ASPADI: 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.
ASPADI
Largest movements
- Tangible fixed assets +€68,050
up €68,050 (+29.5%), from €230,434 to €298,484
of which Land and buildings: +€66,003
- Cash -€44,170
down €44,170 (-15.9%), from €278,471 to €234,301
mainly Investment in fixed assets (net) (-€101,046) and Tax, wage and social debts (-€32,259)
- Receivables within one year +€13,394
up €13,394 (+2.5%), from €526,464 to €539,858
of which Other amounts receivable: +€25,150
- Profit (loss) carried forward +€57,805
up €57,805 (+9.6%), from €601,248 to €659,052
- Tax, wage and social debts -€32,259
down €32,259 (-26.0%), from €124,188 to €91,928
of which Taxes: -€35,928
- Trade debts +€20,973
up €20,973 (+70.2%), from €29,870 to €50,842
- Staff costs +€52,196
up €52,196 (+21.2%), from €246,410 to €298,606
- Gross operating margin -€15,573
down €15,573 (-3.1%), from €503,681 to €488,109
- Depreciation +€8,635
up €8,635 (+35.4%), from €24,361 to €32,996
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 | €1,054,492 | €1,090,125 | +€35,633 | +3.4% |
| Fixed assets | 21/28 | €230,534 | €298,584 | +€68,050 | +29.5% |
| Tangible fixed assets | 22/27 | €230,434 | €298,484 | +€68,050 | +29.5% |
| Land and buildings | 22 | €199,729 | €265,732 | +€66,003 | +33.0% |
| Plant, machinery and equipment | 23 | €2,810 | €14,517 | +€11,707 | +417% |
| Furniture and vehicles | 24 | €27,894 | €18,235 | -€9,659 | -34.6% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €823,958 | €791,541 | -€32,417 | -3.9% |
| Amounts receivable within one year | 40/41 | €526,464 | €539,858 | +€13,394 | +2.5% |
| Trade receivables | 40 | €63,496 | €51,740 | -€11,757 | -18.5% |
| Other amounts receivable | 41 | €462,968 | €488,118 | +€25,150 | +5.4% |
| Cash at bank and in hand | 54/58 | €278,471 | €234,301 | -€44,170 | -15.9% |
| Deferred charges and accrued income | 490/1 | €19,023 | €17,382 | -€1,641 | -8.6% |
| Total equity and liabilities | 10/49 | €1,054,492 | €1,090,125 | +€35,633 | +3.4% |
| Equity | 10/15 | €866,994 | €924,798 | +€57,805 | +6.7% |
| Contributions | 10/11 | €241,576 | €241,576 | = | 0.0% |
| Capital | 10 | €241,576 | €241,576 | = | 0.0% |
| Issued capital | 100 | €241,576 | €241,576 | = | 0.0% |
| Reserves | 13 | €24,170 | €24,170 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,170 | €24,170 | = | 0.0% |
| Legal reserve | 130 | €24,170 | €24,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | €601,248 | €659,052 | +€57,805 | +9.6% |
| Amounts payable | 17/49 | €187,498 | €165,326 | -€22,171 | -11.8% |
| Amounts payable after more than one year | 17 | €105 | €105 | = | 0.0% |
| Other amounts payable | 178/9 | €105 | €105 | = | 0.0% |
| Amounts payable within one year | 42/48 | €187,301 | €165,221 | -€22,080 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €29,870 | €50,842 | +€20,973 | +70.2% |
| Suppliers | 440/4 | €29,870 | €50,842 | +€20,973 | +70.2% |
| Advances received on contracts in progress | 46 | €12,017 | €2,473 | -€9,544 | -79.4% |
| Taxes, remuneration and social security | 45 | €124,188 | €91,928 | -€32,259 | -26.0% |
| Taxes | 450/3 | €86,239 | €50,311 | -€35,928 | -41.7% |
| Remuneration and social security | 454/9 | €37,949 | €41,618 | +€3,669 | +9.7% |
| Other amounts payable | 47/48 | €21,227 | €19,978 | -€1,249 | -5.9% |
| Accrued charges and deferred income | 492/3 | €91 | €0 | -€91 | -100% |
| Remuneration, social security and pensions | 62 | €246,410 | €298,606 | +€52,196 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,361 | €32,996 | +€8,635 | +35.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €50,654 | €53,555 | +€2,901 | +5.7% |
| Gross operating margin | 9900 | €503,681 | €488,109 | -€15,573 | -3.1% |
| Operating profit (loss) | 9901 | €182,256 | €102,952 | -€79,305 | -43.5% |
| Financial income | 75/76B | €34 | €356 | +€322 | +944% |
| Recurring financial income | 75 | €34 | €356 | +€322 | +944% |
| Financial charges | 65/66B | €1,618 | €150 | -€1,468 | -90.8% |
| Recurring financial charges | 65 | €1,618 | €150 | -€1,468 | -90.8% |
| Profit (loss) for the period before taxes | 9903 | €180,673 | €103,158 | -€77,515 | -42.9% |
| Income taxes | 67/77 | €46,169 | €45,353 | -€816 | -1.8% |
| Profit (loss) for the period | 9904 | €134,504 | €57,805 | -€76,699 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €134,504 | €57,805 | -€76,699 | -57.0% |
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 26 October 2026 via checked.be.