ASEPM: 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.
ASEPM
Largest movements
- Financial fixed assets +€15,750
new in 2025: €15,750
- Tangible fixed assets -€5,856
down €5,856 (-16.6%), from €35,303 to €29,448
of which Plant, machinery and equipment: -€3,533
- Cash -€4,757
down €4,757 (-49.7%), from €9,571 to €4,815
mainly Net result for the year (-€33,683) and Investment in fixed assets (net) (-€14,499)
- Profit (loss) carried forward -€33,683
down €33,683, from €6,253 to -€27,430
- Other debts +€28,213
up €28,213 (+87.3%), from €32,331 to €60,543
- Tax, wage and social debts +€11,443
up €11,443 (+3486.2%), from €328 to €11,771
of which Remuneration and social security: +€11,326
- Trade debts -€967
down €967 (-11.0%), from €8,820 to €7,853
- Staff costs +€37,021
new in 2025: €37,021
- Gross operating margin +€15,147
up €15,147 (+920.3%), from €1,646 to €16,793
- Financial charges +€8,508
up €8,508 (+5163.8%), from €165 to €8,673
of which Non-recurring financial charges: +€8,569
- Depreciation +€3,736
up €3,736 (+430.3%), from €868 to €4,604
- Taxes -€2,291
down €2,291 (-96.2%), from €2,383 to €92
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 | €50,332 | €55,337 | +€5,005 | +9.9% |
| Fixed assets | 21/28 | €35,303 | €45,198 | +€9,894 | +28.0% |
| Tangible fixed assets | 22/27 | €35,303 | €29,448 | -€5,856 | -16.6% |
| Plant, machinery and equipment | 23 | €12,659 | €9,126 | -€3,533 | -27.9% |
| Other tangible fixed assets | 26 | €22,644 | €20,322 | -€2,322 | -10.3% |
| Financial fixed assets | 28 | - | €15,750 | +€15,750 | |
| Current assets | 29/58 | €15,028 | €10,139 | -€4,889 | -32.5% |
| Amounts receivable within one year | 40/41 | €5,457 | €5,324 | -€133 | -2.4% |
| Other amounts receivable | 41 | €5,457 | €5,324 | -€133 | -2.4% |
| Cash at bank and in hand | 54/58 | €9,571 | €4,815 | -€4,757 | -49.7% |
| Total equity and liabilities | 10/49 | €50,332 | €55,337 | +€5,005 | +9.9% |
| Equity | 10/15 | €8,853 | -€24,830 | -€33,683 | |
| Contributions | 10/11 | €2,600 | €2,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,253 | -€27,430 | -€33,683 | |
| Amounts payable | 17/49 | €41,479 | €80,167 | +€38,688 | +93.3% |
| Amounts payable within one year | 42/48 | €41,479 | €80,167 | +€38,688 | +93.3% |
| Trade debts | 44 | €8,820 | €7,853 | -€967 | -11.0% |
| Suppliers | 440/4 | €8,820 | €7,853 | -€967 | -11.0% |
| Taxes, remuneration and social security | 45 | €328 | €11,771 | +€11,443 | +3486.2% |
| Taxes | 450/3 | €328 | €445 | +€117 | +35.7% |
| Remuneration and social security | 454/9 | - | €11,326 | +€11,326 | |
| Other amounts payable | 47/48 | €32,331 | €60,543 | +€28,213 | +87.3% |
| Remuneration, social security and pensions | 62 | - | €37,021 | +€37,021 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €868 | €4,604 | +€3,736 | +430.3% |
| Other operating charges | 640/8 | - | €87 | +€87 | |
| Gross operating margin | 9900 | €1,646 | €16,793 | +€15,147 | +920.3% |
| Operating profit (loss) | 9901 | €778 | -€24,918 | -€25,696 | |
| Financial income | 75/76B | €826 | - | -€826 | |
| Recurring financial income | 75 | €826 | - | -€826 | |
| Non-recurring financial income | 76B | €826 | - | -€826 | |
| Financial charges | 65/66B | €165 | €8,673 | +€8,508 | +5163.8% |
| Recurring financial charges | 65 | €165 | €104 | -€61 | -36.8% |
| Non-recurring financial charges | 66B | - | €8,569 | +€8,569 | |
| Profit (loss) for the period before taxes | 9903 | €1,439 | -€33,592 | -€35,031 | |
| Income taxes | 67/77 | €2,383 | €92 | -€2,291 | -96.2% |
| Profit (loss) for the period | 9904 | -€944 | -€33,683 | -€32,739 | -3468.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€944 | -€33,683 | -€32,739 | -3468.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.