Adam Golebiewski: what changed
Adam Golebiewski
Largest movements
- Cash -€48,677
down €48,677 (-72.3%), from €67,295 to €18,618
mainly Stocks and contracts (-€31,500) and Current portion of long-term debt (-€8,653)
- Stocks and contracts +€31,500
up €31,500 (+2,085%), from €1,511 to €33,011
of which Contracts in progress: +€31,500
- Tangible fixed assets -€10,609
down €10,609 (-49.9%), from €21,273 to €10,664
of which Furniture and vehicles: -€11,829
- Receivables within one year -€5,576
down €5,576 (-12.5%), from €44,628 to €39,052
of which Trade receivables: -€3,293
- Financial fixed assets +€2,700
new in 2025: €2,700
- Current portion of long-term debt -€8,653
down €8,653 (-62.4%), from €13,873 to €5,219
- Trade debts -€6,613
down €6,613 (-49.9%), from €13,248 to €6,635
- Tax, wage and social debts -€6,576
down €6,576 (-33.3%), from €19,739 to €13,163
of which Taxes: -€9,387
- Other debts -€5,237
down €5,237 (-11.7%), from €44,742 to €39,505
- Debts after one year -€5,219
down €5,219 (-100%), from €5,219 to €0
- Gross operating margin -€20,355
down €20,355 (-53.5%), from €38,062 to €17,707
- Taxes -€4,001
down €4,001 (-93.9%), from €4,260 to €259
- Write-downs +€2,314
new in 2025: €2,314
- Financial charges -€760
down €760 (-44.2%), from €1,718 to €958
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €137,734 | €105,860 | -€31,875 | -23.1% |
| Fixed assets | 21/28 | €21,273 | €13,364 | -€7,909 | -37.2% |
| Tangible fixed assets | 22/27 | €21,273 | €10,664 | -€10,609 | -49.9% |
| Plant, machinery and equipment | 23 | - | €1,220 | +€1,220 | |
| Furniture and vehicles | 24 | €21,273 | €9,445 | -€11,829 | -55.6% |
| Financial fixed assets | 28 | - | €2,700 | +€2,700 | |
| Current assets | 29/58 | €116,461 | €92,495 | -€23,965 | -20.6% |
| Stocks and contracts in progress | 3 | €1,511 | €33,011 | +€31,500 | +2,085% |
| Stocks | 30/36 | €1,511 | €1,511 | = | 0.0% |
| Contracts in progress | 37 | - | €31,500 | +€31,500 | |
| Amounts receivable within one year | 40/41 | €44,628 | €39,052 | -€5,576 | -12.5% |
| Trade receivables | 40 | €36,654 | €33,361 | -€3,293 | -9.0% |
| Other amounts receivable | 41 | €7,974 | €5,691 | -€2,283 | -28.6% |
| Cash at bank and in hand | 54/58 | €67,295 | €18,618 | -€48,677 | -72.3% |
| Deferred charges and accrued income | 490/1 | €3,027 | €1,815 | -€1,213 | -40.1% |
| Total equity and liabilities | 10/49 | €137,734 | €105,860 | -€31,875 | -23.1% |
| Equity | 10/15 | €40,913 | €41,337 | +€424 | +1.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,913 | €39,337 | +€424 | +1.1% |
| Amounts payable | 17/49 | €96,821 | €64,522 | -€32,299 | -33.4% |
| Amounts payable after more than one year | 17 | €5,219 | €0 | -€5,219 | -100% |
| Financial debts | 170/4 | €5,219 | €0 | -€5,219 | -100% |
| Amounts payable within one year | 42/48 | €91,602 | €64,522 | -€27,080 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €13,873 | €5,219 | -€8,653 | -62.4% |
| Trade debts | 44 | €13,248 | €6,635 | -€6,613 | -49.9% |
| Suppliers | 440/4 | €13,248 | €6,635 | -€6,613 | -49.9% |
| Taxes, remuneration and social security | 45 | €19,739 | €13,163 | -€6,576 | -33.3% |
| Taxes | 450/3 | €19,739 | €10,352 | -€9,387 | -47.6% |
| Remuneration and social security | 454/9 | - | €2,811 | +€2,811 | |
| Other amounts payable | 47/48 | €44,742 | €39,505 | -€5,237 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,867 | €12,593 | -€274 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,314 | +€2,314 | |
| Other operating charges | 640/8 | €1,256 | €1,266 | +€10 | +0.8% |
| Non-recurring operating charges | 66A | €1,456 | €0 | -€1,456 | -100% |
| Gross operating margin | 9900 | €38,062 | €17,707 | -€20,355 | -53.5% |
| Operating profit (loss) | 9901 | €22,482 | €1,534 | -€20,948 | -93.2% |
| Financial income | 75/76B | €73 | €106 | +€34 | +46.2% |
| Recurring financial income | 75 | €73 | €106 | +€34 | +46.2% |
| Financial charges | 65/66B | €1,718 | €958 | -€760 | -44.2% |
| Recurring financial charges | 65 | €1,718 | €958 | -€760 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €20,837 | €683 | -€20,154 | -96.7% |
| Income taxes | 67/77 | €4,260 | €259 | -€4,001 | -93.9% |
| Profit (loss) for the period | 9904 | €16,577 | €424 | -€16,153 | -97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,577 | €424 | -€16,153 | -97.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.