ADAM FREDERIC: 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 FREDERIC
Largest movements
- Current investments +€100,385
up €100,385 (+108.6%), from €92,451 to €192,836
- Receivables within one year -€92,742
down €92,742 (-82.4%), from €112,505 to €19,764
of which Trade receivables: -€85,092
- Tangible fixed assets -€27,728
down €27,728 (-29.3%), from €94,508 to €66,779
of which Furniture and vehicles: -€28,082
- Deferred charges and accrued income +€5,397
up €5,397 (+118.8%), from €4,543 to €9,941
- Cash +€5,109
up €5,109 (+63.1%), from €8,091 to €13,199
mainly Receivables within one year (+€92,742) and Depreciation (+€31,816)
- Reserves +€30,734
up €30,734 (+46.2%), from €66,583 to €97,317
of which Distributable reserves: +€30,734
- Trade debts -€21,819
down €21,819 (-49.7%), from €43,918 to €22,099
- Tax, wage and social debts -€19,202
down €19,202 (-63.4%), from €30,294 to €11,091
of which Taxes: -€14,765
- Other debts +€14,717
up €14,717 (+26.8%), from €54,876 to €69,593
- Debts after one year -€12,364
down €12,364 (-57.1%), from €21,638 to €9,273
- Staff costs -€28,775
down €28,775 (-29.0%), from €99,071 to €70,296
- Gross operating margin -€9,947
down €9,947 (-5.9%), from €168,505 to €158,559
- Taxes +€4,163
up €4,163 (+35.1%), from €11,846 to €16,009
- Financial charges +€3,568
up €3,568 (+550.0%), from €649 to €4,216
- Depreciation +€3,000
up €3,000 (+10.4%), from €28,817 to €31,816
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 | €315,543 | €305,957 | -€9,586 | -3.0% |
| Fixed assets | 21/28 | €94,508 | €66,779 | -€27,728 | -29.3% |
| Tangible fixed assets | 22/27 | €94,508 | €66,779 | -€27,728 | -29.3% |
| Land and buildings | 22 | €63 | - | -€63 | |
| Plant, machinery and equipment | 23 | €5,019 | €5,435 | +€416 | +8.3% |
| Furniture and vehicles | 24 | €89,426 | €61,344 | -€28,082 | -31.4% |
| Current assets | 29/58 | €221,035 | €239,178 | +€18,143 | +8.2% |
| Stocks and contracts in progress | 3 | €3,445 | €3,438 | -€7 | -0.2% |
| Stocks | 30/36 | €3,445 | €3,438 | -€7 | -0.2% |
| Amounts receivable within one year | 40/41 | €112,505 | €19,764 | -€92,742 | -82.4% |
| Trade receivables | 40 | €93,090 | €7,998 | -€85,092 | -91.4% |
| Other amounts receivable | 41 | €19,415 | €11,765 | -€7,650 | -39.4% |
| Current investments | 50/53 | €92,451 | €192,836 | +€100,385 | +108.6% |
| Cash at bank and in hand | 54/58 | €8,091 | €13,199 | +€5,109 | +63.1% |
| Deferred charges and accrued income | 490/1 | €4,543 | €9,941 | +€5,397 | +118.8% |
| Total equity and liabilities | 10/49 | €315,543 | €305,957 | -€9,586 | -3.0% |
| Equity | 10/15 | €150,801 | €181,536 | +€30,734 | +20.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €66,583 | €97,317 | +€30,734 | +46.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,940 | €4,940 | = | 0.0% |
| Distributable reserves | 133 | €59,784 | €90,518 | +€30,734 | +51.4% |
| Profit (loss) carried forward | 14 | €65,626 | €65,626 | = | 0.0% |
| Amounts payable | 17/49 | €164,742 | €124,421 | -€40,320 | -24.5% |
| Amounts payable after more than one year | 17 | €21,638 | €9,273 | -€12,364 | -57.1% |
| Financial debts | 170/4 | €21,638 | €9,273 | -€12,364 | -57.1% |
| Amounts payable within one year | 42/48 | €143,104 | €115,148 | -€27,956 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €14,016 | €12,364 | -€1,651 | -11.8% |
| Trade debts | 44 | €43,918 | €22,099 | -€21,819 | -49.7% |
| Suppliers | 440/4 | €43,918 | €22,099 | -€21,819 | -49.7% |
| Taxes, remuneration and social security | 45 | €30,294 | €11,091 | -€19,202 | -63.4% |
| Taxes | 450/3 | €18,905 | €4,140 | -€14,765 | -78.1% |
| Remuneration and social security | 454/9 | €11,389 | €6,951 | -€4,438 | -39.0% |
| Other amounts payable | 47/48 | €54,876 | €69,593 | +€14,717 | +26.8% |
| Remuneration, social security and pensions | 62 | €99,071 | €70,296 | -€28,775 | -29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,817 | €31,816 | +€3,000 | +10.4% |
| Other operating charges | 640/8 | €2,789 | €5,093 | +€2,304 | +82.6% |
| Gross operating margin | 9900 | €168,505 | €158,559 | -€9,947 | -5.9% |
| Operating profit (loss) | 9901 | €37,829 | €51,354 | +€13,525 | +35.8% |
| Financial income | 75/76B | €1,015 | €465 | -€550 | -54.2% |
| Recurring financial income | 75 | €1,015 | €465 | -€550 | -54.2% |
| Financial charges | 65/66B | €649 | €4,216 | +€3,568 | +550.0% |
| Recurring financial charges | 65 | €649 | €4,216 | +€3,568 | +550.0% |
| Profit (loss) for the period before taxes | 9903 | €38,195 | €47,602 | +€9,407 | +24.6% |
| Income taxes | 67/77 | €11,846 | €16,009 | +€4,163 | +35.1% |
| Profit (loss) for the period | 9904 | €26,349 | €31,593 | +€5,244 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,349 | €31,593 | +€5,244 | +19.9% |
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 10 October 2026 via checked.be.