ADAM SGH: 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 SGH
Largest movements
- Cash +€60,799
up €60,799 (+186%), from €32,695 to €93,495
mainly Depreciation (+€43,730) and Net result for the year (+€41,262)
- Tangible fixed assets -€43,730
down €43,730 (-3.4%), from €1.3m to €1.2m
of which Land and buildings: -€31,263
- Receivables within one year -€21,232
down €21,232 (-87.2%), from €24,340 to €3,108
- Debts after one year -€53,847
down €53,847 (-6.0%), from €890,310 to €836,463
- Profit (loss) carried forward +€41,262
up €41,262 (+11.6%), from €355,085 to €396,347
- Gross operating margin -€363,311
down €363,311 (-73.0%), from €497,738 to €134,427
- Taxes +€5,960
up €5,960 (+1,503%), from €397 to €6,357
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 | €1,383,808 | €1,379,646 | -€4,163 | -0.3% |
| Fixed assets | 21/28 | €1,326,773 | €1,283,043 | -€43,730 | -3.3% |
| Tangible fixed assets | 22/27 | €1,286,681 | €1,242,951 | -€43,730 | -3.4% |
| Land and buildings | 22 | €1,187,629 | €1,156,366 | -€31,263 | -2.6% |
| Plant, machinery and equipment | 23 | €97,419 | €86,217 | -€11,202 | -11.5% |
| Furniture and vehicles | 24 | €1,633 | €368 | -€1,265 | -77.5% |
| Financial fixed assets | 28 | €40,093 | €40,093 | = | 0.0% |
| Current assets | 29/58 | €57,035 | €96,603 | +€39,567 | +69.4% |
| Amounts receivable within one year | 40/41 | €24,340 | €3,108 | -€21,232 | -87.2% |
| Trade receivables | 40 | €24,340 | €3,108 | -€21,232 | -87.2% |
| Cash at bank and in hand | 54/58 | €32,695 | €93,495 | +€60,799 | +186% |
| Total equity and liabilities | 10/49 | €1,383,808 | €1,379,646 | -€4,163 | -0.3% |
| Equity | 10/15 | €375,545 | €416,807 | +€41,262 | +11.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €355,085 | €396,347 | +€41,262 | +11.6% |
| Amounts payable | 17/49 | €1,008,263 | €962,839 | -€45,425 | -4.5% |
| Amounts payable after more than one year | 17 | €890,310 | €836,463 | -€53,847 | -6.0% |
| Financial debts | 170/4 | €890,310 | €836,463 | -€53,847 | -6.0% |
| Amounts payable within one year | 42/48 | €117,954 | €126,376 | +€8,422 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €51,820 | €53,847 | +€2,027 | +3.9% |
| Trade debts | 44 | €4,393 | €11,586 | +€7,193 | +164% |
| Suppliers | 440/4 | €4,393 | €11,586 | +€7,193 | +164% |
| Taxes, remuneration and social security | 45 | €11,740 | €10,943 | -€797 | -6.8% |
| Taxes | 450/3 | €11,740 | €10,943 | -€797 | -6.8% |
| Other amounts payable | 47/48 | €50,000 | €50,000 | = | 0.0% |
| Non-recurring operating income | 76A | €2,000 | - | -€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,101 | €43,730 | +€3,629 | +9.0% |
| Other operating charges | 640/8 | €7,490 | €3,955 | -€3,534 | -47.2% |
| Gross operating margin | 9900 | €497,738 | €134,427 | -€363,311 | -73.0% |
| Operating profit (loss) | 9901 | €450,147 | €86,742 | -€363,406 | -80.7% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €40,162 | €39,123 | -€1,039 | -2.6% |
| Recurring financial charges | 65 | €40,162 | €39,123 | -€1,039 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €409,991 | €47,619 | -€362,372 | -88.4% |
| Income taxes | 67/77 | €397 | €6,357 | +€5,960 | +1,503% |
| Profit (loss) for the period | 9904 | €409,594 | €41,262 | -€368,332 | -89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €409,594 | €41,262 | -€368,332 | -89.9% |
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 31 October 2026 via checked.be.