ASORECO: 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.
What changed
ASORECO
NACE 70.200, Business and other management consultancy
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
-€89,004
2025 · -€97,863+€8,859
Equity
€95,441
2025 · €252,020-€156,579
Cash
€28,602
2025 · €27,562+€1,040
Balance sheet total
€524,317
2025 · €718,829-€194,512
Largest movements
Assets
- Intangible fixed assets -€114,446
down €114,446 (-25.4%), from €450,202 to €335,756
- Receivables within one year -€68,297
down €68,297 (-39.1%), from €174,825 to €106,528
of which Trade receivables: -€43,874
- Stocks and contracts -€10,879
down €10,879 (-28.0%), from €38,865 to €27,986
Equity and liabilities
- Profit (loss) carried forward -€89,004
down €89,004 (-95.2%), from -€93,475 to -€182,479
- Investment grants -€67,574
down €67,574 (-38.3%), from €176,495 to €108,920
- Accrued charges and deferred income -€60,328
down €60,328 (-33.6%), from €179,684 to €119,356
- Trade debts +€30,328
up €30,328 (+33.6%), from €90,241 to €120,569
- Current portion of long-term debt -€8,719
down €8,719 (-66.7%), from €13,079 to €4,359
Income statement
- Gross operating margin -€108,908
down €108,908 (-32.7%), from €332,757 to €223,849
- Staff costs -€67,793
down €67,793 (-33.8%), from €200,645 to €132,852
- Write-downs -€27,580
down €27,580 (-100%), from €27,580 to €0
- Depreciation -€12,724
down €12,724 (-6.8%), from €187,924 to €175,200
- Financial income +€6,104
up €6,104 (+276,200%), from €2 to €6,106
From the 2025 result to the 2026 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.
Result 2025
-€97,863
Gross operating margin
-€108,908
Staff costs
+€67,793
Depreciation
+€12,724
Write-downs
+€27,580
Other operating charges
+€4
Financial income
+€6,104
Financial charges
+€3,348
Taxes
+€215
Result 2026
-€89,004
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€137,393
Investment
-€59,671
Financing
-€76,682
Cash 2025
€27,562
From operations (derived)
+€137,393
Net result for the year
-€89,004
Depreciation
+€175,200
Stocks and contracts
+€10,879
Receivables within one year
+€68,297
Deferred charges and accrued income
+€847
Trade debts
+€30,328
Tax, wage and social debts
+€1,174
Accrued charges and deferred income
-€60,328
Investment (derived)
-€59,671
Investment in fixed assets (net)
-€59,671
Financing
-€76,682
Debts after one year
-€4,359
Current portion of long-term debt
-€8,719
Short-term financial debts
+€3,971
Contributions, distributions and other
-€67,574
Cash 2026
€28,602
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €718,829 | €524,317 | -€194,512 | -27.1% |
| Fixed assets | 21/28 | €469,757 | €354,228 | -€115,529 | -24.6% |
| Intangible fixed assets | 21 | €450,202 | €335,756 | -€114,446 | -25.4% |
| Tangible fixed assets | 22/27 | €3,990 | €2,908 | -€1,083 | -27.1% |
| Plant, machinery and equipment | 23 | €1,224 | €729 | -€495 | -40.4% |
| Furniture and vehicles | 24 | €1,822 | €1,537 | -€285 | -15.6% |
| Other tangible fixed assets | 26 | €945 | €642 | -€303 | -32.1% |
| Financial fixed assets | 28 | €15,565 | €15,565 | = | 0.0% |
| Current assets | 29/58 | €249,072 | €170,089 | -€78,983 | -31.7% |
| Stocks and contracts in progress | 3 | €38,865 | €27,986 | -€10,879 | -28.0% |
| Stocks | 30/36 | €38,865 | €27,986 | -€10,879 | -28.0% |
| Amounts receivable within one year | 40/41 | €174,825 | €106,528 | -€68,297 | -39.1% |
| Trade receivables | 40 | €143,455 | €99,581 | -€43,874 | -30.6% |
| Other amounts receivable | 41 | €31,370 | €6,947 | -€24,423 | -77.9% |
| Cash at bank and in hand | 54/58 | €27,562 | €28,602 | +€1,040 | +3.8% |
| Deferred charges and accrued income | 490/1 | €7,820 | €6,973 | -€847 | -10.8% |
| Total equity and liabilities | 10/49 | €718,829 | €524,317 | -€194,512 | -27.1% |
| Equity | 10/15 | €252,020 | €95,441 | -€156,579 | -62.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €69,000 | €69,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €59,000 | €59,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,475 | -€182,479 | -€89,004 | -95.2% |
| Investment grants | 15 | €176,495 | €108,920 | -€67,574 | -38.3% |
| Amounts payable | 17/49 | €466,809 | €428,876 | -€37,933 | -8.1% |
| Amounts payable after more than one year | 17 | €4,359 | €0 | -€4,359 | -100% |
| Financial debts | 170/4 | €4,359 | €0 | -€4,359 | -100% |
| Amounts payable within one year | 42/48 | €282,766 | €309,520 | +€26,754 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €13,079 | €4,359 | -€8,719 | -66.7% |
| Financial debts | 43 | €151,989 | €155,960 | +€3,971 | +2.6% |
| Credit institutions | 430/8 | €151,989 | €155,960 | +€3,971 | +2.6% |
| Trade debts | 44 | €90,241 | €120,569 | +€30,328 | +33.6% |
| Suppliers | 440/4 | €90,241 | €120,569 | +€30,328 | +33.6% |
| Taxes, remuneration and social security | 45 | €27,457 | €28,631 | +€1,174 | +4.3% |
| Taxes | 450/3 | €8,941 | €10,719 | +€1,779 | +19.9% |
| Remuneration and social security | 454/9 | €18,516 | €17,912 | -€604 | -3.3% |
| Accrued charges and deferred income | 492/3 | €179,684 | €119,356 | -€60,328 | -33.6% |
| Remuneration, social security and pensions | 62 | €200,645 | €132,852 | -€67,793 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,924 | €175,200 | -€12,724 | -6.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,580 | €0 | -€27,580 | -100% |
| Other operating charges | 640/8 | €1,879 | €1,875 | -€4 | -0.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €332,757 | €223,849 | -€108,908 | -32.7% |
| Operating profit (loss) | 9901 | -€85,270 | -€86,077 | -€807 | -0.9% |
| Financial income | 75/76B | €2 | €6,106 | +€6,104 | +276,200% |
| Recurring financial income | 75 | €2 | €6,106 | +€6,104 | +276,200% |
| Financial charges | 65/66B | €12,194 | €8,846 | -€3,348 | -27.5% |
| Recurring financial charges | 65 | €12,194 | €8,846 | -€3,348 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | -€97,462 | -€88,817 | +€8,645 | +8.9% |
| Income taxes | 67/77 | €401 | €187 | -€215 | -53.5% |
| Profit (loss) for the period | 9904 | -€97,863 | -€89,004 | +€8,859 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,863 | -€89,004 | +€8,859 | +9.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.