Adventure Specialists: 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.
Adventure Specialists
Largest movements
- Cash +€544,457
up €544,457 (+49.6%), from €1.1m to €1.6m
mainly Net result for the year (+€462,320) and Deferred charges and accrued income (+€126,325)
- Deferred charges and accrued income -€126,325
down €126,325 (-26.1%), from €483,654 to €357,329
- Receivables within one year -€106,197
down €106,197 (-94.6%), from €112,254 to €6,057
of which Other amounts receivable: -€105,291
- Profit (loss) carried forward +€462,320
up €462,320 (+6.4%), from -€7.2m to -€6.8m
- Trade debts -€159,462
down €159,462 (-69.9%), from €228,025 to €68,563
- Other debts +€65,440
new in 2025: €65,440
- Advances received -€49,913
down €49,913 (-4.4%), from €1.1m to €1.1m
- Tax, wage and social debts -€25,704
down €25,704 (-30.2%), from €85,128 to €59,425
of which Remuneration and social security: -€28,202
- Financial income +€220,960
up €220,960 (+129%), from €171,244 to €392,204
- Gross operating margin -€112,355
down €112,355 (-17.3%), from €648,083 to €535,727
- Staff costs -€54,417
down €54,417 (-10.9%), from €501,006 to €446,588
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 | €1,720,010 | €2,031,098 | +€311,088 | +18.1% |
| Fixed assets | 21/28 | €27,207 | €26,360 | -€847 | -3.1% |
| Tangible fixed assets | 22/27 | €19,027 | €18,180 | -€847 | -4.5% |
| Plant, machinery and equipment | 23 | €19,027 | €18,180 | -€847 | -4.5% |
| Financial fixed assets | 28 | €8,180 | €8,180 | = | 0.0% |
| Current assets | 29/58 | €1,692,803 | €2,004,738 | +€311,935 | +18.4% |
| Amounts receivable within one year | 40/41 | €112,254 | €6,057 | -€106,197 | -94.6% |
| Trade receivables | 40 | €908 | €1 | -€907 | -99.9% |
| Other amounts receivable | 41 | €111,346 | €6,056 | -€105,291 | -94.6% |
| Cash at bank and in hand | 54/58 | €1,096,896 | €1,641,353 | +€544,457 | +49.6% |
| Deferred charges and accrued income | 490/1 | €483,654 | €357,329 | -€126,325 | -26.1% |
| Total equity and liabilities | 10/49 | €1,720,010 | €2,031,098 | +€311,088 | +18.1% |
| Equity | 10/15 | €208,675 | €670,994 | +€462,320 | +222% |
| Contributions | 10/11 | €7,450,000 | €7,450,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,241,325 | -€6,779,006 | +€462,320 | +6.4% |
| Amounts payable | 17/49 | €1,511,335 | €1,360,104 | -€151,232 | -10.0% |
| Amounts payable within one year | 42/48 | €1,449,770 | €1,280,130 | -€169,640 | -11.7% |
| Trade debts | 44 | €228,025 | €68,563 | -€159,462 | -69.9% |
| Suppliers | 440/4 | €228,025 | €68,563 | -€159,462 | -69.9% |
| Advances received on contracts in progress | 46 | €1,136,616 | €1,086,702 | -€49,913 | -4.4% |
| Taxes, remuneration and social security | 45 | €85,128 | €59,425 | -€25,704 | -30.2% |
| Taxes | 450/3 | €7,582 | €10,080 | +€2,499 | +33.0% |
| Remuneration and social security | 454/9 | €77,547 | €49,344 | -€28,202 | -36.4% |
| Other amounts payable | 47/48 | - | €65,440 | +€65,440 | |
| Accrued charges and deferred income | 492/3 | €61,566 | €79,974 | +€18,408 | +29.9% |
| Remuneration, social security and pensions | 62 | €501,006 | €446,588 | -€54,417 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,392 | €4,855 | +€463 | +10.5% |
| Other operating charges | 640/8 | €287 | - | -€287 | |
| Gross operating margin | 9900 | €648,083 | €535,727 | -€112,355 | -17.3% |
| Operating profit (loss) | 9901 | €142,398 | €84,284 | -€58,113 | -40.8% |
| Financial income | 75/76B | €171,244 | €392,204 | +€220,960 | +129% |
| Recurring financial income | 75 | €171,244 | €392,204 | +€220,960 | +129% |
| Financial charges | 65/66B | €12,720 | €14,169 | +€1,449 | +11.4% |
| Recurring financial charges | 65 | €12,720 | €14,169 | +€1,449 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €300,921 | €462,320 | +€161,398 | +53.6% |
| Profit (loss) for the period | 9904 | €300,921 | €462,320 | +€161,398 | +53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €300,921 | €462,320 | +€161,398 | +53.6% |
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 30 October 2026 via checked.be.