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
- Cash -€74,534
down €74,534 (-55.5%), from €134,183 to €59,648
mainly Investment in fixed assets (net) (-€64,998) and Debts after one year (-€40,081)
- Tangible fixed assets +€44,672
up €44,672 (+10.4%), from €428,626 to €473,298
of which Land and buildings: +€45,224
- Receivables within one year +€38,058
up €38,058 (+111.6%), from €34,097 to €72,155
of which Trade receivables: +€19,718
- Receivables after one year -€16,722
down €16,722 (-21.1%), from €79,067 to €62,345
- Other debts +€73,523
up €73,523 (+48.2%), from €152,545 to €226,069
- Debts after one year -€40,081
down €40,081 (-22.1%), from €181,378 to €141,296
- Trade debts -€37,011
down €37,011 (-63.9%), from €57,938 to €20,928
- Accrued charges and deferred income -€10,841
down €10,841 (-15.1%), from €72,026 to €61,185
- Reserves +€10,275
up €10,275 (+10.2%), from €100,734 to €111,010
of which Distributable reserves: +€6,223
- Gross operating margin -€104,335
down €104,335 (-62.5%), from €166,859 to €62,524
- Other operating charges +€12,293
up €12,293 (+136.9%), from €8,977 to €21,271
- Taxes +€8,380
up €8,380 (+255.6%), from €3,278 to €11,658
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 | €692,112 | €687,415 | -€4,696 | -0.7% |
| Formation expenses | 20 | €930 | €5,719 | +€4,789 | +514.9% |
| Fixed assets | 21/28 | €428,626 | €473,298 | +€44,672 | +10.4% |
| Tangible fixed assets | 22/27 | €428,626 | €473,298 | +€44,672 | +10.4% |
| Land and buildings | 22 | €426,520 | €471,745 | +€45,224 | +10.6% |
| Plant, machinery and equipment | 23 | €2,106 | €1,553 | -€552 | -26.2% |
| Current assets | 29/58 | €262,555 | €208,398 | -€54,157 | -20.6% |
| Amounts receivable after more than one year | 29 | €79,067 | €62,345 | -€16,722 | -21.1% |
| Other amounts receivable | 291 | €79,067 | €62,345 | -€16,722 | -21.1% |
| Amounts receivable within one year | 40/41 | €34,097 | €72,155 | +€38,058 | +111.6% |
| Trade receivables | 40 | €22,944 | €42,662 | +€19,718 | +85.9% |
| Other amounts receivable | 41 | €11,153 | €29,494 | +€18,340 | +164.4% |
| Cash at bank and in hand | 54/58 | €134,183 | €59,648 | -€74,534 | -55.5% |
| Deferred charges and accrued income | 490/1 | €15,208 | €14,250 | -€959 | -6.3% |
| Total equity and liabilities | 10/49 | €692,112 | €687,415 | -€4,696 | -0.7% |
| Equity | 10/15 | €152,959 | €163,234 | +€10,275 | +6.7% |
| Contributions | 10/11 | €31,100 | €31,100 | = | 0.0% |
| Reserves | 13 | €100,734 | €111,010 | +€10,275 | +10.2% |
| Tax-exempt reserves | 132 | €97,286 | €101,338 | +€4,053 | +4.2% |
| Distributable reserves | 133 | €3,449 | €9,672 | +€6,223 | +180.4% |
| Profit (loss) carried forward | 14 | €21,124 | €21,124 | = | 0.0% |
| Provisions and deferred taxes | 16 | €31,207 | €30,341 | -€866 | -2.8% |
| Deferred taxes | 168 | €31,207 | €30,341 | -€866 | -2.8% |
| Amounts payable | 17/49 | €507,946 | €493,840 | -€14,106 | -2.8% |
| Amounts payable after more than one year | 17 | €181,378 | €141,296 | -€40,081 | -22.1% |
| Financial debts | 170/4 | €181,378 | €141,296 | -€40,081 | -22.1% |
| Amounts payable within one year | 42/48 | €254,542 | €291,360 | +€36,817 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €38,806 | €41,813 | +€3,007 | +7.7% |
| Trade debts | 44 | €57,938 | €20,928 | -€37,011 | -63.9% |
| Suppliers | 440/4 | €57,938 | €20,928 | -€37,011 | -63.9% |
| Taxes, remuneration and social security | 45 | €5,252 | €2,550 | -€2,702 | -51.4% |
| Taxes | 450/3 | €5,252 | €2,550 | -€2,702 | -51.4% |
| Other amounts payable | 47/48 | €152,545 | €226,069 | +€73,523 | +48.2% |
| Accrued charges and deferred income | 492/3 | €72,026 | €61,185 | -€10,841 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,460 | €15,537 | -€924 | -5.6% |
| Other operating charges | 640/8 | €8,977 | €21,271 | +€12,293 | +136.9% |
| Gross operating margin | 9900 | €166,859 | €62,524 | -€104,335 | -62.5% |
| Operating profit (loss) | 9901 | €141,421 | €25,716 | -€115,705 | -81.8% |
| Financial income | 75/76B | €795 | €1,115 | +€321 | +40.3% |
| Recurring financial income | 75 | €795 | €1,115 | +€321 | +40.3% |
| Financial charges | 65/66B | €6,996 | €5,763 | -€1,232 | -17.6% |
| Recurring financial charges | 65 | €6,996 | €5,763 | -€1,232 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €135,220 | €21,068 | -€114,152 | -84.4% |
| Transfer from deferred taxes | 780 | €2,082 | €866 | -€1,216 | -58.4% |
| Transfer to deferred taxes | 680 | €33,289 | - | -€33,289 | |
| Income taxes | 67/77 | €3,278 | €11,658 | +€8,380 | +255.6% |
| Profit (loss) for the period | 9904 | €100,734 | €10,275 | -€90,459 | -89.8% |
| Transfer from tax-exempt reserves | 789 | €6,246 | €2,598 | -€3,649 | -58.4% |
| Transfer to tax-exempt reserves | 689 | €103,532 | €6,650 | -€96,882 | -93.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,449 | €6,223 | +€2,774 | +80.4% |
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 29 September 2026 via checked.be.