ASPEL: 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
ASPEL
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€663,211
2024 · -€567,915-€95,296
Equity
€3.9m
2024 · €4.6m-€663,211
Cash
€35,775
2024 · €78,169-€42,394
Balance sheet total
€5.3m
2024 · €6.0m-€661,743
Largest movements
Assets
- Financial fixed assets -€424,000
down €424,000 (-7.7%), from €5.5m to €5.1m
- Receivables within one year -€179,586
down €179,586 (-60.8%), from €295,476 to €115,890
of which Trade receivables: -€178,358
Equity and liabilities
- Profit (loss) carried forward -€663,211
down €663,211, from €139,325 to -€523,886
- Provisions +€160,201
up €160,201 (+549%), from €29,175 to €189,376
- Current portion of long-term debt -€124,335
down €124,335 (-89.2%), from €139,362 to €15,027
- Trade debts +€109,101
up €109,101 (+27.4%), from €398,762 to €507,863
- Tax, wage and social debts -€81,048
down €81,048 (-33.2%), from €244,075 to €163,027
of which Remuneration and social security: -€67,591
Income statement
- Gross operating margin -€291,229
down €291,229 (-39.3%), from €741,731 to €450,502
- Turnover -€283,601
down €283,601 (-17.1%), from €1.7m to €1.4m
- Write-downs -€195,656
down €195,656 (-32.2%), from €608,443 to €412,787
- Provisions +€160,200
new in 2025: €160,200
- Staff costs -€158,831
down €158,831 (-19.2%), from €827,473 to €668,642
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.
Result 2024
-€567,915
Gross operating margin
-€291,229
Staff costs
+€158,831
Depreciation
+€2,416
Write-downs
+€195,656
Provisions
-€160,200
Other operating charges
-€84
Financial income
-€2,075
Financial charges
+€3,132
Taxes
-€1,743
Result 2025
-€663,211
raises the resultlowers the result
Derived cash bridge
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.
From operations
-€280,635
Investment
+€424,000
Financing
-€185,759
Cash 2024
€78,169
From operations (derived)
-€280,635
Net result for the year
-€663,211
Depreciation
+€25,723
Receivables within one year
+€179,586
Deferred charges and accrued income
-€9,960
Provisions
+€160,201
Trade debts
+€109,101
Tax, wage and social debts
-€81,048
Accrued charges and deferred income
-€1,027
Investment (derived)
+€424,000
Investment in fixed assets (net)
+€424,000
Financing
-€185,759
Debts after one year
-€61,424
Current portion of long-term debt
-€124,335
Cash 2025
€35,775
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,972,218 | €5,310,475 | -€661,743 | -11.1% |
| Fixed assets | 21/28 | €5,547,197 | €5,097,474 | -€449,723 | -8.1% |
| Intangible fixed assets | 21 | €897 | €0 | -€897 | -100% |
| Tangible fixed assets | 22/27 | €58,488 | €33,662 | -€24,826 | -42.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €18,561 | €10,493 | -€8,068 | -43.5% |
| Leasing and similar rights | 25 | €39,927 | €23,169 | -€16,758 | -42.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €5,487,812 | €5,063,812 | -€424,000 | -7.7% |
| Current assets | 29/58 | €425,021 | €213,001 | -€212,020 | -49.9% |
| Amounts receivable within one year | 40/41 | €295,476 | €115,890 | -€179,586 | -60.8% |
| Trade receivables | 40 | €275,047 | €96,689 | -€178,358 | -64.8% |
| Other amounts receivable | 41 | €20,429 | €19,201 | -€1,228 | -6.0% |
| Cash at bank and in hand | 54/58 | €78,169 | €35,775 | -€42,394 | -54.2% |
| Deferred charges and accrued income | 490/1 | €51,376 | €61,336 | +€9,960 | +19.4% |
| Total equity and liabilities | 10/49 | €5,972,218 | €5,310,475 | -€661,743 | -11.1% |
| Equity | 10/15 | €4,580,283 | €3,917,072 | -€663,211 | -14.5% |
| Contributions | 10/11 | €4,152,700 | €4,152,700 | = | 0.0% |
| Capital | 10 | €4,152,700 | €4,152,700 | = | 0.0% |
| Issued capital | 100 | €4,152,700 | €4,152,700 | = | 0.0% |
| Reserves | 13 | €288,258 | €288,258 | = | 0.0% |
| Non-distributable reserves | 130/1 | €51,750 | €51,750 | = | 0.0% |
| Legal reserve | 130 | €51,750 | €51,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €236,508 | €236,508 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,325 | -€523,886 | -€663,211 | |
| Provisions and deferred taxes | 16 | €29,175 | €189,376 | +€160,201 | +549% |
| Provisions for liabilities and charges | 160/5 | €29,175 | €189,376 | +€160,201 | +549% |
| Other liabilities and charges | 164/5 | €29,175 | €189,376 | +€160,201 | +549% |
| Amounts payable | 17/49 | €1,362,760 | €1,204,027 | -€158,733 | -11.6% |
| Amounts payable after more than one year | 17 | €560,394 | €498,970 | -€61,424 | -11.0% |
| Financial debts | 170/4 | €560,394 | €498,970 | -€61,424 | -11.0% |
| Amounts payable within one year | 42/48 | €782,199 | €685,917 | -€96,282 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €139,362 | €15,027 | -€124,335 | -89.2% |
| Trade debts | 44 | €398,762 | €507,863 | +€109,101 | +27.4% |
| Suppliers | 440/4 | €398,762 | €507,863 | +€109,101 | +27.4% |
| Taxes, remuneration and social security | 45 | €244,075 | €163,027 | -€81,048 | -33.2% |
| Taxes | 450/3 | €44,583 | €31,126 | -€13,457 | -30.2% |
| Remuneration and social security | 454/9 | €199,492 | €131,901 | -€67,591 | -33.9% |
| Accrued charges and deferred income | 492/3 | €20,167 | €19,140 | -€1,027 | -5.1% |
| Turnover | 70 | €1,654,119 | €1,370,518 | -€283,601 | -17.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,228,747 | €1,134,553 | -€94,194 | -7.7% |
| Remuneration, social security and pensions | 62 | €827,473 | €668,642 | -€158,831 | -19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,139 | €25,723 | -€2,416 | -8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €608,443 | €412,787 | -€195,656 | -32.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €160,200 | +€160,200 | |
| Other operating charges | 640/8 | €6,599 | €6,683 | +€84 | +1.3% |
| Gross operating margin | 9900 | €741,731 | €450,502 | -€291,229 | -39.3% |
| Operating profit (loss) | 9901 | -€728,923 | -€823,533 | -€94,610 | -13.0% |
| Financial income | 75/76B | €223,550 | €221,475 | -€2,075 | -0.9% |
| Recurring financial income | 75 | €223,550 | €221,475 | -€2,075 | -0.9% |
| Financial charges | 65/66B | €42,460 | €39,328 | -€3,132 | -7.4% |
| Recurring financial charges | 65 | €42,460 | €39,328 | -€3,132 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | -€547,833 | -€641,386 | -€93,553 | -17.1% |
| Income taxes | 67/77 | €20,082 | €21,825 | +€1,743 | +8.7% |
| Profit (loss) for the period | 9904 | -€567,915 | -€663,211 | -€95,296 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€567,915 | -€663,211 | -€95,296 | -16.8% |
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 19 October 2026 via checked.be.