A.S.E.-Brecht: 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.E.-Brecht
Largest movements
- Tangible fixed assets +€2.9m
up €2.9m (+318.5%), from €905,049 to €3.8m
of which Land and buildings: +€2.9m
- Cash +€117,447
up €117,447 (+445.6%), from €26,359 to €143,806
mainly Contributions, distributions and other (+€3.0m) and Net result for the year (+€143,992)
- Revaluation surpluses +€3.0m
new in 2025: €3.0m
- Reserves +€143,992
up €143,992 (+52.3%), from €275,323 to €419,315
- Debts after one year -€64,025
down €64,025 (-100.0%), from €64,025 to €0
- Current portion of long-term debt -€57,718
down €57,718 (-47.4%), from €121,743 to €64,025
- Other debts -€39,577
down €39,577 (-55.8%), from €70,882 to €31,305
- Gross operating margin +€103,850
up €103,850 (+43.7%), from €237,724 to €341,575
- Taxes +€36,289
up €36,289 (+140.3%), from €25,868 to €62,157
- Depreciation -€8,673
down €8,673 (-6.9%), from €125,636 to €116,963
- Financial charges -€5,905
down €5,905 (-55.4%), from €10,663 to €4,758
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 | €945,338 | €3,939,104 | +€3.0m | +316.7% |
| Fixed assets | 21/28 | €905,049 | €3,787,465 | +€2.9m | +318.5% |
| Tangible fixed assets | 22/27 | €905,049 | €3,787,465 | +€2.9m | +318.5% |
| Land and buildings | 22 | €826,599 | €3,737,000 | +€2.9m | +352.1% |
| Plant, machinery and equipment | 23 | €8,765 | €5,714 | -€3,050 | -34.8% |
| Furniture and vehicles | 24 | €66,164 | €41,228 | -€24,936 | -37.7% |
| Other tangible fixed assets | 26 | €3,522 | €3,522 | = | 0.0% |
| Current assets | 29/58 | €40,289 | €151,639 | +€111,351 | +276.4% |
| Amounts receivable within one year | 40/41 | €8,917 | €4,876 | -€4,041 | -45.3% |
| Trade receivables | 40 | €8,917 | €4,876 | -€4,041 | -45.3% |
| Cash at bank and in hand | 54/58 | €26,359 | €143,806 | +€117,447 | +445.6% |
| Deferred charges and accrued income | 490/1 | €5,012 | €2,957 | -€2,056 | -41.0% |
| Total equity and liabilities | 10/49 | €945,338 | €3,939,104 | +€3.0m | +316.7% |
| Equity | 10/15 | €610,112 | €3,755,228 | +€3.1m | +515.5% |
| Contributions | 10/11 | €20,512 | €20,512 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,001,124 | +€3.0m | |
| Reserves | 13 | €275,323 | €419,315 | +€143,992 | +52.3% |
| Distributable reserves | 133 | €275,323 | €419,315 | +€143,992 | +52.3% |
| Profit (loss) carried forward | 14 | €314,277 | €314,277 | = | 0.0% |
| Amounts payable | 17/49 | €335,226 | €183,876 | -€151,350 | -45.1% |
| Amounts payable after more than one year | 17 | €64,025 | €0 | -€64,025 | -100.0% |
| Financial debts | 170/4 | €64,025 | €0 | -€64,025 | -100.0% |
| Amounts payable within one year | 42/48 | €271,202 | €183,876 | -€87,325 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €121,743 | €64,025 | -€57,718 | -47.4% |
| Financial debts | 43 | €57,500 | €29,900 | -€27,600 | -48.0% |
| Other loans | 439 | €57,500 | €29,900 | -€27,600 | -48.0% |
| Trade debts | 44 | €3,029 | €8,052 | +€5,024 | +165.9% |
| Suppliers | 440/4 | €3,029 | €8,052 | +€5,024 | +165.9% |
| Taxes, remuneration and social security | 45 | €18,048 | €50,594 | +€32,546 | +180.3% |
| Taxes | 450/3 | €8,403 | €46,331 | +€37,928 | +451.4% |
| Remuneration and social security | 454/9 | €9,645 | €4,264 | -€5,382 | -55.8% |
| Other amounts payable | 47/48 | €70,882 | €31,305 | -€39,577 | -55.8% |
| Non-recurring operating income | 76A | - | €17,188 | +€17,188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,636 | €116,963 | -€8,673 | -6.9% |
| Other operating charges | 640/8 | €13,377 | €13,704 | +€327 | +2.4% |
| Gross operating margin | 9900 | €237,724 | €341,575 | +€103,850 | +43.7% |
| Operating profit (loss) | 9901 | €98,711 | €210,908 | +€112,196 | +113.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10,663 | €4,758 | -€5,905 | -55.4% |
| Recurring financial charges | 65 | €10,663 | €4,758 | -€5,905 | -55.4% |
| Profit (loss) for the period before taxes | 9903 | €88,048 | €206,149 | +€118,101 | +134.1% |
| Income taxes | 67/77 | €25,868 | €62,157 | +€36,289 | +140.3% |
| Profit (loss) for the period | 9904 | €62,180 | €143,992 | +€81,813 | +131.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,180 | €143,992 | +€81,813 | +131.6% |
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 2 October 2026 via checked.be.