ADJUST: 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.
ADJUST
Largest movements
- Receivables within one year +€349,097
up €349,097 (+84.1%), from €415,292 to €764,389
of which Trade receivables: +€349,097
- Cash +€164,424
up €164,424 (+33.5%), from €491,207 to €655,631
mainly Trade debts (+€555,592) and Net result for the year (+€212,129)
- Current investments +€137,000
up €137,000 (+121%), from €113,000 to €250,000
- Tangible fixed assets -€18,409
down €18,409 (-68.7%), from €26,809 to €8,400
- Trade debts +€555,592
up €555,592 (+727%), from €76,394 to €631,986
- Tax, wage and social debts +€111,808
up €111,808 (+94.2%), from €118,720 to €230,528
of which Taxes: +€100,461
- Accrued charges and deferred income -€41,219
no longer reported in 2025 (was €41,219)
- Reserves +€33,680
up €33,680 (+8.2%), from €411,332 to €445,012
of which Non-distributable reserves: +€150,000
- Debts after one year -€21,298
down €21,298 (-87.9%), from €24,236 to €2,938
- Turnover -€1.8m
no longer reported in 2025 (was €1.8m)
- Purchases and services -€1.4m
no longer reported in 2025 (was €1.4m)
- Gross operating margin +€111,376
up €111,376 (+28.6%), from €389,401 to €500,777
- Staff costs +€54,585
up €54,585 (+40.7%), from €134,274 to €188,859
- Taxes +€26,161
up €26,161 (+47.3%), from €55,304 to €81,464
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 | €1,170,093 | €1,804,833 | +€634,740 | +54.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €146,676 | €128,267 | -€18,409 | -12.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €26,809 | €8,400 | -€18,409 | -68.7% |
| Furniture and vehicles | 24 | €26,809 | €8,400 | -€18,409 | -68.7% |
| Financial fixed assets | 28 | €119,867 | €119,867 | = | 0.0% |
| Current assets | 29/58 | €1,023,417 | €1,676,566 | +€653,149 | +63.8% |
| Amounts receivable within one year | 40/41 | €415,292 | €764,389 | +€349,097 | +84.1% |
| Trade receivables | 40 | €410,959 | €760,056 | +€349,097 | +84.9% |
| Other amounts receivable | 41 | €4,333 | €4,333 | = | 0.0% |
| Current investments | 50/53 | €113,000 | €250,000 | +€137,000 | +121% |
| Cash at bank and in hand | 54/58 | €491,207 | €655,631 | +€164,424 | +33.5% |
| Deferred charges and accrued income | 490/1 | €3,918 | €6,546 | +€2,628 | +67.1% |
| Total equity and liabilities | 10/49 | €1,170,093 | €1,804,833 | +€634,740 | +54.2% |
| Equity | 10/15 | €707,932 | €740,061 | +€32,129 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €411,332 | €445,012 | +€33,680 | +8.2% |
| Non-distributable reserves | 130/1 | €1,860 | €151,860 | +€150,000 | +8,065% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | - | €150,000 | +€150,000 | |
| Tax-exempt reserves | 132 | €119,772 | €111,352 | -€8,420 | -7.0% |
| Distributable reserves | 133 | €289,700 | €181,800 | -€107,900 | -37.2% |
| Profit (loss) carried forward | 14 | €278,000 | €276,449 | -€1,551 | -0.6% |
| Amounts payable | 17/49 | €462,161 | €1,064,772 | +€602,611 | +130% |
| Amounts payable after more than one year | 17 | €24,236 | €2,938 | -€21,298 | -87.9% |
| Financial debts | 170/4 | €24,236 | €2,938 | -€21,298 | -87.9% |
| Amounts payable within one year | 42/48 | €396,705 | €1,061,834 | +€665,129 | +168% |
| Current portion of amounts payable after more than one year | 42 | €13,343 | €5,782 | -€7,561 | -56.7% |
| Trade debts | 44 | €76,394 | €631,986 | +€555,592 | +727% |
| Suppliers | 440/4 | €76,394 | €631,986 | +€555,592 | +727% |
| Taxes, remuneration and social security | 45 | €118,720 | €230,528 | +€111,808 | +94.2% |
| Taxes | 450/3 | €98,910 | €199,371 | +€100,461 | +102% |
| Remuneration and social security | 454/9 | €19,810 | €31,157 | +€11,347 | +57.3% |
| Other amounts payable | 47/48 | €188,249 | €193,538 | +€5,290 | +2.8% |
| Accrued charges and deferred income | 492/3 | €41,219 | - | -€41,219 | |
| Turnover | 70 | €1,798,800 | - | -€1.8m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,439,971 | - | -€1.4m | |
| Remuneration, social security and pensions | 62 | €134,274 | €188,859 | +€54,585 | +40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,759 | €13,280 | -€19,479 | -59.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,335 | - | -€9,335 | |
| Other operating charges | 640/8 | €968 | €10,418 | +€9,450 | +977% |
| Gross operating margin | 9900 | €389,401 | €500,777 | +€111,376 | +28.6% |
| Operating profit (loss) | 9901 | €212,066 | €288,220 | +€76,154 | +35.9% |
| Financial income | 75/76B | €6,531 | €7,642 | +€1,111 | +17.0% |
| Recurring financial income | 75 | €6,531 | €7,642 | +€1,111 | +17.0% |
| Financial charges | 65/66B | €1,829 | €2,269 | +€440 | +24.0% |
| Recurring financial charges | 65 | €1,829 | €2,269 | +€440 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €216,769 | €293,593 | +€76,825 | +35.4% |
| Income taxes | 67/77 | €55,304 | €81,464 | +€26,161 | +47.3% |
| Profit (loss) for the period | 9904 | €161,465 | €212,129 | +€50,664 | +31.4% |
| Transfer from tax-exempt reserves | 789 | €75,780 | €42,100 | -€33,680 | -44.4% |
| Transfer to tax-exempt reserves | 689 | €33,680 | €33,680 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €203,565 | €220,549 | +€16,984 | +8.3% |
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.