AsErFaPa: 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.
AsErFaPa
Largest movements
- Current investments +€357,246
new in 2025: €357,246
- Cash -€179,955
down €179,955 (-71.7%), from €250,996 to €71,041
mainly Current investments (-€357,246) and Investment in fixed assets (net) (-€176,001)
- Tangible fixed assets +€144,868
up €144,868 (+75.5%), from €191,820 to €336,688
of which Furniture and vehicles: +€136,997
- Deferred charges and accrued income +€141,267
up €141,267 (+13662.2%), from €1,034 to €142,301
- Receivables within one year -€107,976
down €107,976 (-66.1%), from €163,332 to €55,356
of which Trade receivables: -€159,680
- Profit (loss) carried forward +€387,618
up €387,618 (+116.1%), from €333,950 to €721,568
- Other debts -€145,020
down €145,020 (-93.4%), from €155,250 to €10,230
- Current portion of long-term debt +€100,000
new in 2025: €100,000
- Accrued charges and deferred income +€20,281
new in 2025: €20,281
- Gross operating margin +€72,347
up €72,347 (+14.9%), from €486,813 to €559,160
- Taxes +€16,913
up €16,913 (+15.3%), from €110,368 to €127,281
- Other operating charges +€6,942
up €6,942 (+260.8%), from €2,662 to €9,604
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 | €607,182 | €962,632 | +€355,450 | +58.5% |
| Fixed assets | 21/28 | €191,820 | €336,688 | +€144,868 | +75.5% |
| Tangible fixed assets | 22/27 | €191,820 | €336,688 | +€144,868 | +75.5% |
| Land and buildings | 22 | €125,001 | €121,922 | -€3,079 | -2.5% |
| Furniture and vehicles | 24 | €4,284 | €141,281 | +€136,997 | +3197.9% |
| Other tangible fixed assets | 26 | €62,535 | €73,485 | +€10,950 | +17.5% |
| Current assets | 29/58 | €415,362 | €625,944 | +€210,582 | +50.7% |
| Amounts receivable within one year | 40/41 | €163,332 | €55,356 | -€107,976 | -66.1% |
| Trade receivables | 40 | €163,332 | €3,652 | -€159,680 | -97.8% |
| Other amounts receivable | 41 | - | €51,704 | +€51,704 | |
| Current investments | 50/53 | - | €357,246 | +€357,246 | |
| Cash at bank and in hand | 54/58 | €250,996 | €71,041 | -€179,955 | -71.7% |
| Deferred charges and accrued income | 490/1 | €1,034 | €142,301 | +€141,267 | +13662.2% |
| Total equity and liabilities | 10/49 | €607,182 | €962,632 | +€355,450 | +58.5% |
| Equity | 10/15 | €333,951 | €721,569 | +€387,618 | +116.1% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €333,950 | €721,568 | +€387,618 | +116.1% |
| Amounts payable | 17/49 | €273,231 | €241,063 | -€32,168 | -11.8% |
| Amounts payable within one year | 42/48 | €273,231 | €220,782 | -€52,449 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €5,339 | - | -€5,339 | |
| Suppliers | 440/4 | €5,339 | - | -€5,339 | |
| Taxes, remuneration and social security | 45 | €112,642 | €110,552 | -€2,090 | -1.9% |
| Taxes | 450/3 | €112,642 | €110,552 | -€2,090 | -1.9% |
| Other amounts payable | 47/48 | €155,250 | €10,230 | -€145,020 | -93.4% |
| Accrued charges and deferred income | 492/3 | - | €20,281 | +€20,281 | |
| Non-recurring operating income | 76A | - | €17,817 | +€17,817 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,905 | €31,133 | +€3,228 | +11.6% |
| Other operating charges | 640/8 | €2,662 | €9,604 | +€6,942 | +260.8% |
| Gross operating margin | 9900 | €486,813 | €559,160 | +€72,347 | +14.9% |
| Operating profit (loss) | 9901 | €456,246 | €518,423 | +€62,177 | +13.6% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €7,798 | €3,543 | -€4,255 | -54.6% |
| Recurring financial charges | 65 | €7,798 | €3,543 | -€4,255 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | €448,448 | €514,898 | +€66,450 | +14.8% |
| Income taxes | 67/77 | €110,368 | €127,281 | +€16,913 | +15.3% |
| Profit (loss) for the period | 9904 | €338,080 | €387,617 | +€49,537 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €338,080 | €387,617 | +€49,537 | +14.7% |
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 10 October 2026 via checked.be.