ADEM 38: 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.
ADEM 38
Largest movements
- Receivables within one year +€19,321
up €19,321 (+515%), from €3,755 to €23,076
- Tangible fixed assets -€10,668
down €10,668 (-22.3%), from €47,786 to €37,118
- Cash +€8,996
up €8,996 (+310%), from €2,899 to €11,895
mainly Tax, wage and social debts (+€19,045) and Depreciation (+€14,668)
- Intangible fixed assets -€4,000
down €4,000 (-30.8%), from €12,986 to €8,986
- Tax, wage and social debts +€19,045
up €19,045 (+354%), from €5,379 to €24,424
of which Taxes: +€18,871
- Debts after one year -€9,416
down €9,416 (-26.1%), from €36,044 to €26,628
- Profit (loss) carried forward +€4,611
up €4,611, from -€4,010 to €601
- Other debts -€3,333
down €3,333 (-62.9%), from €5,295 to €1,962
- Trade debts +€2,896
up €2,896 (+13.2%), from €21,910 to €24,805
- Gross operating margin +€33,804
up €33,804 (+122%), from €27,718 to €61,521
- Staff costs +€8,254
up €8,254 (+37.5%), from €22,004 to €30,258
- Depreciation +€5,379
up €5,379 (+57.9%), from €9,289 to €14,668
- Financial charges +€5,318
up €5,318 (+320%), from €1,663 to €6,981
- Other operating charges +€2,666
up €2,666 (+692%), from €385 to €3,050
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €76,071 | €90,336 | +€14,264 | +18.8% |
| Fixed assets | 21/28 | €60,819 | €46,351 | -€14,468 | -23.8% |
| Intangible fixed assets | 21 | €12,986 | €8,986 | -€4,000 | -30.8% |
| Tangible fixed assets | 22/27 | €47,786 | €37,118 | -€10,668 | -22.3% |
| Furniture and vehicles | 24 | €47,786 | €37,118 | -€10,668 | -22.3% |
| Financial fixed assets | 28 | €47 | €247 | +€200 | +426% |
| Current assets | 29/58 | €15,252 | €43,985 | +€28,733 | +188% |
| Stocks and contracts in progress | 3 | €8,300 | €8,300 | = | 0.0% |
| Stocks | 30/36 | €8,300 | €8,300 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,755 | €23,076 | +€19,321 | +515% |
| Other amounts receivable | 41 | €3,755 | €23,076 | +€19,321 | +515% |
| Cash at bank and in hand | 54/58 | €2,899 | €11,895 | +€8,996 | +310% |
| Deferred charges and accrued income | 490/1 | €298 | €714 | +€416 | +140% |
| Total equity and liabilities | 10/49 | €76,071 | €90,336 | +€14,264 | +18.8% |
| Equity | 10/15 | -€1,510 | €3,101 | +€4,611 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,010 | €601 | +€4,611 | |
| Amounts payable | 17/49 | €77,581 | €87,235 | +€9,653 | +12.4% |
| Amounts payable after more than one year | 17 | €36,044 | €26,628 | -€9,416 | -26.1% |
| Financial debts | 170/4 | €36,044 | €26,628 | -€9,416 | -26.1% |
| Amounts payable within one year | 42/48 | €41,538 | €60,607 | +€19,069 | +45.9% |
| Current portion of amounts payable after more than one year | 42 | €8,955 | €9,416 | +€461 | +5.1% |
| Trade debts | 44 | €21,910 | €24,805 | +€2,896 | +13.2% |
| Suppliers | 440/4 | €21,910 | €24,805 | +€2,896 | +13.2% |
| Taxes, remuneration and social security | 45 | €5,379 | €24,424 | +€19,045 | +354% |
| Taxes | 450/3 | €865 | €19,736 | +€18,871 | +2,182% |
| Remuneration and social security | 454/9 | €4,514 | €4,688 | +€174 | +3.9% |
| Other amounts payable | 47/48 | €5,295 | €1,962 | -€3,333 | -62.9% |
| Remuneration, social security and pensions | 62 | €22,004 | €30,258 | +€8,254 | +37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,289 | €14,668 | +€5,379 | +57.9% |
| Other operating charges | 640/8 | €385 | €3,050 | +€2,666 | +692% |
| Non-recurring operating charges | 66A | €2,101 | - | -€2,101 | |
| Gross operating margin | 9900 | €27,718 | €61,521 | +€33,804 | +122% |
| Operating profit (loss) | 9901 | -€6,061 | €13,544 | +€19,605 | |
| Financial income | 75/76B | €250 | - | -€250 | |
| Recurring financial income | 75 | €250 | - | -€250 | |
| Financial charges | 65/66B | €1,663 | €6,981 | +€5,318 | +320% |
| Recurring financial charges | 65 | €1,663 | €6,981 | +€5,318 | +320% |
| Profit (loss) for the period before taxes | 9903 | -€7,474 | €6,564 | +€14,037 | |
| Income taxes | 67/77 | - | €1,952 | +€1,952 | |
| Profit (loss) for the period | 9904 | -€7,474 | €4,611 | +€12,085 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,474 | €4,611 | +€12,085 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.