ADAGIO: 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.
ADAGIO
Largest movements
- Cash +€29,543
up €29,543 (+93.3%), from €31,673 to €61,216
mainly Depreciation (+€17,431) and Net result for the year (+€13,975)
- Tangible fixed assets -€17,431
down €17,431 (-10.4%), from €167,532 to €150,101
of which Land and buildings: -€17,088
- Current investments -€12,987
down €12,987 (-5.7%), from €227,987 to €215,000
- Reserves +€13,975
up €13,975 (+3.7%), from €382,092 to €396,067
of which Distributable reserves: +€18,055
- Debts after one year -€5,000
no longer reported in 2025 (was €5,000)
- Current portion of long-term debt -€5,000
down €5,000 (-50.0%), from €10,000 to €5,000
- Financial income +€3,794
up €3,794 (+28.1%), from €13,478 to €17,272
- Gross operating margin -€1,413
down €1,413 (-7.0%), from €20,260 to €18,847
- Financial charges -€553
down €553 (-34.7%), from €1,592 to €1,039
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 | €427,192 | €428,434 | +€1,242 | +0.3% |
| Fixed assets | 21/28 | €167,532 | €150,101 | -€17,431 | -10.4% |
| Tangible fixed assets | 22/27 | €167,532 | €150,101 | -€17,431 | -10.4% |
| Land and buildings | 22 | €166,545 | €149,457 | -€17,088 | -10.3% |
| Furniture and vehicles | 24 | €987 | €644 | -€343 | -34.8% |
| Current assets | 29/58 | €259,660 | €278,333 | +€18,673 | +7.2% |
| Amounts receivable within one year | 40/41 | - | €2,117 | +€2,117 | |
| Other amounts receivable | 41 | - | €2,117 | +€2,117 | |
| Current investments | 50/53 | €227,987 | €215,000 | -€12,987 | -5.7% |
| Cash at bank and in hand | 54/58 | €31,673 | €61,216 | +€29,543 | +93.3% |
| Total equity and liabilities | 10/49 | €427,192 | €428,434 | +€1,242 | +0.3% |
| Equity | 10/15 | €388,292 | €402,267 | +€13,975 | +3.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €382,092 | €396,067 | +€13,975 | +3.7% |
| Tax-exempt reserves | 132 | €44,881 | €40,801 | -€4,080 | -9.1% |
| Distributable reserves | 133 | €337,211 | €355,266 | +€18,055 | +5.4% |
| Provisions and deferred taxes | 16 | €23,110 | €21,009 | -€2,101 | -9.1% |
| Deferred taxes | 168 | €23,110 | €21,009 | -€2,101 | -9.1% |
| Amounts payable | 17/49 | €15,791 | €5,158 | -€10,632 | -67.3% |
| Amounts payable after more than one year | 17 | €5,000 | - | -€5,000 | |
| Financial debts | 170/4 | €5,000 | - | -€5,000 | |
| Amounts payable within one year | 42/48 | €10,791 | €5,158 | -€5,632 | -52.2% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Trade debts | 44 | €158 | €158 | = | 0.0% |
| Suppliers | 440/4 | €158 | €158 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €632 | - | -€632 | |
| Taxes | 450/3 | €632 | - | -€632 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,417 | €17,431 | +€14 | +0.1% |
| Other operating charges | 640/8 | €2,761 | €2,858 | +€97 | +3.5% |
| Gross operating margin | 9900 | €20,260 | €18,847 | -€1,413 | -7.0% |
| Operating profit (loss) | 9901 | €83 | -€1,442 | -€1,525 | |
| Financial income | 75/76B | €13,478 | €17,272 | +€3,794 | +28.1% |
| Recurring financial income | 75 | €13,478 | €17,272 | +€3,794 | +28.1% |
| Financial charges | 65/66B | €1,592 | €1,039 | -€553 | -34.7% |
| Recurring financial charges | 65 | €1,592 | €1,039 | -€553 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €11,969 | €14,791 | +€2,822 | +23.6% |
| Transfer from deferred taxes | 780 | €2,101 | €2,101 | = | 0.0% |
| Income taxes | 67/77 | €2,892 | €2,917 | +€25 | +0.9% |
| Profit (loss) for the period | 9904 | €11,178 | €13,975 | +€2,797 | +25.0% |
| Transfer from tax-exempt reserves | 789 | €4,080 | €4,080 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,258 | €18,055 | +€2,797 | +18.3% |
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 1 October 2026 via checked.be.