ANTHONY ADAM: 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.
What changed
ANTHONY ADAM
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€90,192
2024 · €98,116-€7,924
Equity
€663,808
2024 · €671,378-€7,571
Cash
€154,756
2024 · €50,770+€103,987
Balance sheet total
€1.3m
2024 · €1.2m+€47,233
Largest movements
Assets
- Cash +€103,987
up €103,987 (+205%), from €50,770 to €154,756
mainly Net result for the year (+€90,192) and Depreciation (+€88,765)
- Stocks and contracts -€69,049
down €69,049 (-8.8%), from €787,799 to €718,750
- Tangible fixed assets +€32,131
up €32,131 (+10.8%), from €297,643 to €329,774
of which Furniture and vehicles: +€81,566
Equity and liabilities
- Other debts +€50,353
up €50,353 (+94.8%), from €53,131 to €103,484
- Tax, wage and social debts +€13,592
up €13,592 (+63.8%), from €21,308 to €34,900
of which Taxes: +€10,938
Income statement
- Staff costs +€18,969
up €18,969 (+30.5%), from €62,122 to €81,091
- Gross operating margin +€4,163
up €4,163 (+1.3%), from €313,125 to €317,288
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.
Result 2024
€98,116
Gross operating margin
+€4,163
Staff costs
-€18,969
Depreciation
+€94
Other operating charges
+€3,136
Financial income
+€254
Financial charges
+€347
Taxes
+€3,052
Result 2025
€90,192
raises the resultlowers the result
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.
From operations
+€326,617
Investment
-€113,836
Financing
-€108,794
Cash 2024
€50,770
From operations (derived)
+€326,617
Net result for the year
+€90,192
Depreciation
+€88,765
Stocks and contracts
+€69,049
Receivables within one year
+€8,757
Deferred charges and accrued income
+€4,019
Trade debts
-€4,085
Tax, wage and social debts
+€13,592
Other debts
+€50,353
Accrued charges and deferred income
+€5,975
Investment (derived)
-€113,836
Investment in fixed assets (net)
-€113,836
Financing
-€108,794
Debts after one year
-€5,411
Current portion of long-term debt
-€7,732
Short-term financial debts
+€2,112
Contributions, distributions and other
-€97,763
Cash 2025
€154,756
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,225,185 | €1,272,418 | +€47,233 | +3.9% |
| Fixed assets | 21/28 | €315,648 | €340,719 | +€25,071 | +7.9% |
| Intangible fixed assets | 21 | €17,507 | €8,846 | -€8,661 | -49.5% |
| Tangible fixed assets | 22/27 | €297,643 | €329,774 | +€32,131 | +10.8% |
| Land and buildings | 22 | €130,753 | €124,960 | -€5,794 | -4.4% |
| Plant, machinery and equipment | 23 | €42,655 | €26,375 | -€16,280 | -38.2% |
| Furniture and vehicles | 24 | €26,180 | €107,746 | +€81,566 | +312% |
| Leasing and similar rights | 25 | €98,055 | €70,694 | -€27,361 | -27.9% |
| Financial fixed assets | 28 | €498 | €2,099 | +€1,601 | +321% |
| Current assets | 29/58 | €909,537 | €931,699 | +€22,162 | +2.4% |
| Stocks and contracts in progress | 3 | €787,799 | €718,750 | -€69,049 | -8.8% |
| Stocks | 30/36 | €787,799 | €718,750 | -€69,049 | -8.8% |
| Amounts receivable within one year | 40/41 | €63,375 | €54,618 | -€8,757 | -13.8% |
| Trade receivables | 40 | €25,821 | €20,197 | -€5,624 | -21.8% |
| Other amounts receivable | 41 | €37,554 | €34,420 | -€3,133 | -8.3% |
| Cash at bank and in hand | 54/58 | €50,770 | €154,756 | +€103,987 | +205% |
| Deferred charges and accrued income | 490/1 | €7,594 | €3,574 | -€4,019 | -52.9% |
| Total equity and liabilities | 10/49 | €1,225,185 | €1,272,418 | +€47,233 | +3.9% |
| Equity | 10/15 | €671,378 | €663,808 | -€7,571 | -1.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €641,768 | €630,807 | -€10,961 | -1.7% |
| Distributable reserves | 133 | €641,768 | €630,807 | -€10,961 | -1.7% |
| Profit (loss) carried forward | 14 | €9,514 | €14,450 | +€4,936 | +51.9% |
| Investment grants | 15 | €1,546 | €0 | -€1,546 | -100% |
| Amounts payable | 17/49 | €553,807 | €608,610 | +€54,804 | +9.9% |
| Amounts payable after more than one year | 17 | €335,804 | €330,393 | -€5,411 | -1.6% |
| Financial debts | 170/4 | €253,804 | €248,393 | -€5,411 | -2.1% |
| Other amounts payable | 178/9 | €82,000 | €82,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €205,305 | €259,545 | +€54,240 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €100,891 | €93,159 | -€7,732 | -7.7% |
| Financial debts | 43 | - | €2,112 | +€2,112 | |
| Credit institutions | 430/8 | - | €2,112 | +€2,112 | |
| Trade debts | 44 | €29,976 | €25,891 | -€4,085 | -13.6% |
| Suppliers | 440/4 | €29,976 | €25,891 | -€4,085 | -13.6% |
| Taxes, remuneration and social security | 45 | €21,308 | €34,900 | +€13,592 | +63.8% |
| Taxes | 450/3 | €14,685 | €25,624 | +€10,938 | +74.5% |
| Remuneration and social security | 454/9 | €6,623 | €9,277 | +€2,654 | +40.1% |
| Other amounts payable | 47/48 | €53,131 | €103,484 | +€50,353 | +94.8% |
| Accrued charges and deferred income | 492/3 | €12,697 | €18,672 | +€5,975 | +47.1% |
| Remuneration, social security and pensions | 62 | €62,122 | €81,091 | +€18,969 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,859 | €88,765 | -€94 | -0.1% |
| Other operating charges | 640/8 | €8,188 | €5,052 | -€3,136 | -38.3% |
| Gross operating margin | 9900 | €313,125 | €317,288 | +€4,163 | +1.3% |
| Operating profit (loss) | 9901 | €153,957 | €142,380 | -€11,577 | -7.5% |
| Financial income | 75/76B | €1,743 | €1,997 | +€254 | +14.6% |
| Recurring financial income | 75 | €1,743 | €1,997 | +€254 | +14.6% |
| Financial charges | 65/66B | €18,932 | €18,584 | -€347 | -1.8% |
| Recurring financial charges | 65 | €18,932 | €18,584 | -€347 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €136,768 | €125,792 | -€10,976 | -8.0% |
| Income taxes | 67/77 | €38,652 | €35,600 | -€3,052 | -7.9% |
| Profit (loss) for the period | 9904 | €98,116 | €90,192 | -€7,924 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €98,116 | €90,192 | -€7,924 | -8.1% |
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 18 October 2026 via checked.be.