Den Ast: what changed
Two fiscal 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
- Receivables after one year +€77,082
new in 2025: €77,082
- Stocks and contracts -€9,810
down €9,810 (-1.9%), from €511,313 to €501,503
- Tangible fixed assets -€9,509
down €9,509 (-3.2%), from €296,657 to €287,148
of which Land and buildings: -€11,034
- Debts after one year +€61,963
up €61,963 (+21.7%), from €285,682 to €347,645
of which Financial debts: +€96,364
- Reserves -€15,379
down €15,379 (-32.6%), from €47,225 to €31,846
of which Distributable reserves: -€15,379
- Current portion of long-term debt +€10,666
up €10,666 (+19.8%), from €53,836 to €64,502
- Trade debts +€10,064
up €10,064 (+23.4%), from €43,085 to €53,149
- Gross operating margin -€90,293
down €90,293 (-49.7%), from €181,717 to €91,424
- Write-downs -€48,321
down €48,321, from €24,161 to -€24,161
- Financial charges -€11,776
down €11,776 (-33.2%), from €35,517 to €23,740
of which Financial charges: -€11,846
- Staff costs +€4,528
up €4,528 (+6.4%), from €70,331 to €74,859
- Depreciation +€2,974
up €2,974 (+11.1%), from €26,913 to €29,888
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 | €839,532 | €906,299 | +€66,767 | +8.0% |
| Fixed assets | 21/28 | €297,977 | €288,468 | -€9,509 | -3.2% |
| Tangible fixed assets | 22/27 | €296,657 | €287,148 | -€9,509 | -3.2% |
| Land and buildings | 22 | €218,438 | €207,404 | -€11,034 | -5.1% |
| Plant, machinery and equipment | 23 | €46,878 | €38,752 | -€8,126 | -17.3% |
| Furniture and vehicles | 24 | €20,467 | €15,521 | -€4,946 | -24.2% |
| Other tangible fixed assets | 26 | €10,874 | €25,470 | +€14,596 | +134.2% |
| Financial fixed assets | 28 | €1,320 | €1,320 | = | 0.0% |
| Current assets | 29/58 | €541,555 | €617,831 | +€76,275 | +14.1% |
| Amounts receivable after more than one year | 29 | - | €77,082 | +€77,082 | |
| Other amounts receivable | 291 | - | €77,082 | +€77,082 | |
| Stocks and contracts in progress | 3 | €511,313 | €501,503 | -€9,810 | -1.9% |
| Stocks | 30/36 | €511,313 | €501,503 | -€9,810 | -1.9% |
| Amounts receivable within one year | 40/41 | €991 | €7,109 | +€6,118 | +617.1% |
| Trade receivables | 40 | €991 | €5,292 | +€4,301 | +433.8% |
| Other amounts receivable | 41 | €0 | €1,817 | +€1,817 | |
| Cash at bank and in hand | 54/58 | €23,568 | €26,008 | +€2,440 | +10.4% |
| Deferred charges and accrued income | 490/1 | €5,683 | €6,129 | +€446 | +7.9% |
| Total equity and liabilities | 10/49 | €839,532 | €906,299 | +€66,767 | +8.0% |
| Equity | 10/15 | €259,725 | €244,346 | -€15,379 | -5.9% |
| Contributions | 10/11 | €212,500 | €212,500 | = | 0.0% |
| Reserves | 13 | €47,225 | €31,846 | -€15,379 | -32.6% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €40,225 | €24,846 | -€15,379 | -38.2% |
| Amounts payable | 17/49 | €579,808 | €661,953 | +€82,146 | +14.2% |
| Amounts payable after more than one year | 17 | €285,682 | €347,645 | +€61,963 | +21.7% |
| Financial debts | 170/4 | €132,977 | €229,341 | +€96,364 | +72.5% |
| Other amounts payable | 178/9 | €152,705 | €118,304 | -€34,401 | -22.5% |
| Amounts payable within one year | 42/48 | €291,892 | €312,481 | +€20,589 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €53,836 | €64,502 | +€10,666 | +19.8% |
| Financial debts | 43 | €175,000 | €175,000 | = | 0.0% |
| Credit institutions | 430/8 | €175,000 | €175,000 | = | 0.0% |
| Trade debts | 44 | €43,085 | €53,149 | +€10,064 | +23.4% |
| Suppliers | 440/4 | €43,085 | €53,149 | +€10,064 | +23.4% |
| Taxes, remuneration and social security | 45 | €19,970 | €19,830 | -€140 | -0.7% |
| Taxes | 450/3 | €4,603 | €2,857 | -€1,746 | -37.9% |
| Remuneration and social security | 454/9 | €15,367 | €16,972 | +€1,605 | +10.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,234 | €1,827 | -€407 | -18.2% |
| Non-recurring operating income | 76A | €2,522 | €0 | -€2,522 | -100.0% |
| Remuneration, social security and pensions | 62 | €70,331 | €74,859 | +€4,528 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,913 | €29,888 | +€2,974 | +11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,161 | -€24,161 | -€48,321 | |
| Other operating charges | 640/8 | €6,285 | €4,977 | -€1,308 | -20.8% |
| Non-recurring operating charges | 66A | €11,261 | €0 | -€11,261 | -100.0% |
| Gross operating margin | 9900 | €181,717 | €91,424 | -€90,293 | -49.7% |
| Operating profit (loss) | 9901 | €42,766 | €5,862 | -€36,905 | -86.3% |
| Financial income | 75/76B | €463 | €2,683 | +€2,220 | +479.5% |
| Recurring financial income | 75 | €463 | €526 | +€63 | +13.6% |
| Non-recurring financial income | 76B | - | €2,157 | +€2,157 | |
| Financial charges | 65/66B | €35,517 | €23,740 | -€11,776 | -33.2% |
| Recurring financial charges | 65 | €35,517 | €23,671 | -€11,846 | -33.4% |
| Non-recurring financial charges | 66B | - | €70 | +€70 | |
| Profit (loss) for the period before taxes | 9903 | €7,713 | -€15,196 | -€22,908 | |
| Income taxes | 67/77 | €2,137 | €183 | -€1,954 | -91.4% |
| Profit (loss) for the period | 9904 | €5,576 | -€15,379 | -€20,955 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,576 | -€15,379 | -€20,955 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.