A²-SL MANAGEMENT: 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.
A²-SL MANAGEMENT
Largest movements
- Cash -€98,207
down €98,207 (-64.9%), from €151,406 to €53,199
mainly Receivables within one year (-€82,112) and Contributions, distributions and other (-€41,000)
- Receivables within one year +€82,112
up €82,112 (+308.9%), from €26,585 to €108,697
of which Trade receivables: +€78,556
- Tangible fixed assets -€22,788
down €22,788 (-4.4%), from €514,581 to €491,793
of which Land and buildings: -€13,586
- Reserves -€33,690
down €33,690 (-23.4%), from €144,080 to €110,390
of which Distributable reserves: -€33,690
- Debts after one year -€16,584
down €16,584 (-3.8%), from €438,969 to €422,385
- Other debts +€15,495
up €15,495 (+66.1%), from €23,455 to €38,950
- Trade debts -€8,634
down €8,634 (-81.6%), from €10,586 to €1,951
- Other operating charges -€74,402
down €74,402 (-97.4%), from €76,369 to €1,967
- Gross operating margin +€22,056
up €22,056 (+73.0%), from €30,216 to €52,272
- Depreciation +€7,045
up €7,045 (+44.7%), from €15,744 to €22,788
- Financial charges +€5,371
up €5,371 (+37.5%), from €14,336 to €19,707
- Taxes +€591
up €591 (+501.6%), from €118 to €709
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 | €698,168 | €654,526 | -€43,642 | -6.3% |
| Fixed assets | 21/28 | €514,631 | €491,843 | -€22,788 | -4.4% |
| Tangible fixed assets | 22/27 | €514,581 | €491,793 | -€22,788 | -4.4% |
| Land and buildings | 22 | €500,831 | €487,245 | -€13,586 | -2.7% |
| Plant, machinery and equipment | 23 | €647 | €0 | -€647 | -100.0% |
| Furniture and vehicles | 24 | €13,104 | €4,548 | -€8,555 | -65.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €183,536 | €162,683 | -€20,853 | -11.4% |
| Amounts receivable within one year | 40/41 | €26,585 | €108,697 | +€82,112 | +308.9% |
| Trade receivables | 40 | €26,581 | €105,138 | +€78,556 | +295.5% |
| Other amounts receivable | 41 | €4 | €3,559 | +€3,556 | +101299.4% |
| Cash at bank and in hand | 54/58 | €151,406 | €53,199 | -€98,207 | -64.9% |
| Deferred charges and accrued income | 490/1 | €5,546 | €788 | -€4,759 | -85.8% |
| Total equity and liabilities | 10/49 | €698,168 | €654,526 | -€43,642 | -6.3% |
| Equity | 10/15 | €188,307 | €154,626 | -€33,680 | -17.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,080 | €110,390 | -€33,690 | -23.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €142,220 | €108,530 | -€33,690 | -23.7% |
| Profit (loss) carried forward | 14 | €25,627 | €25,636 | +€10 | 0.0% |
| Amounts payable | 17/49 | €509,861 | €499,900 | -€9,962 | -2.0% |
| Amounts payable after more than one year | 17 | €438,969 | €422,385 | -€16,584 | -3.8% |
| Financial debts | 170/4 | €438,969 | €422,385 | -€16,584 | -3.8% |
| Amounts payable within one year | 42/48 | €69,216 | €76,001 | +€6,786 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €17,236 | €17,936 | +€700 | +4.1% |
| Trade debts | 44 | €10,586 | €1,951 | -€8,634 | -81.6% |
| Suppliers | 440/4 | €10,586 | €1,951 | -€8,634 | -81.6% |
| Taxes, remuneration and social security | 45 | €17,939 | €17,164 | -€775 | -4.3% |
| Taxes | 450/3 | €10,440 | €13,664 | +€3,224 | +30.9% |
| Remuneration and social security | 454/9 | €7,499 | €3,500 | -€3,999 | -53.3% |
| Other amounts payable | 47/48 | €23,455 | €38,950 | +€15,495 | +66.1% |
| Accrued charges and deferred income | 492/3 | €1,677 | €1,513 | -€164 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,744 | €22,788 | +€7,045 | +44.7% |
| Other operating charges | 640/8 | €76,369 | €1,967 | -€74,402 | -97.4% |
| Gross operating margin | 9900 | €30,216 | €52,272 | +€22,056 | +73.0% |
| Operating profit (loss) | 9901 | -€61,896 | €27,517 | +€89,413 | |
| Financial income | 75/76B | €737 | €219 | -€518 | -70.3% |
| Recurring financial income | 75 | €737 | €219 | -€518 | -70.3% |
| Financial charges | 65/66B | €14,336 | €19,707 | +€5,371 | +37.5% |
| Recurring financial charges | 65 | €14,336 | €19,707 | +€5,371 | +37.5% |
| Profit (loss) for the period before taxes | 9903 | -€75,494 | €8,029 | +€83,523 | |
| Income taxes | 67/77 | €118 | €709 | +€591 | +501.6% |
| Profit (loss) for the period | 9904 | -€75,612 | €7,320 | +€82,932 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,612 | €7,320 | +€82,932 |
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 6 October 2026 via checked.be.