DEN AST: 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.
DEN AST
Largest movements
- Financial fixed assets +€6.6m
up €6.6m (+28.5%), from €23.3m to €30.0m
- Receivables within one year +€1.5m
up €1.5m (+47.1%), from €3.1m to €4.6m
- Reserves +€9.1m
up €9.1m (+67.0%), from €13.5m to €22.6m
of which Distributable reserves: +€9.1m
- Other debts -€1.9m
down €1.9m (-24.8%), from €7.7m to €5.8m
- Debts after one year +€1.0m
up €1.0m (+295%), from €351,661 to €1.4m
- Financial income +€5.6m
up €5.6m (+147%), from €3.8m to €9.4m
of which Financial income: +€4.0m
- Financial charges +€23,721
up €23,721 (+9.6%), from €246,483 to €270,204
- Taxes -€15,000
down €15,000 (-12.0%), from €125,000 to €110,000
- Gross operating margin -€3,026
down €3,026 (-9.5%), from -€31,965 to -€34,991
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 | €26,883,906 | €35,024,470 | +€8.1m | +30.3% |
| Fixed assets | 21/28 | €23,713,000 | €30,362,293 | +€6.6m | +28.0% |
| Tangible fixed assets | 22/27 | €394,710 | €394,710 | = | 0.0% |
| Other tangible fixed assets | 26 | €394,710 | €394,710 | = | 0.0% |
| Financial fixed assets | 28 | €23,318,290 | €29,967,583 | +€6.6m | +28.5% |
| Current assets | 29/58 | €3,170,905 | €4,662,177 | +€1.5m | +47.0% |
| Amounts receivable within one year | 40/41 | €3,109,362 | €4,575,074 | +€1.5m | +47.1% |
| Other amounts receivable | 41 | €3,109,362 | €4,575,074 | +€1.5m | +47.1% |
| Cash at bank and in hand | 54/58 | €60,518 | €87,103 | +€26,586 | +43.9% |
| Deferred charges and accrued income | 490/1 | €1,026 | - | -€1,026 | |
| Total equity and liabilities | 10/49 | €26,883,906 | €35,024,470 | +€8.1m | +30.3% |
| Equity | 10/15 | €18,536,972 | €27,562,963 | +€9.0m | +48.7% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Reserves | 13 | €13,500,000 | €22,550,000 | +€9.1m | +67.0% |
| Non-distributable reserves | 130/1 | €500,000 | €500,000 | = | 0.0% |
| Legal reserve | 130 | €500,000 | €500,000 | = | 0.0% |
| Distributable reserves | 133 | €13,000,000 | €22,050,000 | +€9.1m | +69.6% |
| Profit (loss) carried forward | 14 | €36,972 | €12,963 | -€24,008 | -64.9% |
| Amounts payable | 17/49 | €8,346,934 | €7,461,507 | -€885,427 | -10.6% |
| Amounts payable after more than one year | 17 | €351,661 | €1,389,314 | +€1.0m | +295% |
| Other amounts payable | 178/9 | €351,661 | €1,389,314 | +€1.0m | +295% |
| Amounts payable within one year | 42/48 | €7,876,155 | €5,941,993 | -€1.9m | -24.6% |
| Taxes, remuneration and social security | 45 | €190,403 | €165,794 | -€24,609 | -12.9% |
| Taxes | 450/3 | €190,403 | €165,794 | -€24,609 | -12.9% |
| Other amounts payable | 47/48 | €7,685,751 | €5,776,199 | -€1.9m | -24.8% |
| Accrued charges and deferred income | 492/3 | €119,118 | €130,200 | +€11,082 | +9.3% |
| Other operating charges | 640/8 | €1,015 | €968 | -€48 | -4.7% |
| Gross operating margin | 9900 | -€31,965 | -€34,991 | -€3,026 | -9.5% |
| Operating profit (loss) | 9901 | -€32,980 | -€35,959 | -€2,979 | -9.0% |
| Financial income | 75/76B | €3,824,410 | €9,442,155 | +€5.6m | +147% |
| Recurring financial income | 75 | €1,285,628 | €5,321,956 | +€4.0m | +314% |
| Non-recurring financial income | 76B | €2,538,782 | €4,120,198 | +€1.6m | +62.3% |
| Financial charges | 65/66B | €246,483 | €270,204 | +€23,721 | +9.6% |
| Recurring financial charges | 65 | €246,483 | €270,204 | +€23,721 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €3,544,947 | €9,135,992 | +€5.6m | +158% |
| Income taxes | 67/77 | €125,000 | €110,000 | -€15,000 | -12.0% |
| Profit (loss) for the period | 9904 | €3,419,947 | €9,025,992 | +€5.6m | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €3,419,947 | €9,025,992 | +€5.6m | +164% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.