AST: 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.
AST
Largest movements
- Tangible fixed assets -€56,197
down €56,197 (-3.2%), from €1.8m to €1.7m
- Cash +€26,200
up €26,200 (+73.8%), from €35,510 to €61,710
mainly Depreciation (+€56,197) and Net result for the year (+€38,781)
- Debts after one year -€67,487
down €67,487 (-7.8%), from €859,727 to €792,240
- Reserves +€38,781
up €38,781 (+25.6%), from €151,756 to €190,537
of which Distributable reserves: +€38,781
- Gross operating margin -€119,846
down €119,846 (-22.5%), from €531,593 to €411,747
- Staff costs -€84,894
down €84,894 (-24.4%), from €347,293 to €262,399
- Taxes -€8,407
down €8,407 (-35.6%), from €23,599 to €15,193
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 | €1,853,484 | €1,819,246 | -€34,238 | -1.8% |
| Fixed assets | 21/28 | €1,781,091 | €1,724,894 | -€56,197 | -3.2% |
| Tangible fixed assets | 22/27 | €1,781,091 | €1,724,894 | -€56,197 | -3.2% |
| Land and buildings | 22 | €1,781,091 | €1,724,894 | -€56,197 | -3.2% |
| Current assets | 29/58 | €72,393 | €94,352 | +€21,959 | +30.3% |
| Amounts receivable within one year | 40/41 | €36,883 | €32,642 | -€4,241 | -11.5% |
| Trade receivables | 40 | €36,881 | €22,651 | -€14,230 | -38.6% |
| Other amounts receivable | 41 | €2 | €9,991 | +€9,989 | +554942.2% |
| Cash at bank and in hand | 54/58 | €35,510 | €61,710 | +€26,200 | +73.8% |
| Total equity and liabilities | 10/49 | €1,853,484 | €1,819,246 | -€34,238 | -1.8% |
| Equity | 10/15 | €838,048 | €876,829 | +€38,781 | +4.6% |
| Contributions | 10/11 | €225,225 | €225,225 | = | 0.0% |
| Capital | 10 | €225,225 | €225,225 | = | 0.0% |
| Issued capital | 100 | €225,225 | €225,225 | = | 0.0% |
| Revaluation surpluses | 12 | €461,067 | €461,067 | = | 0.0% |
| Reserves | 13 | €151,756 | €190,537 | +€38,781 | +25.6% |
| Non-distributable reserves | 130/1 | €22,523 | €22,523 | = | 0.0% |
| Legal reserve | 130 | €22,523 | €22,523 | = | 0.0% |
| Distributable reserves | 133 | €129,234 | €168,014 | +€38,781 | +30.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,015,435 | €942,417 | -€73,018 | -7.2% |
| Amounts payable after more than one year | 17 | €859,727 | €792,240 | -€67,487 | -7.8% |
| Financial debts | 170/4 | €859,727 | €792,240 | -€67,487 | -7.8% |
| Amounts payable within one year | 42/48 | €146,495 | €140,125 | -€6,370 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €64,373 | €67,487 | +€3,114 | +4.8% |
| Trade debts | 44 | €9,423 | €7,116 | -€2,307 | -24.5% |
| Suppliers | 440/4 | €9,423 | €7,116 | -€2,307 | -24.5% |
| Taxes, remuneration and social security | 45 | €71,274 | €65,521 | -€5,753 | -8.1% |
| Taxes | 450/3 | €38,189 | €28,006 | -€10,183 | -26.7% |
| Remuneration and social security | 454/9 | €33,085 | €37,515 | +€4,431 | +13.4% |
| Other amounts payable | 47/48 | €1,425 | €0 | -€1,425 | -100.0% |
| Accrued charges and deferred income | 492/3 | €9,214 | €10,053 | +€840 | +9.1% |
| Remuneration, social security and pensions | 62 | €347,293 | €262,399 | -€84,894 | -24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,138 | €56,197 | +€1,059 | +1.9% |
| Other operating charges | 640/8 | €6,102 | €5,543 | -€559 | -9.2% |
| Gross operating margin | 9900 | €531,593 | €411,747 | -€119,846 | -22.5% |
| Operating profit (loss) | 9901 | €123,060 | €87,608 | -€35,452 | -28.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €36,412 | €33,635 | -€2,777 | -7.6% |
| Recurring financial charges | 65 | €36,412 | €33,635 | -€2,777 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €86,648 | €53,973 | -€32,675 | -37.7% |
| Income taxes | 67/77 | €23,599 | €15,193 | -€8,407 | -35.6% |
| Profit (loss) for the period | 9904 | €63,049 | €38,781 | -€24,268 | -38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,049 | €38,781 | -€24,268 | -38.5% |
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 7 October 2026 via checked.be.