ASFINA: 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.
ASFINA
Largest movements
- Intangible fixed assets -€92,414
down €92,414 (-64.6%), from €143,115 to €50,701
- Cash +€33,319
up €33,319 (+11.3%), from €293,663 to €326,982
mainly Investment in fixed assets (net) (+€75,257) and Net result for the year (+€30,942)
- Deferred charges and accrued income +€12,787
up €12,787 (+88.5%), from €14,456 to €27,242
- Receivables within one year -€12,154
down €12,154 (-69.1%), from €17,589 to €5,434
of which Other amounts receivable: -€12,601
- Tangible fixed assets -€6,616
down €6,616 (-19.9%), from €33,194 to €26,578
of which Furniture and vehicles: -€5,140
- Trade debts -€99,508
down €99,508 (-96.0%), from €103,600 to €4,092
- Reserves +€41,916
up €41,916 (+156.1%), from €26,860 to €68,776
of which Distributable reserves: +€41,916
- Profit (loss) carried forward -€10,975
down €10,975 (-3.3%), from €328,034 to €317,059
- Tax, wage and social debts +€8,063
up €8,063 (+110.4%), from €7,303 to €15,366
of which Taxes: +€7,992
- Gross operating margin +€24,488
up €24,488 (+26.1%), from €93,876 to €118,364
- Taxes +€8,741
up €8,741 (+50.8%), from €17,199 to €25,940
- Depreciation +€6,985
up €6,985 (+41.6%), from €16,788 to €23,773
- Staff costs +€3,272
up €3,272 (+9.4%), from €34,753 to €38,025
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 | €507,088 | €442,010 | -€65,078 | -12.8% |
| Fixed assets | 21/28 | €181,381 | €82,351 | -€99,030 | -54.6% |
| Intangible fixed assets | 21 | €143,115 | €50,701 | -€92,414 | -64.6% |
| Tangible fixed assets | 22/27 | €33,194 | €26,578 | -€6,616 | -19.9% |
| Furniture and vehicles | 24 | €22,815 | €17,675 | -€5,140 | -22.5% |
| Other tangible fixed assets | 26 | €10,379 | €8,903 | -€1,476 | -14.2% |
| Financial fixed assets | 28 | €5,072 | €5,072 | = | 0.0% |
| Current assets | 29/58 | €325,708 | €359,659 | +€33,951 | +10.4% |
| Amounts receivable within one year | 40/41 | €17,589 | €5,434 | -€12,154 | -69.1% |
| Trade receivables | 40 | €1,322 | €1,769 | +€447 | +33.8% |
| Other amounts receivable | 41 | €16,267 | €3,666 | -€12,601 | -77.5% |
| Cash at bank and in hand | 54/58 | €293,663 | €326,982 | +€33,319 | +11.3% |
| Deferred charges and accrued income | 490/1 | €14,456 | €27,242 | +€12,787 | +88.5% |
| Total equity and liabilities | 10/49 | €507,088 | €442,010 | -€65,078 | -12.8% |
| Equity | 10/15 | €373,494 | €404,435 | +€30,942 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,860 | €68,776 | +€41,916 | +156.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €66,916 | +€41,916 | +167.7% |
| Profit (loss) carried forward | 14 | €328,034 | €317,059 | -€10,975 | -3.3% |
| Amounts payable | 17/49 | €133,595 | €37,575 | -€96,020 | -71.9% |
| Amounts payable after more than one year | 17 | €18,117 | €13,843 | -€4,273 | -23.6% |
| Financial debts | 170/4 | €18,117 | €13,843 | -€4,273 | -23.6% |
| Amounts payable within one year | 42/48 | €115,016 | €23,731 | -€91,285 | -79.4% |
| Current portion of amounts payable after more than one year | 42 | €4,113 | €4,273 | +€160 | +3.9% |
| Trade debts | 44 | €103,600 | €4,092 | -€99,508 | -96.0% |
| Suppliers | 440/4 | €103,600 | €4,092 | -€99,508 | -96.0% |
| Taxes, remuneration and social security | 45 | €7,303 | €15,366 | +€8,063 | +110.4% |
| Taxes | 450/3 | €2,560 | €10,553 | +€7,992 | +312.2% |
| Remuneration and social security | 454/9 | €4,743 | €4,813 | +€71 | +1.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €462 | €0 | -€462 | -100.0% |
| Remuneration, social security and pensions | 62 | €34,753 | €38,025 | +€3,272 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,788 | €23,773 | +€6,985 | +41.6% |
| Other operating charges | 640/8 | €1,185 | €972 | -€213 | -18.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €93,876 | €118,364 | +€24,488 | +26.1% |
| Operating profit (loss) | 9901 | €41,148 | €55,594 | +€14,446 | +35.1% |
| Financial income | 75/76B | €2,347 | €2,619 | +€271 | +11.6% |
| Recurring financial income | 75 | €2,347 | €2,619 | +€271 | +11.6% |
| Financial charges | 65/66B | €1,287 | €1,331 | +€44 | +3.4% |
| Recurring financial charges | 65 | €1,287 | €1,331 | +€44 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €42,209 | €56,881 | +€14,672 | +34.8% |
| Income taxes | 67/77 | €17,199 | €25,940 | +€8,741 | +50.8% |
| Profit (loss) for the period | 9904 | €25,010 | €30,942 | +€5,931 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,010 | €30,942 | +€5,931 | +23.7% |
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 5 October 2026 via checked.be.