A.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.S.
Largest movements
- Receivables within one year +€23,927
up €23,927 (+50.9%), from €46,965 to €70,891
of which Trade receivables: +€23,927
- Tangible fixed assets -€6,544
down €6,544 (-27.1%), from €24,188 to €17,644
of which Leasing and similar rights: -€6,345
- Cash +€2,702
new in 2025: €2,702
mainly Debts after one year (+€58,568) and Net result for the year (+€18,750)
- Debts after one year +€58,568
up €58,568 (+328%), from €17,854 to €76,422
- Other debts -€55,802
down €55,802 (-83.4%), from €66,921 to €11,119
- Reserves +€14,750
up €14,750 (+14.9%), from €99,164 to €113,913
- Accrued charges and deferred income +€3,250
new in 2025: €3,250
- Tax, wage and social debts -€2,853
down €2,853 (-21.0%), from €13,579 to €10,725
of which Remuneration and social security: -€2,550
- Gross operating margin +€7,837
up €7,837 (+28.6%), from €27,381 to €35,218
- Financial charges +€3,035
up €3,035 (+207%), from €1,465 to €4,500
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 | €223,710 | €241,984 | +€18,274 | +8.2% |
| Fixed assets | 21/28 | €174,188 | €167,644 | -€6,544 | -3.8% |
| Tangible fixed assets | 22/27 | €24,188 | €17,644 | -€6,544 | -27.1% |
| Furniture and vehicles | 24 | €417 | €219 | -€198 | -47.6% |
| Leasing and similar rights | 25 | €23,771 | €17,426 | -€6,345 | -26.7% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €49,522 | €74,340 | +€24,818 | +50.1% |
| Amounts receivable within one year | 40/41 | €46,965 | €70,891 | +€23,927 | +50.9% |
| Trade receivables | 40 | €44,650 | €68,576 | +€23,927 | +53.6% |
| Other amounts receivable | 41 | €2,315 | €2,315 | = | 0.0% |
| Cash at bank and in hand | 54/58 | - | €2,702 | +€2,702 | |
| Deferred charges and accrued income | 490/1 | €2,557 | €747 | -€1,810 | -70.8% |
| Total equity and liabilities | 10/49 | €223,710 | €241,984 | +€18,274 | +8.2% |
| Equity | 10/15 | €119,164 | €133,913 | +€14,750 | +12.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €99,164 | €113,913 | +€14,750 | +14.9% |
| Distributable reserves | 133 | €99,164 | €113,913 | +€14,750 | +14.9% |
| Amounts payable | 17/49 | €104,546 | €108,071 | +€3,524 | +3.4% |
| Amounts payable after more than one year | 17 | €17,854 | €76,422 | +€58,568 | +328% |
| Financial debts | 170/4 | €17,854 | €76,422 | +€58,568 | +328% |
| Amounts payable within one year | 42/48 | €86,692 | €28,398 | -€58,294 | -67.2% |
| Current portion of amounts payable after more than one year | 42 | €6,134 | €6,432 | +€298 | +4.9% |
| Trade debts | 44 | €58 | €122 | +€64 | +110% |
| Suppliers | 440/4 | €58 | €122 | +€64 | +110% |
| Taxes, remuneration and social security | 45 | €13,579 | €10,725 | -€2,853 | -21.0% |
| Taxes | 450/3 | €11,029 | €10,725 | -€303 | -2.8% |
| Remuneration and social security | 454/9 | €2,550 | - | -€2,550 | |
| Other amounts payable | 47/48 | €66,921 | €11,119 | -€55,802 | -83.4% |
| Accrued charges and deferred income | 492/3 | - | €3,250 | +€3,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,524 | €6,544 | +€20 | +0.3% |
| Other operating charges | 640/8 | €1,064 | €1,191 | +€127 | +12.0% |
| Gross operating margin | 9900 | €27,381 | €35,218 | +€7,837 | +28.6% |
| Operating profit (loss) | 9901 | €19,793 | €27,483 | +€7,690 | +38.8% |
| Financial charges | 65/66B | €1,465 | €4,500 | +€3,035 | +207% |
| Recurring financial charges | 65 | €1,465 | €4,500 | +€3,035 | +207% |
| Profit (loss) for the period before taxes | 9903 | €18,328 | €22,983 | +€4,655 | +25.4% |
| Income taxes | 67/77 | €4,148 | €4,233 | +€85 | +2.0% |
| Profit (loss) for the period | 9904 | €14,180 | €18,750 | +€4,570 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,180 | €18,750 | +€4,570 | +32.2% |
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 15 October 2026 via checked.be.