ADAM SMITH CAPITAL: 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 SMITH CAPITAL
Largest movements
- Cash -€12,681
down €12,681 (-92.4%), from €13,727 to €1,046
mainly Other debts (-€7,910) and Net result for the year (-€6,563)
- Tangible fixed assets -€1,526
no longer reported in 2025 (was €1,526)
- Formation expenses -€266
down €266 (-49.9%), from €533 to €267
- Other debts -€7,910
down €7,910 (-20.9%), from €37,800 to €29,890
- Profit (loss) carried forward -€6,563
down €6,563 (-26.8%), from -€24,514 to -€31,077
- Gross operating margin +€10,846
up €10,846 (+70.4%), from -€15,414 to -€4,568
- Depreciation +€763
up €763 (+74.1%), from €1,029 to €1,792
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 | €15,786 | €1,313 | -€14,473 | -91.7% |
| Formation expenses | 20 | €533 | €267 | -€266 | -49.9% |
| Fixed assets | 21/28 | €1,526 | - | -€1,526 | |
| Tangible fixed assets | 22/27 | €1,526 | - | -€1,526 | |
| Furniture and vehicles | 24 | €1,526 | - | -€1,526 | |
| Current assets | 29/58 | €13,727 | €1,046 | -€12,681 | -92.4% |
| Cash at bank and in hand | 54/58 | €13,727 | €1,046 | -€12,681 | -92.4% |
| Total equity and liabilities | 10/49 | €15,786 | €1,313 | -€14,473 | -91.7% |
| Equity | 10/15 | -€22,014 | -€28,577 | -€6,563 | -29.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,514 | -€31,077 | -€6,563 | -26.8% |
| Amounts payable | 17/49 | €37,800 | €29,890 | -€7,910 | -20.9% |
| Amounts payable within one year | 42/48 | €37,800 | €29,890 | -€7,910 | -20.9% |
| Other amounts payable | 47/48 | €37,800 | €29,890 | -€7,910 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,029 | €1,792 | +€763 | +74.1% |
| Gross operating margin | 9900 | -€15,414 | -€4,568 | +€10,846 | +70.4% |
| Operating profit (loss) | 9901 | -€16,443 | -€6,360 | +€10,083 | +61.3% |
| Financial charges | 65/66B | €175 | €203 | +€28 | +16.0% |
| Recurring financial charges | 65 | €175 | €203 | +€28 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | -€16,618 | -€6,563 | +€10,055 | +60.5% |
| Profit (loss) for the period | 9904 | -€16,618 | -€6,563 | +€10,055 | +60.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,618 | -€6,563 | +€10,055 | +60.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.