ASHOR. B: 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.
ASHOR. B
Largest movements
- Stocks and contracts +€99,248
up €99,248 (+726.7%), from €13,658 to €112,906
- Cash +€82,092
up €82,092 (+58.5%), from €140,286 to €222,378
mainly Net result for the year (+€137,748) and Tax, wage and social debts (+€21,825)
- Receivables within one year -€10,437
down €10,437 (-14.8%), from €70,461 to €60,024
of which Trade receivables: -€7,332
- Tangible fixed assets -€9,601
down €9,601 (-31.8%), from €30,162 to €20,561
of which Furniture and vehicles: -€5,674
- Profit (loss) carried forward +€137,748
up €137,748 (+109.6%), from €125,644 to €263,392
- Tax, wage and social debts +€21,825
up €21,825 (+47.6%), from €45,870 to €67,695
of which Taxes: +€27,908
- Advances received +€11,307
new in 2025: €11,307
- Accrued charges and deferred income -€6,355
down €6,355 (-35.5%), from €17,878 to €11,523
- Gross operating margin +€56,049
up €56,049 (+24.8%), from €225,916 to €281,965
- Staff costs -€40,375
down €40,375 (-34.3%), from €117,666 to €77,291
- Taxes +€22,975
up €22,975 (+111.4%), from €20,628 to €43,603
- Depreciation +€6,233
up €6,233 (+87.6%), from €7,117 to €13,350
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 | €262,156 | €427,182 | +€165,026 | +62.9% |
| Fixed assets | 21/28 | €30,162 | €22,452 | -€7,710 | -25.6% |
| Tangible fixed assets | 22/27 | €30,162 | €20,561 | -€9,601 | -31.8% |
| Land and buildings | 22 | €1,430 | €504 | -€926 | -64.8% |
| Plant, machinery and equipment | 23 | €13,760 | €10,759 | -€3,001 | -21.8% |
| Furniture and vehicles | 24 | €14,972 | €9,298 | -€5,674 | -37.9% |
| Financial fixed assets | 28 | - | €1,891 | +€1,891 | |
| Current assets | 29/58 | €231,994 | €404,730 | +€172,736 | +74.5% |
| Stocks and contracts in progress | 3 | €13,658 | €112,906 | +€99,248 | +726.7% |
| Stocks | 30/36 | €13,658 | €112,906 | +€99,248 | +726.7% |
| Amounts receivable within one year | 40/41 | €70,461 | €60,024 | -€10,437 | -14.8% |
| Trade receivables | 40 | €7,332 | - | -€7,332 | |
| Other amounts receivable | 41 | €63,129 | €60,024 | -€3,105 | -4.9% |
| Cash at bank and in hand | 54/58 | €140,286 | €222,378 | +€82,092 | +58.5% |
| Deferred charges and accrued income | 490/1 | €7,589 | €9,422 | +€1,833 | +24.2% |
| Total equity and liabilities | 10/49 | €262,156 | €427,182 | +€165,026 | +62.9% |
| Equity | 10/15 | €195,413 | €333,161 | +€137,748 | +70.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,169 | €51,169 | = | 0.0% |
| 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 | €49,309 | €49,309 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,644 | €263,392 | +€137,748 | +109.6% |
| Amounts payable | 17/49 | €66,743 | €94,021 | +€27,278 | +40.9% |
| Amounts payable within one year | 42/48 | €48,865 | €82,498 | +€33,633 | +68.8% |
| Trade debts | 44 | €2,995 | €1,111 | -€1,884 | -62.9% |
| Suppliers | 440/4 | €2,995 | €1,111 | -€1,884 | -62.9% |
| Advances received on contracts in progress | 46 | - | €11,307 | +€11,307 | |
| Taxes, remuneration and social security | 45 | €45,870 | €67,695 | +€21,825 | +47.6% |
| Taxes | 450/3 | €34,029 | €61,937 | +€27,908 | +82.0% |
| Remuneration and social security | 454/9 | €11,841 | €5,758 | -€6,083 | -51.4% |
| Other amounts payable | 47/48 | - | €2,385 | +€2,385 | |
| Accrued charges and deferred income | 492/3 | €17,878 | €11,523 | -€6,355 | -35.5% |
| Non-recurring operating income | 76A | €7,166 | - | -€7,166 | |
| Remuneration, social security and pensions | 62 | €117,666 | €77,291 | -€40,375 | -34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,117 | €13,350 | +€6,233 | +87.6% |
| Other operating charges | 640/8 | €1,048 | €968 | -€80 | -7.6% |
| Gross operating margin | 9900 | €225,916 | €281,965 | +€56,049 | +24.8% |
| Operating profit (loss) | 9901 | €100,085 | €190,356 | +€90,271 | +90.2% |
| Financial income | 75/76B | €55 | €11 | -€44 | -80.0% |
| Recurring financial income | 75 | €55 | €11 | -€44 | -80.0% |
| Financial charges | 65/66B | €9,072 | €9,016 | -€56 | -0.6% |
| Recurring financial charges | 65 | €9,072 | €9,016 | -€56 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €91,068 | €181,351 | +€90,283 | +99.1% |
| Income taxes | 67/77 | €20,628 | €43,603 | +€22,975 | +111.4% |
| Profit (loss) for the period | 9904 | €70,440 | €137,748 | +€67,308 | +95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,440 | €137,748 | +€67,308 | +95.6% |
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 8 October 2026 via checked.be.