ASM 2.0: 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 2.0
Largest movements
- Receivables within one year -€65,264
down €65,264 (-71.8%), from €90,889 to €25,625
of which Trade receivables: -€42,244
- Tangible fixed assets -€7,422
down €7,422 (-32.7%), from €22,668 to €15,246
of which Leasing and similar rights: -€5,738
- Other debts -€31,587
down €31,587 (-27.3%), from €115,802 to €84,215
- Profit (loss) carried forward -€17,584
down €17,584 (-17.8%), from -€98,641 to -€116,225
- Current portion of long-term debt -€16,329
down €16,329 (-57.1%), from €28,577 to €12,248
- Debts after one year -€14,319
down €14,319 (-36.1%), from €39,673 to €25,354
of which Financial debts: -€14,319
- Trade debts +€11,357
up €11,357 (+123.1%), from €9,229 to €20,586
- Other operating charges -€48,849
down €48,849 (-96.9%), from €50,417 to €1,568
- Staff costs -€35,607
down €35,607 (-95.1%), from €37,445 to €1,838
- Gross operating margin -€11,623
down €11,623, from €9,900 to -€1,723
- Financial charges -€7,685
down €7,685 (-60.4%), from €12,734 to €5,049
- Depreciation -€1,670
down €1,670 (-18.4%), from €9,092 to €7,422
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 | €121,087 | €48,363 | -€72,724 | -60.1% |
| Fixed assets | 21/28 | €24,030 | €16,608 | -€7,422 | -30.9% |
| Tangible fixed assets | 22/27 | €22,668 | €15,246 | -€7,422 | -32.7% |
| Furniture and vehicles | 24 | €2,938 | €1,254 | -€1,684 | -57.3% |
| Leasing and similar rights | 25 | €19,730 | €13,992 | -€5,738 | -29.1% |
| Financial fixed assets | 28 | €1,362 | €1,362 | = | 0.0% |
| Current assets | 29/58 | €97,057 | €31,755 | -€65,302 | -67.3% |
| Amounts receivable within one year | 40/41 | €90,889 | €25,625 | -€65,264 | -71.8% |
| Trade receivables | 40 | €54,613 | €12,369 | -€42,244 | -77.4% |
| Other amounts receivable | 41 | €36,276 | €13,256 | -€23,020 | -63.5% |
| Cash at bank and in hand | 54/58 | €6,168 | €6,130 | -€38 | -0.6% |
| Total equity and liabilities | 10/49 | €121,087 | €48,363 | -€72,724 | -60.1% |
| Equity | 10/15 | -€78,641 | -€96,225 | -€17,584 | -22.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,641 | -€116,225 | -€17,584 | -17.8% |
| Amounts payable | 17/49 | €199,728 | €144,588 | -€55,140 | -27.6% |
| Amounts payable after more than one year | 17 | €39,673 | €25,354 | -€14,319 | -36.1% |
| Financial debts | 170/4 | €24,673 | €10,354 | -€14,319 | -58.0% |
| Other amounts payable | 178/9 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €160,055 | €119,234 | -€40,821 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €28,577 | €12,248 | -€16,329 | -57.1% |
| Trade debts | 44 | €9,229 | €20,586 | +€11,357 | +123.1% |
| Suppliers | 440/4 | €9,229 | €20,586 | +€11,357 | +123.1% |
| Taxes, remuneration and social security | 45 | €6,447 | €2,185 | -€4,262 | -66.1% |
| Taxes | 450/3 | €6,354 | €2,185 | -€4,169 | -65.6% |
| Remuneration and social security | 454/9 | €93 | - | -€93 | |
| Other amounts payable | 47/48 | €115,802 | €84,215 | -€31,587 | -27.3% |
| Non-recurring operating income | 76A | €2,000 | - | -€2,000 | |
| Remuneration, social security and pensions | 62 | €37,445 | €1,838 | -€35,607 | -95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,092 | €7,422 | -€1,670 | -18.4% |
| Other operating charges | 640/8 | €50,417 | €1,568 | -€48,849 | -96.9% |
| Gross operating margin | 9900 | €9,900 | -€1,723 | -€11,623 | |
| Operating profit (loss) | 9901 | -€87,054 | -€12,551 | +€74,503 | +85.6% |
| Financial income | 75/76B | €1 | €16 | +€15 | +1500.0% |
| Recurring financial income | 75 | €1 | €16 | +€15 | +1500.0% |
| Financial charges | 65/66B | €12,734 | €5,049 | -€7,685 | -60.4% |
| Recurring financial charges | 65 | €12,734 | €5,049 | -€7,685 | -60.4% |
| Profit (loss) for the period before taxes | 9903 | -€99,787 | -€17,584 | +€82,203 | +82.4% |
| Income taxes | 67/77 | €28 | - | -€28 | |
| Profit (loss) for the period | 9904 | -€99,815 | -€17,584 | +€82,231 | +82.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€99,815 | -€17,584 | +€82,231 | +82.4% |
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 10 October 2026 via checked.be.