ADJ FLEX & FOAM: 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 FLEX & FOAM
Largest movements
- Current investments +€300,000
up €300,000 (+150%), from €200,000 to €500,000
- Cash -€41,445
down €41,445 (-20.9%), from €198,231 to €156,786
mainly Current investments (-€300,000) and Investment in fixed assets (net) (-€94,124)
- Tangible fixed assets +€39,089
up €39,089 (+7.5%), from €523,421 to €562,510
of which Land and buildings: +€29,187
- Receivables within one year +€32,936
up €32,936 (+49.4%), from €66,692 to €99,628
of which Trade receivables: +€32,936
- Reserves +€187,860
up €187,860 (+31.5%), from €597,292 to €785,152
of which Distributable reserves: +€173,711
- Tax, wage and social debts +€102,680
up €102,680 (+256%), from €40,151 to €142,831
of which Taxes: +€102,652
- Trade debts +€85,704
up €85,704 (+91.8%), from €93,403 to €179,108
- Debts after one year -€46,590
down €46,590 (-22.6%), from €205,977 to €159,387
- Gross operating margin +€114,237
up €114,237 (+36.2%), from €316,005 to €430,242
- Taxes +€29,104
up €29,104 (+36.4%), from €79,907 to €109,011
- Depreciation +€18,006
up €18,006 (+48.6%), from €37,030 to €55,035
- Financial income -€5,912
down €5,912 (-68.8%), from €8,599 to €2,687
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 | €1,038,632 | €1,371,404 | +€332,772 | +32.0% |
| Fixed assets | 21/28 | €523,421 | €562,510 | +€39,089 | +7.5% |
| Tangible fixed assets | 22/27 | €523,421 | €562,510 | +€39,089 | +7.5% |
| Land and buildings | 22 | €448,676 | €477,863 | +€29,187 | +6.5% |
| Plant, machinery and equipment | 23 | €16,266 | €16,951 | +€685 | +4.2% |
| Furniture and vehicles | 24 | €13,834 | €36,256 | +€22,422 | +162% |
| Leasing and similar rights | 25 | €44,645 | €31,440 | -€13,205 | -29.6% |
| Current assets | 29/58 | €515,211 | €808,894 | +€293,683 | +57.0% |
| Stocks and contracts in progress | 3 | €47,066 | €49,932 | +€2,866 | +6.1% |
| Stocks | 30/36 | €47,066 | €49,932 | +€2,866 | +6.1% |
| Amounts receivable within one year | 40/41 | €66,692 | €99,628 | +€32,936 | +49.4% |
| Trade receivables | 40 | €64,875 | €97,811 | +€32,936 | +50.8% |
| Other amounts receivable | 41 | €1,817 | €1,817 | = | 0.0% |
| Current investments | 50/53 | €200,000 | €500,000 | +€300,000 | +150% |
| Cash at bank and in hand | 54/58 | €198,231 | €156,786 | -€41,445 | -20.9% |
| Deferred charges and accrued income | 490/1 | €3,222 | €2,548 | -€674 | -20.9% |
| Total equity and liabilities | 10/49 | €1,038,632 | €1,371,404 | +€332,772 | +32.0% |
| Equity | 10/15 | €609,692 | €797,552 | +€187,860 | +30.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €597,292 | €785,152 | +€187,860 | +31.5% |
| Tax-exempt reserves | 132 | - | €14,149 | +€14,149 | |
| Distributable reserves | 133 | €597,292 | €771,003 | +€173,711 | +29.1% |
| Provisions and deferred taxes | 16 | - | €4,716 | +€4,716 | |
| Deferred taxes | 168 | - | €4,716 | +€4,716 | |
| Amounts payable | 17/49 | €428,940 | €569,136 | +€140,195 | +32.7% |
| Amounts payable after more than one year | 17 | €205,977 | €159,387 | -€46,590 | -22.6% |
| Financial debts | 170/4 | €205,977 | €159,387 | -€46,590 | -22.6% |
| Amounts payable within one year | 42/48 | €222,542 | €409,423 | +€186,881 | +84.0% |
| Current portion of amounts payable after more than one year | 42 | €49,065 | €46,590 | -€2,476 | -5.0% |
| Trade debts | 44 | €93,403 | €179,108 | +€85,704 | +91.8% |
| Suppliers | 440/4 | €93,403 | €179,108 | +€85,704 | +91.8% |
| Taxes, remuneration and social security | 45 | €40,151 | €142,831 | +€102,680 | +256% |
| Taxes | 450/3 | €38,179 | €140,831 | +€102,652 | +269% |
| Remuneration and social security | 454/9 | €1,973 | €2,000 | +€27 | +1.4% |
| Other amounts payable | 47/48 | €39,923 | €40,895 | +€972 | +2.4% |
| Accrued charges and deferred income | 492/3 | €421 | €326 | -€96 | -22.7% |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,030 | €55,035 | +€18,006 | +48.6% |
| Other operating charges | 640/8 | €3,301 | €3,295 | -€6 | -0.2% |
| Gross operating margin | 9900 | €316,005 | €430,242 | +€114,237 | +36.2% |
| Operating profit (loss) | 9901 | €275,674 | €371,911 | +€96,237 | +34.9% |
| Financial income | 75/76B | €8,599 | €2,687 | -€5,912 | -68.8% |
| Recurring financial income | 75 | €8,599 | €2,687 | -€5,912 | -68.8% |
| Financial charges | 65/66B | €16,745 | €14,803 | -€1,942 | -11.6% |
| Recurring financial charges | 65 | €16,745 | €14,803 | -€1,942 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €267,528 | €359,795 | +€92,268 | +34.5% |
| Transfer from deferred taxes | 780 | - | €284 | +€284 | |
| Transfer to deferred taxes | 680 | - | €5,000 | +€5,000 | |
| Income taxes | 67/77 | €79,907 | €109,011 | +€29,104 | +36.4% |
| Profit (loss) for the period | 9904 | €187,621 | €246,069 | +€58,448 | +31.2% |
| Transfer from tax-exempt reserves | 789 | - | €851 | +€851 | |
| Transfer to tax-exempt reserves | 689 | - | €15,000 | +€15,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €187,621 | €231,920 | +€44,299 | +23.6% |
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 15 October 2026 via checked.be.