Asgard: 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.
Asgard
Largest movements
- Current investments +€350,638
up €350,638 (+40.7%), from €861,752 to €1.2m
- Cash -€208,750
down €208,750 (-51.6%), from €404,376 to €195,627
mainly Current investments (-€350,638) and Contributions, distributions and other (-€179,300)
- Receivables within one year +€65,437
up €65,437 (+358.8%), from €18,237 to €83,673
of which Trade receivables: +€33,880
- Tangible fixed assets -€54,741
down €54,741 (-12.5%), from €436,330 to €381,589
of which Furniture and vehicles: -€34,261
- Other debts +€139,312
up €139,312 (+9165.3%), from €1,520 to €140,832
- Reserves +€65,170
up €65,170 (+4.2%), from €1.6m to €1.6m
- Tax, wage and social debts -€29,287
down €29,287 (-90.0%), from €32,543 to €3,257
of which Taxes: -€26,212
- Debts after one year -€19,948
down €19,948 (-24.4%), from €81,626 to €61,678
- Financial income +€114,684
up €114,684 (+566.7%), from €20,236 to €134,920
- Gross operating margin -€63,246
down €63,246 (-20.0%), from €315,594 to €252,348
- Taxes -€34,988
down €34,988 (-31.0%), from €112,883 to €77,895
- Depreciation -€9,592
down €9,592 (-14.9%), from €64,333 to €54,741
- Financial charges -€4,116
down €4,116 (-39.8%), from €10,345 to €6,230
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 | €1,723,944 | €1,875,408 | +€151,464 | +8.8% |
| Fixed assets | 21/28 | €436,330 | €381,589 | -€54,741 | -12.5% |
| Tangible fixed assets | 22/27 | €436,330 | €381,589 | -€54,741 | -12.5% |
| Land and buildings | 22 | €366,475 | €348,179 | -€18,296 | -5.0% |
| Furniture and vehicles | 24 | €50,916 | €16,655 | -€34,261 | -67.3% |
| Other tangible fixed assets | 26 | €18,939 | €16,755 | -€2,184 | -11.5% |
| Current assets | 29/58 | €1,287,613 | €1,493,818 | +€206,205 | +16.0% |
| Amounts receivable within one year | 40/41 | €18,237 | €83,673 | +€65,437 | +358.8% |
| Trade receivables | 40 | - | €33,880 | +€33,880 | |
| Other amounts receivable | 41 | €18,237 | €49,793 | +€31,557 | +173.0% |
| Current investments | 50/53 | €861,752 | €1,212,390 | +€350,638 | +40.7% |
| Cash at bank and in hand | 54/58 | €404,376 | €195,627 | -€208,750 | -51.6% |
| Deferred charges and accrued income | 490/1 | €3,249 | €2,129 | -€1,120 | -34.5% |
| Total equity and liabilities | 10/49 | €1,723,944 | €1,875,408 | +€151,464 | +8.8% |
| Equity | 10/15 | €1,582,506 | €1,647,676 | +€65,170 | +4.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,563,956 | €1,629,126 | +€65,170 | +4.2% |
| Distributable reserves | 133 | €1,563,956 | €1,629,126 | +€65,170 | +4.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €141,437 | €227,731 | +€86,294 | +61.0% |
| Amounts payable after more than one year | 17 | €81,626 | €61,678 | -€19,948 | -24.4% |
| Financial debts | 170/4 | €81,626 | €61,678 | -€19,948 | -24.4% |
| Amounts payable within one year | 42/48 | €58,839 | €165,832 | +€106,994 | +181.8% |
| Current portion of amounts payable after more than one year | 42 | €19,315 | €20,859 | +€1,544 | +8.0% |
| Financial debts | 43 | - | €250 | +€250 | |
| Credit institutions | 430/8 | - | €250 | +€250 | |
| Trade debts | 44 | €5,460 | €635 | -€4,825 | -88.4% |
| Suppliers | 440/4 | €5,460 | €635 | -€4,825 | -88.4% |
| Taxes, remuneration and social security | 45 | €32,543 | €3,257 | -€29,287 | -90.0% |
| Taxes | 450/3 | €26,343 | €132 | -€26,212 | -99.5% |
| Remuneration and social security | 454/9 | €6,200 | €3,125 | -€3,075 | -49.6% |
| Other amounts payable | 47/48 | €1,520 | €140,832 | +€139,312 | +9165.3% |
| Accrued charges and deferred income | 492/3 | €973 | €221 | -€752 | -77.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,333 | €54,741 | -€9,592 | -14.9% |
| Other operating charges | 640/8 | €5,371 | €3,932 | -€1,439 | -26.8% |
| Gross operating margin | 9900 | €315,594 | €252,348 | -€63,246 | -20.0% |
| Operating profit (loss) | 9901 | €245,890 | €193,675 | -€52,216 | -21.2% |
| Financial income | 75/76B | €20,236 | €134,920 | +€114,684 | +566.7% |
| Recurring financial income | 75 | €20,236 | €134,920 | +€114,684 | +566.7% |
| Financial charges | 65/66B | €10,345 | €6,230 | -€4,116 | -39.8% |
| Recurring financial charges | 65 | €10,345 | €6,230 | -€4,116 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €255,781 | €322,365 | +€66,584 | +26.0% |
| Transfer from deferred taxes | 780 | €25,809 | €0 | -€25,809 | -100.0% |
| Income taxes | 67/77 | €112,883 | €77,895 | -€34,988 | -31.0% |
| Profit (loss) for the period | 9904 | €168,707 | €244,470 | +€75,763 | +44.9% |
| Transfer from tax-exempt reserves | 789 | €61,444 | €0 | -€61,444 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €230,151 | €244,470 | +€14,319 | +6.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.