AS Investment: 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.
AS Investment
Largest movements
- Tangible fixed assets +€631,412
up €631,412 (+14.9%), from €4.2m to €4.9m
of which Land and buildings: +€653,912
- Cash -€101,305
down €101,305 (-99.5%), from €101,818 to €513
mainly Other debts (-€2.3m) and Investment in fixed assets (net) (-€892,333)
- Receivables within one year -€99,367
down €99,367 (-62.7%), from €158,512 to €59,146
of which Trade receivables: -€152,100
- Other debts -€2.3m
down €2.3m (-62.7%), from €3.6m to €1.3m
- Profit (loss) carried forward +€1.8m
up €1.8m (+727%), from €250,035 to €2.1m
- Debts after one year +€453,198
up €453,198 (+23.3%), from €1.9m to €2.4m
- Short-term financial debts +€251,608
new in 2025: €251,608
- Trade debts +€80,780
up €80,780 (+347%), from €23,252 to €104,033
- Gross operating margin +€2.4m
up €2.4m (+529%), from €447,266 to €2.8m
- Taxes +€610,285
up €610,285 (+194,805%), from €313 to €610,599
- Depreciation -€136,088
down €136,088 (-34.3%), from €396,838 to €260,750
- Financial charges +€66,531
up €66,531 (+158%), from €42,157 to €108,688
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 | €6,034,905 | €6,465,869 | +€430,964 | +7.1% |
| Fixed assets | 21/28 | €5,773,656 | €6,405,239 | +€631,583 | +10.9% |
| Tangible fixed assets | 22/27 | €4,248,656 | €4,880,068 | +€631,412 | +14.9% |
| Land and buildings | 22 | €4,210,868 | €4,864,781 | +€653,912 | +15.5% |
| Plant, machinery and equipment | 23 | €37,788 | €15,288 | -€22,500 | -59.5% |
| Financial fixed assets | 28 | €1,525,000 | €1,525,171 | +€171 | 0.0% |
| Current assets | 29/58 | €261,249 | €60,630 | -€200,620 | -76.8% |
| Amounts receivable within one year | 40/41 | €158,512 | €59,146 | -€99,367 | -62.7% |
| Trade receivables | 40 | €158,100 | €6,000 | -€152,100 | -96.2% |
| Other amounts receivable | 41 | €412 | €53,146 | +€52,733 | +12,785% |
| Cash at bank and in hand | 54/58 | €101,818 | €513 | -€101,305 | -99.5% |
| Deferred charges and accrued income | 490/1 | €919 | €971 | +€52 | +5.7% |
| Total equity and liabilities | 10/49 | €6,034,905 | €6,465,869 | +€430,964 | +7.1% |
| Equity | 10/15 | €253,035 | €2,070,076 | +€1.8m | +718% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €250,035 | €2,067,076 | +€1.8m | +727% |
| Amounts payable | 17/49 | €5,781,870 | €4,395,793 | -€1.4m | -24.0% |
| Amounts payable after more than one year | 17 | €1,946,076 | €2,399,274 | +€453,198 | +23.3% |
| Financial debts | 170/4 | €1,946,076 | €2,399,274 | +€453,198 | +23.3% |
| Amounts payable within one year | 42/48 | €3,835,794 | €1,995,749 | -€1.8m | -48.0% |
| Current portion of amounts payable after more than one year | 42 | €104,967 | €141,078 | +€36,111 | +34.4% |
| Financial debts | 43 | - | €251,608 | +€251,608 | |
| Credit institutions | 430/8 | - | €251,608 | +€251,608 | |
| Trade debts | 44 | €23,252 | €104,033 | +€80,780 | +347% |
| Suppliers | 440/4 | €23,252 | €104,033 | +€80,780 | +347% |
| Taxes, remuneration and social security | 45 | €102,941 | €155,845 | +€52,904 | +51.4% |
| Taxes | 450/3 | €102,941 | €155,845 | +€52,904 | +51.4% |
| Other amounts payable | 47/48 | €3,604,634 | €1,343,186 | -€2.3m | -62.7% |
| Accrued charges and deferred income | 492/3 | - | €769 | +€769 | |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €396,838 | €260,750 | -€136,088 | -34.3% |
| Other operating charges | 640/8 | €7,196 | €16,393 | +€9,197 | +128% |
| Gross operating margin | 9900 | €447,266 | €2,814,304 | +€2.4m | +529% |
| Operating profit (loss) | 9901 | €43,232 | €2,537,161 | +€2.5m | +5,769% |
| Financial income | 75/76B | €75 | €0 | -€75 | -100% |
| Recurring financial income | 75 | €75 | €0 | -€75 | -100% |
| Financial charges | 65/66B | €42,157 | €108,688 | +€66,531 | +158% |
| Recurring financial charges | 65 | €42,157 | €108,688 | +€66,531 | +158% |
| Profit (loss) for the period before taxes | 9903 | €1,150 | €2,428,473 | +€2.4m | +211,141% |
| Income taxes | 67/77 | €313 | €610,599 | +€610,285 | +194,805% |
| Profit (loss) for the period | 9904 | €836 | €1,817,874 | +€1.8m | +217,261% |
| Profit (loss) for the period to be appropriated | 9905 | €836 | €1,817,874 | +€1.8m | +217,261% |
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 29 October 2026 via checked.be.