ADJUVANS: 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.
ADJUVANS
Largest movements
- Receivables within one year +€35,550
up €35,550 (+65.2%), from €54,544 to €90,095
of which Trade receivables: +€33,880
- Cash -€26,315
down €26,315 (-41.8%), from €62,936 to €36,621
mainly Current portion of long-term debt (-€71,492) and Receivables within one year (-€35,550)
- Reserves +€76,852
up €76,852 (+9.3%), from €823,148 to €900,000
- Current portion of long-term debt -€71,492
down €71,492 (-49.7%), from €143,932 to €72,440
- Gross operating margin +€11,162
up €11,162 (+10.8%), from €103,136 to €114,297
- Taxes +€6,080
up €6,080 (+29.7%), from €20,500 to €26,580
- Financial charges +€1,916
up €1,916 (+25.3%), from €7,564 to €9,480
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 | €1,514,537 | €1,520,671 | +€6,134 | +0.4% |
| Fixed assets | 21/28 | €1,392,880 | €1,392,880 | = | 0.0% |
| Financial fixed assets | 28 | €1,392,880 | €1,392,880 | = | 0.0% |
| Current assets | 29/58 | €121,657 | €127,791 | +€6,134 | +5.0% |
| Amounts receivable within one year | 40/41 | €54,544 | €90,095 | +€35,550 | +65.2% |
| Trade receivables | 40 | €50,820 | €84,700 | +€33,880 | +66.7% |
| Other amounts receivable | 41 | €3,724 | €5,395 | +€1,670 | +44.8% |
| Cash at bank and in hand | 54/58 | €62,936 | €36,621 | -€26,315 | -41.8% |
| Deferred charges and accrued income | 490/1 | €4,176 | €1,075 | -€3,101 | -74.3% |
| Total equity and liabilities | 10/49 | €1,514,537 | €1,520,671 | +€6,134 | +0.4% |
| Equity | 10/15 | €973,148 | €1,050,131 | +€76,983 | +7.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €823,148 | €900,000 | +€76,852 | +9.3% |
| Distributable reserves | 133 | €823,148 | €900,000 | +€76,852 | +9.3% |
| Profit (loss) carried forward | 14 | - | €131 | +€131 | |
| Amounts payable | 17/49 | €541,389 | €470,540 | -€70,849 | -13.1% |
| Amounts payable after more than one year | 17 | €376,855 | €376,855 | = | 0.0% |
| Financial debts | 170/4 | €376,855 | €376,855 | = | 0.0% |
| Amounts payable within one year | 42/48 | €164,187 | €93,685 | -€70,502 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €143,932 | €72,440 | -€71,492 | -49.7% |
| Trade debts | 44 | €4,869 | €5,663 | +€795 | +16.3% |
| Suppliers | 440/4 | €4,869 | €5,663 | +€795 | +16.3% |
| Taxes, remuneration and social security | 45 | €4,338 | €13,124 | +€8,786 | +203% |
| Taxes | 450/3 | €2,675 | €13,124 | +€10,449 | +391% |
| Remuneration and social security | 454/9 | €1,663 | €0 | -€1,663 | -100% |
| Other amounts payable | 47/48 | €11,048 | €2,458 | -€8,590 | -77.8% |
| Accrued charges and deferred income | 492/3 | €348 | €0 | -€348 | -100% |
| Other operating charges | 640/8 | €1,158 | €1,253 | +€96 | +8.3% |
| Gross operating margin | 9900 | €103,136 | €114,297 | +€11,162 | +10.8% |
| Operating profit (loss) | 9901 | €101,978 | €113,044 | +€11,066 | +10.9% |
| Financial charges | 65/66B | €7,564 | €9,480 | +€1,916 | +25.3% |
| Recurring financial charges | 65 | €7,564 | €9,480 | +€1,916 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | €94,414 | €103,563 | +€9,150 | +9.7% |
| Income taxes | 67/77 | €20,500 | €26,580 | +€6,080 | +29.7% |
| Profit (loss) for the period | 9904 | €73,914 | €76,983 | +€3,069 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €73,914 | €76,983 | +€3,069 | +4.2% |
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 26 October 2026 via checked.be.