DR. DANNY 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.
DR. DANNY ADAMS
Largest movements
- Current investments +€138,019
up €138,019 (+30.2%), from €456,334 to €594,353
- Cash +€46,946
up €46,946 (+65.6%), from €71,572 to €118,518
mainly Net result for the year (+€158,788) and Depreciation (+€44,539)
- Tangible fixed assets -€41,350
down €41,350 (-17.5%), from €236,651 to €195,301
of which Land and buildings: -€25,564
- Reserves +€158,788
up €158,788 (+25.1%), from €631,374 to €790,161
of which Distributable reserves: +€158,788
- Debts after one year -€24,585
down €24,585 (-41.9%), from €58,654 to €34,069
- Tax, wage and social debts +€12,412
up €12,412 (+45.0%), from €27,568 to €39,980
of which Taxes: +€12,153
- Financial income +€17,039
up €17,039 (+2,698%), from €631 to €17,671
- Taxes +€8,149
up €8,149 (+12.5%), from €65,213 to €73,362
- Staff costs -€6,849
down €6,849 (-12.1%), from €56,490 to €49,640
- Gross operating margin -€5,056
down €5,056 (-1.6%), from €320,742 to €315,686
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 | €764,800 | €910,081 | +€145,281 | +19.0% |
| Fixed assets | 21/28 | €236,651 | €195,301 | -€41,350 | -17.5% |
| Tangible fixed assets | 22/27 | €236,651 | €195,301 | -€41,350 | -17.5% |
| Land and buildings | 22 | €167,552 | €141,988 | -€25,564 | -15.3% |
| Plant, machinery and equipment | 23 | €3,088 | €2,238 | -€850 | -27.5% |
| Furniture and vehicles | 24 | €59,121 | €45,495 | -€13,627 | -23.0% |
| Other tangible fixed assets | 26 | €6,890 | €5,581 | -€1,309 | -19.0% |
| Current assets | 29/58 | €528,149 | €714,780 | +€186,631 | +35.3% |
| Amounts receivable within one year | 40/41 | €243 | €1,909 | +€1,666 | +685% |
| Trade receivables | 40 | €243 | €1,909 | +€1,666 | +685% |
| Current investments | 50/53 | €456,334 | €594,353 | +€138,019 | +30.2% |
| Cash at bank and in hand | 54/58 | €71,572 | €118,518 | +€46,946 | +65.6% |
| Total equity and liabilities | 10/49 | €764,800 | €910,081 | +€145,281 | +19.0% |
| Equity | 10/15 | €643,774 | €802,561 | +€158,788 | +24.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €631,374 | €790,161 | +€158,788 | +25.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,123 | €12,123 | = | 0.0% |
| Distributable reserves | 133 | €617,391 | €776,179 | +€158,788 | +25.7% |
| Amounts payable | 17/49 | €121,027 | €107,520 | -€13,507 | -11.2% |
| Amounts payable after more than one year | 17 | €58,654 | €34,069 | -€24,585 | -41.9% |
| Financial debts | 170/4 | €58,654 | €34,069 | -€24,585 | -41.9% |
| Amounts payable within one year | 42/48 | €62,373 | €73,451 | +€11,078 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €24,097 | €24,585 | +€488 | +2.0% |
| Trade debts | 44 | €3,249 | €2,594 | -€655 | -20.2% |
| Suppliers | 440/4 | €3,249 | €2,594 | -€655 | -20.2% |
| Taxes, remuneration and social security | 45 | €27,568 | €39,980 | +€12,412 | +45.0% |
| Taxes | 450/3 | €13,630 | €25,783 | +€12,153 | +89.2% |
| Remuneration and social security | 454/9 | €13,937 | €14,197 | +€260 | +1.9% |
| Other amounts payable | 47/48 | €7,459 | €6,293 | -€1,166 | -15.6% |
| Remuneration, social security and pensions | 62 | €56,490 | €49,640 | -€6,849 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,331 | €44,539 | +€1,208 | +2.8% |
| Other operating charges | 640/8 | €1,966 | €1,917 | -€48 | -2.5% |
| Gross operating margin | 9900 | €320,742 | €315,686 | -€5,056 | -1.6% |
| Operating profit (loss) | 9901 | €218,956 | €219,590 | +€634 | +0.3% |
| Financial income | 75/76B | €631 | €17,671 | +€17,039 | +2,698% |
| Recurring financial income | 75 | €631 | €17,671 | +€17,039 | +2,698% |
| Financial charges | 65/66B | €5,918 | €5,111 | -€806 | -13.6% |
| Recurring financial charges | 65 | €5,918 | €5,111 | -€806 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €213,670 | €232,149 | +€18,479 | +8.6% |
| Income taxes | 67/77 | €65,213 | €73,362 | +€8,149 | +12.5% |
| Profit (loss) for the period | 9904 | €148,457 | €158,788 | +€10,330 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €148,457 | €158,788 | +€10,330 | +7.0% |
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.