ASVCo: 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.
ASVCo
Largest movements
- Current investments +€2.2m
new in 2025: €2.2m
- Cash -€1.0m
down €1.0m (-54.8%), from €1.8m to €834,912
mainly Current investments (-€2.2m) and Tax, wage and social debts (-€472,857)
- Receivables within one year -€291,024
down €291,024 (-27.4%), from €1.1m to €772,617
of which Trade receivables: -€323,833
- Receivables after one year +€265,000
up €265,000 (+298.6%), from €88,750 to €353,750
- Tangible fixed assets +€114,463
up €114,463 (+364.5%), from €31,405 to €145,868
of which Plant, machinery and equipment: +€108,196
- Reserves +€1.1m
up €1.1m (+49.9%), from €2.2m to €3.2m
- Short-term financial debts +€580,325
new in 2025: €580,325
- Tax, wage and social debts -€472,857
down €472,857 (-63.4%), from €745,376 to €272,519
of which Taxes: -€473,156
- Trade debts +€93,112
up €93,112 (+70.1%), from €132,901 to €226,013
- Staff costs +€317,405
up €317,405 (+34.6%), from €918,114 to €1.2m
- Gross operating margin +€253,511
up €253,511 (+10.3%), from €2.5m to €2.7m
- Taxes -€130,204
down €130,204 (-26.4%), from €493,567 to €363,364
- Financial charges +€27,630
up €27,630 (+359.0%), from €7,697 to €35,327
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 | €3,040,070 | €4,314,097 | +€1.3m | +41.9% |
| Fixed assets | 21/28 | €31,405 | €145,868 | +€114,463 | +364.5% |
| Tangible fixed assets | 22/27 | €31,405 | €145,868 | +€114,463 | +364.5% |
| Plant, machinery and equipment | 23 | €30,367 | €138,563 | +€108,196 | +356.3% |
| Furniture and vehicles | 24 | €1,038 | €7,305 | +€6,267 | +604.1% |
| Current assets | 29/58 | €3,008,665 | €4,168,229 | +€1.2m | +38.5% |
| Amounts receivable after more than one year | 29 | €88,750 | €353,750 | +€265,000 | +298.6% |
| Other amounts receivable | 291 | €88,750 | €353,750 | +€265,000 | +298.6% |
| Amounts receivable within one year | 40/41 | €1,063,641 | €772,617 | -€291,024 | -27.4% |
| Trade receivables | 40 | €1,035,189 | €711,356 | -€323,833 | -31.3% |
| Other amounts receivable | 41 | €28,452 | €61,261 | +€32,808 | +115.3% |
| Current investments | 50/53 | - | €2,206,950 | +€2.2m | |
| Cash at bank and in hand | 54/58 | €1,848,208 | €834,912 | -€1.0m | -54.8% |
| Deferred charges and accrued income | 490/1 | €8,066 | - | -€8,066 | |
| Total equity and liabilities | 10/49 | €3,040,070 | €4,314,097 | +€1.3m | +41.9% |
| Equity | 10/15 | €2,161,792 | €3,235,240 | +€1.1m | +49.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €2,151,792 | €3,225,240 | +€1.1m | +49.9% |
| Distributable reserves | 133 | €2,151,792 | €3,225,240 | +€1.1m | +49.9% |
| Amounts payable | 17/49 | €878,278 | €1,078,858 | +€200,580 | +22.8% |
| Amounts payable within one year | 42/48 | €878,278 | €1,078,858 | +€200,580 | +22.8% |
| Financial debts | 43 | - | €580,325 | +€580,325 | |
| Credit institutions | 430/8 | - | €580,325 | +€580,325 | |
| Trade debts | 44 | €132,901 | €226,013 | +€93,112 | +70.1% |
| Suppliers | 440/4 | €132,901 | €226,013 | +€93,112 | +70.1% |
| Taxes, remuneration and social security | 45 | €745,376 | €272,519 | -€472,857 | -63.4% |
| Taxes | 450/3 | €588,067 | €114,912 | -€473,156 | -80.5% |
| Remuneration and social security | 454/9 | €157,309 | €157,607 | +€298 | +0.2% |
| Remuneration, social security and pensions | 62 | €918,114 | €1,235,520 | +€317,405 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,509 | €30,493 | +€21,984 | +258.4% |
| Other operating charges | 640/8 | €109 | €7,960 | +€7,851 | +7202.7% |
| Gross operating margin | 9900 | €2,464,785 | €2,718,296 | +€253,511 | +10.3% |
| Operating profit (loss) | 9901 | €1,538,052 | €1,444,323 | -€93,729 | -6.1% |
| Financial income | 75/76B | €12,001 | €27,815 | +€15,814 | +131.8% |
| Recurring financial income | 75 | €12,001 | €27,815 | +€15,814 | +131.8% |
| Financial charges | 65/66B | €7,697 | €35,327 | +€27,630 | +359.0% |
| Recurring financial charges | 65 | €7,697 | €35,327 | +€27,630 | +359.0% |
| Profit (loss) for the period before taxes | 9903 | €1,542,356 | €1,436,811 | -€105,545 | -6.8% |
| Income taxes | 67/77 | €493,567 | €363,364 | -€130,204 | -26.4% |
| Profit (loss) for the period | 9904 | €1,048,789 | €1,073,447 | +€24,659 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,048,789 | €1,073,447 | +€24,659 | +2.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.