ASPAVAM: 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.
ASPAVAM
Largest movements
- Cash +€15,461
up €15,461 (+117.5%), from €13,157 to €28,618
mainly Net result for the year (+€11,681) and Depreciation (+€7,023)
- Receivables within one year +€10,729
up €10,729 (+5.0%), from €213,457 to €224,186
of which Other amounts receivable: +€16,038
- Tangible fixed assets -€7,023
down €7,023 (-91.5%), from €7,675 to €652
of which Furniture and vehicles: -€6,614
- Profit (loss) carried forward +€11,681
up €11,681 (+3.5%), from €333,648 to €345,329
- Gross operating margin +€13,951
up €13,951 (+57.0%), from €24,456 to €38,407
- Depreciation +€4,195
up €4,195 (+148.4%), from €2,828 to €7,023
- Staff costs +€1,700
up €1,700 (+24.5%), from €6,931 to €8,631
- Financial charges -€1,666
down €1,666 (-23.4%), from €7,106 to €5,440
of which Financial charges: -€1,462
- Other operating charges +€919
up €919 (+247.7%), from €371 to €1,290
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 | €400,414 | €419,581 | +€19,167 | +4.8% |
| Fixed assets | 21/28 | €8,175 | €1,152 | -€7,023 | -85.9% |
| Tangible fixed assets | 22/27 | €7,675 | €652 | -€7,023 | -91.5% |
| Plant, machinery and equipment | 23 | €1,061 | €652 | -€409 | -38.6% |
| Furniture and vehicles | 24 | €6,614 | - | -€6,614 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €392,239 | €418,429 | +€26,190 | +6.7% |
| Amounts receivable after more than one year | 29 | €162,100 | €162,100 | = | 0.0% |
| Other amounts receivable | 291 | €162,100 | €162,100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €213,457 | €224,186 | +€10,729 | +5.0% |
| Trade receivables | 40 | €75,121 | €69,812 | -€5,309 | -7.1% |
| Other amounts receivable | 41 | €138,336 | €154,374 | +€16,038 | +11.6% |
| Cash at bank and in hand | 54/58 | €13,157 | €28,618 | +€15,461 | +117.5% |
| Deferred charges and accrued income | 490/1 | €3,525 | €3,525 | = | 0.0% |
| Total equity and liabilities | 10/49 | €400,414 | €419,581 | +€19,167 | +4.8% |
| Equity | 10/15 | €373,388 | €385,069 | +€11,681 | +3.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €33,543 | €33,543 | = | 0.0% |
| Distributable reserves | 133 | €33,543 | €33,543 | = | 0.0% |
| Profit (loss) carried forward | 14 | €333,648 | €345,329 | +€11,681 | +3.5% |
| Amounts payable | 17/49 | €27,025 | €34,512 | +€7,487 | +27.7% |
| Amounts payable after more than one year | 17 | €8,509 | €12,616 | +€4,107 | +48.3% |
| Financial debts | 170/4 | €8,509 | €12,616 | +€4,107 | +48.3% |
| Amounts payable within one year | 42/48 | €18,517 | €20,396 | +€1,880 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €5,695 | €9,175 | +€3,480 | +61.1% |
| Trade debts | 44 | €3,668 | €3,391 | -€277 | -7.6% |
| Suppliers | 440/4 | €3,668 | €3,391 | -€277 | -7.6% |
| Taxes, remuneration and social security | 45 | €9,153 | €7,830 | -€1,323 | -14.5% |
| Taxes | 450/3 | €9,153 | €7,210 | -€1,944 | -21.2% |
| Remuneration and social security | 454/9 | - | €621 | +€621 | |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €6,931 | €8,631 | +€1,700 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,828 | €7,023 | +€4,195 | +148.4% |
| Other operating charges | 640/8 | €371 | €1,290 | +€919 | +247.7% |
| Gross operating margin | 9900 | €24,456 | €38,407 | +€13,951 | +57.0% |
| Operating profit (loss) | 9901 | €14,327 | €21,463 | +€7,136 | +49.8% |
| Financial income | 75/76B | €3 | €3 | +€0 | +14.7% |
| Recurring financial income | 75 | €3 | €3 | +€0 | +14.7% |
| Financial charges | 65/66B | €7,106 | €5,440 | -€1,666 | -23.4% |
| Recurring financial charges | 65 | €3,975 | €2,513 | -€1,462 | -36.8% |
| Non-recurring financial charges | 66B | €3,131 | €2,927 | -€204 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €7,223 | €16,026 | +€8,803 | +121.9% |
| Income taxes | 67/77 | €3,464 | €4,345 | +€881 | +25.4% |
| Profit (loss) for the period | 9904 | €3,759 | €11,681 | +€7,922 | +210.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,759 | €11,681 | +€7,922 | +210.7% |
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 3 October 2026 via checked.be.