ADSAM: 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.
ADSAM
Largest movements
- Cash +€29,082
up €29,082 (+27.0%), from €107,759 to €136,841
mainly Net result for the year (+€23,109) and Receivables within one year (+€20,724)
- Receivables within one year -€20,724
down €20,724 (-31.3%), from €66,285 to €45,560
of which Trade receivables: -€26,699
- Profit (loss) carried forward +€23,109
up €23,109 (+39.7%), from €58,258 to €81,367
- Trade debts -€11,748
down €11,748 (-34.5%), from €34,008 to €22,260
- Other debts -€7,302
down €7,302 (-10.7%), from €68,366 to €61,065
- Gross operating margin -€37,440
down €37,440 (-51.5%), from €72,710 to €35,270
- Taxes +€2,595
up €2,595 (+52.5%), from €4,944 to €7,539
- Depreciation -€2,486
down €2,486 (-58.1%), from €4,276 to €1,790
- Financial charges +€1,591
up €1,591 (+2783.0%), from €57 to €1,648
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 | €184,984 | €190,220 | +€5,236 | +2.8% |
| Fixed assets | 21/28 | €7,117 | €6,315 | -€803 | -11.3% |
| Tangible fixed assets | 22/27 | €6,317 | €5,515 | -€803 | -12.7% |
| Plant, machinery and equipment | 23 | €840 | €1,258 | +€418 | +49.8% |
| Furniture and vehicles | 24 | €5,477 | €4,257 | -€1,221 | -22.3% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €177,867 | €183,906 | +€6,039 | +3.4% |
| Stocks and contracts in progress | 3 | €2,488 | €1,504 | -€984 | -39.5% |
| Stocks | 30/36 | €2,488 | €1,504 | -€984 | -39.5% |
| Amounts receivable within one year | 40/41 | €66,285 | €45,560 | -€20,724 | -31.3% |
| Trade receivables | 40 | €50,551 | €23,852 | -€26,699 | -52.8% |
| Other amounts receivable | 41 | €15,734 | €21,708 | +€5,974 | +38.0% |
| Cash at bank and in hand | 54/58 | €107,759 | €136,841 | +€29,082 | +27.0% |
| Deferred charges and accrued income | 490/1 | €1,335 | - | -€1,335 | |
| Total equity and liabilities | 10/49 | €184,984 | €190,220 | +€5,236 | +2.8% |
| Equity | 10/15 | €69,313 | €92,421 | +€23,109 | +33.3% |
| Contributions | 10/11 | €10,200 | €10,200 | = | 0.0% |
| Outside capital | 11 | €10,200 | €10,200 | = | 0.0% |
| Other | 1109/19 | €10,200 | €10,200 | = | 0.0% |
| Reserves | 13 | €854 | €854 | = | 0.0% |
| Non-distributable reserves | 130/1 | €854 | €854 | = | 0.0% |
| Reserves not available under the articles | 1311 | €854 | €854 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,258 | €81,367 | +€23,109 | +39.7% |
| Amounts payable | 17/49 | €115,672 | €97,799 | -€17,873 | -15.5% |
| Amounts payable within one year | 42/48 | €115,672 | €97,799 | -€17,873 | -15.5% |
| Trade debts | 44 | €34,008 | €22,260 | -€11,748 | -34.5% |
| Suppliers | 440/4 | €34,008 | €22,260 | -€11,748 | -34.5% |
| Taxes, remuneration and social security | 45 | €13,297 | €14,474 | +€1,177 | +8.9% |
| Taxes | 450/3 | €13,297 | €14,328 | +€1,031 | +7.8% |
| Remuneration and social security | 454/9 | - | €146 | +€146 | |
| Other amounts payable | 47/48 | €68,366 | €61,065 | -€7,302 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,276 | €1,790 | -€2,486 | -58.1% |
| Other operating charges | 640/8 | €1,701 | €1,582 | -€120 | -7.0% |
| Gross operating margin | 9900 | €72,710 | €35,270 | -€37,440 | -51.5% |
| Operating profit (loss) | 9901 | €66,733 | €31,898 | -€34,835 | -52.2% |
| Financial income | 75/76B | €0 | €398 | +€398 | +995900.0% |
| Recurring financial income | 75 | €0 | €398 | +€398 | +995900.0% |
| Financial charges | 65/66B | €57 | €1,648 | +€1,591 | +2783.0% |
| Recurring financial charges | 65 | €57 | €1,648 | +€1,591 | +2783.0% |
| Profit (loss) for the period before taxes | 9903 | €66,676 | €30,648 | -€36,028 | -54.0% |
| Income taxes | 67/77 | €4,944 | €7,539 | +€2,595 | +52.5% |
| Profit (loss) for the period | 9904 | €61,731 | €23,109 | -€38,623 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €61,731 | €23,109 | -€38,623 | -62.6% |
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 6 October 2026 via checked.be.