ADAM MICHAEL: what changed
Two fiscal 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 MICHAEL
Largest movements
- Cash -€7,774
down €7,774 (-16.2%), from €48,001 to €40,226
mainly Other debts (-€35,340) and Receivables within one year (-€5,719)
- Receivables within one year +€5,719
up €5,719 (+121.1%), from €4,724 to €10,443
of which Trade receivables: +€4,356
- Tangible fixed assets +€1,364
up €1,364 (+79.4%), from €1,717 to €3,081
- Deferred charges and accrued income +€806
up €806 (+99.6%), from €809 to €1,614
- Other debts -€35,340
no longer reported in 2025 (was €35,340)
- Reserves +€33,350
up €33,350 (+1793.0%), from €1,860 to €35,210
of which Distributable reserves: +€33,350
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Profit (loss) carried forward -€3,432
down €3,432 (-99.2%), from €3,460 to €29
- Trade debts -€1,163
down €1,163 (-91.7%), from €1,269 to €106
- Gross operating margin +€15,508
up €15,508 (+52.7%), from €29,436 to €44,944
- Taxes +€9,585
up €9,585 (+734.0%), from €1,306 to €10,891
- Other operating charges +€3,129
up €3,129 (+715.9%), from €437 to €3,566
- Depreciation -€1,725
down €1,725 (-92.8%), from €1,859 to €134
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 | €55,635 | €55,749 | +€114 | +0.2% |
| Fixed assets | 21/28 | €2,102 | €3,466 | +€1,364 | +64.9% |
| Tangible fixed assets | 22/27 | €1,717 | €3,081 | +€1,364 | +79.4% |
| Furniture and vehicles | 24 | €1,717 | €3,081 | +€1,364 | +79.4% |
| Financial fixed assets | 28 | €385 | €385 | = | 0.0% |
| Current assets | 29/58 | €53,533 | €52,283 | -€1,250 | -2.3% |
| Amounts receivable within one year | 40/41 | €4,724 | €10,443 | +€5,719 | +121.1% |
| Trade receivables | 40 | €4,105 | €8,461 | +€4,356 | +106.1% |
| Other amounts receivable | 41 | €618 | €1,982 | +€1,363 | +220.4% |
| Cash at bank and in hand | 54/58 | €48,001 | €40,226 | -€7,774 | -16.2% |
| Deferred charges and accrued income | 490/1 | €809 | €1,614 | +€806 | +99.6% |
| Total equity and liabilities | 10/49 | €55,635 | €55,749 | +€114 | +0.2% |
| Equity | 10/15 | €17,720 | €53,839 | +€36,118 | +203.8% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €1,860 | €35,210 | +€33,350 | +1793.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €33,350 | +€33,350 | |
| Profit (loss) carried forward | 14 | €3,460 | €29 | -€3,432 | -99.2% |
| Amounts payable | 17/49 | €37,915 | €1,910 | -€36,004 | -95.0% |
| Amounts payable within one year | 42/48 | €37,915 | €1,879 | -€36,036 | -95.0% |
| Trade debts | 44 | €1,269 | €106 | -€1,163 | -91.7% |
| Suppliers | 440/4 | €1,269 | €106 | -€1,163 | -91.7% |
| Taxes, remuneration and social security | 45 | €1,306 | €1,773 | +€467 | +35.8% |
| Taxes | 450/3 | €1,306 | €1,773 | +€467 | +35.8% |
| Other amounts payable | 47/48 | €35,340 | - | -€35,340 | |
| Accrued charges and deferred income | 492/3 | - | €31 | +€31 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,859 | €134 | -€1,725 | -92.8% |
| Other operating charges | 640/8 | €437 | €3,566 | +€3,129 | +715.9% |
| Gross operating margin | 9900 | €29,436 | €44,944 | +€15,508 | +52.7% |
| Operating profit (loss) | 9901 | €27,140 | €41,244 | +€14,104 | +52.0% |
| Financial income | 75/76B | €3 | €1 | -€2 | -80.6% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -80.6% |
| Financial charges | 65/66B | €497 | €436 | -€62 | -12.4% |
| Recurring financial charges | 65 | €497 | €436 | -€62 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €26,646 | €40,809 | +€14,163 | +53.2% |
| Income taxes | 67/77 | €1,306 | €10,891 | +€9,585 | +734.0% |
| Profit (loss) for the period | 9904 | €25,340 | €29,918 | +€4,578 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,340 | €29,918 | +€4,578 | +18.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.