ADEQUATIO: 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.
ADEQUATIO
Largest movements
- Cash -€155,056
down €155,056 (-59.5%), from €260,476 to €105,421
mainly Contributions, distributions and other (-€150,833) and Tax, wage and social debts (-€26,544)
- Receivables within one year +€3,489
up €3,489 (+773.8%), from €451 to €3,939
of which Other amounts receivable: +€3,349
- Profit (loss) carried forward -€127,210
down €127,210 (-55.7%), from €228,289 to €101,079
- Tax, wage and social debts -€26,544
down €26,544 (-80.4%), from €33,023 to €6,479
of which Taxes: -€25,224
- Gross operating margin +€16,558
up €16,558 (+99.1%), from €16,708 to €33,265
- Financial income -€4,106
down €4,106 (-100.0%), from €4,106 to €0
- Taxes +€2,466
up €2,466 (+66.0%), from €3,734 to €6,201
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 | €267,614 | €116,014 | -€151,600 | -56.6% |
| Fixed assets | 21/28 | €6,687 | €5,760 | -€926 | -13.9% |
| Tangible fixed assets | 22/27 | €6,687 | €5,760 | -€926 | -13.9% |
| Furniture and vehicles | 24 | €1,362 | €823 | -€539 | -39.6% |
| Other tangible fixed assets | 26 | €5,325 | €4,937 | -€388 | -7.3% |
| Current assets | 29/58 | €260,927 | €110,253 | -€150,674 | -57.7% |
| Amounts receivable within one year | 40/41 | €451 | €3,939 | +€3,489 | +773.8% |
| Trade receivables | 40 | - | €140 | +€140 | |
| Other amounts receivable | 41 | €451 | €3,799 | +€3,349 | +742.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €260,476 | €105,421 | -€155,056 | -59.5% |
| Deferred charges and accrued income | 490/1 | €0 | €893 | +€893 | |
| Total equity and liabilities | 10/49 | €267,614 | €116,014 | -€151,600 | -56.6% |
| Equity | 10/15 | €230,789 | €103,579 | -€127,210 | -55.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €228,289 | €101,079 | -€127,210 | -55.7% |
| Amounts payable | 17/49 | €36,825 | €12,435 | -€24,390 | -66.2% |
| Amounts payable within one year | 42/48 | €36,238 | €12,435 | -€23,803 | -65.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €20 | €1,673 | +€1,653 | +8264.6% |
| Suppliers | 440/4 | €20 | €1,673 | +€1,653 | +8264.6% |
| Taxes, remuneration and social security | 45 | €33,023 | €6,479 | -€26,544 | -80.4% |
| Taxes | 450/3 | €29,903 | €4,679 | -€25,224 | -84.4% |
| Remuneration and social security | 454/9 | €3,120 | €1,800 | -€1,320 | -42.3% |
| Other amounts payable | 47/48 | €3,195 | €4,283 | +€1,088 | +34.1% |
| Accrued charges and deferred income | 492/3 | €587 | €0 | -€587 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €887 | €926 | +€40 | +4.5% |
| Other operating charges | 640/8 | €695 | €725 | +€30 | +4.4% |
| Gross operating margin | 9900 | €16,708 | €33,265 | +€16,558 | +99.1% |
| Operating profit (loss) | 9901 | €15,126 | €31,613 | +€16,488 | +109.0% |
| Financial income | 75/76B | €4,106 | €0 | -€4,106 | -100.0% |
| Recurring financial income | 75 | €4,106 | €0 | -€4,106 | -100.0% |
| Financial charges | 65/66B | €2,030 | €1,790 | -€240 | -11.8% |
| Recurring financial charges | 65 | €2,030 | €1,790 | -€240 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €17,201 | €29,823 | +€12,622 | +73.4% |
| Income taxes | 67/77 | €3,734 | €6,201 | +€2,466 | +66.0% |
| Profit (loss) for the period | 9904 | €13,467 | €23,623 | +€10,156 | +75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,467 | €23,623 | +€10,156 | +75.4% |
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.