Adam Artwork: 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 Artwork
Largest movements
- Receivables within one year +€148,545
up €148,545 (+168%), from €88,425 to €236,970
of which Trade receivables: +€142,603
- Cash -€17,788
down €17,788 (-18.1%), from €98,086 to €80,298
mainly Receivables within one year (-€148,545) and Accrued charges and deferred income (-€13,570)
- Tangible fixed assets -€13,195
down €13,195 (-39.8%), from €33,123 to €19,928
- Deferred charges and accrued income +€8,170
up €8,170 (+1,823%), from €448 to €8,618
- Trade debts +€102,948
up €102,948 (+284%), from €36,234 to €139,182
- Reserves +€30,000
up €30,000 (+65.2%), from €46,000 to €76,000
- Accrued charges and deferred income -€13,570
down €13,570 (-40.1%), from €33,853 to €20,283
- Profit (loss) carried forward +€9,319
up €9,319 (+24.4%), from €38,196 to €47,514
- Other debts -€5,000
down €5,000 (-33.3%), from €15,000 to €10,000
- Taxes +€3,678
up €3,678 (+26.5%), from €13,871 to €17,549
- Depreciation +€2,109
up €2,109 (+15.8%), from €13,338 to €15,447
- Financial charges +€1,653
up €1,653 (+993%), from €167 to €1,820
- Financial income -€1,170
down €1,170 (-26.8%), from €4,371 to €3,201
- Other operating charges +€894
up €894 (+161%), from €555 to €1,449
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 | €227,132 | €352,865 | +€125,733 | +55.4% |
| Fixed assets | 21/28 | €40,173 | €26,978 | -€13,195 | -32.8% |
| Tangible fixed assets | 22/27 | €33,123 | €19,928 | -€13,195 | -39.8% |
| Furniture and vehicles | 24 | €33,123 | €19,928 | -€13,195 | -39.8% |
| Financial fixed assets | 28 | €7,050 | €7,050 | = | 0.0% |
| Current assets | 29/58 | €186,959 | €325,886 | +€138,928 | +74.3% |
| Amounts receivable within one year | 40/41 | €88,425 | €236,970 | +€148,545 | +168% |
| Trade receivables | 40 | €10,160 | €152,763 | +€142,603 | +1,404% |
| Other amounts receivable | 41 | €78,265 | €84,208 | +€5,943 | +7.6% |
| Cash at bank and in hand | 54/58 | €98,086 | €80,298 | -€17,788 | -18.1% |
| Deferred charges and accrued income | 490/1 | €448 | €8,618 | +€8,170 | +1,823% |
| Total equity and liabilities | 10/49 | €227,132 | €352,865 | +€125,733 | +55.4% |
| Equity | 10/15 | €87,196 | €126,514 | +€39,319 | +45.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €46,000 | €76,000 | +€30,000 | +65.2% |
| Distributable reserves | 133 | €46,000 | €76,000 | +€30,000 | +65.2% |
| Profit (loss) carried forward | 14 | €38,196 | €47,514 | +€9,319 | +24.4% |
| Amounts payable | 17/49 | €139,936 | €226,350 | +€86,414 | +61.8% |
| Amounts payable within one year | 42/48 | €106,084 | €206,067 | +€99,984 | +94.2% |
| Trade debts | 44 | €36,234 | €139,182 | +€102,948 | +284% |
| Suppliers | 440/4 | €36,234 | €139,182 | +€102,948 | +284% |
| Advances received on contracts in progress | 46 | €36,249 | €40,385 | +€4,136 | +11.4% |
| Taxes, remuneration and social security | 45 | €18,600 | €16,500 | -€2,100 | -11.3% |
| Taxes | 450/3 | €14,350 | €16,500 | +€2,150 | +15.0% |
| Remuneration and social security | 454/9 | €4,250 | - | -€4,250 | |
| Other amounts payable | 47/48 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Accrued charges and deferred income | 492/3 | €33,853 | €20,283 | -€13,570 | -40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,338 | €15,447 | +€2,109 | +15.8% |
| Other operating charges | 640/8 | €555 | €1,449 | +€894 | +161% |
| Gross operating margin | 9900 | €82,938 | €82,382 | -€556 | -0.7% |
| Operating profit (loss) | 9901 | €69,045 | €65,486 | -€3,559 | -5.2% |
| Financial income | 75/76B | €4,371 | €3,201 | -€1,170 | -26.8% |
| Recurring financial income | 75 | €4,371 | €3,201 | -€1,170 | -26.8% |
| Financial charges | 65/66B | €167 | €1,820 | +€1,653 | +993% |
| Recurring financial charges | 65 | €167 | €1,820 | +€1,653 | +993% |
| Profit (loss) for the period before taxes | 9903 | €73,249 | €66,868 | -€6,382 | -8.7% |
| Income taxes | 67/77 | €13,871 | €17,549 | +€3,678 | +26.5% |
| Profit (loss) for the period | 9904 | €59,379 | €49,319 | -€10,060 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,379 | €49,319 | -€10,060 | -16.9% |
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 19 October 2026 via checked.be.