ASTRAGALUS-1901: 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.
ASTRAGALUS-1901
Largest movements
- Cash +€118,881
up €118,881 (+151%), from €78,782 to €197,663
mainly Net result for the year (+€298,194) and Depreciation (+€85,378)
- Reserves +€298,194
up €298,194 (+15.8%), from €1.9m to €2.2m
of which Distributable reserves: +€286,199
- Short-term financial debts -€140,000
down €140,000 (-9.3%), from €1.5m to €1.4m
of which Other loans: -€150,000
- Revaluation surpluses -€63,150
down €63,150 (-5.9%), from €1.1m to €1.0m
- Gross operating margin -€194,486
down €194,486 (-42.1%), from €462,415 to €267,929
- Financial charges +€181,248
up €181,248 (+155%), from €116,703 to €297,952
- Taxes -€90,207
down €90,207 (-34.1%), from €264,902 to €174,695
- Financial income +€47,456
up €47,456 (+8.6%), from €553,703 to €601,159
- Depreciation +€30,180
up €30,180 (+54.7%), from €55,198 to €85,378
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 | €5,450,341 | €5,538,192 | +€87,851 | +1.6% |
| Fixed assets | 21/28 | €2,371,601 | €2,411,979 | +€40,378 | +1.7% |
| Tangible fixed assets | 22/27 | €2,371,601 | €2,411,979 | +€40,378 | +1.7% |
| Land and buildings | 22 | €1,963,774 | €2,029,241 | +€65,467 | +3.3% |
| Plant, machinery and equipment | 23 | €87,161 | €86,603 | -€559 | -0.6% |
| Furniture and vehicles | 24 | €320,666 | €296,136 | -€24,530 | -7.6% |
| Current assets | 29/58 | €3,078,739 | €3,126,213 | +€47,473 | +1.5% |
| Amounts receivable within one year | 40/41 | €26,885 | €3,048 | -€23,837 | -88.7% |
| Trade receivables | 40 | - | €2,795 | +€2,795 | |
| Other amounts receivable | 41 | €26,885 | €253 | -€26,632 | -99.1% |
| Current investments | 50/53 | €2,973,072 | €2,925,501 | -€47,571 | -1.6% |
| Cash at bank and in hand | 54/58 | €78,782 | €197,663 | +€118,881 | +151% |
| Total equity and liabilities | 10/49 | €5,450,341 | €5,538,192 | +€87,851 | +1.6% |
| Equity | 10/15 | €3,788,100 | €4,023,144 | +€235,044 | +6.2% |
| Contributions | 10/11 | €824,000 | €824,000 | = | 0.0% |
| Capital | 10 | €824,000 | €824,000 | = | 0.0% |
| Issued capital | 100 | €824,000 | €824,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,079,338 | €1,016,188 | -€63,150 | -5.9% |
| Reserves | 13 | €1,884,762 | €2,182,956 | +€298,194 | +15.8% |
| Non-distributable reserves | 130/1 | €70,405 | €82,400 | +€11,995 | +17.0% |
| Legal reserve | 130 | €70,405 | €82,400 | +€11,995 | +17.0% |
| Distributable reserves | 133 | €1,814,358 | €2,100,556 | +€286,199 | +15.8% |
| Amounts payable | 17/49 | €1,662,241 | €1,515,048 | -€147,193 | -8.9% |
| Amounts payable within one year | 42/48 | €1,660,308 | €1,514,913 | -€145,394 | -8.8% |
| Financial debts | 43 | €1,500,000 | €1,360,000 | -€140,000 | -9.3% |
| Credit institutions | 430/8 | €650,000 | €660,000 | +€10,000 | +1.5% |
| Other loans | 439 | €850,000 | €700,000 | -€150,000 | -17.6% |
| Trade debts | 44 | - | €152 | +€152 | |
| Suppliers | 440/4 | - | €152 | +€152 | |
| Taxes, remuneration and social security | 45 | €83,976 | €88,129 | +€4,153 | +4.9% |
| Taxes | 450/3 | €83,976 | €88,129 | +€4,153 | +4.9% |
| Other amounts payable | 47/48 | €76,332 | €66,633 | -€9,699 | -12.7% |
| Accrued charges and deferred income | 492/3 | €1,933 | €135 | -€1,798 | -93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,198 | €85,378 | +€30,180 | +54.7% |
| Other operating charges | 640/8 | €14,116 | €12,869 | -€1,247 | -8.8% |
| Gross operating margin | 9900 | €462,415 | €267,929 | -€194,486 | -42.1% |
| Operating profit (loss) | 9901 | €393,101 | €169,682 | -€223,419 | -56.8% |
| Financial income | 75/76B | €553,703 | €601,159 | +€47,456 | +8.6% |
| Recurring financial income | 75 | €553,703 | €601,159 | +€47,456 | +8.6% |
| Financial charges | 65/66B | €116,703 | €297,952 | +€181,248 | +155% |
| Recurring financial charges | 65 | €116,703 | €297,952 | +€181,248 | +155% |
| Profit (loss) for the period before taxes | 9903 | €830,100 | €472,889 | -€357,211 | -43.0% |
| Income taxes | 67/77 | €264,902 | €174,695 | -€90,207 | -34.1% |
| Profit (loss) for the period | 9904 | €565,198 | €298,194 | -€267,004 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €565,198 | €298,194 | -€267,004 | -47.2% |
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 21 October 2026 via checked.be.