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
- Tangible fixed assets -€10,542
down €10,542 (-4.8%), from €221,503 to €210,961
of which Land and buildings: -€6,542
- Profit (loss) carried forward -€8,277
down €8,277 (-7.4%), from -€111,110 to -€119,386
- Trade debts +€2,636
up €2,636, from €0 to €2,636
- Debts after one year -€2,348
down €2,348 (-1.0%), from €225,856 to €223,507
of which Financial debts: -€12,784
- Gross operating margin -€3,019
down €3,019 (-30.2%), from €9,988 to €6,969
- Financial charges -€507
down €507 (-12.3%), from €4,121 to €3,614
- Other operating charges +€121
up €121 (+12.5%), from €969 to €1,089
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 | €232,632 | €221,563 | -€11,069 | -4.8% |
| Fixed assets | 21/28 | €221,503 | €210,961 | -€10,542 | -4.8% |
| Tangible fixed assets | 22/27 | €221,503 | €210,961 | -€10,542 | -4.8% |
| Land and buildings | 22 | €213,503 | €206,961 | -€6,542 | -3.1% |
| Plant, machinery and equipment | 23 | €8,000 | €4,000 | -€4,000 | -50.0% |
| Current assets | 29/58 | €11,129 | €10,602 | -€527 | -4.7% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,784 | €974 | -€1,810 | -65.0% |
| Trade receivables | 40 | €2,784 | €974 | -€1,810 | -65.0% |
| Cash at bank and in hand | 54/58 | €3,345 | €4,627 | +€1,283 | +38.4% |
| Total equity and liabilities | 10/49 | €232,632 | €221,563 | -€11,069 | -4.8% |
| Equity | 10/15 | -€9,273 | -€17,549 | -€8,277 | -89.3% |
| Contributions | 10/11 | €77,500 | €77,500 | = | 0.0% |
| Reserves | 13 | €24,337 | €24,337 | = | 0.0% |
| Distributable reserves | 133 | €24,337 | €24,337 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,110 | -€119,386 | -€8,277 | -7.4% |
| Amounts payable | 17/49 | €241,904 | €239,112 | -€2,792 | -1.2% |
| Amounts payable after more than one year | 17 | €225,856 | €223,507 | -€2,348 | -1.0% |
| Financial debts | 170/4 | €104,977 | €92,193 | -€12,784 | -12.2% |
| Other amounts payable | 178/9 | €120,878 | €131,314 | +€10,436 | +8.6% |
| Amounts payable within one year | 42/48 | €16,049 | €15,590 | -€459 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €14,980 | €12,784 | -€2,196 | -14.7% |
| Trade debts | 44 | €0 | €2,636 | +€2,636 | |
| Suppliers | 440/4 | €0 | €2,636 | +€2,636 | |
| Taxes, remuneration and social security | 45 | €1,069 | €169 | -€899 | -84.1% |
| Taxes | 450/3 | €1,069 | €169 | -€899 | -84.1% |
| Accrued charges and deferred income | 492/3 | - | €15 | +€15 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,542 | €10,542 | = | 0.0% |
| Other operating charges | 640/8 | €969 | €1,089 | +€121 | +12.5% |
| Gross operating margin | 9900 | €9,988 | €6,969 | -€3,019 | -30.2% |
| Operating profit (loss) | 9901 | -€1,522 | -€4,662 | -€3,140 | -206.3% |
| Financial charges | 65/66B | €4,121 | €3,614 | -€507 | -12.3% |
| Recurring financial charges | 65 | €4,121 | €3,614 | -€507 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,643 | -€8,277 | -€2,633 | -46.7% |
| Profit (loss) for the period | 9904 | -€5,643 | -€8,277 | -€2,633 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,643 | -€8,277 | -€2,633 | -46.7% |
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 11 October 2026 via checked.be.