ASA 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.
ASA Partners
Largest movements
- Tangible fixed assets -€38,408
down €38,408 (-8.9%), from €433,625 to €395,217
of which Land and buildings: -€32,114
- Cash +€11,529
up €11,529 (+110%), from €10,468 to €21,997
mainly Depreciation (+€38,408) and Other debts (+€32,725)
- Receivables within one year -€8,126
down €8,126 (-88.8%), from €9,152 to €1,027
of which Other amounts receivable: -€8,126
- Profit (loss) carried forward -€49,095
down €49,095 (-22.7%), from -€215,830 to -€264,925
- Debts after one year -€39,124
down €39,124 (-6.2%), from €635,868 to €596,745
- Other debts +€32,725
new in 2025: €32,725
- Current portion of long-term debt +€19,752
new in 2025: €19,752
- Other operating charges +€20,161
up €20,161 (+549%), from €3,675 to €23,836
- Depreciation -€9,571
down €9,571 (-19.9%), from €47,979 to €38,408
- Gross operating margin -€7,868
down €7,868 (-23.6%), from €33,360 to €25,492
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 | €453,246 | €418,241 | -€35,005 | -7.7% |
| Fixed assets | 21/28 | €433,625 | €395,217 | -€38,408 | -8.9% |
| Tangible fixed assets | 22/27 | €433,625 | €395,217 | -€38,408 | -8.9% |
| Land and buildings | 22 | €423,500 | €391,386 | -€32,114 | -7.6% |
| Furniture and vehicles | 24 | €634 | €351 | -€284 | -44.7% |
| Other tangible fixed assets | 26 | €9,490 | €3,480 | -€6,010 | -63.3% |
| Current assets | 29/58 | €19,620 | €23,024 | +€3,403 | +17.3% |
| Amounts receivable within one year | 40/41 | €9,152 | €1,027 | -€8,126 | -88.8% |
| Trade receivables | 40 | €150 | €150 | = | 0.0% |
| Other amounts receivable | 41 | €9,002 | €877 | -€8,126 | -90.3% |
| Cash at bank and in hand | 54/58 | €10,468 | €21,997 | +€11,529 | +110% |
| Total equity and liabilities | 10/49 | €453,246 | €418,241 | -€35,005 | -7.7% |
| Equity | 10/15 | -€183,070 | -€232,165 | -€49,095 | -26.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,160 | €14,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,300 | €12,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€215,830 | -€264,925 | -€49,095 | -22.7% |
| Amounts payable | 17/49 | €636,316 | €650,406 | +€14,090 | +2.2% |
| Amounts payable after more than one year | 17 | €635,868 | €596,745 | -€39,124 | -6.2% |
| Financial debts | 170/4 | €635,868 | €596,745 | -€39,124 | -6.2% |
| Amounts payable within one year | 42/48 | €447 | €53,661 | +€53,214 | +11,898% |
| Current portion of amounts payable after more than one year | 42 | - | €19,752 | +€19,752 | |
| Trade debts | 44 | €447 | €1,183 | +€736 | +165% |
| Suppliers | 440/4 | €447 | €1,183 | +€736 | +165% |
| Other amounts payable | 47/48 | - | €32,725 | +€32,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,979 | €38,408 | -€9,571 | -19.9% |
| Other operating charges | 640/8 | €3,675 | €23,836 | +€20,161 | +549% |
| Gross operating margin | 9900 | €33,360 | €25,492 | -€7,868 | -23.6% |
| Operating profit (loss) | 9901 | -€18,294 | -€36,752 | -€18,458 | -101% |
| Financial income | 75/76B | €289 | €51 | -€238 | -82.4% |
| Recurring financial income | 75 | €289 | €51 | -€238 | -82.4% |
| Financial charges | 65/66B | €12,355 | €12,394 | +€39 | +0.3% |
| Recurring financial charges | 65 | €12,355 | €12,394 | +€39 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,360 | -€49,095 | -€18,735 | -61.7% |
| Profit (loss) for the period | 9904 | -€30,360 | -€49,095 | -€18,735 | -61.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,360 | -€49,095 | -€18,735 | -61.7% |
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 16 October 2026 via checked.be.