ADEQUAAT: 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.
ADEQUAAT
Largest movements
- Cash -€94,163
down €94,163 (-26.8%), from €351,071 to €256,908
mainly Contributions, distributions and other (-€155,619) and Debts after one year (-€8,798)
- Tangible fixed assets -€17,704
down €17,704 (-5.5%), from €323,614 to €305,910
of which Land and buildings: -€9,759
- Reserves -€98,261
down €98,261 (-25.4%), from €386,906 to €288,645
- Debts after one year -€8,798
down €8,798 (-5.8%), from €150,920 to €142,122
of which Financial debts: -€16,298
- Gross operating margin +€12,035
up €12,035 (+31.6%), from €38,102 to €50,137
- Taxes +€4,278
up €4,278 (+45.5%), from €9,393 to €13,671
- Depreciation -€733
down €733 (-4.0%), from €18,437 to €17,704
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 | €693,509 | €585,700 | -€107,809 | -15.5% |
| Fixed assets | 21/28 | €327,334 | €309,630 | -€17,704 | -5.4% |
| Tangible fixed assets | 22/27 | €323,614 | €305,910 | -€17,704 | -5.5% |
| Land and buildings | 22 | €304,457 | €294,698 | -€9,759 | -3.2% |
| Plant, machinery and equipment | 23 | €1,939 | €993 | -€947 | -48.8% |
| Furniture and vehicles | 24 | €12,304 | €6,604 | -€5,701 | -46.3% |
| Other tangible fixed assets | 26 | €4,913 | €3,615 | -€1,298 | -26.4% |
| Financial fixed assets | 28 | €3,720 | €3,720 | = | 0.0% |
| Current assets | 29/58 | €366,175 | €276,070 | -€90,105 | -24.6% |
| Amounts receivable within one year | 40/41 | €14,008 | €18,300 | +€4,292 | +30.6% |
| Trade receivables | 40 | €11,869 | €18,300 | +€6,431 | +54.2% |
| Other amounts receivable | 41 | €2,139 | - | -€2,139 | |
| Cash at bank and in hand | 54/58 | €351,071 | €256,908 | -€94,163 | -26.8% |
| Deferred charges and accrued income | 490/1 | €1,096 | €862 | -€234 | -21.3% |
| Total equity and liabilities | 10/49 | €693,509 | €585,700 | -€107,809 | -15.5% |
| Equity | 10/15 | €504,648 | €404,721 | -€99,927 | -19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €386,906 | €288,645 | -€98,261 | -25.4% |
| Distributable reserves | 133 | €386,906 | €288,645 | -€98,261 | -25.4% |
| Profit (loss) carried forward | 14 | €99,142 | €97,476 | -€1,666 | -1.7% |
| Amounts payable | 17/49 | €188,861 | €180,979 | -€7,882 | -4.2% |
| Amounts payable after more than one year | 17 | €150,920 | €142,122 | -€8,798 | -5.8% |
| Financial debts | 170/4 | €130,920 | €114,622 | -€16,298 | -12.4% |
| Other amounts payable | 178/9 | €20,000 | €27,500 | +€7,500 | +37.5% |
| Amounts payable within one year | 42/48 | €37,879 | €38,857 | +€978 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €16,051 | €16,298 | +€247 | +1.5% |
| Trade debts | 44 | €832 | €1,005 | +€173 | +20.8% |
| Suppliers | 440/4 | €832 | €1,005 | +€173 | +20.8% |
| Taxes, remuneration and social security | 45 | €11,401 | €16,349 | +€4,948 | +43.4% |
| Taxes | 450/3 | €11,401 | €16,349 | +€4,948 | +43.4% |
| Other amounts payable | 47/48 | €9,595 | €5,205 | -€4,390 | -45.8% |
| Accrued charges and deferred income | 492/3 | €62 | - | -€62 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,437 | €17,704 | -€733 | -4.0% |
| Other operating charges | 640/8 | €2,378 | €1,922 | -€456 | -19.2% |
| Gross operating margin | 9900 | €38,102 | €50,137 | +€12,035 | +31.6% |
| Operating profit (loss) | 9901 | €17,286 | €30,510 | +€13,224 | +76.5% |
| Financial income | 75/76B | €43,032 | €43,126 | +€94 | +0.2% |
| Recurring financial income | 75 | €43,032 | €43,126 | +€94 | +0.2% |
| Financial charges | 65/66B | €4,161 | €4,273 | +€113 | +2.7% |
| Recurring financial charges | 65 | €4,161 | €4,273 | +€113 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €56,158 | €69,363 | +€13,206 | +23.5% |
| Income taxes | 67/77 | €9,393 | €13,671 | +€4,278 | +45.5% |
| Profit (loss) for the period | 9904 | €46,765 | €55,692 | +€8,927 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,765 | €55,692 | +€8,927 | +19.1% |
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 5 October 2026 via checked.be.