A.S. PROJECTS: 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. PROJECTS
Largest movements
- Receivables within one year +€45,919
up €45,919 (+120%), from €38,377 to €84,296
of which Trade receivables: +€42,704
- Cash +€39,174
up €39,174 (+15.2%), from €258,331 to €297,505
mainly Trade debts (+€44,554) and Net result for the year (+€43,923)
- Stocks and contracts +€11,247
up €11,247 (+18.7%), from €60,192 to €71,439
- Tangible fixed assets +€7,743
up €7,743 (+39.7%), from €19,487 to €27,230
of which Furniture and vehicles: +€10,867
- Deferred charges and accrued income -€4,997
down €4,997 (-87.3%), from €5,725 to €728
- Trade debts +€44,554
up €44,554 (+37.9%), from €117,612 to €162,166
- Reserves +€43,923
up €43,923 (+32.4%), from €135,538 to €179,461
- Tax, wage and social debts +€9,128
up €9,128 (+30.9%), from €29,573 to €38,701
- Gross operating margin -€16,842
down €16,842 (-17.6%), from €95,823 to €78,981
- Taxes -€6,004
down €6,004 (-19.6%), from €30,568 to €24,564
- Other operating charges +€2,127
up €2,127 (+56.0%), from €3,796 to €5,924
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 | €382,112 | €481,198 | +€99,086 | +25.9% |
| Fixed assets | 21/28 | €19,487 | €27,230 | +€7,743 | +39.7% |
| Tangible fixed assets | 22/27 | €19,487 | €27,230 | +€7,743 | +39.7% |
| Plant, machinery and equipment | 23 | €19,150 | €16,026 | -€3,124 | -16.3% |
| Furniture and vehicles | 24 | €337 | €11,204 | +€10,867 | +3,226% |
| Current assets | 29/58 | €362,625 | €453,968 | +€91,343 | +25.2% |
| Stocks and contracts in progress | 3 | €60,192 | €71,439 | +€11,247 | +18.7% |
| Stocks | 30/36 | €60,192 | €71,439 | +€11,247 | +18.7% |
| Amounts receivable within one year | 40/41 | €38,377 | €84,296 | +€45,919 | +120% |
| Trade receivables | 40 | €22,268 | €64,971 | +€42,704 | +192% |
| Other amounts receivable | 41 | €16,110 | €19,325 | +€3,215 | +20.0% |
| Cash at bank and in hand | 54/58 | €258,331 | €297,505 | +€39,174 | +15.2% |
| Deferred charges and accrued income | 490/1 | €5,725 | €728 | -€4,997 | -87.3% |
| Total equity and liabilities | 10/49 | €382,112 | €481,198 | +€99,086 | +25.9% |
| Equity | 10/15 | €231,804 | €275,727 | +€43,923 | +18.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €135,538 | €179,461 | +€43,923 | +32.4% |
| Distributable reserves | 133 | €135,538 | €179,461 | +€43,923 | +32.4% |
| Profit (loss) carried forward | 14 | €77,665 | €77,665 | = | 0.0% |
| Amounts payable | 17/49 | €150,308 | €205,471 | +€55,163 | +36.7% |
| Amounts payable within one year | 42/48 | €150,308 | €205,471 | +€55,163 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €54 | - | -€54 | |
| Financial debts | 43 | €3,069 | €4,604 | +€1,535 | +50.0% |
| Other loans | 439 | €3,069 | €4,604 | +€1,535 | +50.0% |
| Trade debts | 44 | €117,612 | €162,166 | +€44,554 | +37.9% |
| Suppliers | 440/4 | €117,612 | €162,166 | +€44,554 | +37.9% |
| Taxes, remuneration and social security | 45 | €29,573 | €38,701 | +€9,128 | +30.9% |
| Taxes | 450/3 | €29,573 | €38,701 | +€9,128 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,063 | €3,752 | -€311 | -7.7% |
| Other operating charges | 640/8 | €3,796 | €5,924 | +€2,127 | +56.0% |
| Gross operating margin | 9900 | €95,823 | €78,981 | -€16,842 | -17.6% |
| Operating profit (loss) | 9901 | €87,964 | €69,306 | -€18,658 | -21.2% |
| Financial income | 75/76B | €100 | €413 | +€314 | +314% |
| Recurring financial income | 75 | €100 | €413 | +€314 | +314% |
| Financial charges | 65/66B | €1,535 | €1,232 | -€303 | -19.7% |
| Recurring financial charges | 65 | €1,535 | €1,232 | -€303 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €86,529 | €68,487 | -€18,042 | -20.9% |
| Income taxes | 67/77 | €30,568 | €24,564 | -€6,004 | -19.6% |
| Profit (loss) for the period | 9904 | €55,961 | €43,923 | -€12,038 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €55,961 | €43,923 | -€12,038 | -21.5% |
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 19 October 2026 via checked.be.