A.S.V.D.: what changed
A.S.V.D.
Largest movements
- Current investments +€859,746
up €859,746 (+116%), from €738,548 to €1.6m
- Cash -€797,799
down €797,799 (-64.5%), from €1.2m to €438,626
mainly Current investments (-€859,746) and Other debts (-€357,329)
- Tangible fixed assets -€111,237
down €111,237 (-21.7%), from €513,322 to €402,085
of which Furniture and vehicles: -€69,514
- Stocks and contracts -€78,504
down €78,504 (-17.6%), from €446,376 to €367,873
of which Contracts in progress: -€85,395
- Receivables within one year -€47,882
down €47,882 (-13.9%), from €343,670 to €295,789
of which Other amounts receivable: -€51,609
- Other debts -€357,329
down €357,329 (-61.9%), from €577,068 to €219,739
- Tax, wage and social debts +€102,235
up €102,235 (+155%), from €66,084 to €168,319
of which Remuneration and social security: +€68,144
- Reserves +€78,157
up €78,157 (+4.4%), from €1.8m to €1.8m
of which Distributable reserves: +€204,457
- Gross operating margin +€125,276
up €125,276 (+9.5%), from €1.3m to €1.4m
- Staff costs +€90,222
up €90,222 (+9.0%), from €996,985 to €1.1m
- Financial income -€43,504
down €43,504 (-59.1%), from €73,630 to €30,126
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,320,220 | €3,111,968 | -€208,252 | -6.3% |
| Fixed assets | 21/28 | €513,322 | €402,085 | -€111,237 | -21.7% |
| Tangible fixed assets | 22/27 | €513,322 | €402,085 | -€111,237 | -21.7% |
| Land and buildings | 22 | €261,884 | €234,189 | -€27,696 | -10.6% |
| Plant, machinery and equipment | 23 | €34,666 | €23,167 | -€11,500 | -33.2% |
| Furniture and vehicles | 24 | €203,052 | €133,538 | -€69,514 | -34.2% |
| Other tangible fixed assets | 26 | €13,719 | €11,192 | -€2,527 | -18.4% |
| Current assets | 29/58 | €2,806,898 | €2,709,883 | -€97,015 | -3.5% |
| Stocks and contracts in progress | 3 | €446,376 | €367,873 | -€78,504 | -17.6% |
| Stocks | 30/36 | €246,663 | €253,555 | +€6,892 | +2.8% |
| Contracts in progress | 37 | €199,713 | €114,317 | -€85,395 | -42.8% |
| Amounts receivable within one year | 40/41 | €343,670 | €295,789 | -€47,882 | -13.9% |
| Trade receivables | 40 | €292,062 | €295,789 | +€3,727 | +1.3% |
| Other amounts receivable | 41 | €51,609 | €0 | -€51,609 | -100% |
| Current investments | 50/53 | €738,548 | €1,598,295 | +€859,746 | +116% |
| Cash at bank and in hand | 54/58 | €1,236,425 | €438,626 | -€797,799 | -64.5% |
| Deferred charges and accrued income | 490/1 | €41,878 | €9,301 | -€32,577 | -77.8% |
| Total equity and liabilities | 10/49 | €3,320,220 | €3,111,968 | -€208,252 | -6.3% |
| Equity | 10/15 | €2,542,824 | €2,620,981 | +€78,157 | +3.1% |
| Contributions | 10/11 | €781,500 | €781,500 | = | 0.0% |
| Capital | 10 | €781,500 | €781,500 | = | 0.0% |
| Issued capital | 100 | €781,500 | €781,500 | = | 0.0% |
| Reserves | 13 | €1,761,324 | €1,839,481 | +€78,157 | +4.4% |
| Non-distributable reserves | 130/1 | €77,866 | €77,866 | = | 0.0% |
| Legal reserve | 130 | €77,866 | €77,866 | = | 0.0% |
| Tax-exempt reserves | 132 | €128,580 | €2,280 | -€126,300 | -98.2% |
| Distributable reserves | 133 | €1,554,878 | €1,759,335 | +€204,457 | +13.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €777,396 | €490,987 | -€286,409 | -36.8% |
| Amounts payable within one year | 42/48 | €744,846 | €471,654 | -€273,192 | -36.7% |
| Trade debts | 44 | €101,694 | €83,596 | -€18,098 | -17.8% |
| Suppliers | 440/4 | €101,694 | €83,596 | -€18,098 | -17.8% |
| Taxes, remuneration and social security | 45 | €66,084 | €168,319 | +€102,235 | +155% |
| Taxes | 450/3 | €33,767 | €67,858 | +€34,091 | +101% |
| Remuneration and social security | 454/9 | €32,317 | €100,461 | +€68,144 | +211% |
| Other amounts payable | 47/48 | €577,068 | €219,739 | -€357,329 | -61.9% |
| Accrued charges and deferred income | 492/3 | €32,550 | €19,333 | -€13,217 | -40.6% |
| Remuneration, social security and pensions | 62 | €996,985 | €1,087,207 | +€90,222 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,633 | €114,712 | +€80 | +0.1% |
| Other operating charges | 640/8 | €17,219 | €21,718 | +€4,499 | +26.1% |
| Gross operating margin | 9900 | €1,318,122 | €1,443,398 | +€125,276 | +9.5% |
| Operating profit (loss) | 9901 | €189,286 | €219,760 | +€30,475 | +16.1% |
| Financial income | 75/76B | €73,630 | €30,126 | -€43,504 | -59.1% |
| Recurring financial income | 75 | €73,630 | €30,126 | -€43,504 | -59.1% |
| Financial charges | 65/66B | €31,716 | €26,081 | -€5,635 | -17.8% |
| Recurring financial charges | 65 | €31,716 | €26,081 | -€5,635 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €231,200 | €223,806 | -€7,394 | -3.2% |
| Income taxes | 67/77 | €84,564 | €81,717 | -€2,847 | -3.4% |
| Profit (loss) for the period | 9904 | €146,636 | €142,089 | -€4,547 | -3.1% |
| Transfer from tax-exempt reserves | 789 | €126,300 | €126,300 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €272,936 | €268,389 | -€4,547 | -1.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.