Ets ADAM Ch.: 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 Ch.
Largest movements
- Cash -€56,969
down €56,969 (-53.8%), from €105,839 to €48,871
mainly Stocks and contracts (-€20,681) and Tax, wage and social debts (-€18,536)
- Stocks and contracts +€20,681
up €20,681 (+13.0%), from €158,885 to €179,566
- Tangible fixed assets -€12,262
down €12,262 (-22.5%), from €54,596 to €42,334
of which Furniture and vehicles: -€17,089
- Receivables within one year +€8,813
up €8,813 (+11.8%), from €74,535 to €83,348
of which Other amounts receivable: +€13,525
- Tax, wage and social debts -€18,536
down €18,536 (-26.5%), from €69,857 to €51,320
of which Taxes: -€17,137
- Debts after one year -€16,826
down €16,826 (-55.3%), from €30,417 to €13,591
- Reserves -€9,690
down €9,690 (-4.3%), from €223,235 to €213,545
- Trade debts +€8,511
up €8,511 (+17.8%), from €47,830 to €56,341
- Current portion of long-term debt -€5,363
down €5,363 (-24.2%), from €22,189 to €16,826
- Gross operating margin +€68,115
up €68,115, from -€35,329 to €32,786
- Staff costs -€4,557
down €4,557 (-34.8%), from €13,112 to €8,555
- Other operating charges +€3,827
up €3,827 (+125%), from €3,055 to €6,882
- Depreciation +€384
up €384 (+1.8%), from €21,537 to €21,921
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 | €399,966 | €358,083 | -€41,883 | -10.5% |
| Fixed assets | 21/28 | €54,596 | €42,334 | -€12,262 | -22.5% |
| Tangible fixed assets | 22/27 | €54,596 | €42,334 | -€12,262 | -22.5% |
| Plant, machinery and equipment | 23 | €20,974 | €25,801 | +€4,827 | +23.0% |
| Furniture and vehicles | 24 | €33,622 | €16,533 | -€17,089 | -50.8% |
| Current assets | 29/58 | €345,370 | €315,750 | -€29,621 | -8.6% |
| Stocks and contracts in progress | 3 | €158,885 | €179,566 | +€20,681 | +13.0% |
| Stocks | 30/36 | €158,885 | €179,566 | +€20,681 | +13.0% |
| Amounts receivable within one year | 40/41 | €74,535 | €83,348 | +€8,813 | +11.8% |
| Trade receivables | 40 | €57,362 | €52,651 | -€4,712 | -8.2% |
| Other amounts receivable | 41 | €17,173 | €30,697 | +€13,525 | +78.8% |
| Cash at bank and in hand | 54/58 | €105,839 | €48,871 | -€56,969 | -53.8% |
| Deferred charges and accrued income | 490/1 | €6,111 | €3,965 | -€2,146 | -35.1% |
| Total equity and liabilities | 10/49 | €399,966 | €358,083 | -€41,883 | -10.5% |
| Equity | 10/15 | €229,435 | €219,745 | -€9,690 | -4.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €223,235 | €213,545 | -€9,690 | -4.3% |
| Distributable reserves | 133 | €223,235 | €213,545 | -€9,690 | -4.3% |
| Amounts payable | 17/49 | €170,531 | €138,339 | -€32,192 | -18.9% |
| Amounts payable after more than one year | 17 | €30,417 | €13,591 | -€16,826 | -55.3% |
| Financial debts | 170/4 | €30,417 | €13,591 | -€16,826 | -55.3% |
| Amounts payable within one year | 42/48 | €139,876 | €124,488 | -€15,388 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €22,189 | €16,826 | -€5,363 | -24.2% |
| Trade debts | 44 | €47,830 | €56,341 | +€8,511 | +17.8% |
| Suppliers | 440/4 | €47,830 | €56,341 | +€8,511 | +17.8% |
| Taxes, remuneration and social security | 45 | €69,857 | €51,320 | -€18,536 | -26.5% |
| Taxes | 450/3 | €68,053 | €50,916 | -€17,137 | -25.2% |
| Remuneration and social security | 454/9 | €1,804 | €404 | -€1,399 | -77.6% |
| Accrued charges and deferred income | 492/3 | €238 | €260 | +€22 | +9.2% |
| Non-recurring operating income | 76A | - | €12,217 | +€12,217 | |
| Remuneration, social security and pensions | 62 | €13,112 | €8,555 | -€4,557 | -34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,537 | €21,921 | +€384 | +1.8% |
| Other operating charges | 640/8 | €3,055 | €6,882 | +€3,827 | +125% |
| Gross operating margin | 9900 | -€35,329 | €32,786 | +€68,115 | |
| Operating profit (loss) | 9901 | -€73,033 | -€4,572 | +€68,462 | +93.7% |
| Financial income | 75/76B | €925 | €1,091 | +€166 | +17.9% |
| Recurring financial income | 75 | €925 | €1,091 | +€166 | +17.9% |
| Financial charges | 65/66B | €5,422 | €5,758 | +€337 | +6.2% |
| Recurring financial charges | 65 | €5,422 | €5,758 | +€337 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | -€77,530 | -€9,239 | +€68,291 | +88.1% |
| Income taxes | 67/77 | €593 | €451 | -€142 | -23.9% |
| Profit (loss) for the period | 9904 | -€78,123 | -€9,690 | +€68,432 | +87.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€78,123 | -€9,690 | +€68,432 | +87.6% |
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 27 October 2026 via checked.be.