ASPHAN: 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.
ASPHAN
Largest movements
- Receivables within one year +€688,621
up €688,621 (+1,720%), from €40,040 to €728,661
- Tangible fixed assets -€94,097
down €94,097 (-16.8%), from €560,378 to €466,281
of which Land and buildings: -€93,906
- Financial fixed assets -€42,000
no longer reported in 2025 (was €42,000)
- Cash -€39,372
down €39,372 (-99.3%), from €39,646 to €274
mainly Receivables within one year (-€688,621) and Debts after one year (-€178,654)
- Reserves +€551,567
up €551,567 (+180%), from €307,132 to €858,699
of which Tax-exempt reserves: +€551,567
- Provisions +€182,128
up €182,128 (+127%), from €143,664 to €325,793
- Debts after one year -€178,654
down €178,654 (-52.4%), from €340,912 to €162,258
of which Other amounts payable: -€103,400
- Profit (loss) carried forward -€49,578
down €49,578 (-26.4%), from -€188,081 to -€237,659
- Gross operating margin +€454,670
up €454,670 (+162%), from €281,390 to €736,060
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €685,064 | €1,198,295 | +€513,231 | +74.9% |
| Fixed assets | 21/28 | €602,378 | €466,281 | -€136,097 | -22.6% |
| Tangible fixed assets | 22/27 | €560,378 | €466,281 | -€94,097 | -16.8% |
| Land and buildings | 22 | €559,996 | €466,090 | -€93,906 | -16.8% |
| Plant, machinery and equipment | 23 | €382 | €191 | -€191 | -50.0% |
| Financial fixed assets | 28 | €42,000 | - | -€42,000 | |
| Current assets | 29/58 | €82,686 | €732,014 | +€649,328 | +785% |
| Amounts receivable within one year | 40/41 | €40,040 | €728,661 | +€688,621 | +1,720% |
| Other amounts receivable | 41 | €40,040 | €728,661 | +€688,621 | +1,720% |
| Cash at bank and in hand | 54/58 | €39,646 | €274 | -€39,372 | -99.3% |
| Deferred charges and accrued income | 490/1 | €3,000 | €3,079 | +€79 | +2.6% |
| Total equity and liabilities | 10/49 | €685,064 | €1,198,295 | +€513,231 | +74.9% |
| Equity | 10/15 | €154,714 | €656,703 | +€501,989 | +324% |
| Contributions | 10/11 | €35,663 | €35,663 | = | 0.0% |
| Reserves | 13 | €307,132 | €858,699 | +€551,567 | +180% |
| Non-distributable reserves | 130/1 | €503 | €503 | = | 0.0% |
| Reserves not available under the articles | 1311 | €503 | €503 | = | 0.0% |
| Tax-exempt reserves | 132 | €306,629 | €858,196 | +€551,567 | +180% |
| Profit (loss) carried forward | 14 | -€188,081 | -€237,659 | -€49,578 | -26.4% |
| Provisions and deferred taxes | 16 | €143,664 | €325,793 | +€182,128 | +127% |
| Deferred taxes | 168 | €143,664 | €325,793 | +€182,128 | +127% |
| Amounts payable | 17/49 | €386,685 | €215,799 | -€170,887 | -44.2% |
| Amounts payable after more than one year | 17 | €340,912 | €162,258 | -€178,654 | -52.4% |
| Financial debts | 170/4 | €221,572 | €146,318 | -€75,254 | -34.0% |
| Other amounts payable | 178/9 | €119,340 | €15,940 | -€103,400 | -86.6% |
| Amounts payable within one year | 42/48 | €45,773 | €53,540 | +€7,767 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €42,058 | €39,788 | -€2,270 | -5.4% |
| Trade debts | 44 | €3,715 | €8,353 | +€4,638 | +125% |
| Suppliers | 440/4 | €3,715 | €8,353 | +€4,638 | +125% |
| Other amounts payable | 47/48 | - | €5,400 | +€5,400 | |
| Non-recurring operating income | 76A | €243,020 | €742,332 | +€499,312 | +205% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,812 | €26,429 | -€6,383 | -19.5% |
| Other operating charges | 640/8 | €11,944 | €15,947 | +€4,003 | +33.5% |
| Gross operating margin | 9900 | €281,390 | €736,060 | +€454,670 | +162% |
| Operating profit (loss) | 9901 | €236,634 | €693,684 | +€457,050 | +193% |
| Financial income | 75/76B | €1,125 | €776 | -€349 | -31.1% |
| Recurring financial income | 75 | €1,125 | €776 | -€349 | -31.1% |
| Financial charges | 65/66B | €13,972 | €10,342 | -€3,630 | -26.0% |
| Recurring financial charges | 65 | €13,972 | €10,342 | -€3,630 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €223,787 | €684,118 | +€460,331 | +206% |
| Transfer from deferred taxes | 780 | €3,455 | €3,455 | = | 0.0% |
| Transfer to deferred taxes | 680 | €60,755 | €185,583 | +€124,828 | +205% |
| Profit (loss) for the period | 9904 | €166,486 | €501,989 | +€335,503 | +202% |
| Transfer from tax-exempt reserves | 789 | €5,182 | €5,182 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €182,265 | €556,749 | +€374,484 | +205% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,597 | -€49,578 | -€38,981 | -368% |
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 14 October 2026 via checked.be.