ADAMSO: 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.
ADAMSO
Largest movements
- Current investments -€237,189
down €237,189 (-10.1%), from €2.3m to €2.1m
- Tangible fixed assets +€92,406
up €92,406 (+475%), from €19,441 to €111,846
of which Furniture and vehicles: +€92,714
- Cash +€59,718
up €59,718 (+19.5%), from €305,759 to €365,477
mainly Current portion of long-term debt (+€430,608) and Net result for the year (+€311,379)
- Reserves -€924,098
down €924,098 (-31.8%), from €2.9m to €2.0m
of which Distributable reserves: -€503,098
- Current portion of long-term debt +€430,608
new in 2025: €430,608
- Other debts +€310,655
new in 2025: €310,655
- Debts after one year +€72,191
new in 2025: €72,191
- Gross operating margin -€810,055
down €810,055 (-92.0%), from €880,377 to €70,322
- Taxes -€195,181
down €195,181 (-99.6%), from €196,016 to €835
- Financial income +€105,387
up €105,387 (+29.1%), from €362,636 to €468,022
- Financial charges +€48,042
up €48,042 (+58.1%), from €82,757 to €130,799
- Depreciation +€9,797
up €9,797 (+186%), from €5,256 to €15,054
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 | €2,948,096 | €2,835,366 | -€112,731 | -3.8% |
| Fixed assets | 21/28 | €19,541 | €111,946 | +€92,406 | +473% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €19,441 | €111,846 | +€92,406 | +475% |
| Plant, machinery and equipment | 23 | €2,236 | €1,928 | -€308 | -13.8% |
| Furniture and vehicles | 24 | €17,205 | €109,919 | +€92,714 | +539% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €2,928,556 | €2,723,419 | -€205,137 | -7.0% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €130,439 | €101,710 | -€28,729 | -22.0% |
| Trade receivables | 40 | €49,113 | €3,138 | -€45,975 | -93.6% |
| Other amounts receivable | 41 | €81,326 | €98,571 | +€17,246 | +21.2% |
| Current investments | 50/53 | €2,339,723 | €2,102,534 | -€237,189 | -10.1% |
| Cash at bank and in hand | 54/58 | €305,759 | €365,477 | +€59,718 | +19.5% |
| Deferred charges and accrued income | 490/1 | €2,635 | €3,699 | +€1,064 | +40.4% |
| Total equity and liabilities | 10/49 | €2,948,096 | €2,835,366 | -€112,731 | -3.8% |
| Equity | 10/15 | €2,925,327 | €2,001,229 | -€924,098 | -31.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,906,727 | €1,982,629 | -€924,098 | -31.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,669,390 | €1,248,390 | -€421,000 | -25.2% |
| Distributable reserves | 133 | €1,235,477 | €732,379 | -€503,098 | -40.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,769 | €834,137 | +€811,367 | +3,563% |
| Amounts payable after more than one year | 17 | - | €72,191 | +€72,191 | |
| Financial debts | 170/4 | - | €72,191 | +€72,191 | |
| Amounts payable within one year | 42/48 | €22,769 | €761,946 | +€739,177 | +3,246% |
| Current portion of amounts payable after more than one year | 42 | - | €430,608 | +€430,608 | |
| Trade debts | 44 | €10,340 | €7,666 | -€2,674 | -25.9% |
| Suppliers | 440/4 | €10,340 | €7,666 | -€2,674 | -25.9% |
| Taxes, remuneration and social security | 45 | €12,429 | €13,016 | +€587 | +4.7% |
| Taxes | 450/3 | €2,925 | €3,002 | +€77 | +2.6% |
| Remuneration and social security | 454/9 | €9,504 | €10,014 | +€510 | +5.4% |
| Other amounts payable | 47/48 | - | €310,655 | +€310,655 | |
| Remuneration, social security and pensions | 62 | €69,667 | €73,501 | +€3,834 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,256 | €15,054 | +€9,797 | +186% |
| Other operating charges | 640/8 | €7,727 | €6,777 | -€950 | -12.3% |
| Gross operating margin | 9900 | €880,377 | €70,322 | -€810,055 | -92.0% |
| Operating profit (loss) | 9901 | €797,727 | -€25,009 | -€822,736 | |
| Financial income | 75/76B | €362,636 | €468,022 | +€105,387 | +29.1% |
| Recurring financial income | 75 | €362,636 | €468,022 | +€105,387 | +29.1% |
| Financial charges | 65/66B | €82,757 | €130,799 | +€48,042 | +58.1% |
| Recurring financial charges | 65 | €82,757 | €130,799 | +€48,042 | +58.1% |
| Profit (loss) for the period before taxes | 9903 | €1,077,606 | €312,214 | -€765,392 | -71.0% |
| Income taxes | 67/77 | €196,016 | €835 | -€195,181 | -99.6% |
| Profit (loss) for the period | 9904 | €881,590 | €311,379 | -€570,211 | -64.7% |
| Transfer from tax-exempt reserves | 789 | €602,030 | €421,000 | -€181,030 | -30.1% |
| Transfer to tax-exempt reserves | 689 | €248,390 | €0 | -€248,390 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,235,230 | €732,379 | -€502,851 | -40.7% |
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 22 October 2026 via checked.be.