ADAMS: 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.
What changed
ADAMS
NACE 42.110, Construction of roads and motorways
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.1m
2024 · €3.7m-€554,377
Equity
€3.8m
2024 · €3.8m
Cash
€1.2m
2024 · €1.6m-€388,725
Balance sheet total
€9.7m
2024 · €9.2m+€514,099
Largest movements
Assets
- Stocks and contracts +€596,209
up €596,209 (+43.2%), from €1.4m to €2.0m
of which Contracts in progress: +€442,983
- Tangible fixed assets +€497,442
up €497,442 (+22.2%), from €2.2m to €2.7m
of which Land and buildings: +€299,627
- Cash -€388,725
down €388,725 (-24.4%), from €1.6m to €1.2m
mainly Contributions, distributions and other (-€3.1m) and Investment in fixed assets (net) (-€1.3m)
- Current investments -€205,358
down €205,358 (-10.5%), from €2.0m to €1.8m
Equity and liabilities
- Trade debts +€731,835
up €731,835 (+54.4%), from €1.3m to €2.1m
- Accrued charges and deferred income -€146,627
down €146,627 (-38.9%), from €376,812 to €230,186
Income statement
- Turnover -€868,762
down €868,762 (-4.7%), from €18.4m to €17.5m
- Goods and materials -€840,004
down €840,004 (-9.5%), from €8.8m to €8.0m
of which Purchases: -€729,844
- Services and other goods +€295,434
up €295,434 (+21.7%), from €1.4m to €1.7m
- Taxes -€269,218
down €269,218 (-20.3%), from €1.3m to €1.1m
- Staff costs +€234,114
up €234,114 (+8.1%), from €2.9m to €3.1m
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.
Result 2024
€3.7m
Turnover
-€868,762
Other operating income
-€112,544
Goods and materials
+€840,004
Services and other goods
-€295,434
Staff costs
-€234,114
Depreciation
-€134,538
Provisions
-€98,916
Other operating charges
-€1,399
Other operating items
+€53,568
Financial income
+€30,321
Financial charges
-€1,781
Taxes
+€269,218
Result 2025
€3.1m
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.
From operations
+€3.9m
Investment
-€1.1m
Financing
-€3.1m
Cash 2024
€1.6m
From operations (derived)
+€3.9m
Net result for the year
+€3.1m
Depreciation
+€845,210
Stocks and contracts
-€596,209
Receivables within one year
-€14,395
Provisions
-€12,746
Trade debts
+€731,835
Tax, wage and social debts
-€3,986
Other debts
-€54,377
Accrued charges and deferred income
-€146,627
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.3m
Current investments
+€205,358
Financing
-€3.1m
Contributions, distributions and other
-€3.1m
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,195,611 | €9,709,710 | +€514,099 | +5.6% |
| Fixed assets | 21/28 | €2,242,253 | €2,739,830 | +€497,577 | +22.2% |
| Tangible fixed assets | 22/27 | €2,240,700 | €2,738,142 | +€497,442 | +22.2% |
| Land and buildings | 22 | €58,904 | €358,531 | +€299,627 | +508.7% |
| Plant, machinery and equipment | 23 | €1,195,533 | €1,462,371 | +€266,838 | +22.3% |
| Furniture and vehicles | 24 | €986,263 | €917,240 | -€69,023 | -7.0% |
| Financial fixed assets | 28 | €1,553 | €1,688 | +€135 | +8.7% |
| Other financial fixed assets | 284/8 | €1,553 | €1,688 | +€135 | +8.7% |
| Amounts receivable and cash guarantees | 285/8 | €1,553 | €1,688 | +€135 | +8.7% |
| Current assets | 29/58 | €6,953,358 | €6,969,880 | +€16,522 | +0.2% |
| Stocks and contracts in progress | 3 | €1,379,825 | €1,976,034 | +€596,209 | +43.2% |
| Stocks | 30/36 | €212,164 | €365,390 | +€153,226 | +72.2% |
| Raw materials and consumables | 30/31 | €212,164 | €365,390 | +€153,226 | +72.2% |
| Contracts in progress | 37 | €1,167,661 | €1,610,644 | +€442,983 | +37.9% |
| Amounts receivable within one year | 40/41 | €2,023,014 | €2,037,409 | +€14,395 | +0.7% |
| Trade receivables | 40 | €1,615,745 | €1,771,208 | +€155,463 | +9.6% |
| Other amounts receivable | 41 | €407,269 | €266,201 | -€141,068 | -34.6% |
| Current investments | 50/53 | €1,955,358 | €1,750,000 | -€205,358 | -10.5% |
| Other investments | 51/53 | €1,955,358 | €1,750,000 | -€205,358 | -10.5% |
| Cash at bank and in hand | 54/58 | €1,595,162 | €1,206,437 | -€388,725 | -24.4% |
| Total equity and liabilities | 10/49 | €9,195,611 | €9,709,710 | +€514,099 | +5.6% |
| Equity | 10/15 | €3,767,321 | €3,767,321 | = | 0.0% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €3,395,480 | €3,395,480 | = | 0.0% |
| Non-distributable reserves | 130/1 | €56,606 | €56,606 | = | 0.0% |
| Legal reserve | 130 | €41,634 | €41,634 | = | 0.0% |
| Other | 1319 | €14,972 | €14,972 | = | 0.0% |
| Tax-exempt reserves | 132 | €766,152 | €766,152 | = | 0.0% |
| Distributable reserves | 133 | €2,572,722 | €2,572,722 | = | 0.0% |
| Provisions and deferred taxes | 16 | €212,229 | €199,483 | -€12,746 | -6.0% |
| Provisions for liabilities and charges | 160/5 | €212,229 | €199,483 | -€12,746 | -6.0% |
| Major repairs and maintenance | 162 | €212,229 | €199,483 | -€12,746 | -6.0% |
| Amounts payable | 17/49 | €5,216,062 | €5,742,907 | +€526,845 | +10.1% |
| Amounts payable within one year | 42/48 | €4,839,249 | €5,512,721 | +€673,472 | +13.9% |
| Trade debts | 44 | €1,344,136 | €2,075,970 | +€731,835 | +54.4% |
| Suppliers | 440/4 | €1,344,136 | €2,075,970 | +€731,835 | +54.4% |
| Taxes, remuneration and social security | 45 | €297,282 | €293,296 | -€3,986 | -1.3% |
| Taxes | 450/3 | €213,223 | €210,709 | -€2,514 | -1.2% |
| Remuneration and social security | 454/9 | €84,059 | €82,588 | -€1,471 | -1.8% |
| Other amounts payable | 47/48 | €3,197,832 | €3,143,455 | -€54,377 | -1.7% |
| Accrued charges and deferred income | 492/3 | €376,812 | €230,186 | -€146,627 | -38.9% |
| Operating income | 70/76A | €18,610,045 | €17,652,779 | -€957,266 | -5.1% |
| Turnover | 70 | €18,395,698 | €17,526,937 | -€868,762 | -4.7% |
| Other operating income | 74 | €214,347 | €101,802 | -€112,544 | -52.5% |
| Non-recurring operating income | 76A | - | €24,040 | +€24,040 | |
| Operating charges | 60/66A | €13,713,362 | €13,608,232 | -€105,130 | -0.8% |
| Goods for resale, raw materials and consumables | 60 | €8,816,575 | €7,976,571 | -€840,004 | -9.5% |
| Purchases | 600/8 | €9,302,624 | €8,572,780 | -€729,844 | -7.8% |
| Change in stocks: decrease (increase) | 609 | -€486,049 | -€596,209 | -€110,160 | -22.7% |
| Services and other goods | 61 | €1,362,681 | €1,658,115 | +€295,434 | +21.7% |
| Remuneration, social security and pensions | 62 | €2,879,773 | €3,113,888 | +€234,114 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €710,671 | €845,210 | +€134,538 | +18.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€111,662 | -€12,746 | +€98,916 | +88.6% |
| Other operating charges | 640/8 | €25,796 | €27,196 | +€1,399 | +5.4% |
| Non-recurring operating charges | 66A | €29,528 | - | -€29,528 | |
| Operating profit (loss) | 9901 | €4,896,683 | €4,044,547 | -€852,136 | -17.4% |
| Financial income | 75/76B | €143,250 | €173,571 | +€30,321 | +21.2% |
| Recurring financial income | 75 | €143,250 | €173,571 | +€30,321 | +21.2% |
| Income from current assets | 751 | €64,448 | €94,580 | +€30,131 | +46.8% |
| Other financial income | 752/9 | €78,802 | €78,992 | +€190 | +0.2% |
| Financial charges | 65/66B | €17,328 | €19,108 | +€1,781 | +10.3% |
| Recurring financial charges | 65 | €17,328 | €19,108 | +€1,781 | +10.3% |
| Other financial charges | 652/9 | €17,328 | €19,108 | +€1,781 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €5,022,605 | €4,199,010 | -€823,596 | -16.4% |
| Income taxes | 67/77 | €1,324,774 | €1,055,555 | -€269,218 | -20.3% |
| Taxes | 670/3 | €1,324,774 | €1,055,555 | -€269,218 | -20.3% |
| Profit (loss) for the period | 9904 | €3,697,832 | €3,143,455 | -€554,377 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,697,832 | €3,143,455 | -€554,377 | -15.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.