Associated Services: 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.
What changed
Associated Services
NACE 52.100, Warehousing and storage
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€66,548
2024 · €75,748-€9,201
Equity
€1.3m
2024 · €1.2m+€66,548
Cash
€72,633
2024 · €23,951+€48,682
Balance sheet total
€1.6m
2024 · €1.5m+€47,465
Largest movements
Assets
- Cash +€48,682
up €48,682 (+203.3%), from €23,951 to €72,633
mainly Net result for the year (+€66,548) and Depreciation (+€38,213)
- Current investments +€20,000
up €20,000 (+4.2%), from €475,000 to €495,000
Equity and liabilities
- Reserves +€167,112
up €167,112 (+15.7%), from €1.1m to €1.2m
of which Distributable reserves: +€162,552
- Profit (loss) carried forward -€100,564
no longer reported in 2025 (was €100,564)
- Debts after one year -€26,217
down €26,217 (-10.2%), from €257,128 to €230,911
Income statement
- Other operating charges +€10,815
up €10,815 (+66.2%), from €16,349 to €27,165
- Taxes +€3,638
up €3,638 (+14.4%), from €25,179 to €28,817
- Gross operating margin +€2,621
up €2,621 (+1.8%), from €148,689 to €151,310
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
€75,748
Gross operating margin
+€2,621
Depreciation
+€841
Other operating charges
-€10,815
Financial income
-€287
Financial charges
+€516
Taxes
-€3,638
Deferred taxes and other
+€1,563
Result 2025
€66,548
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.
From operations
+€124,483
Investment
-€49,890
Financing
-€25,910
Cash 2024
€23,951
From operations (derived)
+€124,483
Net result for the year
+€66,548
Depreciation
+€38,213
Receivables within one year
+€13,230
Deferred charges and accrued income
-€336
Provisions
-€2,814
Trade debts
+€5,530
Tax, wage and social debts
+€1,485
Other debts
-€1,223
Accrued charges and deferred income
+€3,849
Investment (derived)
-€49,890
Investment in fixed assets (net)
-€29,890
Current investments
-€20,000
Financing
-€25,910
Debts after one year
-€26,217
Current portion of long-term debt
+€307
Cash 2025
€72,633
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,543,021 | €1,590,486 | +€47,465 | +3.1% |
| Fixed assets | 21/28 | €994,140 | €985,817 | -€8,323 | -0.8% |
| Tangible fixed assets | 22/27 | €992,835 | €984,512 | -€8,323 | -0.8% |
| Land and buildings | 22 | €992,835 | €984,512 | -€8,323 | -0.8% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,306 | €1,306 | = | 0.0% |
| Current assets | 29/58 | €548,881 | €604,669 | +€55,788 | +10.2% |
| Amounts receivable within one year | 40/41 | €39,812 | €26,582 | -€13,230 | -33.2% |
| Trade receivables | 40 | €20,571 | €22,028 | +€1,457 | +7.1% |
| Other amounts receivable | 41 | €19,241 | €4,554 | -€14,687 | -76.3% |
| Current investments | 50/53 | €475,000 | €495,000 | +€20,000 | +4.2% |
| Cash at bank and in hand | 54/58 | €23,951 | €72,633 | +€48,682 | +203.3% |
| Deferred charges and accrued income | 490/1 | €10,118 | €10,454 | +€336 | +3.3% |
| Total equity and liabilities | 10/49 | €1,543,021 | €1,590,486 | +€47,465 | +3.1% |
| Equity | 10/15 | €1,228,275 | €1,294,823 | +€66,548 | +5.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,065,711 | €1,232,823 | +€167,112 | +15.7% |
| Non-distributable reserves | 130/1 | €24,816 | €24,816 | = | 0.0% |
| Legal reserve | 130 | €24,816 | €24,816 | = | 0.0% |
| Tax-exempt reserves | 132 | €131,864 | €136,424 | +€4,560 | +3.5% |
| Distributable reserves | 133 | €909,031 | €1,071,583 | +€162,552 | +17.9% |
| Profit (loss) carried forward | 14 | €100,564 | - | -€100,564 | |
| Provisions and deferred taxes | 16 | €6,000 | €3,186 | -€2,814 | -46.9% |
| Deferred taxes | 168 | €6,000 | €3,186 | -€2,814 | -46.9% |
| Amounts payable | 17/49 | €308,746 | €292,477 | -€16,269 | -5.3% |
| Amounts payable after more than one year | 17 | €257,128 | €230,911 | -€26,217 | -10.2% |
| Financial debts | 170/4 | €257,128 | €230,911 | -€26,217 | -10.2% |
| Amounts payable within one year | 42/48 | €44,737 | €50,836 | +€6,099 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €25,910 | €26,217 | +€307 | +1.2% |
| Trade debts | 44 | €10,869 | €16,399 | +€5,530 | +50.9% |
| Suppliers | 440/4 | €10,869 | €16,399 | +€5,530 | +50.9% |
| Taxes, remuneration and social security | 45 | €6,734 | €8,219 | +€1,485 | +22.1% |
| Taxes | 450/3 | €6,734 | €8,219 | +€1,485 | +22.1% |
| Other amounts payable | 47/48 | €1,223 | - | -€1,223 | |
| Accrued charges and deferred income | 492/3 | €6,882 | €10,731 | +€3,849 | +55.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,054 | €38,213 | -€841 | -2.2% |
| Other operating charges | 640/8 | €16,349 | €27,165 | +€10,815 | +66.2% |
| Gross operating margin | 9900 | €148,689 | €151,310 | +€2,621 | +1.8% |
| Operating profit (loss) | 9901 | €93,286 | €85,932 | -€7,354 | -7.9% |
| Financial income | 75/76B | €10,892 | €10,605 | -€287 | -2.6% |
| Recurring financial income | 75 | €10,892 | €10,605 | -€287 | -2.6% |
| Financial charges | 65/66B | €4,501 | €3,986 | -€516 | -11.5% |
| Recurring financial charges | 65 | €4,501 | €3,986 | -€516 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €99,677 | €92,551 | -€7,126 | -7.1% |
| Transfer from deferred taxes | 780 | €1,251 | €2,814 | +€1,563 | +125.0% |
| Income taxes | 67/77 | €25,179 | €28,817 | +€3,638 | +14.4% |
| Profit (loss) for the period | 9904 | €75,748 | €66,548 | -€9,201 | -12.1% |
| Transfer from tax-exempt reserves | 789 | €33,838 | €38,790 | +€4,952 | +14.6% |
| Transfer to tax-exempt reserves | 689 | €67,781 | €43,351 | -€24,430 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,805 | €61,988 | +€20,182 | +48.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.