ADAM: 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.
ADAM
Largest movements
- Stocks and contracts -€688,221
down €688,221 (-29.8%), from €2.3m to €1.6m
- Receivables within one year +€605,410
up €605,410 (+93.5%), from €647,811 to €1.3m
of which Trade receivables: +€404,712
- Cash +€238,125
up €238,125 (+123.8%), from €192,360 to €430,485
mainly Trade debts (+€698,760) and Stocks and contracts (+€688,221)
- Tangible fixed assets +€46,744
up €46,744 (+97.1%), from €48,154 to €94,897
of which Plant, machinery and equipment: +€37,958
- Trade debts +€698,760
up €698,760 (+146.1%), from €478,336 to €1.2m
- Other debts -€487,266
down €487,266 (-56.3%), from €866,007 to €378,741
- Advances received -€73,689
down €73,689 (-50.0%), from €147,363 to €73,674
- Tax, wage and social debts +€51,603
up €51,603 (+1359.6%), from €3,796 to €55,398
of which Remuneration and social security: +€50,947
- Staff costs +€343,928
up €343,928 (+355.5%), from €96,757 to €440,685
- Taxes -€92,176
down €92,176 (-90.9%), from €101,436 to €9,260
- Gross operating margin -€29,061
down €29,061 (-5.4%), from €539,151 to €510,090
- Financial income +€10,033
up €10,033 (+909.4%), from €1,103 to €11,136
- Financial charges +€7,715
up €7,715 (+32.4%), from €23,815 to €31,530
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 | €3,204,344 | €3,413,119 | +€208,775 | +6.5% |
| Fixed assets | 21/28 | €48,154 | €94,897 | +€46,744 | +97.1% |
| Tangible fixed assets | 22/27 | €48,154 | €94,897 | +€46,744 | +97.1% |
| Land and buildings | 22 | €1,683 | €6,171 | +€4,488 | +266.6% |
| Plant, machinery and equipment | 23 | €42,506 | €80,464 | +€37,958 | +89.3% |
| Furniture and vehicles | 24 | €3,965 | €8,262 | +€4,297 | +108.4% |
| Current assets | 29/58 | €3,156,190 | €3,318,221 | +€162,031 | +5.1% |
| Stocks and contracts in progress | 3 | €2,313,283 | €1,625,062 | -€688,221 | -29.8% |
| Stocks | 30/36 | €2,313,283 | €1,625,062 | -€688,221 | -29.8% |
| Amounts receivable within one year | 40/41 | €647,811 | €1,253,221 | +€605,410 | +93.5% |
| Trade receivables | 40 | €453,156 | €857,868 | +€404,712 | +89.3% |
| Other amounts receivable | 41 | €194,655 | €395,353 | +€200,698 | +103.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €192,360 | €430,485 | +€238,125 | +123.8% |
| Deferred charges and accrued income | 490/1 | €2,737 | €9,454 | +€6,717 | +245.4% |
| Total equity and liabilities | 10/49 | €3,204,344 | €3,413,119 | +€208,775 | +6.5% |
| Equity | 10/15 | €1,708,843 | €1,728,210 | +€19,367 | +1.1% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Revaluation surpluses | 12 | - | €33,900 | +€33,900 | |
| Reserves | 13 | €1,671,659 | €1,657,126 | -€14,533 | -0.9% |
| Tax-exempt reserves | 132 | €588 | €588 | = | 0.0% |
| Distributable reserves | 133 | €1,671,071 | €1,656,539 | -€14,533 | -0.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,495,501 | €1,684,909 | +€189,408 | +12.7% |
| Amounts payable within one year | 42/48 | €1,495,501 | €1,684,909 | +€189,408 | +12.7% |
| Trade debts | 44 | €478,336 | €1,177,095 | +€698,760 | +146.1% |
| Suppliers | 440/4 | €478,336 | €1,177,095 | +€698,760 | +146.1% |
| Advances received on contracts in progress | 46 | €147,363 | €73,674 | -€73,689 | -50.0% |
| Taxes, remuneration and social security | 45 | €3,796 | €55,398 | +€51,603 | +1359.6% |
| Taxes | 450/3 | €1,489 | €2,145 | +€656 | +44.0% |
| Remuneration and social security | 454/9 | €2,306 | €53,253 | +€50,947 | +2209.3% |
| Other amounts payable | 47/48 | €866,007 | €378,741 | -€487,266 | -56.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €96,757 | €440,685 | +€343,928 | +355.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,904 | €13,508 | -€4,396 | -24.6% |
| Other operating charges | 640/8 | €2,239 | €6,876 | +€4,637 | +207.1% |
| Non-recurring operating charges | 66A | €5,185 | €0 | -€5,185 | -100.0% |
| Gross operating margin | 9900 | €539,151 | €510,090 | -€29,061 | -5.4% |
| Operating profit (loss) | 9901 | €417,067 | €49,021 | -€368,045 | -88.2% |
| Financial income | 75/76B | €1,103 | €11,136 | +€10,033 | +909.4% |
| Recurring financial income | 75 | €1,103 | €11,136 | +€10,033 | +909.4% |
| Financial charges | 65/66B | €23,815 | €31,530 | +€7,715 | +32.4% |
| Recurring financial charges | 65 | €23,815 | €31,530 | +€7,715 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | €394,355 | €28,627 | -€365,728 | -92.7% |
| Income taxes | 67/77 | €101,436 | €9,260 | -€92,176 | -90.9% |
| Profit (loss) for the period | 9904 | €292,918 | €19,367 | -€273,551 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €292,918 | €19,367 | -€273,551 | -93.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.