ASSOCIATE DIRECTORS: 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.
ASSOCIATE DIRECTORS
Largest movements
- Intangible fixed assets -€244,756
down €244,756 (-52.2%), from €468,716 to €223,960
- Cash -€80,237
down €80,237 (-57.0%), from €140,792 to €60,555
mainly Contributions, distributions and other (-€264,734) and Investment in fixed assets (net) (-€117,929)
- Receivables within one year -€52,636
down €52,636 (-44.6%), from €118,143 to €65,507
of which Other amounts receivable: -€33,882
- Investment grants -€184,734
down €184,734 (-44.4%), from €415,952 to €231,218
- Profit (loss) carried forward -€123,639
down €123,639 (-53.8%), from €229,677 to €106,038
- Other debts -€57,382
down €57,382 (-70.7%), from €81,201 to €23,819
- Accrued charges and deferred income -€26,680
no longer reported in 2025 (was €26,680)
- Advances received +€13,922
new in 2025: €13,922
- Gross operating margin -€101,931
down €101,931 (-21.6%), from €471,645 to €369,714
- Depreciation +€12,432
up €12,432 (+3.5%), from €352,058 to €364,489
- Financial charges -€6,249
down €6,249 (-62.4%), from €10,023 to €3,774
- Staff costs +€5,142
up €5,142 (+13.5%), from €38,091 to €43,233
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 | €858,874 | €480,082 | -€378,791 | -44.1% |
| Fixed assets | 21/28 | €474,661 | €228,101 | -€246,560 | -51.9% |
| Intangible fixed assets | 21 | €468,716 | €223,960 | -€244,756 | -52.2% |
| Tangible fixed assets | 22/27 | €2,819 | €1,016 | -€1,804 | -64.0% |
| Furniture and vehicles | 24 | €2,819 | €1,016 | -€1,804 | -64.0% |
| Financial fixed assets | 28 | €3,126 | €3,126 | = | 0.0% |
| Current assets | 29/58 | €384,213 | €251,981 | -€132,231 | -34.4% |
| Amounts receivable within one year | 40/41 | €118,143 | €65,507 | -€52,636 | -44.6% |
| Trade receivables | 40 | €76,812 | €58,059 | -€18,754 | -24.4% |
| Other amounts receivable | 41 | €41,330 | €7,448 | -€33,882 | -82.0% |
| Current investments | 50/53 | €121,593 | €123,685 | +€2,092 | +1.7% |
| Cash at bank and in hand | 54/58 | €140,792 | €60,555 | -€80,237 | -57.0% |
| Deferred charges and accrued income | 490/1 | €3,685 | €2,234 | -€1,451 | -39.4% |
| Total equity and liabilities | 10/49 | €858,874 | €480,082 | -€378,791 | -44.1% |
| Equity | 10/15 | €694,889 | €386,516 | -€308,373 | -44.4% |
| Contributions | 10/11 | €20,162 | €20,162 | = | 0.0% |
| Reserves | 13 | €29,098 | €29,098 | = | 0.0% |
| Distributable reserves | 133 | €29,098 | €29,098 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229,677 | €106,038 | -€123,639 | -53.8% |
| Investment grants | 15 | €415,952 | €231,218 | -€184,734 | -44.4% |
| Amounts payable | 17/49 | €163,985 | €93,567 | -€70,418 | -42.9% |
| Amounts payable within one year | 42/48 | €137,305 | €93,567 | -€43,739 | -31.9% |
| Trade debts | 44 | €47,509 | €49,186 | +€1,676 | +3.5% |
| Suppliers | 440/4 | €47,509 | €49,186 | +€1,676 | +3.5% |
| Advances received on contracts in progress | 46 | - | €13,922 | +€13,922 | |
| Taxes, remuneration and social security | 45 | €8,595 | €6,640 | -€1,955 | -22.7% |
| Taxes | 450/3 | €457 | €457 | = | 0.0% |
| Remuneration and social security | 454/9 | €8,138 | €6,184 | -€1,955 | -24.0% |
| Other amounts payable | 47/48 | €81,201 | €23,819 | -€57,382 | -70.7% |
| Accrued charges and deferred income | 492/3 | €26,680 | - | -€26,680 | |
| Remuneration, social security and pensions | 62 | €38,091 | €43,233 | +€5,142 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €352,058 | €364,489 | +€12,432 | +3.5% |
| Other operating charges | 640/8 | €1,128 | €3,290 | +€2,163 | +192% |
| Gross operating margin | 9900 | €471,645 | €369,714 | -€101,931 | -21.6% |
| Operating profit (loss) | 9901 | €80,369 | -€41,299 | -€121,668 | |
| Financial income | 75/76B | €1,791 | €3,216 | +€1,426 | +79.6% |
| Recurring financial income | 75 | €1,791 | €3,216 | +€1,426 | +79.6% |
| Financial charges | 65/66B | €10,023 | €3,774 | -€6,249 | -62.4% |
| Recurring financial charges | 65 | €10,023 | €3,774 | -€6,249 | -62.4% |
| Profit (loss) for the period before taxes | 9903 | €72,137 | -€41,856 | -€113,993 | |
| Income taxes | 67/77 | - | €1,783 | +€1,783 | |
| Profit (loss) for the period | 9904 | €72,137 | -€43,639 | -€115,776 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,137 | -€43,639 | -€115,776 |
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 19 October 2026 via checked.be.