AL 'ASR: 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.
AL 'ASR
Largest movements
- Stocks and contracts +€16,242
up €16,242 (+27.6%), from €58,938 to €75,179
- Cash -€12,082
down €12,082 (-60.2%), from €20,081 to €7,999
mainly Stocks and contracts (-€16,242) and Tax, wage and social debts (-€4,650)
- Financial fixed assets -€2,080
down €2,080 (-32.9%), from €6,330 to €4,250
- Receivables within one year -€1,499
down €1,499 (-37.0%), from €4,055 to €2,556
- Tax, wage and social debts -€4,650
down €4,650 (-34.1%), from €13,655 to €9,005
of which Taxes: -€3,342
- Profit (loss) carried forward +€2,643
up €2,643 (+5.4%), from €48,669 to €51,312
- Trade debts +€2,544
up €2,544 (+122%), from €2,079 to €4,623
- Staff costs -€14,986
down €14,986 (-29.2%), from €51,377 to €36,391
- Gross operating margin -€8,154
down €8,154 (-12.7%), from €64,092 to €55,938
- Financial charges +€4,023
up €4,023 (+290%), from €1,390 to €5,412
of which Financial charges: +€3,518
- Depreciation -€3,160
down €3,160 (-98.7%), from €3,203 to €43
- Other operating charges -€1,877
down €1,877 (-14.8%), from €12,664 to €10,787
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 | €92,732 | €93,270 | +€537 | +0.6% |
| Fixed assets | 21/28 | €9,658 | €7,535 | -€2,123 | -22.0% |
| Tangible fixed assets | 22/27 | €3,327 | €3,284 | -€43 | -1.3% |
| Furniture and vehicles | 24 | €3,327 | €3,284 | -€43 | -1.3% |
| Financial fixed assets | 28 | €6,330 | €4,250 | -€2,080 | -32.9% |
| Current assets | 29/58 | €83,075 | €85,735 | +€2,660 | +3.2% |
| Stocks and contracts in progress | 3 | €58,938 | €75,179 | +€16,242 | +27.6% |
| Stocks | 30/36 | €58,938 | €75,179 | +€16,242 | +27.6% |
| Amounts receivable within one year | 40/41 | €4,055 | €2,556 | -€1,499 | -37.0% |
| Other amounts receivable | 41 | €4,055 | €2,556 | -€1,499 | -37.0% |
| Cash at bank and in hand | 54/58 | €20,081 | €7,999 | -€12,082 | -60.2% |
| Total equity and liabilities | 10/49 | €92,732 | €93,270 | +€537 | +0.6% |
| Equity | 10/15 | €76,998 | €79,641 | +€2,643 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €9,729 | €9,729 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,923 | €1,923 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,923 | €1,923 | = | 0.0% |
| Distributable reserves | 133 | €7,806 | €7,806 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,669 | €51,312 | +€2,643 | +5.4% |
| Amounts payable | 17/49 | €15,734 | €13,628 | -€2,106 | -13.4% |
| Amounts payable within one year | 42/48 | €15,734 | €13,628 | -€2,106 | -13.4% |
| Trade debts | 44 | €2,079 | €4,623 | +€2,544 | +122% |
| Suppliers | 440/4 | €2,079 | €4,623 | +€2,544 | +122% |
| Taxes, remuneration and social security | 45 | €13,655 | €9,005 | -€4,650 | -34.1% |
| Taxes | 450/3 | €7,622 | €4,280 | -€3,342 | -43.8% |
| Remuneration and social security | 454/9 | €6,033 | €4,725 | -€1,308 | -21.7% |
| Remuneration, social security and pensions | 62 | €51,377 | €36,391 | -€14,986 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,203 | €43 | -€3,160 | -98.7% |
| Other operating charges | 640/8 | €12,664 | €10,787 | -€1,877 | -14.8% |
| Gross operating margin | 9900 | €64,092 | €55,938 | -€8,154 | -12.7% |
| Operating profit (loss) | 9901 | -€3,153 | €8,717 | +€11,870 | |
| Financial income | 75/76B | €128 | - | -€128 | |
| Recurring financial income | 75 | €128 | - | -€128 | |
| Financial charges | 65/66B | €1,390 | €5,412 | +€4,023 | +290% |
| Recurring financial charges | 65 | €1,390 | €4,908 | +€3,518 | +253% |
| Non-recurring financial charges | 66B | - | €505 | +€505 | |
| Profit (loss) for the period before taxes | 9903 | -€4,415 | €3,304 | +€7,719 | |
| Income taxes | 67/77 | - | €661 | +€661 | |
| Profit (loss) for the period | 9904 | -€4,415 | €2,643 | +€7,058 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,415 | €2,643 | +€7,058 |
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 1 November 2026 via checked.be.