ASEM: 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
ASEM
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€240,454
2024 · €2,418+€238,036
Equity
€1.0m
2024 · €775,012+€240,454
Cash
€30,777
2024 · €35,719-€4,941
Balance sheet total
€1.4m
2024 · €1.2m+€256,117
Largest movements
Assets
- Financial fixed assets +€238,331
up €238,331 (+21.3%), from €1.1m to €1.4m
- Receivables within one year +€24,527
up €24,527 (+5,085%), from €482 to €25,010
of which Trade receivables: +€25,000
Equity and liabilities
- Profit (loss) carried forward +€215,593
no longer reported in 2025 (was -€215,593)
- Reserves +€24,861
up €24,861 (+4,112%), from €605 to €25,466
- Accrued charges and deferred income +€14,463
new in 2025: €14,463
Income statement
- Financial income +€238,327
up €238,327 (+5,416,520%), from €4 to €238,331
of which Non-recurring financial income: +€238,331
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
€2,418
Other operating charges
-€134
Other operating items
+€2,388
Financial income
+€238,327
Financial charges
-€1,806
Taxes
-€738
Result 2025
€240,454
raises the resultlowers the resultnot broken down further in the accounts
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
+€233,390
Investment
-€238,331
Financing
€0
Cash 2024
€35,719
From operations (derived)
+€233,390
Net result for the year
+€240,454
Receivables within one year
-€24,527
Deferred charges and accrued income
+€1,800
Trade debts
+€150
Tax, wage and social debts
+€1,050
Accrued charges and deferred income
+€14,463
Investment (derived)
-€238,331
Investment in fixed assets (net)
-€238,331
Cash 2025
€30,777
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,158,670 | €1,414,787 | +€256,117 | +22.1% |
| Fixed assets | 21/28 | €1,120,669 | €1,359,000 | +€238,331 | +21.3% |
| Financial fixed assets | 28 | €1,120,669 | €1,359,000 | +€238,331 | +21.3% |
| Affiliated companies | 280/1 | €1,120,669 | €1,359,000 | +€238,331 | +21.3% |
| Participating interests | 280 | €1,120,669 | €1,359,000 | +€238,331 | +21.3% |
| Current assets | 29/58 | €38,001 | €55,787 | +€17,786 | +46.8% |
| Amounts receivable within one year | 40/41 | €482 | €25,010 | +€24,527 | +5,085% |
| Trade receivables | 40 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 41 | €482 | €10 | -€473 | -98.0% |
| Cash at bank and in hand | 54/58 | €35,719 | €30,777 | -€4,941 | -13.8% |
| Deferred charges and accrued income | 490/1 | €1,800 | - | -€1,800 | |
| Total equity and liabilities | 10/49 | €1,158,670 | €1,414,787 | +€256,117 | +22.1% |
| Equity | 10/15 | €775,012 | €1,015,466 | +€240,454 | +31.0% |
| Contributions | 10/11 | €990,000 | €990,000 | = | 0.0% |
| Capital | 10 | €990,000 | €990,000 | = | 0.0% |
| Issued capital | 100 | €990,000 | €990,000 | = | 0.0% |
| Reserves | 13 | €605 | €25,466 | +€24,861 | +4,112% |
| Non-distributable reserves | 130/1 | €605 | €25,466 | +€24,861 | +4,112% |
| Legal reserve | 130 | €605 | €25,466 | +€24,861 | +4,112% |
| Profit (loss) carried forward | 14 | -€215,593 | - | +€215,593 | |
| Amounts payable | 17/49 | €383,658 | €399,321 | +€15,663 | +4.1% |
| Amounts payable within one year | 42/48 | €383,658 | €384,858 | +€1,200 | +0.3% |
| Trade debts | 44 | €3,658 | €3,808 | +€150 | +4.1% |
| Suppliers | 440/4 | €3,658 | €3,808 | +€150 | +4.1% |
| Taxes, remuneration and social security | 45 | - | €1,050 | +€1,050 | |
| Taxes | 450/3 | - | €1,050 | +€1,050 | |
| Other amounts payable | 47/48 | €380,000 | €380,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €14,463 | +€14,463 | |
| Operating income | 70/76A | €25,000 | €25,000 | = | 0.0% |
| Other operating income | 74 | €25,000 | €25,000 | = | 0.0% |
| Operating charges | 60/66A | €6,346 | €4,092 | -€2,254 | -35.5% |
| Services and other goods | 61 | €4,855 | €2,467 | -€2,388 | -49.2% |
| Other operating charges | 640/8 | €1,491 | €1,625 | +€134 | +9.0% |
| Operating profit (loss) | 9901 | €18,654 | €20,908 | +€2,254 | +12.1% |
| Financial income | 75/76B | €4 | €238,331 | +€238,327 | +5,416,520% |
| Recurring financial income | 75 | €4 | €238,331 | +€238,327 | +5,416,520% |
| Other financial income | 752/9 | €4 | - | -€4 | |
| Non-recurring financial income | 76B | - | €238,331 | +€238,331 | |
| Financial charges | 65/66B | €14,907 | €16,713 | +€1,806 | +12.1% |
| Recurring financial charges | 65 | €14,907 | €14,913 | +€6 | 0.0% |
| Debt charges | 650 | - | €14,463 | +€14,463 | |
| Other financial charges | 652/9 | €14,907 | €451 | -€14,456 | -97.0% |
| Non-recurring financial charges | 66B | - | €1,800 | +€1,800 | |
| Profit (loss) for the period before taxes | 9903 | €3,752 | €242,526 | +€238,774 | +6,364% |
| Income taxes | 67/77 | €1,334 | €2,072 | +€738 | +55.3% |
| Taxes | 670/3 | €1,334 | €2,072 | +€738 | +55.3% |
| Profit (loss) for the period | 9904 | €2,418 | €240,454 | +€238,036 | +9,845% |
| Profit (loss) for the period to be appropriated | 9905 | €2,418 | €240,454 | +€238,036 | +9,845% |
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 19 October 2026 via checked.be.