ADJUGO: 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.
ADJUGO
Largest movements
- Receivables within one year +€50,447
up €50,447 (+66.9%), from €75,456 to €125,903
of which Other amounts receivable: +€27,140
- Cash -€15,074
down €15,074 (-36.8%), from €41,003 to €25,928
mainly Receivables within one year (-€50,447) and Tax, wage and social debts (-€7,829)
- Tangible fixed assets -€2,776
down €2,776 (-100.0%), from €2,776 to €0
of which Plant, machinery and equipment: -€2,565
- Trade debts +€25,223
up €25,223 (+86.2%), from €29,248 to €54,471
- Profit (loss) carried forward +€16,131
up €16,131, from -€3,050 to €13,081
- Tax, wage and social debts -€7,829
down €7,829 (-77.4%), from €10,119 to €2,290
of which Taxes: -€7,829
- Staff costs -€305,932
down €305,932 (-99.9%), from €306,085 to €153
- Gross operating margin -€251,193
down €251,193 (-86.3%), from €291,112 to €39,919
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 | €121,699 | €154,140 | +€32,442 | +26.7% |
| Fixed assets | 21/28 | €5,036 | €2,260 | -€2,776 | -55.1% |
| Tangible fixed assets | 22/27 | €2,776 | €0 | -€2,776 | -100.0% |
| Plant, machinery and equipment | 23 | €2,565 | €0 | -€2,565 | -100.0% |
| Furniture and vehicles | 24 | €212 | €0 | -€212 | -100.0% |
| Financial fixed assets | 28 | €2,260 | €2,260 | = | 0.0% |
| Current assets | 29/58 | €116,662 | €151,880 | +€35,218 | +30.2% |
| Amounts receivable within one year | 40/41 | €75,456 | €125,903 | +€50,447 | +66.9% |
| Trade receivables | 40 | €64,646 | €87,953 | +€23,307 | +36.1% |
| Other amounts receivable | 41 | €10,810 | €37,950 | +€27,140 | +251.1% |
| Current investments | 50/53 | €159 | €2 | -€157 | -98.6% |
| Cash at bank and in hand | 54/58 | €41,003 | €25,928 | -€15,074 | -36.8% |
| Deferred charges and accrued income | 490/1 | €44 | €47 | +€3 | +5.8% |
| Total equity and liabilities | 10/49 | €121,699 | €154,140 | +€32,442 | +26.7% |
| Equity | 10/15 | €71,000 | €87,131 | +€16,131 | +22.7% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €9,050 | €9,050 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,550 | €2,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,050 | €13,081 | +€16,131 | |
| Amounts payable | 17/49 | €50,698 | €67,009 | +€16,311 | +32.2% |
| Amounts payable within one year | 42/48 | €50,698 | €67,009 | +€16,311 | +32.2% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €10,000 | = | 0.0% |
| Financial debts | 43 | €1,331 | €248 | -€1,083 | -81.4% |
| Credit institutions | 430/8 | €1,331 | €248 | -€1,083 | -81.4% |
| Trade debts | 44 | €29,248 | €54,471 | +€25,223 | +86.2% |
| Suppliers | 440/4 | €29,248 | €54,471 | +€25,223 | +86.2% |
| Taxes, remuneration and social security | 45 | €10,119 | €2,290 | -€7,829 | -77.4% |
| Taxes | 450/3 | €10,119 | €2,290 | -€7,829 | -77.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €33 | +€33 | |
| Remuneration, social security and pensions | 62 | €306,085 | €153 | -€305,932 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,357 | €212 | -€1,145 | -84.4% |
| Other operating charges | 640/8 | €1,705 | €1,475 | -€230 | -13.5% |
| Non-recurring operating charges | 66A | €108 | €17,860 | +€17,752 | +16452.4% |
| Gross operating margin | 9900 | €291,112 | €39,919 | -€251,193 | -86.3% |
| Operating profit (loss) | 9901 | -€18,143 | €20,219 | +€38,362 | |
| Financial income | 75/76B | €2 | €35 | +€33 | +1962.5% |
| Recurring financial income | 75 | €2 | €35 | +€33 | +1962.5% |
| Financial charges | 65/66B | €4,270 | €2,381 | -€1,890 | -44.2% |
| Recurring financial charges | 65 | €4,270 | €2,381 | -€1,890 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | -€22,412 | €17,873 | +€40,285 | |
| Income taxes | 67/77 | €1,038 | €1,742 | +€704 | +67.9% |
| Profit (loss) for the period | 9904 | -€23,450 | €16,131 | +€39,580 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,450 | €16,131 | +€39,580 |
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 8 October 2026 via checked.be.