R. ADAMS: 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.
R. ADAMS
Largest movements
- Current investments +€5.2m
up €5.2m (+27.7%), from €18.7m to €23.9m
- Financial fixed assets -€1.5m
down €1.5m (-15.2%), from €9.9m to €8.4m
- Other debts +€1.6m
up €1.6m (+229%), from €700,000 to €2.3m
- Profit (loss) carried forward +€1.6m
up €1.6m (+11.3%), from €13.8m to €15.3m
- Tax, wage and social debts +€651,298
up €651,298 (+196%), from €332,380 to €983,678
- Financial income -€534,724
down €534,724 (-9.7%), from €5.5m to €5.0m
of which Financial income: -€1.3m
- Taxes +€132,266
up €132,266 (+83.0%), from €159,388 to €291,654
- Financial charges +€37,211
up €37,211 (+13,337%), from €279 to €37,490
- Gross operating margin +€7,660
up €7,660 (+4.4%), from €174,560 to €182,220
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 | €29,289,078 | €33,109,778 | +€3.8m | +13.0% |
| Fixed assets | 21/28 | €9,953,121 | €8,432,789 | -€1.5m | -15.3% |
| Tangible fixed assets | 22/27 | €74,365 | €54,033 | -€20,332 | -27.3% |
| Furniture and vehicles | 24 | €74,365 | €54,033 | -€20,332 | -27.3% |
| Financial fixed assets | 28 | €9,878,756 | €8,378,756 | -€1.5m | -15.2% |
| Current assets | 29/58 | €19,335,957 | €24,676,989 | +€5.3m | +27.6% |
| Amounts receivable within one year | 40/41 | €22,158 | €22,158 | = | 0.0% |
| Trade receivables | 40 | €22,158 | €22,158 | = | 0.0% |
| Current investments | 50/53 | €18,730,758 | €23,915,305 | +€5.2m | +27.7% |
| Cash at bank and in hand | 54/58 | €583,041 | €739,526 | +€156,485 | +26.8% |
| Total equity and liabilities | 10/49 | €29,289,078 | €33,109,778 | +€3.8m | +13.0% |
| Equity | 10/15 | €28,256,625 | €29,820,348 | +€1.6m | +5.5% |
| Contributions | 10/11 | €193,000 | €193,000 | = | 0.0% |
| Reserves | 13 | €14,286,260 | €14,286,260 | = | 0.0% |
| Distributable reserves | 133 | €14,286,260 | €14,286,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,777,365 | €15,341,088 | +€1.6m | +11.3% |
| Amounts payable | 17/49 | €1,032,453 | €3,289,430 | +€2.3m | +219% |
| Amounts payable within one year | 42/48 | €1,032,453 | €3,289,430 | +€2.3m | +219% |
| Trade debts | 44 | €73 | €67 | -€6 | -8.2% |
| Suppliers | 440/4 | €73 | €67 | -€6 | -8.2% |
| Taxes, remuneration and social security | 45 | €332,380 | €983,678 | +€651,298 | +196% |
| Taxes | 450/3 | €332,380 | €983,678 | +€651,298 | +196% |
| Other amounts payable | 47/48 | €700,000 | €2,305,685 | +€1.6m | +229% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,332 | €20,332 | = | 0.0% |
| Other operating charges | 640/8 | €1,439 | €1,182 | -€257 | -17.9% |
| Gross operating margin | 9900 | €174,560 | €182,220 | +€7,660 | +4.4% |
| Operating profit (loss) | 9901 | €152,789 | €160,706 | +€7,917 | +5.2% |
| Financial income | 75/76B | €5,516,885 | €4,982,161 | -€534,724 | -9.7% |
| Recurring financial income | 75 | €5,516,885 | €4,232,161 | -€1.3m | -23.3% |
| Non-recurring financial income | 76B | - | €750,000 | +€750,000 | |
| Financial charges | 65/66B | €279 | €37,490 | +€37,211 | +13,337% |
| Recurring financial charges | 65 | €279 | €37,490 | +€37,211 | +13,337% |
| Profit (loss) for the period before taxes | 9903 | €5,669,395 | €5,105,377 | -€564,018 | -9.9% |
| Income taxes | 67/77 | €159,388 | €291,654 | +€132,266 | +83.0% |
| Profit (loss) for the period | 9904 | €5,510,007 | €4,813,723 | -€696,284 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,510,007 | €4,813,723 | -€696,284 | -12.6% |
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 23 October 2026 via checked.be.