ASSOCIATED PARTNERS: what changed
Two fiscal 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.
ASSOCIATED PARTNERS
Largest movements
- Tangible fixed assets -€130,354
down €130,354 (-6.4%), from €2.0m to €1.9m
of which Plant, machinery and equipment: -€181,926
- Cash -€86,431
down €86,431 (-79.5%), from €108,719 to €22,288
mainly Debts after one year (-€166,384) and Investment in fixed assets (net) (-€132,262)
- Debts after one year -€166,384
down €166,384 (-19.4%), from €858,174 to €691,790
of which Financial debts: -€166,384
- Trade debts -€48,945
down €48,945 (-38.8%), from €126,216 to €77,271
of which Bills of exchange payable: -€40,000
- Other debts +€36,376
up €36,376 (+8.6%), from €422,765 to €459,141
- Gross operating margin -€86,918
down €86,918 (-17.3%), from €502,186 to €415,268
- Taxes -€53,533
down €53,533 (-86.3%), from €62,036 to €8,503
- Depreciation +€16,757
up €16,757 (+6.7%), from €250,359 to €267,116
- Staff costs +€14,825
up €14,825 (+16.5%), from €90,060 to €104,885
- Write-downs -€10,829
no longer reported in 2025 (was €10,829)
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.
Cash bridge derived
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 | €2,274,345 | €2,080,601 | -€193,744 | -8.5% |
| Fixed assets | 21/28 | €2,086,134 | €1,951,280 | -€134,854 | -6.5% |
| Intangible fixed assets | 21 | €41,176 | €36,676 | -€4,500 | -10.9% |
| Tangible fixed assets | 22/27 | €2,044,658 | €1,914,304 | -€130,354 | -6.4% |
| Land and buildings | 22 | €1,247,533 | €1,201,516 | -€46,017 | -3.7% |
| Plant, machinery and equipment | 23 | €640,334 | €458,408 | -€181,926 | -28.4% |
| Furniture and vehicles | 24 | €42,131 | €30,249 | -€11,882 | -28.2% |
| Other tangible fixed assets | 26 | €114,660 | €224,131 | +€109,470 | +95.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €188,210 | €129,321 | -€58,889 | -31.3% |
| Amounts receivable after more than one year | 29 | €4,507 | €2,707 | -€1,800 | -39.9% |
| Other amounts receivable | 291 | €4,507 | €2,707 | -€1,800 | -39.9% |
| Stocks and contracts in progress | 3 | €3,877 | €3,877 | = | 0.0% |
| Stocks | 30/36 | €3,877 | €3,877 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €70,998 | €92,049 | +€21,050 | +29.6% |
| Trade receivables | 40 | €52,509 | €88,914 | +€36,405 | +69.3% |
| Other amounts receivable | 41 | €18,489 | €3,135 | -€15,355 | -83.0% |
| Cash at bank and in hand | 54/58 | €108,719 | €22,288 | -€86,431 | -79.5% |
| Deferred charges and accrued income | 490/1 | €110 | €8,401 | +€8,291 | +7537.2% |
| Total equity and liabilities | 10/49 | €2,274,345 | €2,080,601 | -€193,744 | -8.5% |
| Equity | 10/15 | €663,921 | €657,001 | -€6,920 | -1.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €3,336 | €3,336 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,481 | €1,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,227 | €226,307 | -€6,920 | -3.0% |
| Investment grants | 15 | €408,809 | €408,809 | = | 0.0% |
| Amounts payable | 17/49 | €1,610,423 | €1,423,600 | -€186,824 | -11.6% |
| Amounts payable after more than one year | 17 | €858,174 | €691,790 | -€166,384 | -19.4% |
| Financial debts | 170/4 | €812,282 | €645,898 | -€166,384 | -20.5% |
| Other amounts payable | 178/9 | €45,892 | €45,892 | = | 0.0% |
| Amounts payable within one year | 42/48 | €752,249 | €731,810 | -€20,440 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €165,981 | €166,384 | +€403 | +0.2% |
| Trade debts | 44 | €126,216 | €77,271 | -€48,945 | -38.8% |
| Suppliers | 440/4 | €86,216 | €77,271 | -€8,945 | -10.4% |
| Bills of exchange payable | 441 | €40,000 | - | -€40,000 | |
| Taxes, remuneration and social security | 45 | €37,287 | €29,013 | -€8,273 | -22.2% |
| Taxes | 450/3 | €36,695 | €19,045 | -€17,650 | -48.1% |
| Remuneration and social security | 454/9 | €592 | €9,968 | +€9,377 | +1584.8% |
| Other amounts payable | 47/48 | €422,765 | €459,141 | +€36,376 | +8.6% |
| Remuneration, social security and pensions | 62 | €90,060 | €104,885 | +€14,825 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,359 | €267,116 | +€16,757 | +6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,829 | - | -€10,829 | |
| Other operating charges | 640/8 | €15,667 | €16,436 | +€769 | +4.9% |
| Gross operating margin | 9900 | €502,186 | €415,268 | -€86,918 | -17.3% |
| Operating profit (loss) | 9901 | €135,271 | €26,830 | -€108,440 | -80.2% |
| Financial income | 75/76B | €181 | €738 | +€557 | +307.2% |
| Recurring financial income | 75 | €181 | €738 | +€557 | +307.2% |
| Financial charges | 65/66B | €36,086 | €25,986 | -€10,100 | -28.0% |
| Recurring financial charges | 65 | €36,086 | €25,986 | -€10,100 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €99,366 | €1,583 | -€97,783 | -98.4% |
| Income taxes | 67/77 | €62,036 | €8,503 | -€53,533 | -86.3% |
| Profit (loss) for the period | 9904 | €37,330 | -€6,920 | -€44,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,330 | -€6,920 | -€44,250 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.