ADEQUATION: 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.
ADEQUATION
Largest movements
- Cash -€275,558
down €275,558 (-80.0%), from €344,568 to €69,010
mainly Current investments (-€177,543) and Stocks and contracts (-€131,425)
- Current investments +€177,543
up €177,543 (+54.1%), from €328,215 to €505,759
- Stocks and contracts +€131,425
up €131,425 (+327.7%), from €40,100 to €171,525
- Receivables within one year -€114,122
down €114,122 (-60.2%), from €189,587 to €75,465
of which Other amounts receivable: -€71,230
- Tangible fixed assets +€25,350
up €25,350 (+32.1%), from €79,083 to €104,434
of which Furniture and vehicles: +€26,424
- Debts after one year +€127,346
new in 2025: €127,346
- Reserves -€120,054
down €120,054 (-14.9%), from €803,851 to €683,797
- Trade debts -€34,595
down €34,595 (-36.8%), from €94,079 to €59,484
- Current portion of long-term debt -€14,329
no longer reported in 2025 (was €14,329)
- Tax, wage and social debts -€11,856
no longer reported in 2025 (was €11,856)
- Gross operating margin -€423,975
down €423,975, from €332,710 to -€91,265
- Other operating charges -€49,980
down €49,980 (-76.5%), from €65,295 to €15,315
- Taxes -€10,424
no longer reported in 2025 (was €10,424)
- Financial income +€4,528
up €4,528 (+88.7%), from €5,107 to €9,635
of which Financial income: +€4,319
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 | €986,116 | €932,627 | -€53,489 | -5.4% |
| Fixed assets | 21/28 | €82,235 | €107,586 | +€25,350 | +30.8% |
| Tangible fixed assets | 22/27 | €79,083 | €104,434 | +€25,350 | +32.1% |
| Plant, machinery and equipment | 23 | €228 | €76 | -€152 | -66.7% |
| Furniture and vehicles | 24 | €75,931 | €102,355 | +€26,424 | +34.8% |
| Other tangible fixed assets | 26 | €2,924 | €2,003 | -€921 | -31.5% |
| Financial fixed assets | 28 | €3,152 | €3,152 | = | 0.0% |
| Current assets | 29/58 | €903,881 | €825,042 | -€78,839 | -8.7% |
| Stocks and contracts in progress | 3 | €40,100 | €171,525 | +€131,425 | +327.7% |
| Stocks | 30/36 | €40,100 | €171,525 | +€131,425 | +327.7% |
| Amounts receivable within one year | 40/41 | €189,587 | €75,465 | -€114,122 | -60.2% |
| Trade receivables | 40 | €91,017 | €48,124 | -€42,893 | -47.1% |
| Other amounts receivable | 41 | €98,570 | €27,340 | -€71,230 | -72.3% |
| Current investments | 50/53 | €328,215 | €505,759 | +€177,543 | +54.1% |
| Cash at bank and in hand | 54/58 | €344,568 | €69,010 | -€275,558 | -80.0% |
| Deferred charges and accrued income | 490/1 | €1,410 | €3,283 | +€1,873 | +132.8% |
| Total equity and liabilities | 10/49 | €986,116 | €932,627 | -€53,489 | -5.4% |
| Equity | 10/15 | €865,851 | €745,797 | -€120,054 | -13.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €803,851 | €683,797 | -€120,054 | -14.9% |
| Distributable reserves | 133 | €803,851 | €683,797 | -€120,054 | -14.9% |
| Amounts payable | 17/49 | €120,265 | €186,830 | +€66,565 | +55.3% |
| Amounts payable after more than one year | 17 | - | €127,346 | +€127,346 | |
| Financial debts | 170/4 | - | €127,346 | +€127,346 | |
| Amounts payable within one year | 42/48 | €120,265 | €59,484 | -€60,781 | -50.5% |
| Current portion of amounts payable after more than one year | 42 | €14,329 | - | -€14,329 | |
| Trade debts | 44 | €94,079 | €59,484 | -€34,595 | -36.8% |
| Suppliers | 440/4 | €94,079 | €59,484 | -€34,595 | -36.8% |
| Taxes, remuneration and social security | 45 | €11,856 | - | -€11,856 | |
| Taxes | 450/3 | €11,856 | - | -€11,856 | |
| Remuneration, social security and pensions | 62 | -€60 | - | +€60 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,389 | €20,548 | +€2,159 | +11.7% |
| Other operating charges | 640/8 | €65,295 | €15,315 | -€49,980 | -76.5% |
| Non-recurring operating charges | 66A | €136,822 | €1,000 | -€135,822 | -99.3% |
| Gross operating margin | 9900 | €332,710 | -€91,265 | -€423,975 | |
| Operating profit (loss) | 9901 | €112,263 | -€128,127 | -€240,391 | |
| Financial income | 75/76B | €5,107 | €9,635 | +€4,528 | +88.7% |
| Recurring financial income | 75 | €5,107 | €9,425 | +€4,319 | +84.6% |
| Non-recurring financial income | 76B | - | €209 | +€209 | |
| Financial charges | 65/66B | €2,712 | €1,561 | -€1,151 | -42.4% |
| Recurring financial charges | 65 | €2,712 | €1,561 | -€1,151 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €114,658 | -€120,054 | -€234,712 | |
| Income taxes | 67/77 | €10,424 | - | -€10,424 | |
| Profit (loss) for the period | 9904 | €104,235 | -€120,054 | -€224,289 | |
| Profit (loss) for the period to be appropriated | 9905 | €104,235 | -€120,054 | -€224,289 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.