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
- Cash -€5,742
down €5,742 (-20.9%), from €27,408 to €21,666
mainly Contributions, distributions and other (-€16,696) and Investment in fixed assets (net) (-€4,501)
- Tangible fixed assets -€3,255
down €3,255 (-19.0%), from €17,169 to €13,913
of which Plant, machinery and equipment: -€5,483
- Receivables within one year +€2,610
up €2,610 (+145%), from €1,801 to €4,412
of which Other amounts receivable: +€3,220
- Deferred charges and accrued income -€745
down €745 (-100%), from €745 to €0
- Profit (loss) carried forward -€17,542
down €17,542, from €16,696 to -€846
- Tax, wage and social debts +€4,532
up €4,532 (+774%), from €585 to €5,118
of which Remuneration and social security: +€4,495
- Other debts +€4,192
up €4,192 (+36.2%), from €11,586 to €15,779
- Trade debts +€4,120
up €4,120 (+2,034%), from €203 to €4,323
- Current portion of long-term debt -€1,941
down €1,941 (-100%), from €1,941 to €0
- Gross operating margin -€19,415
down €19,415 (-55.8%), from €34,823 to €15,408
- Staff costs -€9,306
down €9,306 (-62.1%), from €14,978 to €5,672
- Taxes -€1,023
down €1,023 (-51.8%), from €1,975 to €952
- Depreciation -€824
down €824 (-9.6%), from €8,580 to €7,756
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 | €49,955 | €43,317 | -€6,638 | -13.3% |
| Fixed assets | 21/28 | €17,169 | €13,913 | -€3,255 | -19.0% |
| Tangible fixed assets | 22/27 | €17,169 | €13,913 | -€3,255 | -19.0% |
| Land and buildings | 22 | €892 | €4,832 | +€3,940 | +442% |
| Plant, machinery and equipment | 23 | €14,565 | €9,081 | -€5,483 | -37.6% |
| Furniture and vehicles | 24 | €1,712 | €0 | -€1,712 | -100% |
| Current assets | 29/58 | €32,786 | €29,404 | -€3,382 | -10.3% |
| Stocks and contracts in progress | 3 | €2,832 | €3,326 | +€494 | +17.4% |
| Stocks | 30/36 | €2,832 | €3,326 | +€494 | +17.4% |
| Amounts receivable within one year | 40/41 | €1,801 | €4,412 | +€2,610 | +145% |
| Trade receivables | 40 | €921 | €312 | -€609 | -66.1% |
| Other amounts receivable | 41 | €880 | €4,100 | +€3,220 | +366% |
| Cash at bank and in hand | 54/58 | €27,408 | €21,666 | -€5,742 | -20.9% |
| Deferred charges and accrued income | 490/1 | €745 | €0 | -€745 | -100% |
| Total equity and liabilities | 10/49 | €49,955 | €43,317 | -€6,638 | -13.3% |
| Equity | 10/15 | €35,640 | €18,098 | -€17,542 | -49.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €343 | €343 | = | 0.0% |
| Non-distributable reserves | 130/1 | €343 | €343 | = | 0.0% |
| Reserves not available under the articles | 1311 | €343 | €343 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,696 | -€846 | -€17,542 | |
| Amounts payable | 17/49 | €14,315 | €25,219 | +€10,904 | +76.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €14,315 | €25,219 | +€10,904 | +76.2% |
| Current portion of amounts payable after more than one year | 42 | €1,941 | €0 | -€1,941 | -100% |
| Trade debts | 44 | €203 | €4,323 | +€4,120 | +2,034% |
| Suppliers | 440/4 | €203 | €4,323 | +€4,120 | +2,034% |
| Taxes, remuneration and social security | 45 | €585 | €5,118 | +€4,532 | +774% |
| Taxes | 450/3 | €0 | €37 | +€37 | |
| Remuneration and social security | 454/9 | €585 | €5,080 | +€4,495 | +768% |
| Other amounts payable | 47/48 | €11,586 | €15,779 | +€4,192 | +36.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €14,978 | €5,672 | -€9,306 | -62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,580 | €7,756 | -€824 | -9.6% |
| Other operating charges | 640/8 | €1,162 | €1,332 | +€170 | +14.6% |
| Gross operating margin | 9900 | €34,823 | €15,408 | -€19,415 | -55.8% |
| Operating profit (loss) | 9901 | €10,103 | €648 | -€9,454 | -93.6% |
| Financial income | 75/76B | €152 | €164 | +€12 | +8.1% |
| Recurring financial income | 75 | €152 | €164 | +€12 | +8.1% |
| Financial charges | 65/66B | €377 | €705 | +€328 | +86.9% |
| Recurring financial charges | 65 | €377 | €705 | +€328 | +86.9% |
| Profit (loss) for the period before taxes | 9903 | €9,877 | €107 | -€9,770 | -98.9% |
| Income taxes | 67/77 | €1,975 | €952 | -€1,023 | -51.8% |
| Profit (loss) for the period | 9904 | €7,901 | -€846 | -€8,747 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,901 | -€846 | -€8,747 |
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 21 October 2026 via checked.be.