ASH LAW: 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.
ASH LAW
Largest movements
- Cash -€9,282
down €9,282 (-18.7%), from €49,570 to €40,288
mainly Contributions, distributions and other (-€50,000) and Investment in fixed assets (net) (-€34,057)
- Profit (loss) carried forward -€15,769
down €15,769 (-15.3%), from €103,108 to €87,339
- Debts after one year -€11,269
down €11,269 (-2.8%), from €402,783 to €391,514
- Trade debts +€10,712
up €10,712 (+586%), from €1,828 to €12,540
- Tax, wage and social debts +€9,486
up €9,486 (+48.4%), from €19,589 to €29,074
- Current portion of long-term debt +€5,665
up €5,665 (+23.3%), from €24,298 to €29,963
- Depreciation +€6,881
up €6,881 (+29.2%), from €23,584 to €30,465
- Taxes +€6,174
up €6,174 (+50.9%), from €12,135 to €18,309
- Gross operating margin +€3,682
up €3,682 (+4.2%), from €87,177 to €90,859
- Financial charges +€1,708
up €1,708 (+26.2%), from €6,522 to €8,230
- Other operating charges +€1,393
up €1,393 (+60.9%), from €2,287 to €3,680
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 | €556,640 | €555,995 | -€645 | -0.1% |
| Fixed assets | 21/28 | €416,657 | €420,250 | +€3,592 | +0.9% |
| Tangible fixed assets | 22/27 | €416,657 | €420,250 | +€3,592 | +0.9% |
| Land and buildings | 22 | €312,855 | €303,599 | -€9,256 | -3.0% |
| Plant, machinery and equipment | 23 | €102,229 | €90,283 | -€11,946 | -11.7% |
| Furniture and vehicles | 24 | €1,574 | €26,368 | +€24,794 | +1,576% |
| Current assets | 29/58 | €139,983 | €135,746 | -€4,237 | -3.0% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €65,059 | €69,584 | +€4,525 | +7.0% |
| Trade receivables | 40 | €18,486 | €31,228 | +€12,742 | +68.9% |
| Other amounts receivable | 41 | €46,573 | €38,356 | -€8,217 | -17.6% |
| Cash at bank and in hand | 54/58 | €49,570 | €40,288 | -€9,282 | -18.7% |
| Deferred charges and accrued income | 490/1 | €354 | €874 | +€520 | +147% |
| Total equity and liabilities | 10/49 | €556,640 | €555,995 | -€645 | -0.1% |
| Equity | 10/15 | €108,108 | €92,339 | -€15,769 | -14.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,108 | €87,339 | -€15,769 | -15.3% |
| Amounts payable | 17/49 | €448,532 | €463,656 | +€15,124 | +3.4% |
| Amounts payable after more than one year | 17 | €402,783 | €391,514 | -€11,269 | -2.8% |
| Financial debts | 170/4 | €402,783 | €391,514 | -€11,269 | -2.8% |
| Amounts payable within one year | 42/48 | €45,715 | €71,577 | +€25,863 | +56.6% |
| Current portion of amounts payable after more than one year | 42 | €24,298 | €29,963 | +€5,665 | +23.3% |
| Trade debts | 44 | €1,828 | €12,540 | +€10,712 | +586% |
| Suppliers | 440/4 | €1,828 | €12,540 | +€10,712 | +586% |
| Taxes, remuneration and social security | 45 | €19,589 | €29,074 | +€9,486 | +48.4% |
| Taxes | 450/3 | €19,589 | €29,074 | +€9,486 | +48.4% |
| Accrued charges and deferred income | 492/3 | €34 | €565 | +€530 | +1,548% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,584 | €30,465 | +€6,881 | +29.2% |
| Other operating charges | 640/8 | €2,287 | €3,680 | +€1,393 | +60.9% |
| Gross operating margin | 9900 | €87,177 | €90,859 | +€3,682 | +4.2% |
| Operating profit (loss) | 9901 | €61,306 | €56,715 | -€4,591 | -7.5% |
| Financial income | 75/76B | €2,796 | €4,056 | +€1,260 | +45.0% |
| Recurring financial income | 75 | €2,796 | €4,056 | +€1,260 | +45.0% |
| Financial charges | 65/66B | €6,522 | €8,230 | +€1,708 | +26.2% |
| Recurring financial charges | 65 | €6,522 | €8,230 | +€1,708 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €57,580 | €52,540 | -€5,039 | -8.8% |
| Income taxes | 67/77 | €12,135 | €18,309 | +€6,174 | +50.9% |
| Profit (loss) for the period | 9904 | €45,445 | €34,231 | -€11,214 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,445 | €34,231 | -€11,214 | -24.7% |
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 26 October 2026 via checked.be.