ASED: 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.
ASED
Largest movements
- Receivables within one year +€23,983
up €23,983 (+167.9%), from €14,287 to €38,270
of which Trade receivables: +€23,849
- Cash -€19,779
down €19,779 (-43.1%), from €45,925 to €26,145
mainly Receivables within one year (-€23,983) and Net result for the year (-€13,041)
- Tangible fixed assets -€3,431
down €3,431 (-18.4%), from €18,613 to €15,182
- Deferred charges and accrued income -€1,409
no longer reported in 2025 (was €1,409)
- Profit (loss) carried forward -€13,041
down €13,041 (-31.7%), from €41,177 to €28,135
- Trade debts +€11,096
up €11,096 (+92.4%), from €12,010 to €23,105
- Other debts +€982
up €982 (+22.0%), from €4,455 to €5,437
- Staff costs +€42,224
up €42,224 (+243.5%), from €17,337 to €59,561
- Gross operating margin -€19,906
down €19,906 (-26.4%), from €75,327 to €55,421
- Taxes -€10,581
down €10,581 (-99.7%), from €10,616 to €35
- Depreciation +€2,344
up €2,344 (+93.3%), from €2,513 to €4,857
- Financial charges +€805
up €805 (+34.4%), from €2,338 to €3,143
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 | €80,233 | €79,597 | -€636 | -0.8% |
| Fixed assets | 21/28 | €18,613 | €15,182 | -€3,431 | -18.4% |
| Tangible fixed assets | 22/27 | €18,613 | €15,182 | -€3,431 | -18.4% |
| Furniture and vehicles | 24 | €18,613 | €15,182 | -€3,431 | -18.4% |
| Current assets | 29/58 | €61,620 | €64,415 | +€2,795 | +4.5% |
| Amounts receivable within one year | 40/41 | €14,287 | €38,270 | +€23,983 | +167.9% |
| Trade receivables | 40 | €11,593 | €35,442 | +€23,849 | +205.7% |
| Other amounts receivable | 41 | €2,693 | €2,827 | +€134 | +5.0% |
| Cash at bank and in hand | 54/58 | €45,925 | €26,145 | -€19,779 | -43.1% |
| Deferred charges and accrued income | 490/1 | €1,409 | - | -€1,409 | |
| Total equity and liabilities | 10/49 | €80,233 | €79,597 | -€636 | -0.8% |
| Equity | 10/15 | €51,177 | €38,135 | -€13,041 | -25.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,177 | €28,135 | -€13,041 | -31.7% |
| Amounts payable | 17/49 | €29,057 | €41,462 | +€12,406 | +42.7% |
| Amounts payable within one year | 42/48 | €29,057 | €41,462 | +€12,406 | +42.7% |
| Trade debts | 44 | €12,010 | €23,105 | +€11,096 | +92.4% |
| Suppliers | 440/4 | €12,010 | €23,105 | +€11,096 | +92.4% |
| Taxes, remuneration and social security | 45 | €12,592 | €12,920 | +€328 | +2.6% |
| Taxes | 450/3 | €10,616 | €10,651 | +€35 | +0.3% |
| Remuneration and social security | 454/9 | €1,976 | €2,269 | +€293 | +14.8% |
| Other amounts payable | 47/48 | €4,455 | €5,437 | +€982 | +22.0% |
| Remuneration, social security and pensions | 62 | €17,337 | €59,561 | +€42,224 | +243.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,513 | €4,857 | +€2,344 | +93.3% |
| Other operating charges | 640/8 | €1,346 | €900 | -€447 | -33.2% |
| Gross operating margin | 9900 | €75,327 | €55,421 | -€19,906 | -26.4% |
| Operating profit (loss) | 9901 | €54,130 | -€9,898 | -€64,028 | |
| Financial income | 75/76B | €0 | €34 | +€34 | +169650.0% |
| Recurring financial income | 75 | €0 | €34 | +€34 | +169650.0% |
| Financial charges | 65/66B | €2,338 | €3,143 | +€805 | +34.4% |
| Recurring financial charges | 65 | €2,338 | €3,143 | +€805 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €51,793 | -€13,007 | -€64,799 | |
| Income taxes | 67/77 | €10,616 | €35 | -€10,581 | -99.7% |
| Profit (loss) for the period | 9904 | €41,177 | -€13,041 | -€54,218 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,177 | -€13,041 | -€54,218 |
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 9 October 2026 via checked.be.