ASER Projects: 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.
ASER Projects
Largest movements
- Cash +€33,902
up €33,902 (+1870.1%), from €1,813 to €35,715
mainly Receivables within one year (+€25,905) and Net result for the year (+€22,479)
- Receivables within one year -€25,905
down €25,905 (-59.8%), from €43,304 to €17,399
of which Trade receivables: -€26,682
- Tangible fixed assets -€11,788
down €11,788 (-27.8%), from €42,342 to €30,554
of which Furniture and vehicles: -€10,788
- Accrued charges and deferred income +€13,466
new in 2025: €13,466
- Reserves -€12,815
down €12,815 (-25.9%), from €49,482 to €36,667
- Debts after one year -€9,175
down €9,175 (-55.1%), from €16,653 to €7,477
of which Other amounts payable: -€5,074
- Tax, wage and social debts +€4,957
up €4,957 (+42.5%), from €11,673 to €16,630
of which Taxes: +€5,121
- Trade debts -€1,276
down €1,276 (-26.9%), from €4,751 to €3,475
- Gross operating margin +€7,131
up €7,131 (+16.4%), from €43,352 to €50,483
- Taxes +€5,323
up €5,323 (+77.0%), from €6,912 to €12,235
- Depreciation +€1,959
up €1,959 (+19.9%), from €9,828 to €11,788
- Other operating charges +€1,604
up €1,604 (+101.5%), from €1,580 to €3,184
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 | €88,973 | €84,316 | -€4,656 | -5.2% |
| Fixed assets | 21/28 | €42,397 | €30,609 | -€11,788 | -27.8% |
| Tangible fixed assets | 22/27 | €42,342 | €30,554 | -€11,788 | -27.8% |
| Furniture and vehicles | 24 | €40,622 | €29,835 | -€10,788 | -26.6% |
| Other tangible fixed assets | 26 | €1,720 | €720 | -€1,000 | -58.1% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €46,576 | €53,707 | +€7,131 | +15.3% |
| Amounts receivable within one year | 40/41 | €43,304 | €17,399 | -€25,905 | -59.8% |
| Trade receivables | 40 | €43,303 | €16,621 | -€26,682 | -61.6% |
| Other amounts receivable | 41 | €1 | €778 | +€777 | +61651.6% |
| Cash at bank and in hand | 54/58 | €1,813 | €35,715 | +€33,902 | +1870.1% |
| Deferred charges and accrued income | 490/1 | €1,459 | €593 | -€866 | -59.4% |
| Total equity and liabilities | 10/49 | €88,973 | €84,316 | -€4,656 | -5.2% |
| Equity | 10/15 | €51,982 | €39,167 | -€12,815 | -24.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €49,482 | €36,667 | -€12,815 | -25.9% |
| Distributable reserves | 133 | €49,482 | €36,667 | -€12,815 | -25.9% |
| Amounts payable | 17/49 | €36,991 | €45,149 | +€8,158 | +22.1% |
| Amounts payable after more than one year | 17 | €16,653 | €7,477 | -€9,175 | -55.1% |
| Financial debts | 170/4 | €10,249 | €6,148 | -€4,101 | -40.0% |
| Other amounts payable | 178/9 | €6,403 | €1,329 | -€5,074 | -79.2% |
| Amounts payable within one year | 42/48 | €20,339 | €24,206 | +€3,868 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €3,914 | €4,101 | +€187 | +4.8% |
| Trade debts | 44 | €4,751 | €3,475 | -€1,276 | -26.9% |
| Suppliers | 440/4 | €4,751 | €3,475 | -€1,276 | -26.9% |
| Taxes, remuneration and social security | 45 | €11,673 | €16,630 | +€4,957 | +42.5% |
| Taxes | 450/3 | €7,114 | €12,235 | +€5,121 | +72.0% |
| Remuneration and social security | 454/9 | €4,559 | €4,396 | -€163 | -3.6% |
| Accrued charges and deferred income | 492/3 | - | €13,466 | +€13,466 | |
| Non-recurring operating income | 76A | €9,777 | - | -€9,777 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,828 | €11,788 | +€1,959 | +19.9% |
| Other operating charges | 640/8 | €1,580 | €3,184 | +€1,604 | +101.5% |
| Non-recurring operating charges | 66A | €1,500 | - | -€1,500 | |
| Gross operating margin | 9900 | €43,352 | €50,483 | +€7,131 | +16.4% |
| Operating profit (loss) | 9901 | €30,445 | €35,512 | +€5,067 | +16.6% |
| Financial income | 75/76B | €1 | €17 | +€16 | +2522.2% |
| Recurring financial income | 75 | €1 | €17 | +€16 | +2522.2% |
| Financial charges | 65/66B | €1,172 | €815 | -€357 | -30.5% |
| Recurring financial charges | 65 | €1,172 | €815 | -€357 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €29,274 | €34,714 | +€5,440 | +18.6% |
| Income taxes | 67/77 | €6,912 | €12,235 | +€5,323 | +77.0% |
| Profit (loss) for the period | 9904 | €22,362 | €22,479 | +€118 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,362 | €22,479 | +€118 | +0.5% |
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 11 October 2026 via checked.be.