Tax, wage and social debts -€6,215
down €6,215 (-6.6%), from €94,307 to €88,091
- Gross operating margin -€53,211
down €53,211 (-33.7%), from €157,998 to €104,787
- Taxes -€15,228
down €15,228 (-41.6%), from €36,632 to €21,404
- Financial charges -€2,021
down €2,021 (-20.1%), from €10,078 to €8,056
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 | €508,430 | €427,194 | -€81,235 | -16.0% |
| Fixed assets | 21/28 | €215,307 | €195,739 | -€19,568 | -9.1% |
| Tangible fixed assets | 22/27 | €215,257 | €195,689 | -€19,568 | -9.1% |
| Land and buildings | 22 | €208,903 | €191,540 | -€17,363 | -8.3% |
| Furniture and vehicles | 24 | €6,354 | €4,149 | -€2,205 | -34.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €293,123 | €231,455 | -€61,667 | -21.0% |
| Amounts receivable within one year | 40/41 | €111,480 | €92,965 | -€18,514 | -16.6% |
| Trade receivables | 40 | €98,725 | €88,344 | -€10,382 | -10.5% |
| Other amounts receivable | 41 | €12,754 | €4,622 | -€8,133 | -63.8% |
| Cash at bank and in hand | 54/58 | €181,643 | €138,490 | -€43,153 | -23.8% |
| Total equity and liabilities | 10/49 | €508,430 | €427,194 | -€81,235 | -16.0% |
| Equity | 10/15 | €282,182 | €299,429 | +€17,248 | +6.1% |
| Contributions | 10/11 | €6,201 | €6,201 | = | 0.0% |
| Reserves | 13 | €275,000 | €293,000 | +€18,000 | +6.5% |
| Distributable reserves | 133 | €275,000 | €293,000 | +€18,000 | +6.5% |
| Profit (loss) carried forward | 14 | €981 | €228 | -€752 | -76.7% |
| Amounts payable | 17/49 | €226,248 | €127,765 | -€98,483 | -43.5% |
| Amounts payable after more than one year | 17 | €20,322 | - | -€20,322 | |
| Financial debts | 170/4 | €20,322 | - | -€20,322 | |
| Amounts payable within one year | 42/48 | €205,926 | €126,340 | -€79,586 | -38.6% |
| Current portion of amounts payable after more than one year | 42 | €33,835 | €20,322 | -€13,513 | -39.9% |
| Financial debts | 43 | €60,000 | - | -€60,000 | |
| Credit institutions | 430/8 | €60,000 | - | -€60,000 | |
| Trade debts | 44 | €15,784 | €15,927 | +€143 | +0.9% |
| Suppliers | 440/4 | €15,784 | €15,927 | +€143 | +0.9% |
| Taxes, remuneration and social security | 45 | €94,307 | €88,091 | -€6,215 | -6.6% |
| Taxes | 450/3 | €94,307 | €88,091 | -€6,215 | -6.6% |
| Other amounts payable | 47/48 | €2,000 | €2,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,425 | +€1,425 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,862 | €19,568 | +€706 | +3.7% |
| Other operating charges | 640/8 | €3,215 | €2,891 | -€324 | -10.1% |
| Gross operating margin | 9900 | €157,998 | €104,787 | -€53,211 | -33.7% |
| Operating profit (loss) | 9901 | €135,922 | €82,328 | -€53,593 | -39.4% |
| Financial income | 75/76B | €742 | €380 | -€362 | -48.8% |
| Recurring financial income | 75 | €742 | €380 | -€362 | -48.8% |
| Financial charges | 65/66B | €10,078 | €8,056 | -€2,021 | -20.1% |
| Recurring financial charges | 65 | €10,078 | €8,056 | -€2,021 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €126,586 | €74,652 | -€51,934 | -41.0% |
| Income taxes | 67/77 | €36,632 | €21,404 | -€15,228 | -41.6% |
| Profit (loss) for the period | 9904 | €89,954 | €53,248 | -€36,706 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €89,954 | €53,248 | -€36,706 | -40.8% |
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 15 October 2026 via checked.be.