Ase Europe: 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.
What changed
Ase Europe
NACE 46.820, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €1.3m+€32,627
Equity
€11.9m
2024 · €11.2m+€668,837
Cash
€12.2m
2024 · €8.0m+€4.3m
Balance sheet total
€20.5m
2024 · €21.9m-€1.5m
Largest movements
Assets
- Current investments -€6.3m
no longer reported in 2025 (was €6.3m)
- Cash +€4.3m
up €4.3m (+53.6%), from €8.0m to €12.2m
mainly Current investments (+€6.3m) and Net result for the year (+€1.3m)
- Receivables within one year +€1.2m
up €1.2m (+18.7%), from €6.3m to €7.5m
of which Trade receivables: +€1.2m
- Financial fixed assets -€500,000
down €500,000 (-49.0%), from €1.0m to €520,676
of which Affiliated companies: -€500,000
Equity and liabilities
- Short-term financial debts -€1.6m
down €1.6m (-21.9%), from €7.3m to €5.7m
- Reserves +€668,837
up €668,837 (+6.4%), from €10.5m to €11.1m
of which Tax-exempt reserves: +€631,500
- Tax, wage and social debts -€440,012
down €440,012 (-70.9%), from €620,306 to €180,294
of which Taxes: -€424,082
Income statement
- Turnover -€5.3m
down €5.3m (-23.8%), from €22.4m to €17.1m
- Goods and materials -€3.9m
down €3.9m (-25.9%), from €15.0m to €11.1m
- Financial income +€745,217
up €745,217 (+415%), from €179,384 to €924,601
- Services and other goods -€583,817
down €583,817 (-12.9%), from €4.5m to €4.0m
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.
Result 2024
€1.3m
Turnover
-€5.3m
Other operating income
-€95,396
Goods and materials
+€3.9m
Services and other goods
+€583,817
Staff costs
-€31,857
Depreciation
-€3,072
Write-downs
+€4
Other operating charges
+€167,211
Financial income
+€745,217
Financial charges
+€126,456
Taxes
+€1,119
Result 2025
€1.3m
raises the resultlowers the result
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.
From operations
-€234,677
Investment
+€6.8m
Financing
-€2.3m
Cash 2024
€8.0m
From operations (derived)
-€234,677
Net result for the year
+€1.3m
Depreciation
+€45,253
Stocks and contracts
+€163,740
Receivables within one year
-€1.2m
Deferred charges and accrued income
-€71,394
Smaller working-capital items
-€19,044
Tax, wage and social debts
-€440,012
Advances received
-€39,806
Other debts
-€22,228
Investment (derived)
+€6.8m
Investment in fixed assets (net)
+€488,110
Current investments
+€6.3m
Financing
-€2.3m
Short-term financial debts
-€1.6m
Contributions, distributions and other
-€667,500
Cash 2025
€12.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,939,310 | €20,488,564 | -€1.5m | -6.6% |
| Fixed assets | 21/28 | €1,184,590 | €651,227 | -€533,363 | -45.0% |
| Tangible fixed assets | 22/27 | €163,914 | €130,551 | -€33,363 | -20.4% |
| Furniture and vehicles | 24 | €88,771 | €68,971 | -€19,800 | -22.3% |
| Other tangible fixed assets | 26 | €75,143 | €61,580 | -€13,563 | -18.0% |
| Financial fixed assets | 28 | €1,020,676 | €520,676 | -€500,000 | -49.0% |
| Affiliated companies | 280/1 | €1,000,000 | €500,000 | -€500,000 | -50.0% |
| Amounts receivable | 281 | €1,000,000 | €500,000 | -€500,000 | -50.0% |
| Other financial fixed assets | 284/8 | €20,676 | €20,676 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €20,676 | €20,676 | = | 0.0% |
| Current assets | 29/58 | €20,754,720 | €19,837,337 | -€917,383 | -4.4% |
| Stocks and contracts in progress | 3 | €168,296 | €4,556 | -€163,740 | -97.3% |
| Contracts in progress | 37 | €168,296 | €4,556 | -€163,740 | -97.3% |
| Amounts receivable within one year | 40/41 | €6,348,556 | €7,536,079 | +€1.2m | +18.7% |
| Trade receivables | 40 | €5,797,023 | €6,994,443 | +€1.2m | +20.7% |
| Other amounts receivable | 41 | €551,533 | €541,636 | -€9,897 | -1.8% |
| Current investments | 50/53 | €6,278,654 | - | -€6.3m | |
| Other investments | 51/53 | €6,278,654 | - | -€6.3m | |
| Cash at bank and in hand | 54/58 | €7,954,620 | €12,220,714 | +€4.3m | +53.6% |
| Deferred charges and accrued income | 490/1 | €4,593 | €75,988 | +€71,394 | +1,554% |
| Total equity and liabilities | 10/49 | €21,939,310 | €20,488,564 | -€1.5m | -6.6% |
| Equity | 10/15 | €11,211,152 | €11,879,989 | +€668,837 | +6.0% |
| Contributions | 10/11 | €745,000 | €745,000 | = | 0.0% |
| Capital | 10 | €745,000 | €745,000 | = | 0.0% |
| Issued capital | 100 | €745,000 | €745,000 | = | 0.0% |
| Reserves | 13 | €10,466,152 | €11,134,989 | +€668,837 | +6.4% |
| Non-distributable reserves | 130/1 | €95,819 | €95,819 | = | 0.0% |
| Legal reserve | 130 | €74,500 | €74,500 | = | 0.0% |
| Other | 1319 | €21,319 | €21,319 | = | 0.0% |
| Tax-exempt reserves | 132 | €254,333 | €885,833 | +€631,500 | +248% |
| Distributable reserves | 133 | €10,116,000 | €10,153,337 | +€37,337 | +0.4% |
| Amounts payable | 17/49 | €10,728,159 | €8,608,575 | -€2.1m | -19.8% |
| Amounts payable within one year | 42/48 | €10,701,938 | €8,588,461 | -€2.1m | -19.7% |
| Financial debts | 43 | €7,304,174 | €5,705,680 | -€1.6m | -21.9% |
| Credit institutions | 430/8 | €7,304,174 | €5,705,680 | -€1.6m | -21.9% |
| Trade debts | 44 | €1,896,370 | €1,883,433 | -€12,937 | -0.7% |
| Suppliers | 440/4 | €1,896,370 | €1,883,433 | -€12,937 | -0.7% |
| Advances received on contracts in progress | 46 | €41,360 | €1,554 | -€39,806 | -96.2% |
| Taxes, remuneration and social security | 45 | €620,306 | €180,294 | -€440,012 | -70.9% |
| Taxes | 450/3 | €529,088 | €105,006 | -€424,082 | -80.2% |
| Remuneration and social security | 454/9 | €91,218 | €75,288 | -€15,930 | -17.5% |
| Other amounts payable | 47/48 | €839,728 | €817,500 | -€22,228 | -2.6% |
| Accrued charges and deferred income | 492/3 | €26,220 | €20,114 | -€6,107 | -23.3% |
| Operating income | 70/76A | €23,042,248 | €17,606,473 | -€5.4m | -23.6% |
| Turnover | 70 | €22,429,452 | €17,089,073 | -€5.3m | -23.8% |
| Other operating income | 74 | €612,796 | €517,400 | -€95,396 | -15.6% |
| Operating charges | 60/66A | €20,788,875 | €16,193,267 | -€4.6m | -22.1% |
| Goods for resale, raw materials and consumables | 60 | €14,993,758 | €11,114,253 | -€3.9m | -25.9% |
| Purchases | 600/8 | €14,993,758 | €11,114,253 | -€3.9m | -25.9% |
| Services and other goods | 61 | €4,537,076 | €3,953,259 | -€583,817 | -12.9% |
| Remuneration, social security and pensions | 62 | €696,764 | €728,622 | +€31,857 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,182 | €45,253 | +€3,072 | +7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,998 | €14,995 | -€4 | 0.0% |
| Other operating charges | 640/8 | €504,096 | €336,886 | -€167,211 | -33.2% |
| Operating profit (loss) | 9901 | €2,253,373 | €1,413,207 | -€840,166 | -37.3% |
| Financial income | 75/76B | €179,384 | €924,601 | +€745,217 | +415% |
| Recurring financial income | 75 | €179,384 | €924,601 | +€745,217 | +415% |
| Income from financial fixed assets | 750 | €105,000 | €78,750 | -€26,250 | -25.0% |
| Income from current assets | 751 | €24,559 | €3,470 | -€21,089 | -85.9% |
| Other financial income | 752/9 | €49,825 | €842,381 | +€792,556 | +1,591% |
| Financial charges | 65/66B | €688,244 | €561,788 | -€126,456 | -18.4% |
| Recurring financial charges | 65 | €688,244 | €561,788 | -€126,456 | -18.4% |
| Debt charges | 650 | €363,500 | €509,159 | +€145,659 | +40.1% |
| Other financial charges | 652/9 | €324,744 | €52,628 | -€272,115 | -83.8% |
| Profit (loss) for the period before taxes | 9903 | €1,744,513 | €1,776,021 | +€31,508 | +1.8% |
| Income taxes | 67/77 | €440,803 | €439,683 | -€1,119 | -0.3% |
| Taxes | 670/3 | €456,744 | €449,112 | -€7,632 | -1.7% |
| Tax adjustments and reversals of tax provisions | 77 | €15,941 | €9,428 | -€6,513 | -40.9% |
| Profit (loss) for the period | 9904 | €1,303,710 | €1,336,337 | +€32,627 | +2.5% |
| Transfer to tax-exempt reserves | 689 | - | €631,500 | +€631,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,303,710 | €704,837 | -€598,873 | -45.9% |
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.