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
- Tangible fixed assets +€178,810
up €178,810 (+1,433%), from €12,482 to €191,292
of which Land and buildings: +€164,333
- Cash -€13,088
down €13,088 (-32.3%), from €40,497 to €27,408
mainly Investment in fixed assets (net) (-€181,427) and Deferred charges and accrued income (-€1,702)
- Financial fixed assets -€2,550
down €2,550 (-31.5%), from €8,100 to €5,550
- Debts after one year +€119,870
new in 2025: €119,870
- Reserves +€15,030
up €15,030 (+43.1%), from €34,839 to €49,869
- Current portion of long-term debt +€11,213
new in 2025: €11,213
- Trade debts +€7,586
up €7,586 (+226%), from €3,358 to €10,944
- Tax, wage and social debts +€5,534
up €5,534 (+16.8%), from €32,876 to €38,410
of which Remuneration and social security: +€8,546
- Gross operating margin +€123,404
up €123,404 (+54.1%), from €228,098 to €351,502
- Staff costs +€111,617
up €111,617 (+59.3%), from €188,089 to €299,706
- Other operating charges +€19,855
up €19,855 (+708%), from €2,804 to €22,658
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 | €81,767 | €244,834 | +€163,067 | +199% |
| Fixed assets | 21/28 | €20,582 | €196,842 | +€176,260 | +856% |
| Tangible fixed assets | 22/27 | €12,482 | €191,292 | +€178,810 | +1,433% |
| Land and buildings | 22 | - | €164,333 | +€164,333 | |
| Plant, machinery and equipment | 23 | €7,307 | €13,045 | +€5,738 | +78.5% |
| Furniture and vehicles | 24 | €5,175 | €13,914 | +€8,739 | +169% |
| Financial fixed assets | 28 | €8,100 | €5,550 | -€2,550 | -31.5% |
| Current assets | 29/58 | €61,186 | €47,992 | -€13,193 | -21.6% |
| Amounts receivable within one year | 40/41 | €17,324 | €15,518 | -€1,806 | -10.4% |
| Trade receivables | 40 | €4,320 | €4,323 | +€3 | +0.1% |
| Other amounts receivable | 41 | €13,004 | €11,195 | -€1,809 | -13.9% |
| Cash at bank and in hand | 54/58 | €40,497 | €27,408 | -€13,088 | -32.3% |
| Deferred charges and accrued income | 490/1 | €3,365 | €5,066 | +€1,702 | +50.6% |
| Total equity and liabilities | 10/49 | €81,767 | €244,834 | +€163,067 | +199% |
| Equity | 10/15 | €39,839 | €54,869 | +€15,030 | +37.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €34,839 | €49,869 | +€15,030 | +43.1% |
| Distributable reserves | 133 | €34,839 | €49,869 | +€15,030 | +43.1% |
| Amounts payable | 17/49 | €41,928 | €189,965 | +€148,037 | +353% |
| Amounts payable after more than one year | 17 | - | €119,870 | +€119,870 | |
| Financial debts | 170/4 | - | €119,870 | +€119,870 | |
| Amounts payable within one year | 42/48 | €41,928 | €70,095 | +€28,167 | +67.2% |
| Current portion of amounts payable after more than one year | 42 | - | €11,213 | +€11,213 | |
| Trade debts | 44 | €3,358 | €10,944 | +€7,586 | +226% |
| Suppliers | 440/4 | €3,358 | €10,944 | +€7,586 | +226% |
| Taxes, remuneration and social security | 45 | €32,876 | €38,410 | +€5,534 | +16.8% |
| Taxes | 450/3 | €14,051 | €11,039 | -€3,012 | -21.4% |
| Remuneration and social security | 454/9 | €18,825 | €27,371 | +€8,546 | +45.4% |
| Other amounts payable | 47/48 | €5,694 | €9,527 | +€3,833 | +67.3% |
| Remuneration, social security and pensions | 62 | €188,089 | €299,706 | +€111,617 | +59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,137 | €5,167 | +€3,030 | +142% |
| Other operating charges | 640/8 | €2,804 | €22,658 | +€19,855 | +708% |
| Gross operating margin | 9900 | €228,098 | €351,502 | +€123,404 | +54.1% |
| Operating profit (loss) | 9901 | €35,068 | €23,970 | -€11,098 | -31.6% |
| Financial charges | 65/66B | €204 | €1,853 | +€1,648 | +806% |
| Recurring financial charges | 65 | €204 | €1,853 | +€1,648 | +806% |
| Profit (loss) for the period before taxes | 9903 | €34,864 | €22,117 | -€12,747 | -36.6% |
| Income taxes | 67/77 | €7,080 | €7,087 | +€7 | +0.1% |
| Profit (loss) for the period | 9904 | €27,784 | €15,030 | -€12,753 | -45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,784 | €15,030 | -€12,753 | -45.9% |
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.