A'SPECT: 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.
What changed
A'SPECT
NACE 86.951, Physiotherapy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€77,473
2024 · €81,161-€3,688
Equity
€413,766
2024 · €336,293+€77,473
Cash
€63,725
2024 · €55,712+€8,013
Balance sheet total
€2.5m
2024 · €674,257+€1.8m
Largest movements
Assets
- Tangible fixed assets +€1.7m
up €1.7m (+350%), from €498,396 to €2.2m
of which Land and buildings: +€1.7m
Equity and liabilities
- Debts after one year +€1.4m
up €1.4m (+565%), from €242,032 to €1.6m
- Short-term financial debts +€306,667
new in 2025: €306,667
- Reserves +€77,473
up €77,473 (+25.7%), from €301,293 to €378,766
of which Distributable reserves: +€77,473
Income statement
- Taxes -€4,208
down €4,208 (-12.1%), from €34,886 to €30,678
- Financial charges +€3,246
up €3,246 (+26.9%), from €12,078 to €15,324
- Gross operating margin -€2,665
down €2,665 (-1.4%), from €196,655 to €193,990
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.
Result 2024
€81,161
Gross operating margin
-€2,665
Staff costs
-€21
Depreciation
-€898
Other operating charges
-€952
Financial income
-€114
Financial charges
-€3,246
Taxes
+€4,208
Result 2025
€77,473
raises the resultlowers the result
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.
From operations
+€101,115
Investment
-€1.8m
Financing
+€1.7m
Cash 2024
€55,712
From operations (derived)
+€101,115
Net result for the year
+€77,473
Depreciation
+€39,378
Receivables within one year
-€22,080
Deferred charges and accrued income
-€8,084
Smaller working-capital items
+€4,247
Tax, wage and social debts
+€10,181
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.8m
Financing
+€1.7m
Debts after one year
+€1.4m
Current portion of long-term debt
+€12,611
Short-term financial debts
+€306,667
Cash 2025
€63,725
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €674,257 | €2,453,951 | +€1.8m | +264% |
| Fixed assets | 21/28 | €504,776 | €2,246,293 | +€1.7m | +345% |
| Tangible fixed assets | 22/27 | €498,396 | €2,240,313 | +€1.7m | +350% |
| Land and buildings | 22 | €467,234 | €2,124,997 | +€1.7m | +355% |
| Plant, machinery and equipment | 23 | €10,628 | €9,950 | -€679 | -6.4% |
| Furniture and vehicles | 24 | €6,829 | €3,304 | -€3,526 | -51.6% |
| Other tangible fixed assets | 26 | €13,704 | €11,451 | -€2,253 | -16.4% |
| Assets under construction and advance payments | 27 | - | €90,612 | +€90,612 | |
| Financial fixed assets | 28 | €6,380 | €5,980 | -€400 | -6.3% |
| Current assets | 29/58 | €169,481 | €207,658 | +€38,177 | +22.5% |
| Amounts receivable within one year | 40/41 | €73,484 | €95,564 | +€22,080 | +30.0% |
| Trade receivables | 40 | €27,207 | €16,412 | -€10,795 | -39.7% |
| Other amounts receivable | 41 | €46,277 | €79,152 | +€32,875 | +71.0% |
| Cash at bank and in hand | 54/58 | €55,712 | €63,725 | +€8,013 | +14.4% |
| Deferred charges and accrued income | 490/1 | €40,285 | €48,368 | +€8,084 | +20.1% |
| Total equity and liabilities | 10/49 | €674,257 | €2,453,951 | +€1.8m | +264% |
| Equity | 10/15 | €336,293 | €413,766 | +€77,473 | +23.0% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €301,293 | €378,766 | +€77,473 | +25.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €301,293 | €378,766 | +€77,473 | +25.7% |
| Amounts payable | 17/49 | €337,964 | €2,040,185 | +€1.7m | +504% |
| Amounts payable after more than one year | 17 | €242,032 | €1,610,548 | +€1.4m | +565% |
| Financial debts | 170/4 | €242,032 | €1,610,548 | +€1.4m | +565% |
| Amounts payable within one year | 42/48 | €95,931 | €428,397 | +€332,465 | +347% |
| Current portion of amounts payable after more than one year | 42 | €46,616 | €59,227 | +€12,611 | +27.1% |
| Financial debts | 43 | - | €306,667 | +€306,667 | |
| Credit institutions | 430/8 | - | €306,667 | +€306,667 | |
| Trade debts | 44 | €4,404 | €5,888 | +€1,483 | +33.7% |
| Suppliers | 440/4 | €4,404 | €5,888 | +€1,483 | +33.7% |
| Taxes, remuneration and social security | 45 | €44,675 | €54,856 | +€10,181 | +22.8% |
| Taxes | 450/3 | €34,903 | €45,428 | +€10,525 | +30.2% |
| Remuneration and social security | 454/9 | €9,772 | €9,428 | -€343 | -3.5% |
| Other amounts payable | 47/48 | €236 | €1,759 | +€1,523 | +646% |
| Accrued charges and deferred income | 492/3 | €0 | €1,240 | +€1,240 | |
| Remuneration, social security and pensions | 62 | €25,730 | €25,750 | +€21 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,480 | €39,378 | +€898 | +2.3% |
| Other operating charges | 640/8 | €4,791 | €5,743 | +€952 | +19.9% |
| Gross operating margin | 9900 | €196,655 | €193,990 | -€2,665 | -1.4% |
| Operating profit (loss) | 9901 | €127,655 | €123,119 | -€4,536 | -3.6% |
| Financial income | 75/76B | €470 | €356 | -€114 | -24.2% |
| Recurring financial income | 75 | €470 | €356 | -€114 | -24.2% |
| Financial charges | 65/66B | €12,078 | €15,324 | +€3,246 | +26.9% |
| Recurring financial charges | 65 | €12,078 | €15,324 | +€3,246 | +26.9% |
| Profit (loss) for the period before taxes | 9903 | €116,047 | €108,151 | -€7,896 | -6.8% |
| Income taxes | 67/77 | €34,886 | €30,678 | -€4,208 | -12.1% |
| Profit (loss) for the period | 9904 | €81,161 | €77,473 | -€3,688 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €81,161 | €77,473 | -€3,688 | -4.5% |
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 15 October 2026 via checked.be.