ASTEL: 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.
ASTEL
Largest movements
- Cash -€1.3m
down €1.3m (-96.6%), from €1.4m to €45,605
mainly Current investments (-€659,288) and Receivables within one year (-€307,725)
- Current investments +€659,288
new in 2025: €659,288
- Receivables within one year +€307,725
up €307,725 (+145.3%), from €211,786 to €519,510
of which Other amounts receivable: +€321,877
- Financial fixed assets +€190,000
up €190,000 (+18.9%), from €1.0m to €1.2m
- Profit (loss) carried forward -€88,656
new in 2025: -€88,656
- Other debts -€57,423
no longer reported in 2025 (was €57,423)
- Financial income -€288,117
down €288,117 (-88.4%), from €325,949 to €37,832
- Gross operating margin -€144,636
down €144,636, from €54,786 to -€89,850
- Financial charges -€46,284
down €46,284 (-93.5%), from €49,484 to €3,199
- Taxes -€31,306
down €31,306 (-80.4%), from €38,950 to €7,644
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 | €2,655,935 | €2,475,578 | -€180,357 | -6.8% |
| Fixed assets | 21/28 | €1,079,651 | €1,245,257 | +€165,607 | +15.3% |
| Tangible fixed assets | 22/27 | €75,709 | €51,315 | -€24,393 | -32.2% |
| Plant, machinery and equipment | 23 | €4,077 | €1,824 | -€2,253 | -55.3% |
| Furniture and vehicles | 24 | €39,146 | €18,072 | -€21,074 | -53.8% |
| Other tangible fixed assets | 26 | €32,486 | €31,420 | -€1,066 | -3.3% |
| Financial fixed assets | 28 | €1,003,942 | €1,193,942 | +€190,000 | +18.9% |
| Current assets | 29/58 | €1,576,284 | €1,230,320 | -€345,964 | -21.9% |
| Amounts receivable within one year | 40/41 | €211,786 | €519,510 | +€307,725 | +145.3% |
| Trade receivables | 40 | €38,062 | €23,910 | -€14,152 | -37.2% |
| Other amounts receivable | 41 | €173,724 | €495,600 | +€321,877 | +185.3% |
| Current investments | 50/53 | - | €659,288 | +€659,288 | |
| Cash at bank and in hand | 54/58 | €1,359,046 | €45,605 | -€1.3m | -96.6% |
| Deferred charges and accrued income | 490/1 | €5,453 | €5,918 | +€465 | +8.5% |
| Total equity and liabilities | 10/49 | €2,655,935 | €2,475,578 | -€180,357 | -6.8% |
| Equity | 10/15 | €2,488,047 | €2,397,532 | -€90,515 | -3.6% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €2,481,850 | €2,479,991 | -€1,859 | -0.1% |
| Distributable reserves | 133 | €2,481,850 | €2,479,991 | -€1,859 | -0.1% |
| Profit (loss) carried forward | 14 | - | -€88,656 | -€88,656 | |
| Amounts payable | 17/49 | €167,888 | €78,046 | -€89,842 | -53.5% |
| Amounts payable after more than one year | 17 | €19,793 | - | -€19,793 | |
| Financial debts | 170/4 | €19,793 | - | -€19,793 | |
| Amounts payable within one year | 42/48 | €148,095 | €69,118 | -€78,977 | -53.3% |
| Current portion of amounts payable after more than one year | 42 | €21,346 | €19,793 | -€1,553 | -7.3% |
| Trade debts | 44 | €15,079 | €7,974 | -€7,106 | -47.1% |
| Suppliers | 440/4 | €15,079 | €7,974 | -€7,106 | -47.1% |
| Taxes, remuneration and social security | 45 | €54,247 | €41,351 | -€12,896 | -23.8% |
| Taxes | 450/3 | €54,247 | €41,351 | -€12,896 | -23.8% |
| Other amounts payable | 47/48 | €57,423 | - | -€57,423 | |
| Accrued charges and deferred income | 492/3 | - | €8,928 | +€8,928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,313 | €27,150 | +€837 | +3.2% |
| Other operating charges | 640/8 | €636 | €504 | -€132 | -20.8% |
| Gross operating margin | 9900 | €54,786 | -€89,850 | -€144,636 | |
| Operating profit (loss) | 9901 | €27,837 | -€117,503 | -€145,341 | |
| Financial income | 75/76B | €325,949 | €37,832 | -€288,117 | -88.4% |
| Recurring financial income | 75 | €325,949 | €37,832 | -€288,117 | -88.4% |
| Financial charges | 65/66B | €49,484 | €3,199 | -€46,284 | -93.5% |
| Recurring financial charges | 65 | €49,484 | €3,199 | -€46,284 | -93.5% |
| Profit (loss) for the period before taxes | 9903 | €304,302 | -€82,871 | -€387,173 | |
| Income taxes | 67/77 | €38,950 | €7,644 | -€31,306 | -80.4% |
| Profit (loss) for the period | 9904 | €265,352 | -€90,515 | -€355,867 | |
| Profit (loss) for the period to be appropriated | 9905 | €265,352 | -€90,515 | -€355,867 |
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 12 October 2026 via checked.be.