ASEO: 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.
ASEO
Largest movements
- Cash -€21,154
down €21,154 (-8.5%), from €249,860 to €228,705
mainly Other debts (-€190,000) and Trade debts (-€7,180)
- Receivables within one year -€17,912
down €17,912 (-25.4%), from €70,574 to €52,663
of which Trade receivables: -€38,535
- Other debts -€190,000
no longer reported in 2025 (was €190,000)
- Profit (loss) carried forward +€150,437
up €150,437 (+15.2%), from €986,572 to €1.1m
- Financial income +€11,223
up €11,223 (+16.8%), from €66,829 to €78,051
- Taxes -€7,519
down €7,519 (-21.8%), from €34,414 to €26,895
- Gross operating margin -€6,892
down €6,892 (-5.1%), from €135,343 to €128,450
- Staff costs +€1,985
up €1,985 (+11.1%), from €17,862 to €19,847
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,274,611 | €1,225,877 | -€48,734 | -3.8% |
| Fixed assets | 21/28 | €949,125 | €941,890 | -€7,235 | -0.8% |
| Tangible fixed assets | 22/27 | €21,095 | €13,860 | -€7,235 | -34.3% |
| Plant, machinery and equipment | 23 | €2,354 | €1,617 | -€736 | -31.3% |
| Furniture and vehicles | 24 | €12,777 | €7,810 | -€4,967 | -38.9% |
| Other tangible fixed assets | 26 | €5,965 | €4,433 | -€1,532 | -25.7% |
| Financial fixed assets | 28 | €928,030 | €928,030 | = | 0.0% |
| Current assets | 29/58 | €325,485 | €283,986 | -€41,499 | -12.7% |
| Amounts receivable after more than one year | 29 | €4,438 | - | -€4,438 | |
| Other amounts receivable | 291 | €4,438 | - | -€4,438 | |
| Amounts receivable within one year | 40/41 | €70,574 | €52,663 | -€17,912 | -25.4% |
| Trade receivables | 40 | €68,424 | €29,890 | -€38,535 | -56.3% |
| Other amounts receivable | 41 | €2,150 | €22,773 | +€20,623 | +959% |
| Cash at bank and in hand | 54/58 | €249,860 | €228,705 | -€21,154 | -8.5% |
| Deferred charges and accrued income | 490/1 | €613 | €2,618 | +€2,005 | +327% |
| Total equity and liabilities | 10/49 | €1,274,611 | €1,225,877 | -€48,734 | -3.8% |
| Equity | 10/15 | €1,006,977 | €1,157,413 | +€150,437 | +14.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €986,572 | €1,137,008 | +€150,437 | +15.2% |
| Amounts payable | 17/49 | €267,634 | €68,463 | -€199,170 | -74.4% |
| Amounts payable within one year | 42/48 | €266,129 | €68,463 | -€197,666 | -74.3% |
| Trade debts | 44 | €16,184 | €9,004 | -€7,180 | -44.4% |
| Suppliers | 440/4 | €16,184 | €9,004 | -€7,180 | -44.4% |
| Advances received on contracts in progress | 46 | - | €280 | +€280 | |
| Taxes, remuneration and social security | 45 | €59,945 | €59,179 | -€766 | -1.3% |
| Taxes | 450/3 | €52,096 | €51,003 | -€1,094 | -2.1% |
| Remuneration and social security | 454/9 | €7,849 | €8,176 | +€328 | +4.2% |
| Other amounts payable | 47/48 | €190,000 | - | -€190,000 | |
| Accrued charges and deferred income | 492/3 | €1,504 | - | -€1,504 | |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Remuneration, social security and pensions | 62 | €17,862 | €19,847 | +€1,985 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,376 | €7,235 | -€141 | -1.9% |
| Other operating charges | 640/8 | €1,918 | €1,959 | +€40 | +2.1% |
| Gross operating margin | 9900 | €135,343 | €128,450 | -€6,892 | -5.1% |
| Operating profit (loss) | 9901 | €108,187 | €99,409 | -€8,777 | -8.1% |
| Financial income | 75/76B | €66,829 | €78,051 | +€11,223 | +16.8% |
| Recurring financial income | 75 | €66,829 | €78,051 | +€11,223 | +16.8% |
| Financial charges | 65/66B | €825 | €129 | -€696 | -84.4% |
| Recurring financial charges | 65 | €125 | €129 | +€4 | +3.4% |
| Non-recurring financial charges | 66B | €700 | - | -€700 | |
| Profit (loss) for the period before taxes | 9903 | €174,190 | €177,332 | +€3,142 | +1.8% |
| Income taxes | 67/77 | €34,414 | €26,895 | -€7,519 | -21.8% |
| Profit (loss) for the period | 9904 | €139,776 | €150,437 | +€10,660 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €139,776 | €150,437 | +€10,660 | +7.6% |
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 15 October 2026 via checked.be.