ADJUGO HOLDING: 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.
ADJUGO HOLDING
Largest movements
- Receivables within one year -€15,824
down €15,824 (-22.8%), from €69,388 to €53,565
of which Other amounts receivable: -€34,015
- Cash -€13,146
down €13,146 (-51.5%), from €25,540 to €12,394
mainly Other debts (-€69,270) and Short-term financial debts (-€15,057)
- Other debts -€69,270
down €69,270 (-49.3%), from €140,641 to €71,371
- Reserves +€45,841
up €45,841 (+7.7%), from €595,367 to €641,208
of which Distributable reserves: +€51,466
- Short-term financial debts -€15,057
down €15,057 (-60.1%), from €25,057 to €10,000
- Gross operating margin +€36,569
up €36,569 (+74.2%), from €49,283 to €85,852
- Taxes +€8,761
up €8,761 (+96.1%), from €9,118 to €17,879
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 | €1,072,940 | €1,044,541 | -€28,399 | -2.6% |
| Fixed assets | 21/28 | €978,012 | €978,012 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €978,012 | €978,012 | = | 0.0% |
| Current assets | 29/58 | €94,928 | €66,529 | -€28,399 | -29.9% |
| Amounts receivable within one year | 40/41 | €69,388 | €53,565 | -€15,824 | -22.8% |
| Trade receivables | 40 | €9,128 | €27,320 | +€18,192 | +199% |
| Other amounts receivable | 41 | €60,260 | €26,245 | -€34,015 | -56.4% |
| Cash at bank and in hand | 54/58 | €25,540 | €12,394 | -€13,146 | -51.5% |
| Deferred charges and accrued income | 490/1 | - | €570 | +€570 | |
| Total equity and liabilities | 10/49 | €1,072,940 | €1,044,541 | -€28,399 | -2.6% |
| Equity | 10/15 | €690,099 | €735,940 | +€45,841 | +6.6% |
| Contributions | 10/11 | €56,250 | €56,250 | = | 0.0% |
| Reserves | 13 | €595,367 | €641,208 | +€45,841 | +7.7% |
| Non-distributable reserves | 130/1 | €5,625 | €0 | -€5,625 | -100% |
| Reserves not available under the articles | 1311 | €5,625 | €0 | -€5,625 | -100% |
| Distributable reserves | 133 | €589,742 | €641,208 | +€51,466 | +8.7% |
| Profit (loss) carried forward | 14 | €38,482 | €38,482 | = | 0.0% |
| Amounts payable | 17/49 | €382,841 | €308,601 | -€74,239 | -19.4% |
| Amounts payable after more than one year | 17 | €197,159 | €197,159 | = | 0.0% |
| Financial debts | 170/4 | €197,159 | €197,159 | = | 0.0% |
| Amounts payable within one year | 42/48 | €185,682 | €111,442 | -€74,239 | -40.0% |
| Financial debts | 43 | €25,057 | €10,000 | -€15,057 | -60.1% |
| Credit institutions | 430/8 | €25,057 | €10,000 | -€15,057 | -60.1% |
| Trade debts | 44 | €5,428 | €9,492 | +€4,063 | +74.9% |
| Suppliers | 440/4 | €5,428 | €9,492 | +€4,063 | +74.9% |
| Taxes, remuneration and social security | 45 | €14,556 | €20,579 | +€6,024 | +41.4% |
| Taxes | 450/3 | €11,575 | €17,610 | +€6,035 | +52.1% |
| Remuneration and social security | 454/9 | €2,981 | €2,970 | -€11 | -0.4% |
| Other amounts payable | 47/48 | €140,641 | €71,371 | -€69,270 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100 | €0 | -€100 | -100% |
| Other operating charges | 640/8 | €1,267 | €1,160 | -€107 | -8.5% |
| Non-recurring operating charges | 66A | - | €18,880 | +€18,880 | |
| Gross operating margin | 9900 | €49,283 | €85,852 | +€36,569 | +74.2% |
| Operating profit (loss) | 9901 | €47,916 | €65,812 | +€17,896 | +37.3% |
| Financial charges | 65/66B | €2,487 | €2,092 | -€395 | -15.9% |
| Recurring financial charges | 65 | €2,487 | €2,092 | -€395 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €45,429 | €63,720 | +€18,291 | +40.3% |
| Income taxes | 67/77 | €9,118 | €17,879 | +€8,761 | +96.1% |
| Profit (loss) for the period | 9904 | €36,310 | €45,841 | +€9,530 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,310 | €45,841 | +€9,530 | +26.2% |
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 29 October 2026 via checked.be.