ADJ IMMO: 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.
ADJ IMMO
Largest movements
- Tangible fixed assets -€20,392
down €20,392 (-3.0%), from €677,423 to €657,030
- Receivables within one year +€12,580
up €12,580 (+50.3%), from €25,000 to €37,580
- Reserves -€13,298
down €13,298 (-2.6%), from €509,590 to €496,292
of which Tax-exempt reserves: -€13,298
- Profit (loss) carried forward +€8,515
up €8,515 (+9.9%), from -€85,921 to -€77,406
- Gross operating margin -€624,453
down €624,453 (-97.7%), from €638,895 to €14,442
- Depreciation +€6,917
up €6,917 (+51.3%), from €13,476 to €20,392
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 | €703,615 | €694,814 | -€8,801 | -1.3% |
| Fixed assets | 21/28 | €677,423 | €657,030 | -€20,392 | -3.0% |
| Tangible fixed assets | 22/27 | €677,423 | €657,030 | -€20,392 | -3.0% |
| Land and buildings | 22 | €677,423 | €657,030 | -€20,392 | -3.0% |
| Current assets | 29/58 | €26,193 | €37,784 | +€11,591 | +44.3% |
| Amounts receivable within one year | 40/41 | €25,000 | €37,580 | +€12,580 | +50.3% |
| Other amounts receivable | 41 | €25,000 | €37,580 | +€12,580 | +50.3% |
| Cash at bank and in hand | 54/58 | €1,193 | €204 | -€989 | -82.9% |
| Total equity and liabilities | 10/49 | €703,615 | €694,814 | -€8,801 | -1.3% |
| Equity | 10/15 | €546,088 | €541,305 | -€4,783 | -0.9% |
| Contributions | 10/11 | €122,419 | €122,419 | = | 0.0% |
| Reserves | 13 | €509,590 | €496,292 | -€13,298 | -2.6% |
| Non-distributable reserves | 130/1 | €48,246 | €48,246 | = | 0.0% |
| Other | 1319 | €48,246 | €48,246 | = | 0.0% |
| Tax-exempt reserves | 132 | €460,713 | €447,415 | -€13,298 | -2.9% |
| Distributable reserves | 133 | €631 | €631 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,921 | -€77,406 | +€8,515 | +9.9% |
| Provisions and deferred taxes | 16 | €153,571 | €149,138 | -€4,433 | -2.9% |
| Deferred taxes | 168 | €153,571 | €149,138 | -€4,433 | -2.9% |
| Amounts payable | 17/49 | €3,956 | €4,371 | +€414 | +10.5% |
| Amounts payable within one year | 42/48 | €3,956 | €4,371 | +€414 | +10.5% |
| Trade debts | 44 | €3,956 | €4,371 | +€414 | +10.5% |
| Suppliers | 440/4 | €3,956 | €4,371 | +€414 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,476 | €20,392 | +€6,917 | +51.3% |
| Other operating charges | 640/8 | €8,668 | €3,228 | -€5,441 | -62.8% |
| Gross operating margin | 9900 | €638,895 | €14,442 | -€624,453 | -97.7% |
| Operating profit (loss) | 9901 | €616,751 | -€9,178 | -€625,929 | |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €33 | €37 | +€5 | +14.2% |
| Recurring financial charges | 65 | €33 | €37 | +€5 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €616,742 | -€9,215 | -€625,958 | |
| Transfer from deferred taxes | 780 | €2,929 | €4,433 | +€1,503 | +51.3% |
| Transfer to deferred taxes | 680 | €156,500 | - | -€156,500 | |
| Profit (loss) for the period | 9904 | €463,171 | -€4,783 | -€467,954 | |
| Transfer from tax-exempt reserves | 789 | €8,787 | €13,298 | +€4,510 | +51.3% |
| Transfer to tax-exempt reserves | 689 | €469,500 | - | -€469,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,459 | €8,515 | +€6,056 | +246.3% |
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 4 October 2026 via checked.be.