ASG: 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.
ASG
Largest movements
- Cash +€56,811
up €56,811 (+43.2%), from €131,394 to €188,205
mainly Net result for the year (+€82,647) and Other debts (+€22,833)
- Receivables within one year -€15,852
down €15,852 (-13.4%), from €118,208 to €102,356
of which Trade receivables: -€15,901
- Stocks and contracts +€15,631
up €15,631 (+42.6%), from €36,702 to €52,333
- Reserves +€34,338
up €34,338 (+22.1%), from €155,236 to €189,574
- Other debts +€22,833
up €22,833 (+59.8%), from €38,202 to €61,035
- Trade debts +€7,785
up €7,785 (+44.6%), from €17,471 to €25,256
- Depreciation -€4,255
down €4,255 (-24.2%), from €17,606 to €13,351
- Gross operating margin +€3,480
up €3,480 (+2.8%), from €125,653 to €129,133
- Taxes -€2,258
down €2,258 (-8.9%), from €25,397 to €23,139
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 | €351,378 | €406,907 | +€55,529 | +15.8% |
| Fixed assets | 21/28 | €61,337 | €56,770 | -€4,567 | -7.4% |
| Intangible fixed assets | 21 | €14,619 | €11,277 | -€3,342 | -22.9% |
| Tangible fixed assets | 22/27 | €46,718 | €45,493 | -€1,225 | -2.6% |
| Land and buildings | 22 | €14,091 | €13,483 | -€608 | -4.3% |
| Plant, machinery and equipment | 23 | €22,119 | €24,695 | +€2,576 | +11.6% |
| Furniture and vehicles | 24 | €10,508 | €7,315 | -€3,193 | -30.4% |
| Current assets | 29/58 | €290,041 | €350,137 | +€60,096 | +20.7% |
| Stocks and contracts in progress | 3 | €36,702 | €52,333 | +€15,631 | +42.6% |
| Stocks | 30/36 | €36,702 | €52,333 | +€15,631 | +42.6% |
| Amounts receivable within one year | 40/41 | €118,208 | €102,356 | -€15,852 | -13.4% |
| Trade receivables | 40 | €117,887 | €101,986 | -€15,901 | -13.5% |
| Other amounts receivable | 41 | €321 | €370 | +€49 | +15.3% |
| Cash at bank and in hand | 54/58 | €131,394 | €188,205 | +€56,811 | +43.2% |
| Deferred charges and accrued income | 490/1 | €3,737 | €7,243 | +€3,506 | +93.8% |
| Total equity and liabilities | 10/49 | €351,378 | €406,907 | +€55,529 | +15.8% |
| Equity | 10/15 | €221,236 | €255,574 | +€34,338 | +15.5% |
| Contributions | 10/11 | €66,000 | €66,000 | = | 0.0% |
| Reserves | 13 | €155,236 | €189,574 | +€34,338 | +22.1% |
| Distributable reserves | 133 | €155,236 | €189,574 | +€34,338 | +22.1% |
| Amounts payable | 17/49 | €130,142 | €151,333 | +€21,191 | +16.3% |
| Amounts payable after more than one year | 17 | €5,601 | €3,185 | -€2,416 | -43.1% |
| Financial debts | 170/4 | €5,601 | €3,185 | -€2,416 | -43.1% |
| Amounts payable within one year | 42/48 | €121,475 | €144,581 | +€23,106 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €4,787 | €2,416 | -€2,371 | -49.5% |
| Financial debts | 43 | €1,154 | - | -€1,154 | |
| Other loans | 439 | €1,154 | - | -€1,154 | |
| Trade debts | 44 | €17,471 | €25,256 | +€7,785 | +44.6% |
| Suppliers | 440/4 | €17,471 | €25,256 | +€7,785 | +44.6% |
| Taxes, remuneration and social security | 45 | €59,861 | €55,874 | -€3,987 | -6.7% |
| Taxes | 450/3 | €56,142 | €52,213 | -€3,929 | -7.0% |
| Remuneration and social security | 454/9 | €3,719 | €3,661 | -€58 | -1.6% |
| Other amounts payable | 47/48 | €38,202 | €61,035 | +€22,833 | +59.8% |
| Accrued charges and deferred income | 492/3 | €3,066 | €3,567 | +€501 | +16.3% |
| Non-recurring operating income | 76A | €28 | - | -€28 | |
| Remuneration, social security and pensions | 62 | €4,827 | €6,003 | +€1,176 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,606 | €13,351 | -€4,255 | -24.2% |
| Other operating charges | 640/8 | €3,397 | €2,853 | -€544 | -16.0% |
| Non-recurring operating charges | 66A | €1,582 | €73 | -€1,509 | -95.4% |
| Gross operating margin | 9900 | €125,653 | €129,133 | +€3,480 | +2.8% |
| Operating profit (loss) | 9901 | €98,241 | €106,853 | +€8,612 | +8.8% |
| Financial income | 75/76B | €191 | €12 | -€179 | -93.7% |
| Recurring financial income | 75 | €191 | €12 | -€179 | -93.7% |
| Financial charges | 65/66B | €1,859 | €1,079 | -€780 | -42.0% |
| Recurring financial charges | 65 | €1,859 | €1,079 | -€780 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €96,573 | €105,786 | +€9,213 | +9.5% |
| Income taxes | 67/77 | €25,397 | €23,139 | -€2,258 | -8.9% |
| Profit (loss) for the period | 9904 | €71,176 | €82,647 | +€11,471 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,176 | €82,647 | +€11,471 | +16.1% |
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 4 October 2026 via checked.be.