ASPEL GROUP: 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.
What changed
ASPEL GROUP
NACE 25.639, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€293,605
2024 · -€167,117+€460,722
Equity
€527,704
2024 · €234,099+€293,605
Cash
€1,036
2024 · €17+€1,019
Balance sheet total
€11.2m
2024 · €11.1m+€87,473
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward +€293,605
up €293,605 (+1.6%), from -€18.8m to -€18.5m
- Trade debts +€261,613
up €261,613 (+56.2%), from €465,835 to €727,448
- Debts after one year -€204,637
down €204,637 (-2.2%), from €9.3m to €9.1m
- Short-term financial debts -€175,612
down €175,612 (-17.0%), from €1.0m to €857,050
Income statement
- Financial charges -€239,467
down €239,467 (-38.1%), from €628,743 to €389,276
of which Non-recurring financial charges: -€248,000
- Financial income +€190,180
up €190,180 (+37.0%), from €514,099 to €704,279
of which Non-recurring financial income: +€248,000
- Other operating income +€125,087
up €125,087 (+55.5%), from €225,435 to €350,522
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
-€167,117
Write-downs
+€16,356
Other operating charges
+€53
Other operating items
+€14,666
Financial income
+€190,180
Financial charges
+€239,467
Result 2025
€293,605
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.
From operations
+€484,393
Investment
€0
Financing
-€483,374
Cash 2024
€17
From operations (derived)
+€484,393
Net result for the year
+€293,605
Receivables within one year
-€86,454
Trade debts
+€261,613
Tax, wage and social debts
+€732
Accrued charges and deferred income
+€14,897
Financing
-€483,374
Debts after one year
-€204,637
Current portion of long-term debt
-€103,125
Short-term financial debts
-€175,612
Cash 2025
€1,036
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,120,386 | €11,207,859 | +€87,473 | +0.8% |
| Fixed assets | 21/28 | €10,959,032 | €10,959,032 | = | 0.0% |
| Financial fixed assets | 28 | €10,959,032 | €10,959,032 | = | 0.0% |
| Affiliated companies | 280/1 | €10,959,032 | €10,959,032 | = | 0.0% |
| Participating interests | 280 | €10,959,032 | €10,959,032 | = | 0.0% |
| Current assets | 29/58 | €161,354 | €248,827 | +€87,473 | +54.2% |
| Amounts receivable within one year | 40/41 | €161,337 | €247,791 | +€86,454 | +53.6% |
| Trade receivables | 40 | €161,337 | €247,791 | +€86,454 | +53.6% |
| Cash at bank and in hand | 54/58 | €17 | €1,036 | +€1,019 | +5994.1% |
| Total equity and liabilities | 10/49 | €11,120,386 | €11,207,859 | +€87,473 | +0.8% |
| Equity | 10/15 | €234,099 | €527,704 | +€293,605 | +125.4% |
| Contributions | 10/11 | €18,078,600 | €18,078,600 | = | 0.0% |
| Capital | 10 | €18,078,600 | €18,078,600 | = | 0.0% |
| Issued capital | 100 | €18,078,600 | €18,078,600 | = | 0.0% |
| Reserves | 13 | €985,929 | €985,929 | = | 0.0% |
| Non-distributable reserves | 130/1 | €174,105 | €174,105 | = | 0.0% |
| Legal reserve | 130 | €91,779 | €91,779 | = | 0.0% |
| Other | 1319 | €82,326 | €82,326 | = | 0.0% |
| Tax-exempt reserves | 132 | €311,824 | €311,824 | = | 0.0% |
| Distributable reserves | 133 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,830,430 | -€18,536,825 | +€293,605 | +1.6% |
| Amounts payable | 17/49 | €10,886,287 | €10,680,155 | -€206,132 | -1.9% |
| Amounts payable after more than one year | 17 | €9,259,710 | €9,055,073 | -€204,637 | -2.2% |
| Financial debts | 170/4 | €9,259,710 | €9,055,073 | -€204,637 | -2.2% |
| Subordinated loans | 170 | €1,355,450 | €1,574,813 | +€219,363 | +16.2% |
| Other loans | 174 | €7,904,260 | €7,480,260 | -€424,000 | -5.4% |
| Amounts payable within one year | 42/48 | €1,602,846 | €1,586,454 | -€16,392 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €103,125 | - | -€103,125 | |
| Financial debts | 43 | €1,032,662 | €857,050 | -€175,612 | -17.0% |
| Credit institutions | 430/8 | €1,032,662 | €857,050 | -€175,612 | -17.0% |
| Trade debts | 44 | €465,835 | €727,448 | +€261,613 | +56.2% |
| Suppliers | 440/4 | €465,835 | €727,448 | +€261,613 | +56.2% |
| Taxes, remuneration and social security | 45 | €1,224 | €1,956 | +€732 | +59.8% |
| Taxes | 450/3 | €1,224 | €1,956 | +€732 | +59.8% |
| Accrued charges and deferred income | 492/3 | €23,731 | €38,628 | +€14,897 | +62.8% |
| Operating income | 70/76A | €225,435 | €350,522 | +€125,087 | +55.5% |
| Other operating income | 74 | €225,435 | €350,522 | +€125,087 | +55.5% |
| Operating charges | 60/66A | €277,908 | €371,920 | +€94,012 | +33.8% |
| Services and other goods | 61 | €268,531 | €378,952 | +€110,421 | +41.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,178 | -€8,178 | -€16,356 | |
| Other operating charges | 640/8 | €1,199 | €1,146 | -€53 | -4.4% |
| Operating profit (loss) | 9901 | -€52,473 | -€21,398 | +€31,075 | +59.2% |
| Financial income | 75/76B | €514,099 | €704,279 | +€190,180 | +37.0% |
| Recurring financial income | 75 | €514,099 | €456,279 | -€57,820 | -11.2% |
| Income from financial fixed assets | 750 | €505,921 | €447,624 | -€58,297 | -11.5% |
| Income from current assets | 751 | €8,178 | €8,381 | +€203 | +2.5% |
| Other financial income | 752/9 | - | €274 | +€274 | |
| Non-recurring financial income | 76B | - | €248,000 | +€248,000 | |
| Financial charges | 65/66B | €628,743 | €389,276 | -€239,467 | -38.1% |
| Recurring financial charges | 65 | €380,743 | €389,276 | +€8,533 | +2.2% |
| Debt charges | 650 | €375,250 | €384,438 | +€9,188 | +2.4% |
| Other financial charges | 652/9 | €5,493 | €4,838 | -€655 | -11.9% |
| Non-recurring financial charges | 66B | €248,000 | - | -€248,000 | |
| Profit (loss) for the period before taxes | 9903 | -€167,117 | €293,605 | +€460,722 | |
| Profit (loss) for the period | 9904 | -€167,117 | €293,605 | +€460,722 | |
| Profit (loss) for the period to be appropriated | 9905 | -€167,117 | €293,605 | +€460,722 |
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 2 October 2026 via checked.be.