ASEG: 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.
ASEG
Largest movements
- Receivables within one year -€121,777
no longer reported in 2025 (was €121,777)
of which Other amounts receivable: -€120,253
- Tangible fixed assets -€51,547
down €51,547 (-3.7%), from €1.4m to €1.3m
of which Land and buildings: -€53,824
- Cash +€35,050
up €35,050 (+8.8%), from €396,206 to €431,256
mainly Net result for the year (+€209,490) and Receivables within one year (+€121,777)
- Receivables after one year +€23,740
new in 2025: €23,740
- Debts after one year -€100,689
down €100,689 (-28.1%), from €358,935 to €258,246
- Gross operating margin +€8,531
up €8,531 (+2.3%), from €363,426 to €371,957
- Financial income -€5,256
down €5,256 (-64.1%), from €8,198 to €2,941
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 | €1,908,629 | €1,794,094 | -€114,534 | -6.0% |
| Fixed assets | 21/28 | €1,390,645 | €1,339,098 | -€51,547 | -3.7% |
| Tangible fixed assets | 22/27 | €1,390,615 | €1,339,068 | -€51,547 | -3.7% |
| Land and buildings | 22 | €1,381,538 | €1,327,714 | -€53,824 | -3.9% |
| Plant, machinery and equipment | 23 | €2,550 | €2,550 | = | 0.0% |
| Furniture and vehicles | 24 | €3,429 | €1,379 | -€2,050 | -59.8% |
| Other tangible fixed assets | 26 | €3,098 | €7,425 | +€4,327 | +139.7% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €517,983 | €454,996 | -€62,987 | -12.2% |
| Amounts receivable after more than one year | 29 | - | €23,740 | +€23,740 | |
| Other amounts receivable | 291 | - | €23,740 | +€23,740 | |
| Amounts receivable within one year | 40/41 | €121,777 | - | -€121,777 | |
| Trade receivables | 40 | €1,524 | - | -€1,524 | |
| Other amounts receivable | 41 | €120,253 | - | -€120,253 | |
| Cash at bank and in hand | 54/58 | €396,206 | €431,256 | +€35,050 | +8.8% |
| Total equity and liabilities | 10/49 | €1,908,629 | €1,794,094 | -€114,534 | -6.0% |
| Equity | 10/15 | €1,371,430 | €1,375,220 | +€3,790 | +0.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,329,065 | €1,332,855 | +€3,790 | +0.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,327,210 | €1,331,000 | +€3,790 | +0.3% |
| Profit (loss) carried forward | 14 | €29,865 | €29,865 | = | 0.0% |
| Amounts payable | 17/49 | €537,198 | €418,874 | -€118,324 | -22.0% |
| Amounts payable after more than one year | 17 | €358,935 | €258,246 | -€100,689 | -28.1% |
| Financial debts | 170/4 | €358,935 | €258,246 | -€100,689 | -28.1% |
| Amounts payable within one year | 42/48 | €178,263 | €160,628 | -€17,635 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €113,935 | €100,689 | -€13,246 | -11.6% |
| Financial debts | 43 | €27,387 | €27,149 | -€238 | -0.9% |
| Credit institutions | 430/8 | €27,387 | €27,149 | -€238 | -0.9% |
| Trade debts | 44 | - | €6 | +€6 | |
| Suppliers | 440/4 | - | €6 | +€6 | |
| Taxes, remuneration and social security | 45 | €36,941 | €32,784 | -€4,156 | -11.3% |
| Taxes | 450/3 | €36,941 | €32,784 | -€4,156 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,180 | €56,401 | -€779 | -1.4% |
| Other operating charges | 640/8 | €5,009 | €5,567 | +€558 | +11.1% |
| Gross operating margin | 9900 | €363,426 | €371,957 | +€8,531 | +2.3% |
| Operating profit (loss) | 9901 | €301,237 | €309,989 | +€8,753 | +2.9% |
| Financial income | 75/76B | €8,198 | €2,941 | -€5,256 | -64.1% |
| Recurring financial income | 75 | €8,198 | €2,941 | -€5,256 | -64.1% |
| Financial charges | 65/66B | €12,000 | €10,701 | -€1,298 | -10.8% |
| Recurring financial charges | 65 | €12,000 | €10,701 | -€1,298 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €297,434 | €302,229 | +€4,795 | +1.6% |
| Income taxes | 67/77 | €91,384 | €92,739 | +€1,355 | +1.5% |
| Profit (loss) for the period | 9904 | €206,050 | €209,490 | +€3,440 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €206,050 | €209,490 | +€3,440 | +1.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.