ASA MANAGEMENT: 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.
ASA MANAGEMENT
Largest movements
- Tangible fixed assets -€20,964
down €20,964 (-21.2%), from €98,963 to €77,998
of which Furniture and vehicles: -€20,222
- Cash -€8,841
down €8,841 (-89.1%), from €9,919 to €1,078
mainly Other debts (-€12,000) and Debts after one year (-€11,073)
- Receivables within one year +€1,539
up €1,539 (+6.8%), from €22,791 to €24,330
of which Other amounts receivable: +€789
- Other debts -€12,000
down €12,000 (-52.3%), from €22,966 to €10,966
- Debts after one year -€11,073
down €11,073 (-18.9%), from €58,440 to €47,367
- Trade debts -€5,952
down €5,952 (-54.7%), from €10,871 to €4,919
- Reserves +€3,000
up €3,000 (+20.0%), from €15,000 to €18,000
- Tax, wage and social debts -€2,839
down €2,839 (-31.1%), from €9,138 to €6,298
of which Remuneration and social security: -€2,379
- Depreciation +€15,114
up €15,114 (+258%), from €5,850 to €20,964
- Gross operating margin +€10,005
up €10,005 (+44.6%), from €22,428 to €32,433
- Taxes +€2,240
up €2,240 (+55.2%), from €4,058 to €6,298
- Financial charges +€2,143
up €2,143 (+532%), from €403 to €2,546
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 | €135,340 | €107,073 | -€28,267 | -20.9% |
| Fixed assets | 21/28 | €102,629 | €81,665 | -€20,964 | -20.4% |
| Tangible fixed assets | 22/27 | €98,963 | €77,998 | -€20,964 | -21.2% |
| Furniture and vehicles | 24 | €95,478 | €75,255 | -€20,222 | -21.2% |
| Other tangible fixed assets | 26 | €3,485 | €2,743 | -€742 | -21.3% |
| Financial fixed assets | 28 | €3,667 | €3,667 | = | 0.0% |
| Current assets | 29/58 | €32,711 | €25,408 | -€7,303 | -22.3% |
| Amounts receivable within one year | 40/41 | €22,791 | €24,330 | +€1,539 | +6.8% |
| Trade receivables | 40 | €12,000 | €12,750 | +€750 | +6.3% |
| Other amounts receivable | 41 | €10,791 | €11,580 | +€789 | +7.3% |
| Cash at bank and in hand | 54/58 | €9,919 | €1,078 | -€8,841 | -89.1% |
| Total equity and liabilities | 10/49 | €135,340 | €107,073 | -€28,267 | -20.9% |
| Equity | 10/15 | €23,238 | €25,799 | +€2,561 | +11.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €15,000 | €18,000 | +€3,000 | +20.0% |
| Distributable reserves | 133 | €15,000 | €18,000 | +€3,000 | +20.0% |
| Profit (loss) carried forward | 14 | €738 | €299 | -€439 | -59.5% |
| Amounts payable | 17/49 | €112,102 | €81,274 | -€30,828 | -27.5% |
| Amounts payable after more than one year | 17 | €58,440 | €47,367 | -€11,073 | -18.9% |
| Financial debts | 170/4 | €58,440 | €47,367 | -€11,073 | -18.9% |
| Amounts payable within one year | 42/48 | €53,662 | €33,257 | -€20,404 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €10,686 | €11,073 | +€387 | +3.6% |
| Trade debts | 44 | €10,871 | €4,919 | -€5,952 | -54.7% |
| Suppliers | 440/4 | €10,871 | €4,919 | -€5,952 | -54.7% |
| Taxes, remuneration and social security | 45 | €9,138 | €6,298 | -€2,839 | -31.1% |
| Taxes | 450/3 | €6,758 | €6,298 | -€460 | -6.8% |
| Remuneration and social security | 454/9 | €2,379 | €0 | -€2,379 | -100% |
| Other amounts payable | 47/48 | €22,966 | €10,966 | -€12,000 | -52.3% |
| Accrued charges and deferred income | 492/3 | - | €650 | +€650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,850 | €20,964 | +€15,114 | +258% |
| Other operating charges | 640/8 | €387 | €63 | -€324 | -83.6% |
| Gross operating margin | 9900 | €22,428 | €32,433 | +€10,005 | +44.6% |
| Operating profit (loss) | 9901 | €16,190 | €11,405 | -€4,785 | -29.6% |
| Financial charges | 65/66B | €403 | €2,546 | +€2,143 | +532% |
| Recurring financial charges | 65 | €403 | €2,546 | +€2,143 | +532% |
| Profit (loss) for the period before taxes | 9903 | €15,788 | €8,859 | -€6,929 | -43.9% |
| Income taxes | 67/77 | €4,058 | €6,298 | +€2,240 | +55.2% |
| Profit (loss) for the period | 9904 | €11,729 | €2,561 | -€9,168 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,729 | €2,561 | -€9,168 | -78.2% |
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 28 October 2026 via checked.be.