ADJUST: 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.
ADJUST
Largest movements
- Cash +€66,063
up €66,063 (+44.9%), from €146,974 to €213,036
mainly Other debts (+€156,109) and Net result for the year (+€101,092)
- Tangible fixed assets -€38,154
down €38,154 (-8.5%), from €450,587 to €412,432
of which Land and buildings: -€22,934
- Receivables within one year -€8,917
down €8,917 (-12.9%), from €69,292 to €60,375
of which Other amounts receivable: -€4,817
- Other debts +€156,109
up €156,109 (+114.9%), from €135,865 to €291,974
- Reserves -€100,975
down €100,975 (-36.4%), from €277,750 to €176,775
of which Distributable reserves: -€100,975
- Debts after one year -€29,780
down €29,780 (-10.1%), from €295,494 to €265,714
- Gross operating margin +€49,697
up €49,697 (+32.5%), from €152,889 to €202,585
- Taxes +€15,238
up €15,238 (+50.7%), from €30,026 to €45,264
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 | €773,365 | €797,426 | +€24,061 | +3.1% |
| Fixed assets | 21/28 | €450,587 | €413,857 | -€36,730 | -8.2% |
| Intangible fixed assets | 21 | - | €1,425 | +€1,425 | |
| Tangible fixed assets | 22/27 | €450,587 | €412,432 | -€38,154 | -8.5% |
| Land and buildings | 22 | €302,351 | €279,418 | -€22,934 | -7.6% |
| Plant, machinery and equipment | 23 | €1,106 | €982 | -€124 | -11.2% |
| Furniture and vehicles | 24 | €120,726 | €107,152 | -€13,575 | -11.2% |
| Other tangible fixed assets | 26 | €26,403 | €24,881 | -€1,522 | -5.8% |
| Current assets | 29/58 | €322,778 | €383,569 | +€60,790 | +18.8% |
| Amounts receivable within one year | 40/41 | €69,292 | €60,375 | -€8,917 | -12.9% |
| Trade receivables | 40 | €59,318 | €55,218 | -€4,101 | -6.9% |
| Other amounts receivable | 41 | €9,974 | €5,157 | -€4,817 | -48.3% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €146,974 | €213,036 | +€66,063 | +44.9% |
| Deferred charges and accrued income | 490/1 | €6,512 | €10,158 | +€3,645 | +56.0% |
| Total equity and liabilities | 10/49 | €773,365 | €797,426 | +€24,061 | +3.1% |
| Equity | 10/15 | €296,350 | €195,375 | -€100,975 | -34.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €277,750 | €176,775 | -€100,975 | -36.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €275,890 | €174,915 | -€100,975 | -36.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €477,015 | €602,051 | +€125,036 | +26.2% |
| Amounts payable after more than one year | 17 | €295,494 | €265,714 | -€29,780 | -10.1% |
| Financial debts | 170/4 | €295,494 | €265,714 | -€29,780 | -10.1% |
| Amounts payable within one year | 42/48 | €181,521 | €336,337 | +€154,816 | +85.3% |
| Current portion of amounts payable after more than one year | 42 | €29,385 | €29,780 | +€395 | +1.3% |
| Trade debts | 44 | €2,696 | €269 | -€2,427 | -90.0% |
| Suppliers | 440/4 | €2,696 | €269 | -€2,427 | -90.0% |
| Taxes, remuneration and social security | 45 | €13,575 | €14,314 | +€739 | +5.4% |
| Taxes | 450/3 | €13,575 | €14,314 | +€739 | +5.4% |
| Other amounts payable | 47/48 | €135,865 | €291,974 | +€156,109 | +114.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,758 | €47,195 | +€437 | +0.9% |
| Other operating charges | 640/8 | €5,407 | €6,365 | +€958 | +17.7% |
| Gross operating margin | 9900 | €152,889 | €202,585 | +€49,697 | +32.5% |
| Operating profit (loss) | 9901 | €100,723 | €149,025 | +€48,301 | +48.0% |
| Financial income | 75/76B | €4,275 | €2,604 | -€1,671 | -39.1% |
| Recurring financial income | 75 | €4,275 | €2,604 | -€1,671 | -39.1% |
| Financial charges | 65/66B | €5,555 | €5,272 | -€283 | -5.1% |
| Recurring financial charges | 65 | €5,555 | €5,272 | -€283 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €99,444 | €146,357 | +€46,913 | +47.2% |
| Income taxes | 67/77 | €30,026 | €45,264 | +€15,238 | +50.7% |
| Profit (loss) for the period | 9904 | €69,418 | €101,092 | +€31,675 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,418 | €101,092 | +€31,675 | +45.6% |
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 10 October 2026 via checked.be.