ADJ Construct: 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.
ADJ Construct
Largest movements
- Receivables within one year -€36,030
down €36,030 (-35.4%), from €101,793 to €65,763
of which Trade receivables: -€31,958
- Cash +€10,638
up €10,638 (+415,539%), from €3 to €10,640
mainly Receivables within one year (+€36,030) and Other debts (+€12,839)
- Tangible fixed assets -€8,031
down €8,031 (-41.4%), from €19,419 to €11,388
- Deferred charges and accrued income +€1,450
up €1,450 (+516%), from €281 to €1,731
- Trade debts -€53,003
down €53,003 (-64.5%), from €82,128 to €29,125
- Other debts +€12,839
new in 2025: €12,839
- Profit (loss) carried forward +€4,514
up €4,514 (+14.7%), from €30,636 to €35,150
- Tax, wage and social debts +€3,677
up €3,677 (+47.6%), from €7,731 to €11,408
- Gross operating margin -€24,797
down €24,797 (-61.4%), from €40,404 to €15,607
- Depreciation +€5,703
up €5,703 (+245%), from €2,327 to €8,031
- Taxes -€4,054
down €4,054 (-52.4%), from €7,731 to €3,677
- Financial income +€2,643
up €2,643 (+651%), from €406 to €3,049
- Other operating charges +€753
up €753 (+1,506%), from €50 to €803
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.
Derived cash bridge
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 | €121,495 | €89,522 | -€31,973 | -26.3% |
| Fixed assets | 21/28 | €19,419 | €11,388 | -€8,031 | -41.4% |
| Tangible fixed assets | 22/27 | €19,419 | €11,388 | -€8,031 | -41.4% |
| Furniture and vehicles | 24 | €19,419 | €11,388 | -€8,031 | -41.4% |
| Current assets | 29/58 | €102,076 | €78,134 | -€23,942 | -23.5% |
| Amounts receivable within one year | 40/41 | €101,793 | €65,763 | -€36,030 | -35.4% |
| Trade receivables | 40 | €93,948 | €61,990 | -€31,958 | -34.0% |
| Other amounts receivable | 41 | €7,844 | €3,773 | -€4,072 | -51.9% |
| Cash at bank and in hand | 54/58 | €3 | €10,640 | +€10,638 | +415,539% |
| Deferred charges and accrued income | 490/1 | €281 | €1,731 | +€1,450 | +516% |
| Total equity and liabilities | 10/49 | €121,495 | €89,522 | -€31,973 | -26.3% |
| Equity | 10/15 | €31,636 | €36,150 | +€4,514 | +14.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,636 | €35,150 | +€4,514 | +14.7% |
| Amounts payable | 17/49 | €89,859 | €53,372 | -€36,487 | -40.6% |
| Amounts payable within one year | 42/48 | €89,859 | €53,372 | -€36,487 | -40.6% |
| Trade debts | 44 | €82,128 | €29,125 | -€53,003 | -64.5% |
| Suppliers | 440/4 | €82,128 | €29,125 | -€53,003 | -64.5% |
| Taxes, remuneration and social security | 45 | €7,731 | €11,408 | +€3,677 | +47.6% |
| Taxes | 450/3 | €7,731 | €11,408 | +€3,677 | +47.6% |
| Other amounts payable | 47/48 | - | €12,839 | +€12,839 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,327 | €8,031 | +€5,703 | +245% |
| Other operating charges | 640/8 | €50 | €803 | +€753 | +1,506% |
| Non-recurring operating charges | 66A | - | €1,000 | +€1,000 | |
| Gross operating margin | 9900 | €40,404 | €15,607 | -€24,797 | -61.4% |
| Operating profit (loss) | 9901 | €38,027 | €5,773 | -€32,254 | -84.8% |
| Financial income | 75/76B | €406 | €3,049 | +€2,643 | +651% |
| Recurring financial income | 75 | €406 | €3,049 | +€2,643 | +651% |
| Financial charges | 65/66B | €66 | €631 | +€565 | +854% |
| Recurring financial charges | 65 | €66 | €631 | +€565 | +854% |
| Profit (loss) for the period before taxes | 9903 | €38,367 | €8,191 | -€30,176 | -78.7% |
| Income taxes | 67/77 | €7,731 | €3,677 | -€4,054 | -52.4% |
| Profit (loss) for the period | 9904 | €30,636 | €4,514 | -€26,121 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,636 | €4,514 | -€26,121 | -85.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.