ASD-GROUP: what changed
What changed
ASD-GROUP
NACE 41.003, General construction of other non-residential buildings
filed annual accounts (NBB)
Net result for the year
€269,384
2024 · €38,364+€231,020
Equity
€445,861
2024 · €176,476+€269,384
Cash
€215,487
2024 · €169,526+€45,961
Balance sheet total
€1.5m
2024 · €1.5m+€13,721
Largest movements
Assets
- Receivables within one year +€160,455
up €160,455 (+22.6%), from €708,617 to €869,072
of which Trade receivables: +€183,518
- Stocks and contracts -€78,475
down €78,475 (-83.4%), from €94,133 to €15,658
- Intangible fixed assets -€74,010
down €74,010 (-30.1%), from €245,887 to €171,877
- Tangible fixed assets -€51,839
down €51,839 (-16.9%), from €307,638 to €255,799
of which Land and buildings: -€48,469
- Cash +€45,961
up €45,961 (+27.1%), from €169,526 to €215,487
mainly Net result for the year (+€269,384) and Depreciation (+€130,321)
Equity and liabilities
- Reserves +€422,761
up €422,761 (+20,131%), from €2,100 to €424,861
of which Distributable reserves: +€422,761
- Current portion of long-term debt -€199,542
down €199,542 (-58.9%), from €338,870 to €139,328
- Profit (loss) carried forward -€153,376
down €153,376 (-100%), from €153,376 to €0
- Trade debts -€89,854
down €89,854 (-15.2%), from €592,777 to €502,923
- Debts after one year -€79,328
down €79,328 (-22.8%), from €348,647 to €269,319
Income statement
- Gross operating margin +€467,334
up €467,334 (+75.8%), from €616,668 to €1.1m
- Staff costs +€103,211
up €103,211 (+25.6%), from €402,560 to €505,771
- Taxes +€84,834
up €84,834 (+546%), from €15,551 to €100,385
- Provisions +€48,000
new in 2025: €48,000
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€38,364
Gross operating margin
+€467,334
Staff costs
-€103,211
Depreciation
-€2,005
Provisions
-€48,000
Other operating charges
-€333
Other operating items
-€2,342
Financial income
+€955
Financial charges
+€3,456
Taxes
-€84,834
Result 2025
€269,384
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€329,303
Investment
-€4,472
Financing
-€278,870
Cash 2024
€169,526
From operations (derived)
+€329,303
Net result for the year
+€269,384
Depreciation
+€130,321
Stocks and contracts
+€78,475
Receivables within one year
-€160,455
Deferred charges and accrued income
-€11,629
Provisions
+€48,000
Trade debts
-€89,854
Tax, wage and social debts
+€66,855
Other debts
-€1,138
Accrued charges and deferred income
-€657
Investment (derived)
-€4,472
Investment in fixed assets (net)
-€4,472
Financing
-€278,870
Debts after one year
-€79,328
Current portion of long-term debt
-€199,542
Cash 2025
€215,487
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,534,852 | €1,548,573 | +€13,721 | +0.9% |
| Fixed assets | 21/28 | €558,514 | €432,665 | -€125,849 | -22.5% |
| Intangible fixed assets | 21 | €245,887 | €171,877 | -€74,010 | -30.1% |
| Tangible fixed assets | 22/27 | €307,638 | €255,799 | -€51,839 | -16.9% |
| Land and buildings | 22 | €302,815 | €254,347 | -€48,469 | -16.0% |
| Plant, machinery and equipment | 23 | €4,557 | €1,453 | -€3,104 | -68.1% |
| Furniture and vehicles | 24 | €266 | €0 | -€266 | -100% |
| Financial fixed assets | 28 | €4,988 | €4,988 | = | 0.0% |
| Current assets | 29/58 | €976,338 | €1,115,908 | +€139,570 | +14.3% |
| Stocks and contracts in progress | 3 | €94,133 | €15,658 | -€78,475 | -83.4% |
| Contracts in progress | 37 | €94,133 | €15,658 | -€78,475 | -83.4% |
| Amounts receivable within one year | 40/41 | €708,617 | €869,072 | +€160,455 | +22.6% |
| Trade receivables | 40 | €678,752 | €862,270 | +€183,518 | +27.0% |
| Other amounts receivable | 41 | €29,864 | €6,802 | -€23,062 | -77.2% |
| Cash at bank and in hand | 54/58 | €169,526 | €215,487 | +€45,961 | +27.1% |
| Deferred charges and accrued income | 490/1 | €4,063 | €15,692 | +€11,629 | +286% |
| Total equity and liabilities | 10/49 | €1,534,852 | €1,548,573 | +€13,721 | +0.9% |
| Equity | 10/15 | €176,476 | €445,861 | +€269,384 | +153% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €2,100 | €424,861 | +€422,761 | +20,131% |
| Non-distributable reserves | 130/1 | €2,100 | €2,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,100 | €2,100 | = | 0.0% |
| Distributable reserves | 133 | - | €422,761 | +€422,761 | |
| Profit (loss) carried forward | 14 | €153,376 | €0 | -€153,376 | -100% |
| Provisions and deferred taxes | 16 | - | €48,000 | +€48,000 | |
| Provisions for liabilities and charges | 160/5 | - | €48,000 | +€48,000 | |
| Other liabilities and charges | 164/5 | - | €48,000 | +€48,000 | |
| Amounts payable | 17/49 | €1,358,376 | €1,054,712 | -€303,663 | -22.4% |
| Amounts payable after more than one year | 17 | €348,647 | €269,319 | -€79,328 | -22.8% |
| Financial debts | 170/4 | €348,647 | €269,319 | -€79,328 | -22.8% |
| Amounts payable within one year | 42/48 | €1,003,282 | €779,604 | -€223,679 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €338,870 | €139,328 | -€199,542 | -58.9% |
| Trade debts | 44 | €592,777 | €502,923 | -€89,854 | -15.2% |
| Suppliers | 440/4 | €592,777 | €502,923 | -€89,854 | -15.2% |
| Taxes, remuneration and social security | 45 | €70,497 | €137,352 | +€66,855 | +94.8% |
| Taxes | 450/3 | €17,325 | €65,616 | +€48,291 | +279% |
| Remuneration and social security | 454/9 | €53,172 | €71,736 | +€18,564 | +34.9% |
| Other amounts payable | 47/48 | €1,138 | €0 | -€1,138 | -100% |
| Accrued charges and deferred income | 492/3 | €6,447 | €5,790 | -€657 | -10.2% |
| Non-recurring operating income | 76A | - | €2,292 | +€2,292 | |
| Remuneration, social security and pensions | 62 | €402,560 | €505,771 | +€103,211 | +25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,316 | €130,321 | +€2,005 | +1.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €48,000 | +€48,000 | |
| Other operating charges | 640/8 | €9,296 | €9,629 | +€333 | +3.6% |
| Non-recurring operating charges | 66A | €2,438 | €4,780 | +€2,342 | +96.1% |
| Gross operating margin | 9900 | €616,668 | €1,084,002 | +€467,334 | +75.8% |
| Operating profit (loss) | 9901 | €74,059 | €385,501 | +€311,442 | +421% |
| Financial income | 75/76B | €66 | €1,021 | +€955 | +1,449% |
| Recurring financial income | 75 | €66 | €1,021 | +€955 | +1,449% |
| Financial charges | 65/66B | €20,209 | €16,753 | -€3,456 | -17.1% |
| Recurring financial charges | 65 | €20,209 | €16,753 | -€3,456 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €53,916 | €369,769 | +€315,853 | +586% |
| Income taxes | 67/77 | €15,551 | €100,385 | +€84,834 | +546% |
| Profit (loss) for the period | 9904 | €38,364 | €269,384 | +€231,020 | +602% |
| Profit (loss) for the period to be appropriated | 9905 | €38,364 | €269,384 | +€231,020 | +602% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.