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
- Receivables within one year +€24,493
up €24,493 (+71.0%), from €34,497 to €58,990
of which Other amounts receivable: +€14,758
- Tangible fixed assets +€4,003
up €4,003 (+41.5%), from €9,647 to €13,650
of which Other tangible fixed assets: +€3,322
- Cash -€2,012
down €2,012 (-43.4%), from €4,632 to €2,620
mainly Receivables within one year (-€24,493) and Investment in fixed assets (net) (-€7,827)
- Reserves +€15,098
up €15,098 (+40.7%), from €37,098 to €52,196
- Tax, wage and social debts +€5,744
up €5,744 (+107%), from €5,378 to €11,122
- Other debts +€5,741
new in 2025: €5,741
- Gross operating margin +€5,692
up €5,692 (+29.9%), from €19,005 to €24,697
- Depreciation +€1,041
up €1,041 (+37.4%), from €2,783 to €3,824
- Financial charges +€403
up €403 (+69.4%), from €580 to €983
- Other operating charges +€396
up €396 (+301%), from €132 to €528
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 | €48,776 | €75,260 | +€26,484 | +54.3% |
| Fixed assets | 21/28 | €9,647 | €13,650 | +€4,003 | +41.5% |
| Tangible fixed assets | 22/27 | €9,647 | €13,650 | +€4,003 | +41.5% |
| Land and buildings | 22 | €6,110 | €5,167 | -€943 | -15.4% |
| Plant, machinery and equipment | 23 | €2,965 | €4,733 | +€1,768 | +59.7% |
| Furniture and vehicles | 24 | €572 | €427 | -€145 | -25.3% |
| Other tangible fixed assets | 26 | - | €3,322 | +€3,322 | |
| Current assets | 29/58 | €39,129 | €61,610 | +€22,481 | +57.5% |
| Amounts receivable within one year | 40/41 | €34,497 | €58,990 | +€24,493 | +71.0% |
| Trade receivables | 40 | €7,086 | €16,821 | +€9,735 | +137% |
| Other amounts receivable | 41 | €27,411 | €42,169 | +€14,758 | +53.8% |
| Cash at bank and in hand | 54/58 | €4,632 | €2,620 | -€2,012 | -43.4% |
| Total equity and liabilities | 10/49 | €48,776 | €75,260 | +€26,484 | +54.3% |
| Equity | 10/15 | €43,298 | €58,396 | +€15,098 | +34.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,098 | €52,196 | +€15,098 | +40.7% |
| Distributable reserves | 133 | €37,098 | €52,196 | +€15,098 | +40.7% |
| Amounts payable | 17/49 | €5,478 | €16,864 | +€11,386 | +208% |
| Amounts payable within one year | 42/48 | €5,478 | €16,864 | +€11,386 | +208% |
| Trade debts | 44 | €100 | €0 | -€100 | -100% |
| Suppliers | 440/4 | €100 | €0 | -€100 | -100% |
| Taxes, remuneration and social security | 45 | €5,378 | €11,122 | +€5,744 | +107% |
| Taxes | 450/3 | €5,378 | €11,122 | +€5,744 | +107% |
| Other amounts payable | 47/48 | - | €5,741 | +€5,741 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,783 | €3,824 | +€1,041 | +37.4% |
| Other operating charges | 640/8 | €132 | €528 | +€396 | +301% |
| Gross operating margin | 9900 | €19,005 | €24,697 | +€5,692 | +29.9% |
| Operating profit (loss) | 9901 | €16,090 | €20,344 | +€4,254 | +26.4% |
| Financial income | 75/76B | - | €87 | +€87 | |
| Recurring financial income | 75 | - | €87 | +€87 | |
| Financial charges | 65/66B | €580 | €983 | +€403 | +69.4% |
| Recurring financial charges | 65 | €580 | €983 | +€403 | +69.4% |
| Profit (loss) for the period before taxes | 9903 | €15,510 | €19,448 | +€3,939 | +25.4% |
| Income taxes | 67/77 | €4,220 | €4,350 | +€130 | +3.1% |
| Profit (loss) for the period | 9904 | €11,289 | €15,098 | +€3,809 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,289 | €15,098 | +€3,809 | +33.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.