AS Partners: 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 Partners
Largest movements
- Cash -€370,277
down €370,277 (-90.5%), from €408,946 to €38,669
mainly Investment in fixed assets (net) (-€171,460) and Short-term financial debts (-€100,000)
- Tangible fixed assets +€123,889
up €123,889 (+38.8%), from €319,461 to €443,350
of which Furniture and vehicles: +€138,035
- Financial fixed assets +€31,460
up €31,460 (+6.8%), from €463,761 to €495,221
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Other debts -€77,648
down €77,648 (-14.1%), from €548,855 to €471,207
- Reserves -€36,972
down €36,972 (-3.3%), from €1.1m to €1.1m
of which Distributable reserves: -€36,972
- Gross operating margin -€218,232
down €218,232 (-68.7%), from €317,431 to €99,199
- Financial charges -€172,347
down €172,347 (-98.2%), from €175,583 to €3,236
of which Non-recurring financial charges: -€169,000
- Other operating charges +€168,158
up €168,158 (+2,138%), from €7,864 to €176,022
- Financial income +€157,595
up €157,595 (+380%), from €41,502 to €199,097
of which Non-recurring financial income: +€169,000
- Taxes -€25,219
down €25,219 (-68.4%), from €36,881 to €11,662
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 | €1,876,854 | €1,652,191 | -€224,663 | -12.0% |
| Fixed assets | 21/28 | €783,221 | €938,571 | +€155,349 | +19.8% |
| Tangible fixed assets | 22/27 | €319,461 | €443,350 | +€123,889 | +38.8% |
| Land and buildings | 22 | €271,386 | €259,112 | -€12,274 | -4.5% |
| Plant, machinery and equipment | 23 | €6,941 | €5,069 | -€1,872 | -27.0% |
| Furniture and vehicles | 24 | €41,134 | €179,168 | +€138,035 | +336% |
| Financial fixed assets | 28 | €463,761 | €495,221 | +€31,460 | +6.8% |
| Current assets | 29/58 | €1,093,633 | €713,621 | -€380,012 | -34.7% |
| Amounts receivable within one year | 40/41 | €684,686 | €674,952 | -€9,735 | -1.4% |
| Trade receivables | 40 | €172,140 | €71,995 | -€100,145 | -58.2% |
| Other amounts receivable | 41 | €512,546 | €602,957 | +€90,410 | +17.6% |
| Cash at bank and in hand | 54/58 | €408,946 | €38,669 | -€370,277 | -90.5% |
| Total equity and liabilities | 10/49 | €1,876,854 | €1,652,191 | -€224,663 | -12.0% |
| Equity | 10/15 | €1,136,126 | €1,099,154 | -€36,972 | -3.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,117,534 | €1,080,562 | -€36,972 | -3.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,115,675 | €1,078,703 | -€36,972 | -3.3% |
| Amounts payable | 17/49 | €740,728 | €553,037 | -€187,691 | -25.3% |
| Amounts payable after more than one year | 17 | €53,813 | €53,813 | = | 0.0% |
| Financial debts | 170/4 | €53,813 | €53,813 | = | 0.0% |
| Amounts payable within one year | 42/48 | €685,901 | €499,223 | -€186,678 | -27.2% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €5,629 | €8,418 | +€2,789 | +49.5% |
| Suppliers | 440/4 | €5,629 | €8,418 | +€2,789 | +49.5% |
| Taxes, remuneration and social security | 45 | €31,417 | €19,599 | -€11,818 | -37.6% |
| Taxes | 450/3 | €24,745 | €15,739 | -€9,006 | -36.4% |
| Remuneration and social security | 454/9 | €6,672 | €3,860 | -€2,812 | -42.1% |
| Other amounts payable | 47/48 | €548,855 | €471,207 | -€77,648 | -14.1% |
| Accrued charges and deferred income | 492/3 | €1,013 | - | -€1,013 | |
| Remuneration, social security and pensions | 62 | €28,284 | €29,608 | +€1,323 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,499 | €16,111 | -€388 | -2.4% |
| Other operating charges | 640/8 | €7,864 | €176,022 | +€168,158 | +2,138% |
| Non-recurring operating charges | 66A | €150,079 | - | -€150,079 | |
| Gross operating margin | 9900 | €317,431 | €99,199 | -€218,232 | -68.7% |
| Operating profit (loss) | 9901 | €114,705 | -€122,542 | -€237,248 | |
| Financial income | 75/76B | €41,502 | €199,097 | +€157,595 | +380% |
| Recurring financial income | 75 | €41,502 | €30,097 | -€11,405 | -27.5% |
| Non-recurring financial income | 76B | - | €169,000 | +€169,000 | |
| Financial charges | 65/66B | €175,583 | €3,236 | -€172,347 | -98.2% |
| Recurring financial charges | 65 | €6,583 | €3,236 | -€3,347 | -50.8% |
| Non-recurring financial charges | 66B | €169,000 | - | -€169,000 | |
| Profit (loss) for the period before taxes | 9903 | -€19,375 | €73,319 | +€92,695 | |
| Income taxes | 67/77 | €36,881 | €11,662 | -€25,219 | -68.4% |
| Profit (loss) for the period | 9904 | -€56,256 | €61,657 | +€117,914 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,256 | €61,657 | +€117,914 |
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 24 October 2026 via checked.be.