ASD-CERT: what changed
Two fiscal 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.
ASD-CERT
Largest movements
- Cash +€40,524
up €40,524 (+8.1%), from €497,762 to €538,286
mainly Advances received (+€58,333) and Tax, wage and social debts (+€29,072)
- Deferred charges and accrued income +€17,881
up €17,881 (+19.5%), from €91,496 to €109,378
- Receivables within one year -€11,636
down €11,636 (-15.2%), from €76,507 to €64,871
of which Trade receivables: -€41,895
- Advances received +€58,333
up €58,333 (+34.4%), from €169,586 to €227,919
- Profit (loss) carried forward -€33,963
down €33,963 (-7.2%), from €473,210 to €439,247
- Tax, wage and social debts +€29,072
new in 2025: €29,072
- Gross operating margin -€94,113
down €94,113, from €73,006 to -€21,107
- Financial income -€2,202
down €2,202 (-30.8%), from €7,158 to €4,956
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.
Cash bridge derived
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 | €905,125 | €953,472 | +€48,347 | +5.3% |
| Fixed assets | 21/28 | €230,573 | €232,150 | +€1,577 | +0.7% |
| Intangible fixed assets | 21 | €30,483 | €32,060 | +€1,577 | +5.2% |
| Financial fixed assets | 28 | €200,090 | €200,090 | = | 0.0% |
| Current assets | 29/58 | €674,553 | €721,322 | +€46,769 | +6.9% |
| Stocks and contracts in progress | 3 | €8,788 | €8,788 | = | 0.0% |
| Contracts in progress | 37 | €8,788 | €8,788 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €76,507 | €64,871 | -€11,636 | -15.2% |
| Trade receivables | 40 | €70,512 | €28,617 | -€41,895 | -59.4% |
| Other amounts receivable | 41 | €5,995 | €36,254 | +€30,260 | +504.8% |
| Cash at bank and in hand | 54/58 | €497,762 | €538,286 | +€40,524 | +8.1% |
| Deferred charges and accrued income | 490/1 | €91,496 | €109,378 | +€17,881 | +19.5% |
| Total equity and liabilities | 10/49 | €905,125 | €953,472 | +€48,347 | +5.3% |
| Equity | 10/15 | €473,210 | €439,247 | -€33,963 | -7.2% |
| Profit (loss) carried forward | 14 | €473,210 | €439,247 | -€33,963 | -7.2% |
| Amounts payable | 17/49 | €431,915 | €514,225 | +€82,310 | +19.1% |
| Amounts payable within one year | 42/48 | €431,915 | €511,004 | +€79,088 | +18.3% |
| Trade debts | 44 | €262,329 | €254,012 | -€8,317 | -3.2% |
| Suppliers | 440/4 | €262,329 | €254,012 | -€8,317 | -3.2% |
| Advances received on contracts in progress | 46 | €169,586 | €227,919 | +€58,333 | +34.4% |
| Taxes, remuneration and social security | 45 | - | €29,072 | +€29,072 | |
| Taxes | 450/3 | - | €29,072 | +€29,072 | |
| Accrued charges and deferred income | 492/3 | - | €3,222 | +€3,222 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,416 | €14,072 | -€344 | -2.4% |
| Gross operating margin | 9900 | €73,006 | -€21,107 | -€94,113 | |
| Operating profit (loss) | 9901 | €58,589 | -€35,180 | -€93,769 | |
| Financial income | 75/76B | €7,158 | €4,956 | -€2,202 | -30.8% |
| Recurring financial income | 75 | €7,158 | €4,956 | -€2,202 | -30.8% |
| Financial charges | 65/66B | €2,851 | €3,152 | +€301 | +10.6% |
| Recurring financial charges | 65 | €2,851 | €3,152 | +€301 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €62,897 | -€33,375 | -€96,273 | |
| Income taxes | 67/77 | €839 | €588 | -€252 | -30.0% |
| Profit (loss) for the period | 9904 | €62,058 | -€33,963 | -€96,021 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,058 | -€33,963 | -€96,021 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.