A. et S.: 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.
A. et S.
Largest movements
- Cash -€6,227
down €6,227 (-37.3%), from €16,692 to €10,465
mainly Contributions, distributions and other (-€12,000) and Other debts (-€4,498)
- Receivables within one year -€3,407
down €3,407 (-7.8%), from €43,565 to €40,159
of which Trade receivables: -€2,359
- Reserves -€4,783
down €4,783 (-8.9%), from €53,873 to €49,090
of which Distributable reserves: -€4,783
- Other debts -€4,498
down €4,498 (-27.2%), from €16,564 to €12,066
- Gross operating margin -€7,530
down €7,530 (-44.3%), from €16,988 to €9,458
- Taxes +€537
up €537, from -€325 to €212
- Depreciation -€501
down €501 (-44.4%), from €1,129 to €628
- Other operating charges -€299
down €299 (-23.3%), from €1,284 to €986
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.
Cash bridge derived
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 | €93,411 | €83,745 | -€9,667 | -10.3% |
| Fixed assets | 21/28 | €2,222 | €1,593 | -€628 | -28.3% |
| Tangible fixed assets | 22/27 | €1,872 | €1,243 | -€628 | -33.6% |
| Plant, machinery and equipment | 23 | €1,657 | €1,083 | -€575 | -34.7% |
| Furniture and vehicles | 24 | €215 | €161 | -€54 | -25.0% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €91,190 | €82,151 | -€9,039 | -9.9% |
| Amounts receivable within one year | 40/41 | €43,565 | €40,159 | -€3,407 | -7.8% |
| Trade receivables | 40 | €7,511 | €5,152 | -€2,359 | -31.4% |
| Other amounts receivable | 41 | €36,055 | €35,007 | -€1,048 | -2.9% |
| Current investments | 50/53 | €30,156 | €30,276 | +€119 | +0.4% |
| Cash at bank and in hand | 54/58 | €16,692 | €10,465 | -€6,227 | -37.3% |
| Deferred charges and accrued income | 490/1 | €776 | €1,252 | +€476 | +61.3% |
| Total equity and liabilities | 10/49 | €93,411 | €83,745 | -€9,667 | -10.3% |
| Equity | 10/15 | €74,498 | €69,715 | -€4,783 | -6.4% |
| Contributions | 10/11 | €20,625 | €20,625 | = | 0.0% |
| Reserves | 13 | €53,873 | €49,090 | -€4,783 | -8.9% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €38,873 | €34,090 | -€4,783 | -12.3% |
| Amounts payable | 17/49 | €18,913 | €14,029 | -€4,884 | -25.8% |
| Amounts payable within one year | 42/48 | €18,913 | €14,029 | -€4,884 | -25.8% |
| Trade debts | 44 | - | €100 | +€100 | |
| Suppliers | 440/4 | - | €100 | +€100 | |
| Taxes, remuneration and social security | 45 | €2,349 | €1,864 | -€486 | -20.7% |
| Taxes | 450/3 | €2,349 | €1,864 | -€486 | -20.7% |
| Other amounts payable | 47/48 | €16,564 | €12,066 | -€4,498 | -27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,129 | €628 | -€501 | -44.4% |
| Other operating charges | 640/8 | €1,284 | €986 | -€299 | -23.3% |
| Non-recurring operating charges | 66A | €40 | €137 | +€97 | +243.6% |
| Gross operating margin | 9900 | €16,988 | €9,458 | -€7,530 | -44.3% |
| Operating profit (loss) | 9901 | €14,534 | €7,706 | -€6,828 | -47.0% |
| Financial income | 75/76B | €76 | €207 | +€131 | +171.3% |
| Recurring financial income | 75 | €76 | €207 | +€131 | +171.3% |
| Financial charges | 65/66B | €478 | €485 | +€6 | +1.3% |
| Recurring financial charges | 65 | €478 | €485 | +€6 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €14,132 | €7,429 | -€6,703 | -47.4% |
| Income taxes | 67/77 | -€325 | €212 | +€537 | |
| Profit (loss) for the period | 9904 | €14,457 | €7,217 | -€7,240 | -50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,457 | €7,217 | -€7,240 | -50.1% |
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 11 October 2026 via checked.be.