ASGARD: 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.
ASGARD
Largest movements
- Receivables within one year +€7,111
up €7,111 (+16.2%), from €43,797 to €50,908
of which Trade receivables: +€7,580
- Tangible fixed assets -€4,587
down €4,587 (-5.1%), from €90,551 to €85,964
- Cash -€3,765
down €3,765 (-96.9%), from €3,885 to €120
mainly Debts after one year (-€8,618) and Receivables within one year (-€7,111)
- Debts after one year -€8,618
down €8,618 (-16.8%), from €51,237 to €42,619
- Profit (loss) carried forward +€4,138
up €4,138 (+11.5%), from €36,026 to €40,164
- Tax, wage and social debts +€2,182
up €2,182 (+43.9%), from €4,972 to €7,154
- Gross operating margin -€3,042
down €3,042 (-17.3%), from €17,571 to €14,529
- Other operating charges -€1,231
down €1,231 (-75.1%), from €1,639 to €408
- Taxes -€1,131
down €1,131 (-37.9%), from €2,987 to €1,856
- Depreciation +€262
up €262 (+5.6%), from €4,686 to €4,948
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 | €145,837 | €145,247 | -€590 | -0.4% |
| Fixed assets | 21/28 | €97,092 | €92,144 | -€4,948 | -5.1% |
| Intangible fixed assets | 21 | €6,541 | €6,180 | -€361 | -5.5% |
| Tangible fixed assets | 22/27 | €90,551 | €85,964 | -€4,587 | -5.1% |
| Furniture and vehicles | 24 | €90,551 | €85,964 | -€4,587 | -5.1% |
| Current assets | 29/58 | €48,745 | €53,103 | +€4,358 | +8.9% |
| Stocks and contracts in progress | 3 | €1,063 | €2,075 | +€1,012 | +95.2% |
| Stocks | 30/36 | €1,063 | €2,075 | +€1,012 | +95.2% |
| Amounts receivable within one year | 40/41 | €43,797 | €50,908 | +€7,111 | +16.2% |
| Trade receivables | 40 | €43,328 | €50,908 | +€7,580 | +17.5% |
| Other amounts receivable | 41 | €469 | - | -€469 | |
| Cash at bank and in hand | 54/58 | €3,885 | €120 | -€3,765 | -96.9% |
| Total equity and liabilities | 10/49 | €145,837 | €145,247 | -€590 | -0.4% |
| Equity | 10/15 | €58,026 | €62,164 | +€4,138 | +7.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,026 | €40,164 | +€4,138 | +11.5% |
| Amounts payable | 17/49 | €87,811 | €83,083 | -€4,728 | -5.4% |
| Amounts payable after more than one year | 17 | €51,237 | €42,619 | -€8,618 | -16.8% |
| Financial debts | 170/4 | €51,237 | €42,619 | -€8,618 | -16.8% |
| Amounts payable within one year | 42/48 | €36,574 | €40,464 | +€3,890 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €8,649 | €8,618 | -€31 | -0.4% |
| Trade debts | 44 | - | €968 | +€968 | |
| Suppliers | 440/4 | - | €968 | +€968 | |
| Taxes, remuneration and social security | 45 | €4,972 | €7,154 | +€2,182 | +43.9% |
| Taxes | 450/3 | €4,972 | €7,154 | +€2,182 | +43.9% |
| Other amounts payable | 47/48 | €22,953 | €23,724 | +€771 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,686 | €4,948 | +€262 | +5.6% |
| Other operating charges | 640/8 | €1,639 | €408 | -€1,231 | -75.1% |
| Gross operating margin | 9900 | €17,571 | €14,529 | -€3,042 | -17.3% |
| Operating profit (loss) | 9901 | €11,246 | €9,173 | -€2,073 | -18.4% |
| Financial charges | 65/66B | €3,211 | €3,179 | -€32 | -1.0% |
| Recurring financial charges | 65 | €3,211 | €3,179 | -€32 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €8,035 | €5,994 | -€2,041 | -25.4% |
| Income taxes | 67/77 | €2,987 | €1,856 | -€1,131 | -37.9% |
| Profit (loss) for the period | 9904 | €5,048 | €4,138 | -€910 | -18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,048 | €4,138 | -€910 | -18.0% |
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.