AS.M: 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
AS.M
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,297
2024 · €52,584-€35,287
Equity
€3.2m
2024 · €3.2m+€17,297
Cash
€90,789
2024 · €27,055+€63,734
Balance sheet total
€10.1m
2024 · €10.2m-€138,149
Largest movements
Assets
- Tangible fixed assets -€202,437
down €202,437 (-5.7%), from €3.6m to €3.4m
Equity and liabilities
- Debts after one year -€328,763
down €328,763 (-5.3%), from €6.2m to €5.9m
of which Other amounts payable: -€178,538
- Other debts +€254,290
up €254,290 (+67.1%), from €379,034 to €633,324
Income statement
- Turnover -€161,390
down €161,390 (-18.5%), from €872,597 to €711,207
- Financial charges -€114,135
down €114,135 (-22.1%), from €516,271 to €402,136
- Depreciation -€19,533
down €19,533 (-8.8%), from €221,969 to €202,436
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
€52,584
Turnover
-€161,390
Other operating income
-€3,471
Goods and materials
-€5,561
Services and other goods
+€3,533
Depreciation
+€19,533
Other operating charges
+€791
Other operating items
+€5,000
Financial income
-€245
Financial charges
+€114,135
Taxes
-€7,612
Result 2025
€17,297
raises the resultlowers the resultnot broken down further in the accounts
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
+€390,483
Investment
+€1
Financing
-€326,750
Cash 2024
€27,055
From operations (derived)
+€390,483
Net result for the year
+€17,297
Depreciation
+€202,436
Smaller working-capital items
-€798
Trade debts
-€6,138
Tax, wage and social debts
-€76,604
Other debts
+€254,290
Investment (derived)
+€1
Investment in fixed assets (net)
+€1
Financing
-€326,750
Debts after one year
-€328,763
Current portion of long-term debt
+€2,013
Cash 2025
€90,789
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,197,134 | €10,058,985 | -€138,149 | -1.4% |
| Fixed assets | 21/28 | €10,166,785 | €9,964,348 | -€202,437 | -2.0% |
| Tangible fixed assets | 22/27 | €3,566,785 | €3,364,348 | -€202,437 | -5.7% |
| Other tangible fixed assets | 26 | €3,566,785 | €3,364,348 | -€202,437 | -5.7% |
| Financial fixed assets | 28 | €6,600,000 | €6,600,000 | = | 0.0% |
| Affiliated companies | 280/1 | €6,600,000 | €6,600,000 | = | 0.0% |
| Participating interests | 280 | €6,600,000 | €6,600,000 | = | 0.0% |
| Current assets | 29/58 | €30,349 | €94,637 | +€64,288 | +212% |
| Cash at bank and in hand | 54/58 | €27,055 | €90,789 | +€63,734 | +236% |
| Deferred charges and accrued income | 490/1 | €3,294 | €3,848 | +€554 | +16.8% |
| Total equity and liabilities | 10/49 | €10,197,134 | €10,058,985 | -€138,149 | -1.4% |
| Equity | 10/15 | €3,228,850 | €3,246,147 | +€17,297 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €342,860 | €342,860 | = | 0.0% |
| Distributable reserves | 133 | €342,860 | €342,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,867,390 | €2,884,687 | +€17,297 | +0.6% |
| Amounts payable | 17/49 | €6,968,284 | €6,812,838 | -€155,446 | -2.2% |
| Amounts payable after more than one year | 17 | €6,222,773 | €5,894,010 | -€328,763 | -5.3% |
| Financial debts | 170/4 | €825,138 | €674,913 | -€150,225 | -18.2% |
| Credit institutions | 173 | €825,138 | €674,913 | -€150,225 | -18.2% |
| Other amounts payable | 178/9 | €5,397,635 | €5,219,097 | -€178,538 | -3.3% |
| Amounts payable within one year | 42/48 | €728,850 | €902,411 | +€173,561 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €148,212 | €150,225 | +€2,013 | +1.4% |
| Trade debts | 44 | €8,326 | €2,188 | -€6,138 | -73.7% |
| Suppliers | 440/4 | €8,326 | €2,188 | -€6,138 | -73.7% |
| Taxes, remuneration and social security | 45 | €193,278 | €116,674 | -€76,604 | -39.6% |
| Taxes | 450/3 | €193,278 | €116,674 | -€76,604 | -39.6% |
| Other amounts payable | 47/48 | €379,034 | €633,324 | +€254,290 | +67.1% |
| Accrued charges and deferred income | 492/3 | €16,661 | €16,417 | -€244 | -1.5% |
| Operating income | 70/76A | €890,801 | €725,940 | -€164,861 | -18.5% |
| Turnover | 70 | €872,597 | €711,207 | -€161,390 | -18.5% |
| Other operating income | 74 | €18,204 | €14,733 | -€3,471 | -19.1% |
| Operating charges | 60/66A | €322,218 | €298,922 | -€23,296 | -7.2% |
| Goods for resale, raw materials and consumables | 60 | €21,609 | €27,170 | +€5,561 | +25.7% |
| Purchases | 600/8 | €21,609 | €27,170 | +€5,561 | +25.7% |
| Services and other goods | 61 | €57,654 | €54,121 | -€3,533 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,969 | €202,436 | -€19,533 | -8.8% |
| Other operating charges | 640/8 | €15,986 | €15,195 | -€791 | -4.9% |
| Non-recurring operating charges | 66A | €5,000 | - | -€5,000 | |
| Operating profit (loss) | 9901 | €568,583 | €427,018 | -€141,565 | -24.9% |
| Financial income | 75/76B | €272 | €27 | -€245 | -90.1% |
| Recurring financial income | 75 | €272 | €27 | -€245 | -90.1% |
| Other financial income | 752/9 | €272 | €27 | -€245 | -90.1% |
| Financial charges | 65/66B | €516,271 | €402,136 | -€114,135 | -22.1% |
| Recurring financial charges | 65 | €516,271 | €402,136 | -€114,135 | -22.1% |
| Debt charges | 650 | €489,869 | €401,819 | -€88,050 | -18.0% |
| Other financial charges | 652/9 | €26,402 | €317 | -€26,085 | -98.8% |
| Profit (loss) for the period before taxes | 9903 | €52,584 | €24,909 | -€27,675 | -52.6% |
| Income taxes | 67/77 | - | €7,612 | +€7,612 | |
| Taxes | 670/3 | - | €7,612 | +€7,612 | |
| Profit (loss) for the period | 9904 | €52,584 | €17,297 | -€35,287 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,584 | €17,297 | -€35,287 | -67.1% |
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 19 October 2026 via checked.be.