ADAGIO: 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.
ADAGIO
Largest movements
- Receivables within one year -€171,269
down €171,269 (-99.5%), from €172,107 to €838
of which Trade receivables: -€171,657
- Cash -€38,502
down €38,502 (-21.1%), from €182,467 to €143,965
mainly Net result for the year (-€158,440) and Accrued charges and deferred income (-€69,156)
- Tangible fixed assets -€14,359
down €14,359 (-50.8%), from €28,240 to €13,881
of which Furniture and vehicles: -€14,045
- Profit (loss) carried forward -€158,440
down €158,440 (-1034.7%), from -€15,313 to -€173,753
- Accrued charges and deferred income -€69,156
down €69,156 (-78.4%), from €88,236 to €19,080
- Tax, wage and social debts -€13,232
down €13,232 (-93.8%), from €14,101 to €868
- Advances received +€8,096
new in 2025: €8,096
- Trade debts +€5,979
up €5,979 (+257.4%), from €2,323 to €8,302
- Other operating charges +€173,263
up €173,263 (+13512.3%), from €1,282 to €174,546
- Gross operating margin -€22,144
down €22,144 (-46.3%), from €47,811 to €25,668
- Financial income +€3,444
up €3,444 (+175.1%), from €1,967 to €5,411
- Depreciation -€2,317
down €2,317 (-13.9%), from €16,676 to €14,359
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 | €454,055 | €224,128 | -€229,928 | -50.6% |
| Fixed assets | 21/28 | €29,111 | €14,753 | -€14,359 | -49.3% |
| Tangible fixed assets | 22/27 | €28,240 | €13,881 | -€14,359 | -50.8% |
| Land and buildings | 22 | €784 | €470 | -€313 | -40.0% |
| Furniture and vehicles | 24 | €27,456 | €13,411 | -€14,045 | -51.2% |
| Financial fixed assets | 28 | €872 | €872 | = | 0.0% |
| Current assets | 29/58 | €424,944 | €209,375 | -€215,569 | -50.7% |
| Amounts receivable within one year | 40/41 | €172,107 | €838 | -€171,269 | -99.5% |
| Trade receivables | 40 | €171,657 | €0 | -€171,657 | -100.0% |
| Other amounts receivable | 41 | €450 | €838 | +€388 | +86.3% |
| Current investments | 50/53 | €31,197 | €27,899 | -€3,298 | -10.6% |
| Cash at bank and in hand | 54/58 | €182,467 | €143,965 | -€38,502 | -21.1% |
| Deferred charges and accrued income | 490/1 | €39,173 | €36,673 | -€2,501 | -6.4% |
| Total equity and liabilities | 10/49 | €454,055 | €224,128 | -€229,928 | -50.6% |
| Equity | 10/15 | €327,852 | €169,412 | -€158,440 | -48.3% |
| Contributions | 10/11 | €181,640 | €181,640 | = | 0.0% |
| Reserves | 13 | €161,525 | €161,525 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,164 | €18,164 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,164 | €18,164 | = | 0.0% |
| Distributable reserves | 133 | €143,361 | €143,361 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,313 | -€173,753 | -€158,440 | -1034.7% |
| Amounts payable | 17/49 | €126,203 | €54,716 | -€71,488 | -56.6% |
| Amounts payable within one year | 42/48 | €37,967 | €35,636 | -€2,332 | -6.1% |
| Trade debts | 44 | €2,323 | €8,302 | +€5,979 | +257.4% |
| Suppliers | 440/4 | €2,323 | €8,302 | +€5,979 | +257.4% |
| Advances received on contracts in progress | 46 | - | €8,096 | +€8,096 | |
| Taxes, remuneration and social security | 45 | €14,101 | €868 | -€13,232 | -93.8% |
| Taxes | 450/3 | €14,101 | €868 | -€13,232 | -93.8% |
| Other amounts payable | 47/48 | €21,544 | €18,369 | -€3,175 | -14.7% |
| Accrued charges and deferred income | 492/3 | €88,236 | €19,080 | -€69,156 | -78.4% |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,676 | €14,359 | -€2,317 | -13.9% |
| Other operating charges | 640/8 | €1,282 | €174,546 | +€173,263 | +13512.3% |
| Gross operating margin | 9900 | €47,811 | €25,668 | -€22,144 | -46.3% |
| Operating profit (loss) | 9901 | €29,854 | -€163,237 | -€193,090 | |
| Financial income | 75/76B | €1,967 | €5,411 | +€3,444 | +175.1% |
| Recurring financial income | 75 | €1,967 | €5,411 | +€3,444 | +175.1% |
| Financial charges | 65/66B | €607 | €685 | +€79 | +13.0% |
| Recurring financial charges | 65 | €607 | €685 | +€79 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €31,214 | -€158,511 | -€189,725 | |
| Income taxes | 67/77 | €227 | -€72 | -€299 | |
| Profit (loss) for the period | 9904 | €30,987 | -€158,440 | -€189,426 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,987 | -€158,440 | -€189,426 |
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 9 October 2026 via checked.be.