LUC 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.
LUC ADAM
Largest movements
- Cash +€25,138
up €25,138 (+15.6%), from €160,834 to €185,971
mainly Net result for the year (+€29,072) and Depreciation (+€4,350)
- Receivables after one year -€3,909
no longer reported in 2025 (was €3,909)
- Reserves +€19,072
up €19,072 (+11.8%), from €161,261 to €180,333
- Other debts +€4,304
new in 2025: €4,304
- Tax, wage and social debts -€2,783
down €2,783 (-48.9%), from €5,690 to €2,907
- Depreciation -€1,790
down €1,790 (-29.2%), from €6,139 to €4,350
- Financial income +€1,338
up €1,338 (+63.3%), from €2,114 to €3,452
- Taxes +€636
up €636 (+5.9%), from €10,776 to €11,412
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 | €185,731 | €206,511 | +€20,780 | +11.2% |
| Fixed assets | 21/28 | €17,452 | €17,195 | -€258 | -1.5% |
| Tangible fixed assets | 22/27 | €17,452 | €17,195 | -€258 | -1.5% |
| Plant, machinery and equipment | 23 | €5,829 | €4,460 | -€1,369 | -23.5% |
| Furniture and vehicles | 24 | €495 | €3,642 | +€3,147 | +635% |
| Other tangible fixed assets | 26 | €11,128 | €9,092 | -€2,036 | -18.3% |
| Current assets | 29/58 | €168,279 | €189,316 | +€21,038 | +12.5% |
| Amounts receivable after more than one year | 29 | €3,909 | - | -€3,909 | |
| Other amounts receivable | 291 | €3,909 | - | -€3,909 | |
| Amounts receivable within one year | 40/41 | €2,548 | €2,343 | -€205 | -8.0% |
| Other amounts receivable | 41 | €2,548 | €2,343 | -€205 | -8.0% |
| Cash at bank and in hand | 54/58 | €160,834 | €185,971 | +€25,138 | +15.6% |
| Deferred charges and accrued income | 490/1 | €988 | €1,002 | +€14 | +1.5% |
| Total equity and liabilities | 10/49 | €185,731 | €206,511 | +€20,780 | +11.2% |
| Equity | 10/15 | €179,861 | €198,933 | +€19,072 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,261 | €180,333 | +€19,072 | +11.8% |
| Distributable reserves | 133 | €161,261 | €180,333 | +€19,072 | +11.8% |
| Amounts payable | 17/49 | €5,870 | €7,578 | +€1,707 | +29.1% |
| Amounts payable within one year | 42/48 | €5,870 | €7,578 | +€1,707 | +29.1% |
| Trade debts | 44 | €180 | €366 | +€186 | +103% |
| Suppliers | 440/4 | €180 | €366 | +€186 | +103% |
| Taxes, remuneration and social security | 45 | €5,690 | €2,907 | -€2,783 | -48.9% |
| Taxes | 450/3 | €5,690 | €2,907 | -€2,783 | -48.9% |
| Other amounts payable | 47/48 | - | €4,304 | +€4,304 | |
| Remuneration, social security and pensions | 62 | €4,131 | €4,263 | +€133 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,139 | €4,350 | -€1,790 | -29.2% |
| Other operating charges | 640/8 | €1,171 | €1,152 | -€19 | -1.6% |
| Gross operating margin | 9900 | €47,071 | €46,867 | -€204 | -0.4% |
| Operating profit (loss) | 9901 | €35,630 | €37,102 | +€1,472 | +4.1% |
| Financial income | 75/76B | €2,114 | €3,452 | +€1,338 | +63.3% |
| Recurring financial income | 75 | €2,114 | €3,452 | +€1,338 | +63.3% |
| Financial charges | 65/66B | €66 | €69 | +€3 | +4.5% |
| Recurring financial charges | 65 | €66 | €69 | +€3 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €37,678 | €40,485 | +€2,807 | +7.5% |
| Income taxes | 67/77 | €10,776 | €11,412 | +€636 | +5.9% |
| Profit (loss) for the period | 9904 | €26,902 | €29,072 | +€2,171 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,902 | €29,072 | +€2,171 | +8.1% |
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 17 October 2026 via checked.be.