DAVE ADAMS: 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.
DAVE ADAMS
Largest movements
- Cash +€54,331
up €54,331 (+201%), from €27,046 to €81,377
mainly Other debts (+€116,169) and Net result for the year (+€63,872)
- Receivables within one year -€22,385
down €22,385 (-23.4%), from €95,522 to €73,137
of which Other amounts receivable: -€11,348
- Stocks and contracts +€16,385
up €16,385 (+169%), from €9,670 to €26,055
- Tangible fixed assets +€5,769
up €5,769 (+16.8%), from €34,326 to €40,095
of which Land and buildings: +€11,449
- Deferred charges and accrued income +€3,631
new in 2025: €3,631
- Other debts +€116,169
up €116,169 (+538%), from €21,594 to €137,763
- Reserves -€62,916
down €62,916 (-70.4%), from €89,380 to €26,464
- Trade debts +€12,993
up €12,993 (+88.7%), from €14,651 to €27,644
- Debts after one year -€6,865
down €6,865 (-32.9%), from €20,882 to €14,017
- Gross operating margin +€10,853
up €10,853 (+12.9%), from €84,090 to €94,944
- Depreciation +€7,151
up €7,151 (+143%), from €5,004 to €12,156
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 | €166,563 | €224,295 | +€57,732 | +34.7% |
| Fixed assets | 21/28 | €34,326 | €40,095 | +€5,769 | +16.8% |
| Tangible fixed assets | 22/27 | €34,326 | €40,095 | +€5,769 | +16.8% |
| Land and buildings | 22 | - | €11,449 | +€11,449 | |
| Plant, machinery and equipment | 23 | €1,478 | €1,722 | +€245 | +16.5% |
| Furniture and vehicles | 24 | €32,848 | €26,924 | -€5,924 | -18.0% |
| Current assets | 29/58 | €132,237 | €184,200 | +€51,962 | +39.3% |
| Stocks and contracts in progress | 3 | €9,670 | €26,055 | +€16,385 | +169% |
| Stocks | 30/36 | €9,670 | €26,055 | +€16,385 | +169% |
| Amounts receivable within one year | 40/41 | €95,522 | €73,137 | -€22,385 | -23.4% |
| Trade receivables | 40 | €84,071 | €73,034 | -€11,037 | -13.1% |
| Other amounts receivable | 41 | €11,451 | €103 | -€11,348 | -99.1% |
| Cash at bank and in hand | 54/58 | €27,046 | €81,377 | +€54,331 | +201% |
| Deferred charges and accrued income | 490/1 | - | €3,631 | +€3,631 | |
| Total equity and liabilities | 10/49 | €166,563 | €224,295 | +€57,732 | +34.7% |
| Equity | 10/15 | €91,380 | €28,464 | -€62,916 | -68.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €89,380 | €26,464 | -€62,916 | -70.4% |
| Distributable reserves | 133 | €89,380 | €26,464 | -€62,916 | -70.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €75,183 | €195,831 | +€120,648 | +160% |
| Amounts payable after more than one year | 17 | €20,882 | €14,017 | -€6,865 | -32.9% |
| Financial debts | 170/4 | €20,882 | €14,017 | -€6,865 | -32.9% |
| Amounts payable within one year | 42/48 | €54,301 | €181,814 | +€127,513 | +235% |
| Current portion of amounts payable after more than one year | 42 | €6,574 | €6,865 | +€291 | +4.4% |
| Trade debts | 44 | €14,651 | €27,644 | +€12,993 | +88.7% |
| Suppliers | 440/4 | €14,651 | €27,644 | +€12,993 | +88.7% |
| Taxes, remuneration and social security | 45 | €11,481 | €9,542 | -€1,939 | -16.9% |
| Taxes | 450/3 | €11,481 | €7,838 | -€3,643 | -31.7% |
| Remuneration and social security | 454/9 | - | €1,704 | +€1,704 | |
| Other amounts payable | 47/48 | €21,594 | €137,763 | +€116,169 | +538% |
| Non-recurring operating income | 76A | - | €98 | +€98 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,004 | €12,156 | +€7,151 | +143% |
| Other operating charges | 640/8 | €276 | €907 | +€630 | +228% |
| Gross operating margin | 9900 | €84,090 | €94,944 | +€10,853 | +12.9% |
| Operating profit (loss) | 9901 | €78,810 | €81,881 | +€3,072 | +3.9% |
| Financial income | 75/76B | €342 | €0 | -€342 | -99.9% |
| Recurring financial income | 75 | €342 | €0 | -€342 | -99.9% |
| Financial charges | 65/66B | €272 | €1,135 | +€862 | +317% |
| Recurring financial charges | 65 | €272 | €1,135 | +€862 | +317% |
| Profit (loss) for the period before taxes | 9903 | €78,880 | €80,747 | +€1,868 | +2.4% |
| Income taxes | 67/77 | €15,963 | €16,875 | +€912 | +5.7% |
| Profit (loss) for the period | 9904 | €62,916 | €63,872 | +€956 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €62,916 | €63,872 | +€956 | +1.5% |
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 22 October 2026 via checked.be.