ASSELBERGHS-MOENS: 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
ASSELBERGHS-MOENS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€110,874
2024 · €64,896+€45,978
Equity
€2.6m
2024 · €2.5m+€101,359
Cash
€32,265
2024 · €17,364+€14,901
Balance sheet total
€5.1m
2024 · €5.2m-€89,710
Largest movements
Assets
- Tangible fixed assets -€140,375
down €140,375 (-3.7%), from €3.8m to €3.6m
of which Land and buildings: -€135,826
Equity and liabilities
- Debts after one year -€209,540
down €209,540 (-15.6%), from €1.3m to €1.1m
- Reserves +€101,359
up €101,359 (+4.5%), from €2.3m to €2.4m
of which Distributable reserves: +€109,476
Income statement
- Depreciation -€141,701
down €141,701 (-49.7%), from €285,145 to €143,445
- Gross operating margin -€79,710
down €79,710 (-16.6%), from €481,352 to €401,642
- Taxes +€24,030
up €24,030 (+96.7%), from €24,856 to €48,886
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
€64,896
Gross operating margin
-€79,710
Depreciation
+€141,701
Other operating charges
-€329
Financial income
-€2
Financial charges
+€3,479
Taxes
-€24,030
Deferred taxes and other
+€4,869
Result 2025
€110,874
raises the resultlowers the resultnot broken down further in the accounts
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
+€230,643
Investment
-€3,069
Financing
-€212,673
Cash 2024
€17,364
From operations (derived)
+€230,643
Net result for the year
+€110,874
Depreciation
+€143,445
Receivables within one year
-€34,610
Deferred charges and accrued income
-€1,154
Provisions
-€5,455
Trade debts
+€2,691
Tax, wage and social debts
-€4,636
Other debts
+€39,477
Accrued charges and deferred income
-€19,989
Investment (derived)
-€3,069
Investment in fixed assets (net)
-€3,069
Financing
-€212,673
Debts after one year
-€209,540
Current portion of long-term debt
+€6,382
Contributions, distributions and other
-€9,515
Cash 2025
€32,265
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,217,409 | €5,127,699 | -€89,710 | -1.7% |
| Fixed assets | 21/28 | €5,197,700 | €5,057,325 | -€140,375 | -2.7% |
| Tangible fixed assets | 22/27 | €3,763,635 | €3,623,259 | -€140,375 | -3.7% |
| Land and buildings | 22 | €3,749,251 | €3,613,424 | -€135,826 | -3.6% |
| Plant, machinery and equipment | 23 | €11,894 | €7,576 | -€4,317 | -36.3% |
| Furniture and vehicles | 24 | €2,490 | €2,259 | -€232 | -9.3% |
| Financial fixed assets | 28 | €1,434,065 | €1,434,065 | = | 0.0% |
| Current assets | 29/58 | €19,709 | €70,374 | +€50,665 | +257% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €71 | €34,680 | +€34,610 | +48,946% |
| Trade receivables | 40 | €71 | €34,680 | +€34,610 | +48,946% |
| Cash at bank and in hand | 54/58 | €17,364 | €32,265 | +€14,901 | +85.8% |
| Deferred charges and accrued income | 490/1 | €2,274 | €3,428 | +€1,154 | +50.8% |
| Total equity and liabilities | 10/49 | €5,217,409 | €5,127,699 | -€89,710 | -1.7% |
| Equity | 10/15 | €2,536,125 | €2,637,484 | +€101,359 | +4.0% |
| Contributions | 10/11 | €269,600 | €269,600 | = | 0.0% |
| Reserves | 13 | €2,266,525 | €2,367,884 | +€101,359 | +4.5% |
| Tax-exempt reserves | 132 | €352,967 | €344,851 | -€8,116 | -2.3% |
| Distributable reserves | 133 | €1,913,558 | €2,023,034 | +€109,476 | +5.7% |
| Provisions and deferred taxes | 16 | €81,142 | €75,688 | -€5,455 | -6.7% |
| Deferred taxes | 168 | €81,142 | €75,688 | -€5,455 | -6.7% |
| Amounts payable | 17/49 | €2,600,141 | €2,414,526 | -€185,615 | -7.1% |
| Amounts payable after more than one year | 17 | €1,339,988 | €1,130,448 | -€209,540 | -15.6% |
| Financial debts | 170/4 | €1,339,988 | €1,130,448 | -€209,540 | -15.6% |
| Amounts payable within one year | 42/48 | €1,174,721 | €1,218,634 | +€43,914 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €203,158 | €209,540 | +€6,382 | +3.1% |
| Financial debts | 43 | €10 | €10 | = | 0.0% |
| Credit institutions | 430/8 | €10 | €10 | = | 0.0% |
| Trade debts | 44 | €6,982 | €9,674 | +€2,691 | +38.5% |
| Suppliers | 440/4 | €6,982 | €9,674 | +€2,691 | +38.5% |
| Taxes, remuneration and social security | 45 | €89,015 | €84,378 | -€4,636 | -5.2% |
| Taxes | 450/3 | €81,215 | €71,078 | -€10,136 | -12.5% |
| Remuneration and social security | 454/9 | €7,800 | €13,300 | +€5,500 | +70.5% |
| Other amounts payable | 47/48 | €875,555 | €915,032 | +€39,477 | +4.5% |
| Accrued charges and deferred income | 492/3 | €85,433 | €65,444 | -€19,989 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €285,145 | €143,445 | -€141,701 | -49.7% |
| Other operating charges | 640/8 | €21,430 | €21,760 | +€329 | +1.5% |
| Gross operating margin | 9900 | €481,352 | €401,642 | -€79,710 | -16.6% |
| Operating profit (loss) | 9901 | €174,777 | €236,438 | +€61,661 | +35.3% |
| Financial income | 75/76B | €4 | €3 | -€2 | -36.5% |
| Recurring financial income | 75 | €4 | €3 | -€2 | -36.5% |
| Financial charges | 65/66B | €85,029 | €81,550 | -€3,479 | -4.1% |
| Recurring financial charges | 65 | €85,029 | €81,550 | -€3,479 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €89,752 | €154,891 | +€65,139 | +72.6% |
| Transfer from deferred taxes | 780 | €0 | €4,869 | +€4,869 | |
| Income taxes | 67/77 | €24,856 | €48,886 | +€24,030 | +96.7% |
| Profit (loss) for the period | 9904 | €64,896 | €110,874 | +€45,978 | +70.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €19,476 | +€19,476 | |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,896 | €88,250 | +€23,354 | +36.0% |
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 27 October 2026 via checked.be.