DR. N. 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.
DR. N. ADAM
Largest movements
- Cash -€159,244
down €159,244 (-46.0%), from €346,263 to €187,019
mainly Contributions, distributions and other (-€149,469) and Tax, wage and social debts (-€75,285)
- Receivables within one year +€37,612
up €37,612 (+155%), from €24,307 to €61,918
- Tangible fixed assets -€27,986
down €27,986 (-14.5%), from €192,586 to €164,601
of which Land and buildings: -€15,301
- Current investments +€14,987
up €14,987 (+2.6%), from €575,124 to €590,112
- Tax, wage and social debts -€75,285
no longer reported in 2025 (was €75,285)
- Reserves -€50,527
down €50,527 (-4.7%), from €1.1m to €1.0m
- Gross operating margin -€123,114
down €123,114 (-43.3%), from €284,253 to €161,139
- Taxes -€39,597
down €39,597 (-49.6%), from €79,819 to €40,222
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 | €1,177,086 | €1,050,625 | -€126,462 | -10.7% |
| Fixed assets | 21/28 | €192,586 | €164,601 | -€27,986 | -14.5% |
| Tangible fixed assets | 22/27 | €192,586 | €164,601 | -€27,986 | -14.5% |
| Land and buildings | 22 | €152,982 | €137,682 | -€15,301 | -10.0% |
| Plant, machinery and equipment | 23 | €741 | €108 | -€633 | -85.5% |
| Furniture and vehicles | 24 | €38,864 | €26,812 | -€12,052 | -31.0% |
| Current assets | 29/58 | €984,500 | €886,024 | -€98,476 | -10.0% |
| Amounts receivable within one year | 40/41 | €24,307 | €61,918 | +€37,612 | +155% |
| Other amounts receivable | 41 | €24,307 | €61,918 | +€37,612 | +155% |
| Current investments | 50/53 | €575,124 | €590,112 | +€14,987 | +2.6% |
| Cash at bank and in hand | 54/58 | €346,263 | €187,019 | -€159,244 | -46.0% |
| Deferred charges and accrued income | 490/1 | €38,806 | €46,975 | +€8,169 | +21.1% |
| Total equity and liabilities | 10/49 | €1,177,086 | €1,050,625 | -€126,462 | -10.7% |
| Equity | 10/15 | €1,092,501 | €1,041,974 | -€50,527 | -4.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,080,101 | €1,029,574 | -€50,527 | -4.7% |
| Distributable reserves | 133 | €1,080,101 | €1,029,574 | -€50,527 | -4.7% |
| Amounts payable | 17/49 | €84,585 | €8,651 | -€75,935 | -89.8% |
| Amounts payable within one year | 42/48 | €84,585 | €8,651 | -€75,935 | -89.8% |
| Trade debts | 44 | €9,300 | €1,073 | -€8,227 | -88.5% |
| Suppliers | 440/4 | €9,300 | €1,073 | -€8,227 | -88.5% |
| Taxes, remuneration and social security | 45 | €75,285 | - | -€75,285 | |
| Taxes | 450/3 | €75,285 | - | -€75,285 | |
| Other amounts payable | 47/48 | - | €7,578 | +€7,578 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,182 | €27,986 | -€196 | -0.7% |
| Other operating charges | 640/8 | €1,994 | €2,094 | +€101 | +5.0% |
| Gross operating margin | 9900 | €284,253 | €161,139 | -€123,114 | -43.3% |
| Operating profit (loss) | 9901 | €254,077 | €131,059 | -€123,018 | -48.4% |
| Financial income | 75/76B | €9,803 | €8,178 | -€1,625 | -16.6% |
| Recurring financial income | 75 | €9,803 | €8,178 | -€1,625 | -16.6% |
| Financial charges | 65/66B | €70 | €73 | +€3 | +3.9% |
| Recurring financial charges | 65 | €70 | €73 | +€3 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €263,810 | €139,164 | -€124,645 | -47.2% |
| Income taxes | 67/77 | €79,819 | €40,222 | -€39,597 | -49.6% |
| Profit (loss) for the period | 9904 | €183,991 | €98,942 | -€85,049 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €183,991 | €98,942 | -€85,049 | -46.2% |
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 25 October 2026 via checked.be.