ASM: 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.
ASM
Largest movements
- Receivables within one year +€154,552
up €154,552 (+46.7%), from €330,959 to €485,511
of which Other amounts receivable: +€115,420
- Tangible fixed assets +€65,286
up €65,286 (+9.4%), from €696,981 to €762,267
of which Other tangible fixed assets: +€61,442
- Cash +€34,178
up €34,178 (+73.2%), from €46,710 to €80,888
mainly Net result for the year (+€191,334) and Other debts (+€162,967)
- Receivables after one year -€20,000
down €20,000 (-25.0%), from €80,000 to €60,000
- Other debts +€162,967
up €162,967 (+119.0%), from €136,914 to €299,881
- Debts after one year +€80,506
up €80,506 (+12.8%), from €630,473 to €710,979
- Current portion of long-term debt +€64,147
up €64,147 (+64.1%), from €100,035 to €164,182
- Profit (loss) carried forward -€54,666
down €54,666 (-99.4%), from €54,975 to €309
- Reserves -€40,000
down €40,000 (-95.6%), from €41,860 to €1,860
of which Distributable reserves: -€40,000
- Gross operating margin +€129,581
up €129,581 (+30.8%), from €421,247 to €550,828
- Financial income -€18,568
down €18,568 (-99.5%), from €18,652 to €84
of which Non-recurring financial income: -€18,588
- Staff costs +€17,304
up €17,304 (+10.1%), from €171,558 to €188,862
- Depreciation -€6,805
down €6,805 (-10.3%), from €66,076 to €59,271
- Financial charges +€6,592
up €6,592 (+13.7%), from €48,278 to €54,870
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 | €1,185,625 | €1,428,945 | +€243,320 | +20.5% |
| Fixed assets | 21/28 | €705,087 | €768,213 | +€63,126 | +9.0% |
| Tangible fixed assets | 22/27 | €696,981 | €762,267 | +€65,286 | +9.4% |
| Land and buildings | 22 | €560,473 | €582,507 | +€22,034 | +3.9% |
| Plant, machinery and equipment | 23 | €27,408 | €21,124 | -€6,284 | -22.9% |
| Furniture and vehicles | 24 | €27,749 | €15,843 | -€11,906 | -42.9% |
| Other tangible fixed assets | 26 | €81,351 | €142,793 | +€61,442 | +75.5% |
| Financial fixed assets | 28 | €8,106 | €5,946 | -€2,160 | -26.6% |
| Current assets | 29/58 | €480,538 | €660,732 | +€180,194 | +37.5% |
| Amounts receivable after more than one year | 29 | €80,000 | €60,000 | -€20,000 | -25.0% |
| Other amounts receivable | 291 | €80,000 | €60,000 | -€20,000 | -25.0% |
| Stocks and contracts in progress | 3 | €18,904 | €30,129 | +€11,225 | +59.4% |
| Stocks | 30/36 | €18,904 | €30,129 | +€11,225 | +59.4% |
| Amounts receivable within one year | 40/41 | €330,959 | €485,511 | +€154,552 | +46.7% |
| Trade receivables | 40 | €85,411 | €124,543 | +€39,132 | +45.8% |
| Other amounts receivable | 41 | €245,548 | €360,968 | +€115,420 | +47.0% |
| Cash at bank and in hand | 54/58 | €46,710 | €80,888 | +€34,178 | +73.2% |
| Deferred charges and accrued income | 490/1 | €3,965 | €4,204 | +€239 | +6.0% |
| Total equity and liabilities | 10/49 | €1,185,625 | €1,428,945 | +€243,320 | +20.5% |
| Equity | 10/15 | €115,435 | €20,769 | -€94,666 | -82.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,860 | €1,860 | -€40,000 | -95.6% |
| 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 | €40,000 | - | -€40,000 | |
| Profit (loss) carried forward | 14 | €54,975 | €309 | -€54,666 | -99.4% |
| Amounts payable | 17/49 | €1,070,190 | €1,408,176 | +€337,986 | +31.6% |
| Amounts payable after more than one year | 17 | €630,473 | €710,979 | +€80,506 | +12.8% |
| Financial debts | 170/4 | €630,473 | €710,979 | +€80,506 | +12.8% |
| Amounts payable within one year | 42/48 | €434,982 | €692,557 | +€257,575 | +59.2% |
| Current portion of amounts payable after more than one year | 42 | €100,035 | €164,182 | +€64,147 | +64.1% |
| Financial debts | 43 | €35,000 | €40,000 | +€5,000 | +14.3% |
| Credit institutions | 430/8 | €35,000 | €40,000 | +€5,000 | +14.3% |
| Trade debts | 44 | €121,835 | €161,678 | +€39,843 | +32.7% |
| Suppliers | 440/4 | €121,835 | €161,678 | +€39,843 | +32.7% |
| Taxes, remuneration and social security | 45 | €41,198 | €26,816 | -€14,382 | -34.9% |
| Taxes | 450/3 | €17,745 | €19,952 | +€2,207 | +12.4% |
| Remuneration and social security | 454/9 | €23,453 | €6,864 | -€16,589 | -70.7% |
| Other amounts payable | 47/48 | €136,914 | €299,881 | +€162,967 | +119.0% |
| Accrued charges and deferred income | 492/3 | €4,735 | €4,640 | -€95 | -2.0% |
| Remuneration, social security and pensions | 62 | €171,558 | €188,862 | +€17,304 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,076 | €59,271 | -€6,805 | -10.3% |
| Other operating charges | 640/8 | €12,094 | €18,336 | +€6,242 | +51.6% |
| Non-recurring operating charges | 66A | - | €571 | +€571 | |
| Gross operating margin | 9900 | €421,247 | €550,828 | +€129,581 | +30.8% |
| Operating profit (loss) | 9901 | €171,519 | €283,788 | +€112,269 | +65.5% |
| Financial income | 75/76B | €18,652 | €84 | -€18,568 | -99.5% |
| Recurring financial income | 75 | €64 | €84 | +€20 | +31.3% |
| Non-recurring financial income | 76B | €18,588 | - | -€18,588 | |
| Financial charges | 65/66B | €48,278 | €54,870 | +€6,592 | +13.7% |
| Recurring financial charges | 65 | €48,278 | €54,870 | +€6,592 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €141,893 | €229,002 | +€87,109 | +61.4% |
| Income taxes | 67/77 | €34,139 | €37,668 | +€3,529 | +10.3% |
| Profit (loss) for the period | 9904 | €107,754 | €191,334 | +€83,580 | +77.6% |
| Profit (loss) for the period to be appropriated | 9905 | €107,754 | €191,334 | +€83,580 | +77.6% |
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 11 October 2026 via checked.be.