ETS. 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.
ETS. ADAM
Largest movements
- Receivables within one year -€108,841
down €108,841 (-61.8%), from €176,162 to €67,322
of which Trade receivables: -€120,331
- Stocks and contracts -€87,748
down €87,748 (-30.1%), from €291,198 to €203,450
- Cash +€81,137
up €81,137 (+374%), from €21,696 to €102,833
mainly Receivables within one year (+€108,841) and Stocks and contracts (+€87,748)
- Trade debts -€140,455
down €140,455 (-76.1%), from €184,622 to €44,167
- Tax, wage and social debts +€21,982
up €21,982 (+120%), from €18,248 to €40,230
of which Taxes: +€16,029
- Short-term financial debts +€9,400
up €9,400 (+20.6%), from €45,669 to €55,069
- Other operating charges +€10,074
up €10,074 (+130%), from €7,773 to €17,847
- Staff costs +€7,850
up €7,850 (+9.9%), from €79,136 to €86,986
- Gross operating margin -€6,610
down €6,610 (-5.4%), from €121,574 to €114,964
- Financial charges -€2,807
down €2,807 (-26.7%), from €10,508 to €7,701
- Taxes +€2,113
up €2,113 (+1,515%), from €140 to €2,253
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 | €494,678 | €379,441 | -€115,237 | -23.3% |
| Fixed assets | 21/28 | €4,682 | €5,335 | +€652 | +13.9% |
| Financial fixed assets | 28 | €4,682 | €5,335 | +€652 | +13.9% |
| Current assets | 29/58 | €489,996 | €374,106 | -€115,890 | -23.7% |
| Stocks and contracts in progress | 3 | €291,198 | €203,450 | -€87,748 | -30.1% |
| Stocks | 30/36 | €291,198 | €203,450 | -€87,748 | -30.1% |
| Amounts receivable within one year | 40/41 | €176,162 | €67,322 | -€108,841 | -61.8% |
| Trade receivables | 40 | €138,491 | €18,159 | -€120,331 | -86.9% |
| Other amounts receivable | 41 | €37,672 | €49,163 | +€11,491 | +30.5% |
| Cash at bank and in hand | 54/58 | €21,696 | €102,833 | +€81,137 | +374% |
| Deferred charges and accrued income | 490/1 | €940 | €502 | -€438 | -46.6% |
| Total equity and liabilities | 10/49 | €494,678 | €379,441 | -€115,237 | -23.3% |
| Equity | 10/15 | €236,164 | €232,127 | -€4,037 | -1.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €217,176 | €213,140 | -€4,037 | -1.9% |
| Distributable reserves | 133 | €217,176 | €213,140 | -€4,037 | -1.9% |
| Profit (loss) carried forward | 14 | €396 | €396 | +€0 | 0.0% |
| Amounts payable | 17/49 | €258,514 | €147,313 | -€111,201 | -43.0% |
| Amounts payable within one year | 42/48 | €256,538 | €146,131 | -€110,407 | -43.0% |
| Financial debts | 43 | €45,669 | €55,069 | +€9,400 | +20.6% |
| Credit institutions | 430/8 | €45,669 | €55,069 | +€9,400 | +20.6% |
| Trade debts | 44 | €184,622 | €44,167 | -€140,455 | -76.1% |
| Suppliers | 440/4 | €184,622 | €44,167 | -€140,455 | -76.1% |
| Taxes, remuneration and social security | 45 | €18,248 | €40,230 | +€21,982 | +120% |
| Taxes | 450/3 | €2,327 | €18,356 | +€16,029 | +689% |
| Remuneration and social security | 454/9 | €15,920 | €21,874 | +€5,954 | +37.4% |
| Other amounts payable | 47/48 | €8,000 | €6,666 | -€1,334 | -16.7% |
| Accrued charges and deferred income | 492/3 | €1,976 | €1,182 | -€794 | -40.2% |
| Non-recurring operating income | 76A | €2,603 | €6,576 | +€3,972 | +153% |
| Remuneration, social security and pensions | 62 | €79,136 | €86,986 | +€7,850 | +9.9% |
| Other operating charges | 640/8 | €7,773 | €17,847 | +€10,074 | +130% |
| Gross operating margin | 9900 | €121,574 | €114,964 | -€6,610 | -5.4% |
| Operating profit (loss) | 9901 | €34,665 | €10,130 | -€24,534 | -70.8% |
| Financial income | 75/76B | €1,814 | €2,453 | +€639 | +35.2% |
| Recurring financial income | 75 | €1,814 | €2,453 | +€639 | +35.2% |
| Financial charges | 65/66B | €10,508 | €7,701 | -€2,807 | -26.7% |
| Recurring financial charges | 65 | €10,508 | €7,701 | -€2,807 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €25,970 | €4,882 | -€21,088 | -81.2% |
| Income taxes | 67/77 | €140 | €2,253 | +€2,113 | +1,515% |
| Profit (loss) for the period | 9904 | €25,831 | €2,629 | -€23,201 | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,831 | €2,629 | -€23,201 | -89.8% |
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.