ADFM-SARASSUR: what changed
ADFM-SARASSUR
Largest movements
- Tangible fixed assets -€5,437
down €5,437 (-29.5%), from €18,434 to €12,997
- Deferred charges and accrued income -€2,806
no longer reported in 2025 (was €2,806)
- Cash -€2,245
down €2,245 (-83.2%), from €2,700 to €454
mainly Other debts (-€27,407) and Debts after one year (-€8,271)
- Formation expenses -€861
down €861 (-40.0%), from €2,151 to €1,290
- Other debts -€27,407
down €27,407 (-59.1%), from €46,388 to €18,981
- Profit (loss) carried forward +€21,561
up €21,561 (+58.0%), from -€37,143 to -€15,582
- Debts after one year -€8,271
down €8,271 (-44.0%), from €18,789 to €10,517
- Current portion of long-term debt +€3,275
up €3,275 (+381%), from €860 to €4,136
- Trade debts -€531
down €531 (-35.5%), from €1,495 to €964
- Gross operating margin +€27,137
up €27,137 (+456%), from €5,951 to €33,087
- Staff costs -€3,984
down €3,984 (-75.6%), from €5,271 to €1,288
- Other operating charges -€1,351
down €1,351 (-51.9%), from €2,603 to €1,252
- Depreciation -€1,278
down €1,278 (-13.6%), from €9,384 to €8,106
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,923 | €21,515 | -€11,407 | -34.6% |
| Formation expenses | 20 | €2,151 | €1,290 | -€861 | -40.0% |
| Fixed assets | 21/28 | €19,666 | €14,171 | -€5,495 | -27.9% |
| Intangible fixed assets | 21 | €1,232 | €1,174 | -€58 | -4.7% |
| Tangible fixed assets | 22/27 | €18,434 | €12,997 | -€5,437 | -29.5% |
| Furniture and vehicles | 24 | €18,434 | €12,997 | -€5,437 | -29.5% |
| Current assets | 29/58 | €11,106 | €6,054 | -€5,051 | -45.5% |
| Amounts receivable within one year | 40/41 | €5,600 | €5,600 | = | 0.0% |
| Other amounts receivable | 41 | €5,600 | €5,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,700 | €454 | -€2,245 | -83.2% |
| Deferred charges and accrued income | 490/1 | €2,806 | - | -€2,806 | |
| Total equity and liabilities | 10/49 | €32,923 | €21,515 | -€11,407 | -34.6% |
| Equity | 10/15 | -€34,643 | -€13,082 | +€21,561 | +62.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Capital | 10 | €2,500 | €2,500 | = | 0.0% |
| Issued capital | 100 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,143 | -€15,582 | +€21,561 | +58.0% |
| Amounts payable | 17/49 | €67,566 | €34,598 | -€32,968 | -48.8% |
| Amounts payable after more than one year | 17 | €18,789 | €10,517 | -€8,271 | -44.0% |
| Financial debts | 170/4 | €18,789 | €10,517 | -€8,271 | -44.0% |
| Amounts payable within one year | 42/48 | €48,777 | €24,080 | -€24,697 | -50.6% |
| Current portion of amounts payable after more than one year | 42 | €860 | €4,136 | +€3,275 | +381% |
| Financial debts | 43 | €28 | - | -€28 | |
| Credit institutions | 430/8 | €28 | - | -€28 | |
| Trade debts | 44 | €1,495 | €964 | -€531 | -35.5% |
| Suppliers | 440/4 | €1,495 | €964 | -€531 | -35.5% |
| Taxes, remuneration and social security | 45 | €5 | - | -€5 | |
| Remuneration and social security | 454/9 | €5 | - | -€5 | |
| Other amounts payable | 47/48 | €46,388 | €18,981 | -€27,407 | -59.1% |
| Remuneration, social security and pensions | 62 | €5,271 | €1,288 | -€3,984 | -75.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,384 | €8,106 | -€1,278 | -13.6% |
| Other operating charges | 640/8 | €2,603 | €1,252 | -€1,351 | -51.9% |
| Gross operating margin | 9900 | €5,951 | €33,087 | +€27,137 | +456% |
| Operating profit (loss) | 9901 | -€11,308 | €22,441 | +€33,749 | |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €1,085 | €881 | -€205 | -18.9% |
| Recurring financial charges | 65 | €1,085 | €881 | -€205 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,387 | €21,561 | +€33,948 | |
| Income taxes | 67/77 | €35 | - | -€35 | |
| Profit (loss) for the period | 9904 | -€12,421 | €21,561 | +€33,982 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,421 | €21,561 | +€33,982 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.