ASSaPP: 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.
ASSaPP
Largest movements
- Tangible fixed assets +€664,624
up €664,624 (+908%), from €73,176 to €737,800
of which Land and buildings: +€680,938
- Receivables within one year +€500,858
up €500,858 (+33.0%), from €1.5m to €2.0m
of which Other amounts receivable: +€485,723
- Financial fixed assets -€400,000
down €400,000 (-1.2%), from €32.6m to €32.2m
- Debts after one year -€4.0m
down €4.0m (-42.7%), from €9.4m to €5.4m
- Current portion of long-term debt +€4.0m
new in 2025: €4.0m
- Reserves +€721,107
up €721,107 (+3.5%), from €20.6m to €21.3m
of which Distributable reserves: +€721,107
- Financial income -€8.2m
down €8.2m (-91.7%), from €8.9m to €738,094
- Financial charges -€157,898
down €157,898 (-79.9%), from €197,545 to €39,647
- Other operating charges +€83,513
up €83,513 (+2,124%), from €3,932 to €87,444
- Gross operating margin -€81,186
down €81,186 (-33.6%), from €241,505 to €160,318
- Depreciation +€18,400
up €18,400 (+264%), from €6,975 to €25,376
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 | €38,922,184 | €39,623,709 | +€701,525 | +1.8% |
| Fixed assets | 21/28 | €32,696,731 | €32,961,356 | +€264,624 | +0.8% |
| Tangible fixed assets | 22/27 | €73,176 | €737,800 | +€664,624 | +908% |
| Land and buildings | 22 | - | €680,938 | +€680,938 | |
| Furniture and vehicles | 24 | €73,176 | €56,862 | -€16,314 | -22.3% |
| Financial fixed assets | 28 | €32,623,555 | €32,223,555 | -€400,000 | -1.2% |
| Current assets | 29/58 | €6,225,453 | €6,662,354 | +€436,901 | +7.0% |
| Amounts receivable within one year | 40/41 | €1,518,782 | €2,019,640 | +€500,858 | +33.0% |
| Trade receivables | 40 | €13,210 | €28,345 | +€15,135 | +115% |
| Other amounts receivable | 41 | €1,505,572 | €1,991,295 | +€485,723 | +32.3% |
| Current investments | 50/53 | €4,369,810 | €4,196,649 | -€173,161 | -4.0% |
| Cash at bank and in hand | 54/58 | €336,088 | €438,195 | +€102,107 | +30.4% |
| Deferred charges and accrued income | 490/1 | €772 | €7,869 | +€7,098 | +920% |
| Total equity and liabilities | 10/49 | €38,922,184 | €39,623,709 | +€701,525 | +1.8% |
| Equity | 10/15 | €29,522,314 | €30,243,420 | +€721,107 | +2.4% |
| Contributions | 10/11 | €8,960,003 | €8,960,003 | = | 0.0% |
| Capital | 10 | €8,960,003 | €8,960,003 | = | 0.0% |
| Issued capital | 100 | €8,960,003 | €8,960,003 | = | 0.0% |
| Reserves | 13 | €20,562,311 | €21,283,417 | +€721,107 | +3.5% |
| Non-distributable reserves | 130/1 | €460,441 | €460,441 | = | 0.0% |
| Legal reserve | 130 | €460,441 | €460,441 | = | 0.0% |
| Distributable reserves | 133 | €20,101,870 | €20,822,977 | +€721,107 | +3.6% |
| Amounts payable | 17/49 | €9,399,870 | €9,380,289 | -€19,582 | -0.2% |
| Amounts payable after more than one year | 17 | €9,365,450 | €5,365,450 | -€4.0m | -42.7% |
| Financial debts | 170/4 | €9,365,450 | €5,365,450 | -€4.0m | -42.7% |
| Amounts payable within one year | 42/48 | €34,420 | €4,014,839 | +€4.0m | +11,564% |
| Current portion of amounts payable after more than one year | 42 | - | €4,000,000 | +€4.0m | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €21,722 | €1,465 | -€20,257 | -93.3% |
| Suppliers | 440/4 | €21,722 | €1,465 | -€20,257 | -93.3% |
| Taxes, remuneration and social security | 45 | €12,698 | €13,374 | +€675 | +5.3% |
| Taxes | 450/3 | €12,698 | €13,374 | +€675 | +5.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,975 | €25,376 | +€18,400 | +264% |
| Other operating charges | 640/8 | €3,932 | €87,444 | +€83,513 | +2,124% |
| Gross operating margin | 9900 | €241,505 | €160,318 | -€81,186 | -33.6% |
| Operating profit (loss) | 9901 | €230,598 | €47,498 | -€183,100 | -79.4% |
| Financial income | 75/76B | €8,899,287 | €738,094 | -€8.2m | -91.7% |
| Recurring financial income | 75 | €8,899,287 | €738,094 | -€8.2m | -91.7% |
| Financial charges | 65/66B | €197,545 | €39,647 | -€157,898 | -79.9% |
| Recurring financial charges | 65 | €197,545 | €39,647 | -€157,898 | -79.9% |
| Profit (loss) for the period before taxes | 9903 | €8,932,339 | €745,945 | -€8.2m | -91.6% |
| Income taxes | 67/77 | €17,665 | €24,838 | +€7,173 | +40.6% |
| Profit (loss) for the period | 9904 | €8,914,675 | €721,107 | -€8.2m | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,914,675 | €721,107 | -€8.2m | -91.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.