ADAM PHILIPPE: 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 PHILIPPE
Largest movements
- Tangible fixed assets -€12,754
down €12,754 (-21.1%), from €60,443 to €47,689
of which Furniture and vehicles: -€10,291
- Cash -€3,940
down €3,940 (-17.1%), from €23,045 to €19,106
mainly Debts after one year (-€9,154) and Tax, wage and social debts (-€5,300)
- Debts after one year -€9,154
down €9,154 (-27.2%), from €33,649 to €24,495
- Tax, wage and social debts -€5,300
down €5,300 (-42.5%), from €12,481 to €7,181
of which Taxes: -€4,100
- Profit (loss) carried forward -€3,997
down €3,997 (-93.1%), from €4,292 to €295
- Other debts +€924
up €924 (+19.2%), from €4,811 to €5,734
- Gross operating margin -€16,528
down €16,528 (-50.3%), from €32,883 to €16,356
- Taxes -€3,259
down €3,259 (-75.8%), from €4,299 to €1,041
- Depreciation +€895
up €895 (+5.9%), from €15,104 to €15,998
- Financial charges -€527
down €527 (-26.7%), from €1,977 to €1,449
- Other operating charges +€372
up €372 (+24.9%), from €1,494 to €1,866
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 | €84,100 | €67,625 | -€16,475 | -19.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €60,443 | €47,689 | -€12,754 | -21.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €60,443 | €47,689 | -€12,754 | -21.1% |
| Plant, machinery and equipment | 23 | €4,829 | €5,700 | +€872 | +18.1% |
| Furniture and vehicles | 24 | €40,936 | €30,645 | -€10,291 | -25.1% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €14,679 | €11,344 | -€3,335 | -22.7% |
| Current assets | 29/58 | €23,657 | €19,936 | -€3,721 | -15.7% |
| Amounts receivable within one year | 40/41 | - | €0 | = | |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €23,045 | €19,106 | -€3,940 | -17.1% |
| Deferred charges and accrued income | 490/1 | €611 | €830 | +€219 | +35.8% |
| Total equity and liabilities | 10/49 | €84,100 | €67,625 | -€16,475 | -19.6% |
| Equity | 10/15 | €22,892 | €18,895 | -€3,997 | -17.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,292 | €295 | -€3,997 | -93.1% |
| Amounts payable | 17/49 | €61,208 | €48,729 | -€12,478 | -20.4% |
| Amounts payable after more than one year | 17 | €33,649 | €24,495 | -€9,154 | -27.2% |
| Financial debts | 170/4 | €33,649 | €24,495 | -€9,154 | -27.2% |
| Amounts payable within one year | 42/48 | €27,078 | €23,514 | -€3,564 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €8,818 | €9,154 | +€336 | +3.8% |
| Trade debts | 44 | €969 | €1,445 | +€476 | +49.2% |
| Suppliers | 440/4 | €969 | €1,445 | +€476 | +49.2% |
| Taxes, remuneration and social security | 45 | €12,481 | €7,181 | -€5,300 | -42.5% |
| Taxes | 450/3 | €11,281 | €7,181 | -€4,100 | -36.3% |
| Remuneration and social security | 454/9 | €1,200 | €0 | -€1,200 | -100.0% |
| Other amounts payable | 47/48 | €4,811 | €5,734 | +€924 | +19.2% |
| Accrued charges and deferred income | 492/3 | €480 | €720 | +€240 | +50.0% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,104 | €15,998 | +€895 | +5.9% |
| Other operating charges | 640/8 | €1,494 | €1,866 | +€372 | +24.9% |
| Gross operating margin | 9900 | €32,883 | €16,356 | -€16,528 | -50.3% |
| Operating profit (loss) | 9901 | €16,285 | -€1,508 | -€17,794 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,977 | €1,449 | -€527 | -26.7% |
| Recurring financial charges | 65 | €1,977 | €1,449 | -€527 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €14,309 | -€2,957 | -€17,265 | |
| Income taxes | 67/77 | €4,299 | €1,041 | -€3,259 | -75.8% |
| Profit (loss) for the period | 9904 | €10,009 | -€3,997 | -€14,007 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,009 | -€3,997 | -€14,007 |
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 6 October 2026 via checked.be.