ASMF: 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.
ASMF
Largest movements
- Cash -€22,841
down €22,841 (-74.6%), from €30,614 to €7,773
mainly Net result for the year (-€62,689) and Debts after one year (-€24,000)
- Stocks and contracts -€10,977
down €10,977 (-19.0%), from €57,896 to €46,919
- Deferred charges and accrued income +€8,077
up €8,077 (+1703.8%), from €474 to €8,552
- Tangible fixed assets -€5,289
down €5,289 (-62.4%), from €8,479 to €3,190
of which Furniture and vehicles: -€2,904
- Receivables within one year +€3,857
up €3,857 (+268.9%), from €1,435 to €5,291
of which Trade receivables: +€3,764
- Profit (loss) carried forward -€62,689
down €62,689 (-44.3%), from -€141,566 to -€204,255
- Trade debts +€57,673
up €57,673 (+186.6%), from €30,912 to €88,585
- Debts after one year -€24,000
down €24,000 (-28.6%), from €84,000 to €60,000
- Tax, wage and social debts +€1,986
up €1,986 (+51.8%), from €3,834 to €5,820
of which Remuneration and social security: +€1,978
- Gross operating margin -€60,978
down €60,978, from €55,047 to -€5,931
- Depreciation -€4,921
down €4,921 (-65.9%), from €7,471 to €2,550
- Financial charges +€2,045
up €2,045 (+75.9%), from €2,694 to €4,738
- Staff costs +€1,702
up €1,702 (+4.9%), from €34,484 to €36,186
- Write-downs -€952
down €952 (-8.0%), from €11,926 to €10,974
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 | €98,897 | €71,724 | -€27,173 | -27.5% |
| Fixed assets | 21/28 | €8,479 | €3,190 | -€5,289 | -62.4% |
| Tangible fixed assets | 22/27 | €8,479 | €3,190 | -€5,289 | -62.4% |
| Plant, machinery and equipment | 23 | €5,254 | €2,869 | -€2,386 | -45.4% |
| Furniture and vehicles | 24 | €3,225 | €321 | -€2,904 | -90.0% |
| Current assets | 29/58 | €90,418 | €68,534 | -€21,884 | -24.2% |
| Stocks and contracts in progress | 3 | €57,896 | €46,919 | -€10,977 | -19.0% |
| Stocks | 30/36 | €57,896 | €46,919 | -€10,977 | -19.0% |
| Amounts receivable within one year | 40/41 | €1,435 | €5,291 | +€3,857 | +268.9% |
| Trade receivables | 40 | €1,435 | €5,199 | +€3,764 | +262.4% |
| Other amounts receivable | 41 | - | €92 | +€92 | |
| Cash at bank and in hand | 54/58 | €30,614 | €7,773 | -€22,841 | -74.6% |
| Deferred charges and accrued income | 490/1 | €474 | €8,552 | +€8,077 | +1703.8% |
| Total equity and liabilities | 10/49 | €98,897 | €71,724 | -€27,173 | -27.5% |
| Equity | 10/15 | -€122,966 | -€185,655 | -€62,689 | -51.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,566 | -€204,255 | -€62,689 | -44.3% |
| Amounts payable | 17/49 | €221,863 | €257,379 | +€35,516 | +16.0% |
| Amounts payable after more than one year | 17 | €84,000 | €60,000 | -€24,000 | -28.6% |
| Financial debts | 170/4 | €84,000 | €60,000 | -€24,000 | -28.6% |
| Amounts payable within one year | 42/48 | €137,113 | €197,379 | +€60,266 | +44.0% |
| Current portion of amounts payable after more than one year | 42 | €24,000 | €24,000 | = | 0.0% |
| Financial debts | 43 | - | €201 | +€201 | |
| Credit institutions | 430/8 | - | €201 | +€201 | |
| Trade debts | 44 | €30,912 | €88,585 | +€57,673 | +186.6% |
| Suppliers | 440/4 | €30,912 | €88,585 | +€57,673 | +186.6% |
| Taxes, remuneration and social security | 45 | €3,834 | €5,820 | +€1,986 | +51.8% |
| Taxes | 450/3 | €1,181 | €1,189 | +€7 | +0.6% |
| Remuneration and social security | 454/9 | €2,653 | €4,631 | +€1,978 | +74.6% |
| Other amounts payable | 47/48 | €78,367 | €78,773 | +€406 | +0.5% |
| Accrued charges and deferred income | 492/3 | €750 | - | -€750 | |
| Remuneration, social security and pensions | 62 | €34,484 | €36,186 | +€1,702 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,471 | €2,550 | -€4,921 | -65.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,926 | €10,974 | -€952 | -8.0% |
| Other operating charges | 640/8 | €734 | €1,291 | +€557 | +75.9% |
| Non-recurring operating charges | 66A | - | €1,381 | +€1,381 | |
| Gross operating margin | 9900 | €55,047 | -€5,931 | -€60,978 | |
| Operating profit (loss) | 9901 | €432 | -€58,313 | -€58,745 | |
| Financial income | 75/76B | €1,020 | €742 | -€278 | -27.2% |
| Recurring financial income | 75 | €1,020 | €742 | -€278 | -27.2% |
| Financial charges | 65/66B | €2,694 | €4,738 | +€2,045 | +75.9% |
| Recurring financial charges | 65 | €2,694 | €4,738 | +€2,045 | +75.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,242 | -€62,310 | -€61,068 | -4917.7% |
| Income taxes | 67/77 | €400 | €379 | -€20 | -5.1% |
| Profit (loss) for the period | 9904 | -€1,641 | -€62,689 | -€61,047 | -3719.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,641 | -€62,689 | -€61,047 | -3719.1% |
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 5 October 2026 via checked.be.