Asfales: 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.
Asfales
Largest movements
- Receivables within one year +€210,255
up €210,255 (+102%), from €206,530 to €416,785
of which Other amounts receivable: +€128,320
- Cash +€160,738
up €160,738 (+459%), from €35,048 to €195,786
mainly Net result for the year (+€232,033) and Current investments (+€108,581)
- Current investments -€108,581
down €108,581 (-25.5%), from €425,063 to €316,482
- Reserves +€107,038
up €107,038 (+9.2%), from €1.2m to €1.3m
- Other debts +€100,121
new in 2025: €100,121
- Tax, wage and social debts +€55,698
up €55,698 (+404%), from €13,803 to €69,500
of which Taxes: +€49,552
- Financial income +€181,104
up €181,104 (+5,705%), from €3,175 to €184,278
- Gross operating margin +€137,455
up €137,455 (+152%), from €90,571 to €228,026
- Staff costs +€47,520
up €47,520 (+57.2%), from €83,053 to €130,573
- Taxes +€43,266
up €43,266 (+3,626%), from €1,193 to €44,459
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 | €1,205,165 | €1,467,935 | +€262,770 | +21.8% |
| Fixed assets | 21/28 | €528,301 | €528,301 | = | 0.0% |
| Financial fixed assets | 28 | €528,301 | €528,301 | = | 0.0% |
| Current assets | 29/58 | €676,864 | €939,634 | +€262,770 | +38.8% |
| Stocks and contracts in progress | 3 | €5,526 | €5,675 | +€149 | +2.7% |
| Stocks | 30/36 | €5,526 | €5,675 | +€149 | +2.7% |
| Amounts receivable within one year | 40/41 | €206,530 | €416,785 | +€210,255 | +102% |
| Trade receivables | 40 | €66,589 | €148,524 | +€81,936 | +123% |
| Other amounts receivable | 41 | €139,941 | €268,260 | +€128,320 | +91.7% |
| Current investments | 50/53 | €425,063 | €316,482 | -€108,581 | -25.5% |
| Cash at bank and in hand | 54/58 | €35,048 | €195,786 | +€160,738 | +459% |
| Deferred charges and accrued income | 490/1 | €4,697 | €4,907 | +€209 | +4.5% |
| Total equity and liabilities | 10/49 | €1,205,165 | €1,467,935 | +€262,770 | +21.8% |
| Equity | 10/15 | €1,187,932 | €1,294,970 | +€107,038 | +9.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,167,932 | €1,274,970 | +€107,038 | +9.2% |
| Distributable reserves | 133 | €1,167,932 | €1,274,970 | +€107,038 | +9.2% |
| Amounts payable | 17/49 | €17,233 | €172,965 | +€155,732 | +904% |
| Amounts payable within one year | 42/48 | €17,233 | €172,965 | +€155,732 | +904% |
| Trade debts | 44 | €3,431 | €3,344 | -€87 | -2.5% |
| Suppliers | 440/4 | €3,431 | €3,344 | -€87 | -2.5% |
| Taxes, remuneration and social security | 45 | €13,803 | €69,500 | +€55,698 | +404% |
| Taxes | 450/3 | €3,107 | €52,659 | +€49,552 | +1,595% |
| Remuneration and social security | 454/9 | €10,696 | €16,842 | +€6,146 | +57.5% |
| Other amounts payable | 47/48 | - | €100,121 | +€100,121 | |
| Remuneration, social security and pensions | 62 | €83,053 | €130,573 | +€47,520 | +57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €231 | - | -€231 | |
| Other operating charges | 640/8 | €1,702 | €1,815 | +€113 | +6.7% |
| Gross operating margin | 9900 | €90,571 | €228,026 | +€137,455 | +152% |
| Operating profit (loss) | 9901 | €5,585 | €95,638 | +€90,053 | +1,613% |
| Financial income | 75/76B | €3,175 | €184,278 | +€181,104 | +5,705% |
| Recurring financial income | 75 | €3,175 | €184,278 | +€181,104 | +5,705% |
| Financial charges | 65/66B | €5,463 | €3,424 | -€2,038 | -37.3% |
| Recurring financial charges | 65 | €5,463 | €3,424 | -€2,038 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €3,296 | €276,491 | +€273,195 | +8,288% |
| Income taxes | 67/77 | €1,193 | €44,459 | +€43,266 | +3,626% |
| Profit (loss) for the period | 9904 | €2,103 | €232,033 | +€229,930 | +10,932% |
| Profit (loss) for the period to be appropriated | 9905 | €2,103 | €232,033 | +€229,930 | +10,932% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.