A.S. MANAGEMENT: what changed
What changed
A.S. MANAGEMENT
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€391,834
2024 · €385,015+€6,819
Equity
€3.3m
2024 · €3.0m+€261,834
Cash
€60,130
2024 · €69,889-€9,759
Balance sheet total
€5.5m
2024 · €5.6m-€25,001
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€262,786
down €262,786 (-13.2%), from €2.0m to €1.7m
of which Other amounts payable: -€252,129
- Reserves +€261,834
up €261,834 (+8.8%), from €3.0m to €3.2m
of which Distributable reserves: +€269,334
Income statement
- Gross operating margin +€9,735
up €9,735 (+7.9%), from €123,458 to €133,193
- Taxes +€1,978
up €1,978 (+11.4%), from €17,285 to €19,263
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€385,015
Gross operating margin
+€9,735
Other operating charges
-€63
Other operating items
-€145
Financial charges
-€730
Taxes
-€1,978
Result 2025
€391,834
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€406,955
Investment
€0
Financing
-€416,714
Cash 2024
€69,889
From operations (derived)
+€406,955
Net result for the year
+€391,834
Depreciation
+€14,918
Smaller working-capital items
+€753
Tax, wage and social debts
+€1,527
Accrued charges and deferred income
-€2,078
Financing
-€416,714
Debts after one year
-€262,786
Current portion of long-term debt
-€23,928
Contributions, distributions and other
-€130,000
Cash 2025
€60,130
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,551,586 | €5,526,585 | -€25,001 | -0.5% |
| Fixed assets | 21/28 | €5,044,893 | €5,029,975 | -€14,918 | -0.3% |
| Tangible fixed assets | 22/27 | €54,893 | €39,975 | -€14,918 | -27.2% |
| Leasing and similar rights | 25 | €54,893 | €39,975 | -€14,918 | -27.2% |
| Financial fixed assets | 28 | €4,990,000 | €4,990,000 | = | 0.0% |
| Current assets | 29/58 | €506,693 | €496,610 | -€10,083 | -2.0% |
| Amounts receivable within one year | 40/41 | €117,140 | €116,737 | -€403 | -0.3% |
| Trade receivables | 40 | €111,925 | €113,500 | +€1,575 | +1.4% |
| Other amounts receivable | 41 | €5,215 | €3,237 | -€1,978 | -37.9% |
| Cash at bank and in hand | 54/58 | €69,889 | €60,130 | -€9,759 | -14.0% |
| Deferred charges and accrued income | 490/1 | €319,664 | €319,743 | +€80 | 0.0% |
| Total equity and liabilities | 10/49 | €5,551,586 | €5,526,585 | -€25,001 | -0.5% |
| Equity | 10/15 | €3,044,631 | €3,306,465 | +€261,834 | +8.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €2,969,631 | €3,231,465 | +€261,834 | +8.8% |
| Non-distributable reserves | 130/1 | €7,500 | €0 | -€7,500 | -100% |
| Reserves not available under the articles | 1311 | €7,500 | €0 | -€7,500 | -100% |
| Distributable reserves | 133 | €2,962,131 | €3,231,465 | +€269,334 | +9.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,506,955 | €2,220,120 | -€286,835 | -11.4% |
| Amounts payable after more than one year | 17 | €1,985,944 | €1,723,158 | -€262,786 | -13.2% |
| Financial debts | 170/4 | €29,499 | €18,842 | -€10,657 | -36.1% |
| Other amounts payable | 178/9 | €1,956,445 | €1,704,316 | -€252,129 | -12.9% |
| Amounts payable within one year | 42/48 | €511,434 | €489,462 | -€21,972 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €384,586 | €360,657 | -€23,928 | -6.2% |
| Trade debts | 44 | €2,060 | €2,489 | +€429 | +20.8% |
| Suppliers | 440/4 | €2,060 | €2,489 | +€429 | +20.8% |
| Taxes, remuneration and social security | 45 | €24,789 | €26,316 | +€1,527 | +6.2% |
| Taxes | 450/3 | €24,789 | €26,316 | +€1,527 | +6.2% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,578 | €7,500 | -€2,078 | -21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,918 | €14,918 | = | 0.0% |
| Other operating charges | 640/8 | €2,506 | €2,569 | +€63 | +2.5% |
| Non-recurring operating charges | 66A | €261 | €406 | +€145 | +55.6% |
| Gross operating margin | 9900 | €123,458 | €133,193 | +€9,735 | +7.9% |
| Operating profit (loss) | 9901 | €105,772 | €115,299 | +€9,527 | +9.0% |
| Financial income | 75/76B | €318,293 | €318,293 | = | 0.0% |
| Recurring financial income | 75 | €318,293 | €318,293 | = | 0.0% |
| Financial charges | 65/66B | €21,766 | €22,495 | +€730 | +3.4% |
| Recurring financial charges | 65 | €21,766 | €22,495 | +€730 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €402,300 | €411,097 | +€8,797 | +2.2% |
| Income taxes | 67/77 | €17,285 | €19,263 | +€1,978 | +11.4% |
| Profit (loss) for the period | 9904 | €385,015 | €391,834 | +€6,819 | +1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €385,015 | €391,834 | +€6,819 | +1.8% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.