M'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.
M'ADAM
Largest movements
- Tangible fixed assets +€35,341
up €35,341 (+51.5%), from €68,664 to €104,005
of which Other tangible fixed assets: +€37,883
- Cash +€20,437
up €20,437 (+81.7%), from €25,014 to €45,452
mainly Net result for the year (+€42,315) and Depreciation (+€16,310)
- Receivables within one year +€11,028
up €11,028 (+68.9%), from €16,001 to €27,029
of which Trade receivables: +€6,143
- Intangible fixed assets -€3,092
down €3,092 (-33.7%), from €9,183 to €6,091
- Stocks and contracts -€3,034
down €3,034 (-31.1%), from €9,769 to €6,735
- Reserves +€42,315
up €42,315 (+3,256%), from €1,300 to €43,614
- Debts after one year +€10,132
up €10,132 (+15.5%), from €65,580 to €75,712
of which Financial debts: +€18,370
- Short-term financial debts +€6,236
up €6,236 (+45.5%), from €13,720 to €19,956
- Gross operating margin +€72,431
up €72,431 (+56.6%), from €128,045 to €200,476
- Taxes +€23,909
up €23,909 (+4,495%), from €532 to €24,441
- Staff costs +€19,356
up €19,356 (+21.4%), from €90,332 to €109,688
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 | €129,662 | €190,219 | +€60,557 | +46.7% |
| Fixed assets | 21/28 | €77,847 | €110,096 | +€32,249 | +41.4% |
| Intangible fixed assets | 21 | €9,183 | €6,091 | -€3,092 | -33.7% |
| Tangible fixed assets | 22/27 | €68,664 | €104,005 | +€35,341 | +51.5% |
| Plant, machinery and equipment | 23 | €13,827 | €11,890 | -€1,937 | -14.0% |
| Furniture and vehicles | 24 | €886 | €280 | -€606 | -68.4% |
| Other tangible fixed assets | 26 | €53,952 | €91,835 | +€37,883 | +70.2% |
| Current assets | 29/58 | €51,815 | €80,124 | +€28,309 | +54.6% |
| Stocks and contracts in progress | 3 | €9,769 | €6,735 | -€3,034 | -31.1% |
| Stocks | 30/36 | €9,769 | €6,735 | -€3,034 | -31.1% |
| Amounts receivable within one year | 40/41 | €16,001 | €27,029 | +€11,028 | +68.9% |
| Trade receivables | 40 | €723 | €6,866 | +€6,143 | +850% |
| Other amounts receivable | 41 | €15,278 | €20,163 | +€4,885 | +32.0% |
| Cash at bank and in hand | 54/58 | €25,014 | €45,452 | +€20,437 | +81.7% |
| Deferred charges and accrued income | 490/1 | €1,030 | €907 | -€123 | -11.9% |
| Total equity and liabilities | 10/49 | €129,662 | €190,219 | +€60,557 | +46.7% |
| Equity | 10/15 | €2,800 | €45,114 | +€42,315 | +1,511% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €1,300 | €43,614 | +€42,315 | +3,256% |
| Distributable reserves | 133 | €1,300 | €43,614 | +€42,315 | +3,256% |
| Amounts payable | 17/49 | €126,862 | €145,105 | +€18,243 | +14.4% |
| Amounts payable after more than one year | 17 | €65,580 | €75,712 | +€10,132 | +15.5% |
| Financial debts | 170/4 | €24,634 | €43,004 | +€18,370 | +74.6% |
| Other amounts payable | 178/9 | €40,946 | €32,708 | -€8,238 | -20.1% |
| Amounts payable within one year | 42/48 | €59,237 | €67,723 | +€8,486 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €12,469 | €13,176 | +€707 | +5.7% |
| Financial debts | 43 | €13,720 | €19,956 | +€6,236 | +45.5% |
| Credit institutions | 430/8 | €13,720 | €19,956 | +€6,236 | +45.5% |
| Trade debts | 44 | €19,995 | €21,164 | +€1,170 | +5.9% |
| Suppliers | 440/4 | €19,995 | €21,164 | +€1,170 | +5.9% |
| Taxes, remuneration and social security | 45 | €12,281 | €12,755 | +€473 | +3.9% |
| Taxes | 450/3 | €751 | - | -€751 | |
| Remuneration and social security | 454/9 | €11,530 | €12,755 | +€1,225 | +10.6% |
| Other amounts payable | 47/48 | €772 | €672 | -€101 | -13.0% |
| Accrued charges and deferred income | 492/3 | €2,045 | €1,670 | -€375 | -18.4% |
| Non-recurring operating income | 76A | - | €2,118 | +€2,118 | |
| Remuneration, social security and pensions | 62 | €90,332 | €109,688 | +€19,356 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,657 | €16,310 | +€653 | +4.2% |
| Other operating charges | 640/8 | €1,462 | €3,177 | +€1,715 | +117% |
| Gross operating margin | 9900 | €128,045 | €200,476 | +€72,431 | +56.6% |
| Operating profit (loss) | 9901 | €20,595 | €71,301 | +€50,707 | +246% |
| Financial income | 75/76B | €110 | €340 | +€231 | +210% |
| Recurring financial income | 75 | €110 | €340 | +€231 | +210% |
| Financial charges | 65/66B | €2,936 | €4,886 | +€1,951 | +66.5% |
| Recurring financial charges | 65 | €2,936 | €4,886 | +€1,951 | +66.5% |
| Profit (loss) for the period before taxes | 9903 | €17,769 | €66,755 | +€48,986 | +276% |
| Income taxes | 67/77 | €532 | €24,441 | +€23,909 | +4,495% |
| Profit (loss) for the period | 9904 | €17,237 | €42,315 | +€25,078 | +145% |
| Profit (loss) for the period to be appropriated | 9905 | €17,237 | €42,315 | +€25,078 | +145% |
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.