A.S.: what changed
Two fiscal 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 +€51,050
up €51,050 (+108.3%), from €47,128 to €98,179
of which Other amounts receivable: +€45,501
- Cash -€35,147
down €35,147 (-52.6%), from €66,775 to €31,628
mainly Receivables within one year (-€51,050) and Investment in fixed assets (net) (-€5,000)
- Financial fixed assets +€5,000
new in 2025: €5,000
- Tangible fixed assets -€3,588
down €3,588 (-16.4%), from €21,943 to €18,355
of which Land and buildings: -€2,622
- Profit (loss) carried forward +€17,137
up €17,137 (+34.7%), from €49,415 to €66,552
- Gross operating margin -€74,416
down €74,416 (-75.9%), from €97,989 to €23,574
- Taxes -€20,026
down €20,026 (-80.2%), from €24,955 to €4,930
- Financial income +€1,349
up €1,349 (+80.6%), from €1,673 to €3,022
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 | €135,846 | €153,162 | +€17,315 | +12.7% |
| Fixed assets | 21/28 | €21,943 | €23,355 | +€1,412 | +6.4% |
| Tangible fixed assets | 22/27 | €21,943 | €18,355 | -€3,588 | -16.4% |
| Land and buildings | 22 | €20,977 | €18,355 | -€2,622 | -12.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €966 | €0 | -€966 | -100.0% |
| Financial fixed assets | 28 | - | €5,000 | +€5,000 | |
| Current assets | 29/58 | €113,903 | €129,806 | +€15,903 | +14.0% |
| Amounts receivable within one year | 40/41 | €47,128 | €98,179 | +€51,050 | +108.3% |
| Trade receivables | 40 | €15,777 | €21,326 | +€5,549 | +35.2% |
| Other amounts receivable | 41 | €31,351 | €76,853 | +€45,501 | +145.1% |
| Cash at bank and in hand | 54/58 | €66,775 | €31,628 | -€35,147 | -52.6% |
| Total equity and liabilities | 10/49 | €135,846 | €153,162 | +€17,315 | +12.7% |
| Equity | 10/15 | €119,676 | €136,813 | +€17,137 | +14.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Capital | 10 | €18,550 | €18,550 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €51,711 | €51,711 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €49,851 | €49,851 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,415 | €66,552 | +€17,137 | +34.7% |
| Amounts payable | 17/49 | €16,170 | €16,349 | +€179 | +1.1% |
| Amounts payable within one year | 42/48 | €16,170 | €16,349 | +€179 | +1.1% |
| Trade debts | 44 | €1,818 | €1,991 | +€173 | +9.5% |
| Suppliers | 440/4 | €1,818 | €1,991 | +€173 | +9.5% |
| Taxes, remuneration and social security | 45 | €14,352 | €14,358 | +€6 | 0.0% |
| Taxes | 450/3 | €10,636 | €10,626 | -€11 | -0.1% |
| Remuneration and social security | 454/9 | €3,716 | €3,732 | +€16 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,366 | €3,588 | -€778 | -17.8% |
| Other operating charges | 640/8 | €563 | €768 | +€205 | +36.4% |
| Gross operating margin | 9900 | €97,989 | €23,574 | -€74,416 | -75.9% |
| Operating profit (loss) | 9901 | €93,060 | €19,218 | -€73,842 | -79.3% |
| Financial income | 75/76B | €1,673 | €3,022 | +€1,349 | +80.6% |
| Recurring financial income | 75 | €1,673 | €3,022 | +€1,349 | +80.6% |
| Financial charges | 65/66B | €30 | €173 | +€143 | +477.1% |
| Recurring financial charges | 65 | €30 | €173 | +€143 | +477.1% |
| Profit (loss) for the period before taxes | 9903 | €94,703 | €22,066 | -€72,637 | -76.7% |
| Income taxes | 67/77 | €24,955 | €4,930 | -€20,026 | -80.2% |
| Profit (loss) for the period | 9904 | €69,747 | €17,137 | -€52,611 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,747 | €17,137 | -€52,611 | -75.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.