ADAMS: 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.
ADAMS
Largest movements
- Cash +€83,874
up €83,874 (+169.7%), from €49,423 to €133,296
mainly Net result for the year (+€113,695) and Other debts (+€110,385)
- Current investments +€41,178
up €41,178 (+23.6%), from €174,249 to €215,426
- Tangible fixed assets -€31,401
down €31,401 (-21.6%), from €145,056 to €113,655
of which Furniture and vehicles: -€38,015
- Receivables within one year -€14,716
down €14,716 (-42.0%), from €35,070 to €20,354
of which Other amounts receivable: -€20,895
- Other debts +€110,385
up €110,385 (+642.5%), from €17,181 to €127,565
- Tax, wage and social debts +€21,883
up €21,883 (+946.6%), from €2,312 to €24,195
of which Taxes: +€22,960
- Reserves -€21,079
down €21,079 (-7.0%), from €301,829 to €280,750
of which Distributable reserves: -€21,079
- Debts after one year -€14,595
down €14,595 (-40.8%), from €35,786 to €21,190
- Trade debts -€11,535
down €11,535 (-62.3%), from €18,512 to €6,976
- Gross operating margin +€94,438
up €94,438 (+53.8%), from €175,626 to €270,064
- Taxes +€25,664
up €25,664 (+111.7%), from €22,974 to €48,638
- Depreciation +€16,489
up €16,489 (+65.1%), from €25,334 to €41,823
- Staff costs +€3,603
up €3,603 (+5.7%), from €63,317 to €66,920
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 | €409,107 | €492,438 | +€83,331 | +20.4% |
| Fixed assets | 21/28 | €145,056 | €113,655 | -€31,401 | -21.6% |
| Tangible fixed assets | 22/27 | €145,056 | €113,655 | -€31,401 | -21.6% |
| Land and buildings | 22 | €2,836 | €1,847 | -€988 | -34.9% |
| Plant, machinery and equipment | 23 | €3,884 | €11,486 | +€7,602 | +195.8% |
| Furniture and vehicles | 24 | €138,336 | €100,321 | -€38,015 | -27.5% |
| Current assets | 29/58 | €264,052 | €378,784 | +€114,732 | +43.5% |
| Amounts receivable within one year | 40/41 | €35,070 | €20,354 | -€14,716 | -42.0% |
| Trade receivables | 40 | €9,885 | €16,064 | +€6,179 | +62.5% |
| Other amounts receivable | 41 | €25,185 | €4,290 | -€20,895 | -83.0% |
| Current investments | 50/53 | €174,249 | €215,426 | +€41,178 | +23.6% |
| Cash at bank and in hand | 54/58 | €49,423 | €133,296 | +€83,874 | +169.7% |
| Deferred charges and accrued income | 490/1 | €5,311 | €9,707 | +€4,396 | +82.8% |
| Total equity and liabilities | 10/49 | €409,107 | €492,438 | +€83,331 | +20.4% |
| Equity | 10/15 | €309,434 | €288,355 | -€21,079 | -6.8% |
| Contributions | 10/11 | €7,605 | €7,605 | = | 0.0% |
| Reserves | 13 | €301,829 | €280,750 | -€21,079 | -7.0% |
| Tax-exempt reserves | 132 | €3,600 | €3,600 | = | 0.0% |
| Distributable reserves | 133 | €298,229 | €277,150 | -€21,079 | -7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,673 | €204,083 | +€104,410 | +104.8% |
| Amounts payable after more than one year | 17 | €35,786 | €21,190 | -€14,595 | -40.8% |
| Financial debts | 170/4 | €35,786 | €21,190 | -€14,595 | -40.8% |
| Amounts payable within one year | 42/48 | €56,694 | €173,331 | +€116,638 | +205.7% |
| Current portion of amounts payable after more than one year | 42 | €18,690 | €14,595 | -€4,094 | -21.9% |
| Trade debts | 44 | €18,512 | €6,976 | -€11,535 | -62.3% |
| Suppliers | 440/4 | €18,512 | €6,976 | -€11,535 | -62.3% |
| Taxes, remuneration and social security | 45 | €2,312 | €24,195 | +€21,883 | +946.6% |
| Taxes | 450/3 | €850 | €23,810 | +€22,960 | +2701.2% |
| Remuneration and social security | 454/9 | €1,462 | €385 | -€1,077 | -73.7% |
| Other amounts payable | 47/48 | €17,181 | €127,565 | +€110,385 | +642.5% |
| Accrued charges and deferred income | 492/3 | €7,194 | €9,562 | +€2,368 | +32.9% |
| Remuneration, social security and pensions | 62 | €63,317 | €66,920 | +€3,603 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,334 | €41,823 | +€16,489 | +65.1% |
| Other operating charges | 640/8 | €1,156 | €997 | -€159 | -13.7% |
| Gross operating margin | 9900 | €175,626 | €270,064 | +€94,438 | +53.8% |
| Operating profit (loss) | 9901 | €85,819 | €160,323 | +€74,504 | +86.8% |
| Financial income | 75/76B | €1,763 | €3,332 | +€1,570 | +89.1% |
| Recurring financial income | 75 | €1,763 | €3,332 | +€1,570 | +89.1% |
| Financial charges | 65/66B | €1,561 | €1,323 | -€238 | -15.3% |
| Recurring financial charges | 65 | €1,561 | €1,323 | -€238 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €86,021 | €162,333 | +€76,312 | +88.7% |
| Income taxes | 67/77 | €22,974 | €48,638 | +€25,664 | +111.7% |
| Profit (loss) for the period | 9904 | €63,047 | €113,695 | +€50,648 | +80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,047 | €113,695 | +€50,648 | +80.3% |
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.