ASVM: 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.
ASVM
Largest movements
- Receivables within one year -€32,169
down €32,169 (-98.0%), from €32,815 to €646
of which Trade receivables: -€32,549
- Cash -€6,735
down €6,735 (-44.2%), from €15,248 to €8,513
mainly Debts after one year (-€58,976) and Net result for the year (-€36,281)
- Other debts +€85,967
up €85,967 (+22.2%), from €387,522 to €473,488
- Debts after one year -€58,976
down €58,976 (-100.0%), from €58,976 to €0
- Profit (loss) carried forward -€36,281
down €36,281 (-5.9%), from -€619,943 to -€656,225
- Current portion of long-term debt -€28,955
down €28,955 (-30.4%), from €95,285 to €66,330
- Trade debts -€691
down €691 (-54.3%), from €1,274 to €583
- Write-downs +€14,499
up €14,499 (+100.0%), from €14,499 to €28,997
- Gross operating margin +€5,436
up €5,436 (+81.2%), from -€6,691 to -€1,255
- Financial charges +€1,478
up €1,478 (+36.7%), from €4,024 to €5,502
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 | €48,112 | €9,175 | -€38,937 | -80.9% |
| Current assets | 29/58 | €48,112 | €9,175 | -€38,937 | -80.9% |
| Amounts receivable within one year | 40/41 | €32,815 | €646 | -€32,169 | -98.0% |
| Trade receivables | 40 | €32,549 | €0 | -€32,549 | -100.0% |
| Other amounts receivable | 41 | €265 | €646 | +€380 | +143.4% |
| Cash at bank and in hand | 54/58 | €15,248 | €8,513 | -€6,735 | -44.2% |
| Deferred charges and accrued income | 490/1 | €50 | €17 | -€34 | -66.8% |
| Total equity and liabilities | 10/49 | €48,112 | €9,175 | -€38,937 | -80.9% |
| Equity | 10/15 | -€494,943 | -€531,225 | -€36,281 | -7.3% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€619,943 | -€656,225 | -€36,281 | -5.9% |
| Amounts payable | 17/49 | €543,056 | €540,400 | -€2,656 | -0.5% |
| Amounts payable after more than one year | 17 | €58,976 | €0 | -€58,976 | -100.0% |
| Financial debts | 170/4 | €58,976 | €0 | -€58,976 | -100.0% |
| Amounts payable within one year | 42/48 | €484,080 | €540,400 | +€56,320 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €95,285 | €66,330 | -€28,955 | -30.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,274 | €583 | -€691 | -54.3% |
| Suppliers | 440/4 | €1,274 | €583 | -€691 | -54.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €387,522 | €473,488 | +€85,967 | +22.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,499 | €28,997 | +€14,499 | +100.0% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | -€6,691 | -€1,255 | +€5,436 | +81.2% |
| Operating profit (loss) | 9901 | -€21,703 | -€30,780 | -€9,077 | -41.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €4,024 | €5,502 | +€1,478 | +36.7% |
| Recurring financial charges | 65 | €4,024 | €5,502 | +€1,478 | +36.7% |
| Profit (loss) for the period before taxes | 9903 | -€25,726 | -€36,281 | -€10,555 | -41.0% |
| Profit (loss) for the period | 9904 | -€25,726 | -€36,281 | -€10,555 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,726 | -€36,281 | -€10,555 | -41.0% |
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 10 October 2026 via checked.be.