ASRO: 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.
ASRO
Largest movements
- Cash +€87,902
up €87,902 (+448%), from €19,627 to €107,529
mainly Short-term financial debts (+€150,000) and Debts after one year (+€96,074)
- Receivables within one year -€71,478
down €71,478 (-27.7%), from €257,684 to €186,207
of which Trade receivables: -€70,423
- Tangible fixed assets +€32,209
up €32,209 (+15.0%), from €214,106 to €246,316
of which Other tangible fixed assets: +€41,372
- Intangible fixed assets -€22,000
down €22,000 (-21.1%), from €104,395 to €82,395
- Stocks and contracts -€11,436
down €11,436 (-18.3%), from €62,545 to €51,109
- Trade debts -€275,661
down €275,661 (-73.1%), from €376,874 to €101,213
- Short-term financial debts +€150,000
new in 2025: €150,000
- Debts after one year +€96,074
new in 2025: €96,074
- Current portion of long-term debt +€36,253
new in 2025: €36,253
- Tax, wage and social debts -€7,279
down €7,279 (-11.0%), from €66,159 to €58,880
of which Taxes: -€36,297
- Gross operating margin +€258,175
up €258,175 (+186%), from €138,510 to €396,685
- Staff costs +€205,191
up €205,191 (+244%), from €84,262 to €289,453
- Depreciation +€70,405
up €70,405 (+357%), from €19,707 to €90,112
- Financial charges +€6,641
up €6,641 (+2,030%), from €327 to €6,969
- Taxes -€5,638
down €5,638 (-56.4%), from €9,992 to €4,354
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 | €668,251 | €673,953 | +€5,702 | +0.9% |
| Fixed assets | 21/28 | €318,501 | €328,710 | +€10,209 | +3.2% |
| Intangible fixed assets | 21 | €104,395 | €82,395 | -€22,000 | -21.1% |
| Tangible fixed assets | 22/27 | €214,106 | €246,316 | +€32,209 | +15.0% |
| Plant, machinery and equipment | 23 | €72,807 | €57,490 | -€15,318 | -21.0% |
| Furniture and vehicles | 24 | €141,299 | €147,454 | +€6,155 | +4.4% |
| Other tangible fixed assets | 26 | - | €41,372 | +€41,372 | |
| Current assets | 29/58 | €349,751 | €345,243 | -€4,507 | -1.3% |
| Stocks and contracts in progress | 3 | €62,545 | €51,109 | -€11,436 | -18.3% |
| Stocks | 30/36 | €62,545 | €51,109 | -€11,436 | -18.3% |
| Amounts receivable within one year | 40/41 | €257,684 | €186,207 | -€71,478 | -27.7% |
| Trade receivables | 40 | €256,407 | €185,984 | -€70,423 | -27.5% |
| Other amounts receivable | 41 | €1,277 | €222 | -€1,055 | -82.6% |
| Cash at bank and in hand | 54/58 | €19,627 | €107,529 | +€87,902 | +448% |
| Deferred charges and accrued income | 490/1 | €9,893 | €399 | -€9,495 | -96.0% |
| Total equity and liabilities | 10/49 | €668,251 | €673,953 | +€5,702 | +0.9% |
| Equity | 10/15 | €223,259 | €230,292 | +€7,033 | +3.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €217,061 | €224,094 | +€7,033 | +3.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €217,061 | €224,094 | +€7,033 | +3.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €444,993 | €443,662 | -€1,331 | -0.3% |
| Amounts payable after more than one year | 17 | - | €96,074 | +€96,074 | |
| Financial debts | 170/4 | - | €96,074 | +€96,074 | |
| Amounts payable within one year | 42/48 | €444,993 | €346,544 | -€98,448 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | - | €36,253 | +€36,253 | |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €376,874 | €101,213 | -€275,661 | -73.1% |
| Suppliers | 440/4 | €376,874 | €101,213 | -€275,661 | -73.1% |
| Taxes, remuneration and social security | 45 | €66,159 | €58,880 | -€7,279 | -11.0% |
| Taxes | 450/3 | €55,129 | €18,832 | -€36,297 | -65.8% |
| Remuneration and social security | 454/9 | €11,030 | €40,049 | +€29,018 | +263% |
| Other amounts payable | 47/48 | €1,959 | €198 | -€1,761 | -89.9% |
| Accrued charges and deferred income | 492/3 | - | €1,043 | +€1,043 | |
| Remuneration, social security and pensions | 62 | €84,262 | €289,453 | +€205,191 | +244% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,707 | €90,112 | +€70,405 | +357% |
| Other operating charges | 640/8 | €1,059 | €2,294 | +€1,235 | +117% |
| Gross operating margin | 9900 | €138,510 | €396,685 | +€258,175 | +186% |
| Operating profit (loss) | 9901 | €33,482 | €14,826 | -€18,656 | -55.7% |
| Financial income | 75/76B | €856 | €3,530 | +€2,674 | +313% |
| Recurring financial income | 75 | €856 | €3,530 | +€2,674 | +313% |
| Financial charges | 65/66B | €327 | €6,969 | +€6,641 | +2,030% |
| Recurring financial charges | 65 | €327 | €6,969 | +€6,641 | +2,030% |
| Profit (loss) for the period before taxes | 9903 | €34,011 | €11,387 | -€22,624 | -66.5% |
| Income taxes | 67/77 | €9,992 | €4,354 | -€5,638 | -56.4% |
| Profit (loss) for the period | 9904 | €24,019 | €7,033 | -€16,986 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,019 | €7,033 | -€16,986 | -70.7% |
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 15 October 2026 via checked.be.