A.S.C.: 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.
What changed
A.S.C.
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31,117
2024 · €26,935+€4,183
Equity
€175,520
2024 · €144,403+€31,117
Cash
€4,359
2024 · €3,200+€1,159
Balance sheet total
€473,376
2024 · €468,571+€4,805
Largest movements
Assets
- Tangible fixed assets +€5,119
up €5,119 (+955%), from €536 to €5,655
Equity and liabilities
- Reserves +€31,117
up €31,117 (+24.7%), from €125,803 to €156,920
- Debts after one year -€28,417
down €28,417 (-12.4%), from €229,931 to €201,514
Income statement
- Gross operating margin +€9,531
up €9,531 (+22.0%), from €43,250 to €52,781
- Financial charges +€2,941
up €2,941 (+53.5%), from €5,500 to €8,441
- Taxes +€1,860
up €1,860 (+19.0%), from €9,798 to €11,658
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.
Result 2024
€26,935
Gross operating margin
+€9,531
Depreciation
-€225
Other operating charges
-€190
Financial income
-€132
Financial charges
-€2,941
Taxes
-€1,860
Result 2025
€31,117
raises the resultlowers the result
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.
From operations
+€36,022
Investment
-€6,312
Financing
-€28,551
Cash 2024
€3,200
From operations (derived)
+€36,022
Net result for the year
+€31,117
Depreciation
+€1,193
Receivables within one year
+€809
Deferred charges and accrued income
+€664
Trade debts
+€79
Tax, wage and social debts
+€1,512
Other debts
-€2,575
Accrued charges and deferred income
+€3,222
Investment (derived)
-€6,312
Investment in fixed assets (net)
-€6,312
Financing
-€28,551
Debts after one year
-€28,417
Current portion of long-term debt
-€134
Cash 2025
€4,359
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €468,571 | €473,376 | +€4,805 | +1.0% |
| Fixed assets | 21/28 | €440,864 | €445,983 | +€5,119 | +1.2% |
| Tangible fixed assets | 22/27 | €536 | €5,655 | +€5,119 | +955% |
| Furniture and vehicles | 24 | €536 | €5,655 | +€5,119 | +955% |
| Financial fixed assets | 28 | €440,328 | €440,328 | = | 0.0% |
| Current assets | 29/58 | €27,707 | €27,393 | -€314 | -1.1% |
| Amounts receivable within one year | 40/41 | €21,753 | €20,944 | -€809 | -3.7% |
| Trade receivables | 40 | - | €6,000 | +€6,000 | |
| Other amounts receivable | 41 | €21,753 | €14,944 | -€6,809 | -31.3% |
| Cash at bank and in hand | 54/58 | €3,200 | €4,359 | +€1,159 | +36.2% |
| Deferred charges and accrued income | 490/1 | €2,754 | €2,090 | -€664 | -24.1% |
| Total equity and liabilities | 10/49 | €468,571 | €473,376 | +€4,805 | +1.0% |
| Equity | 10/15 | €144,403 | €175,520 | +€31,117 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €125,803 | €156,920 | +€31,117 | +24.7% |
| Distributable reserves | 133 | €125,803 | €156,920 | +€31,117 | +24.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €324,168 | €297,856 | -€26,313 | -8.1% |
| Amounts payable after more than one year | 17 | €229,931 | €201,514 | -€28,417 | -12.4% |
| Financial debts | 170/4 | €229,931 | €201,514 | -€28,417 | -12.4% |
| Amounts payable within one year | 42/48 | €93,270 | €92,152 | -€1,118 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €28,551 | €28,417 | -€134 | -0.5% |
| Trade debts | 44 | €222 | €301 | +€79 | +35.4% |
| Suppliers | 440/4 | €222 | €301 | +€79 | +35.4% |
| Taxes, remuneration and social security | 45 | €5,813 | €7,325 | +€1,512 | +26.0% |
| Taxes | 450/3 | €5,813 | €7,325 | +€1,512 | +26.0% |
| Other amounts payable | 47/48 | €58,683 | €56,109 | -€2,575 | -4.4% |
| Accrued charges and deferred income | 492/3 | €968 | €4,190 | +€3,222 | +333% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €968 | €1,193 | +€225 | +23.2% |
| Other operating charges | 640/8 | €505 | €695 | +€190 | +37.6% |
| Gross operating margin | 9900 | €43,250 | €52,781 | +€9,531 | +22.0% |
| Operating profit (loss) | 9901 | €41,777 | €50,893 | +€9,116 | +21.8% |
| Financial income | 75/76B | €456 | €323 | -€132 | -29.0% |
| Recurring financial income | 75 | €456 | €323 | -€132 | -29.0% |
| Financial charges | 65/66B | €5,500 | €8,441 | +€2,941 | +53.5% |
| Recurring financial charges | 65 | €5,500 | €8,441 | +€2,941 | +53.5% |
| Profit (loss) for the period before taxes | 9903 | €36,732 | €42,775 | +€6,043 | +16.5% |
| Income taxes | 67/77 | €9,798 | €11,658 | +€1,860 | +19.0% |
| Profit (loss) for the period | 9904 | €26,935 | €31,117 | +€4,183 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,935 | €31,117 | +€4,183 | +15.5% |
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 14 October 2026 via checked.be.