A.S.M.: 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.M.
Largest movements
- Cash +€16,966
up €16,966 (+25.1%), from €67,706 to €84,673
mainly Net result for the year (+€72,935) and Depreciation (+€12,610)
- Tangible fixed assets -€12,610
down €12,610 (-10.5%), from €120,516 to €107,906
of which Land and buildings: -€9,269
- Receivables within one year +€8,939
up €8,939 (+2.3%), from €380,945 to €389,884
of which Other amounts receivable: +€10,047
- Current portion of long-term debt -€8,664
no longer reported in 2025 (was €8,664)
- Trade debts +€7,832
up €7,832 (+119%), from €6,602 to €14,434
- Tax, wage and social debts +€6,369
new in 2025: €6,369
- Gross operating margin -€93,781
down €93,781 (-53.1%), from €176,501 to €82,720
- Taxes -€18,953
down €18,953 (-63.1%), from €30,039 to €11,086
- Depreciation -€9,287
down €9,287 (-42.4%), from €21,898 to €12,610
- Financial charges -€2,076
down €2,076 (-63.6%), from €3,265 to €1,189
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 | €588,774 | €602,770 | +€13,996 | +2.4% |
| Fixed assets | 21/28 | €123,766 | €110,906 | -€12,860 | -10.4% |
| Tangible fixed assets | 22/27 | €120,516 | €107,906 | -€12,610 | -10.5% |
| Land and buildings | 22 | €113,371 | €104,102 | -€9,269 | -8.2% |
| Plant, machinery and equipment | 23 | €7,145 | €3,804 | -€3,342 | -46.8% |
| Financial fixed assets | 28 | €3,250 | €3,000 | -€250 | -7.7% |
| Current assets | 29/58 | €465,007 | €491,863 | +€26,856 | +5.8% |
| Stocks and contracts in progress | 3 | €16,128 | €16,611 | +€483 | +3.0% |
| Stocks | 30/36 | €16,128 | €16,611 | +€483 | +3.0% |
| Amounts receivable within one year | 40/41 | €380,945 | €389,884 | +€8,939 | +2.3% |
| Trade receivables | 40 | €9,262 | €8,154 | -€1,108 | -12.0% |
| Other amounts receivable | 41 | €371,683 | €381,730 | +€10,047 | +2.7% |
| Cash at bank and in hand | 54/58 | €67,706 | €84,673 | +€16,966 | +25.1% |
| Deferred charges and accrued income | 490/1 | €227 | €696 | +€469 | +206% |
| Total equity and liabilities | 10/49 | €588,774 | €602,770 | +€13,996 | +2.4% |
| Equity | 10/15 | €571,612 | €576,199 | +€4,587 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €553,012 | €557,599 | +€4,587 | +0.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €551,152 | €555,739 | +€4,587 | +0.8% |
| Amounts payable | 17/49 | €17,162 | €26,571 | +€9,409 | +54.8% |
| Amounts payable within one year | 42/48 | €16,960 | €26,571 | +€9,611 | +56.7% |
| Current portion of amounts payable after more than one year | 42 | €8,664 | - | -€8,664 | |
| Trade debts | 44 | €6,602 | €14,434 | +€7,832 | +119% |
| Suppliers | 440/4 | €6,602 | €14,434 | +€7,832 | +119% |
| Taxes, remuneration and social security | 45 | - | €6,369 | +€6,369 | |
| Taxes | 450/3 | - | €6,369 | +€6,369 | |
| Other amounts payable | 47/48 | €1,694 | €5,768 | +€4,073 | +240% |
| Accrued charges and deferred income | 492/3 | €201 | - | -€201 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,898 | €12,610 | -€9,287 | -42.4% |
| Other operating charges | 640/8 | €5,317 | €5,030 | -€288 | -5.4% |
| Gross operating margin | 9900 | €176,501 | €82,720 | -€93,781 | -53.1% |
| Operating profit (loss) | 9901 | €149,286 | €65,080 | -€84,206 | -56.4% |
| Financial income | 75/76B | €21,724 | €20,130 | -€1,594 | -7.3% |
| Recurring financial income | 75 | €21,724 | €20,130 | -€1,594 | -7.3% |
| Financial charges | 65/66B | €3,265 | €1,189 | -€2,076 | -63.6% |
| Recurring financial charges | 65 | €3,265 | €1,189 | -€2,076 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | €167,745 | €84,021 | -€83,725 | -49.9% |
| Income taxes | 67/77 | €30,039 | €11,086 | -€18,953 | -63.1% |
| Profit (loss) for the period | 9904 | €137,707 | €72,935 | -€64,772 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,707 | €72,935 | -€64,772 | -47.0% |
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 18 October 2026 via checked.be.