ASB PROJECTS: what changed
What changed
ASB PROJECTS
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€629,387
2025 · €729,073-€99,685
Equity
€18.8m
2025 · €18.2m+€629,387
Cash
€646,223
2025 · €307,177+€339,046
Balance sheet total
€19.6m
2025 · €19.0m+€569,902
Largest movements
Assets
- Financial fixed assets +€3.6m
up €3.6m (+87.2%), from €4.1m to €7.7m
- Current investments -€2.6m
down €2.6m (-41.5%), from €6.2m to €3.6m
- Receivables after one year -€1.2m
down €1.2m (-21.8%), from €5.4m to €4.2m
- Tangible fixed assets +€376,367
up €376,367 (+30.2%), from €1.2m to €1.6m
of which Land and buildings: +€310,835
- Cash +€339,046
up €339,046 (+110%), from €307,177 to €646,223
mainly Current investments (+€2.6m) and Receivables after one year (+€1.2m)
Equity and liabilities
- Reserves +€629,387
up €629,387 (+3.5%), from €18.2m to €18.8m
of which Distributable reserves: +€489,915
Income statement
- Financial income -€485,363
down €485,363 (-45.0%), from €1.1m to €592,902
- Gross operating margin +€204,260
up €204,260 (+105%), from €193,994 to €398,254
- Financial charges -€136,415
down €136,415 (-84.6%), from €161,300 to €24,884
- Taxes -€103,297
down €103,297 (-35.3%), from €292,329 to €189,033
- Depreciation +€11,042
up €11,042 (+13.8%), from €80,249 to €91,291
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€729,073
Gross operating margin
+€204,260
Depreciation
-€11,042
Other operating charges
+€843
Financial income
-€485,363
Financial charges
+€136,415
Taxes
+€103,297
Deferred taxes and other
-€48,095
Result 2026
€629,387
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.9m
Investment
-€1.5m
Financing
-€53,623
Cash 2025
€307,177
From operations (derived)
+€1.9m
Net result for the year
+€629,387
Depreciation
+€91,291
Receivables after one year
+€1.2m
Receivables within one year
+€32,670
Deferred charges and accrued income
-€47,645
Provisions
+€46,491
Trade debts
+€21,966
Smaller working-capital items
-€9,015
Accrued charges and deferred income
-€65,305
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€4.1m
Current investments
+€2.6m
Financing
-€53,623
Debts after one year
-€54,294
Current portion of long-term debt
+€671
Cash 2026
€646,223
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,983,311 | €19,553,213 | +€569,902 | +3.0% |
| Fixed assets | 21/28 | €5,357,493 | €9,320,421 | +€4.0m | +74.0% |
| Tangible fixed assets | 22/27 | €1,244,347 | €1,620,714 | +€376,367 | +30.2% |
| Land and buildings | 22 | €1,235,120 | €1,545,955 | +€310,835 | +25.2% |
| Plant, machinery and equipment | 23 | - | €1,852 | +€1,852 | |
| Furniture and vehicles | 24 | €9,227 | €72,907 | +€63,680 | +690% |
| Financial fixed assets | 28 | €4,113,145 | €7,699,707 | +€3.6m | +87.2% |
| Current assets | 29/58 | €13,625,818 | €10,232,793 | -€3.4m | -24.9% |
| Amounts receivable after more than one year | 29 | €5,398,942 | €4,221,800 | -€1.2m | -21.8% |
| Other amounts receivable | 291 | €5,398,942 | €4,221,800 | -€1.2m | -21.8% |
| Amounts receivable within one year | 40/41 | €1,252,647 | €1,219,977 | -€32,670 | -2.6% |
| Trade receivables | 40 | €93,953 | €154,890 | +€60,937 | +64.9% |
| Other amounts receivable | 41 | €1,158,694 | €1,065,087 | -€93,607 | -8.1% |
| Current investments | 50/53 | €6,197,246 | €3,627,341 | -€2.6m | -41.5% |
| Cash at bank and in hand | 54/58 | €307,177 | €646,223 | +€339,046 | +110% |
| Deferred charges and accrued income | 490/1 | €469,807 | €517,452 | +€47,645 | +10.1% |
| Total equity and liabilities | 10/49 | €18,983,311 | €19,553,213 | +€569,902 | +3.0% |
| Equity | 10/15 | €18,182,288 | €18,811,675 | +€629,387 | +3.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €18,162,288 | €18,791,675 | +€629,387 | +3.5% |
| Tax-exempt reserves | 132 | €107,007 | €246,480 | +€139,472 | +130% |
| Distributable reserves | 133 | €18,055,281 | €18,545,196 | +€489,915 | +2.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €35,669 | €82,160 | +€46,491 | +130% |
| Deferred taxes | 168 | €35,669 | €82,160 | +€46,491 | +130% |
| Amounts payable | 17/49 | €765,354 | €659,378 | -€105,976 | -13.8% |
| Amounts payable after more than one year | 17 | €564,554 | €510,260 | -€54,294 | -9.6% |
| Financial debts | 170/4 | €564,554 | €510,260 | -€54,294 | -9.6% |
| Amounts payable within one year | 42/48 | €131,709 | €145,332 | +€13,622 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €53,623 | €54,294 | +€671 | +1.3% |
| Trade debts | 44 | €16,426 | €38,393 | +€21,966 | +134% |
| Suppliers | 440/4 | €16,426 | €38,393 | +€21,966 | +134% |
| Taxes, remuneration and social security | 45 | €17,492 | €9,348 | -€8,144 | -46.6% |
| Taxes | 450/3 | €17,492 | €9,348 | -€8,144 | -46.6% |
| Other amounts payable | 47/48 | €44,169 | €43,298 | -€871 | -2.0% |
| Accrued charges and deferred income | 492/3 | €69,091 | €3,787 | -€65,305 | -94.5% |
| Non-recurring operating income | 76A | €4,640 | €212,442 | +€207,802 | +4,478% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,249 | €91,291 | +€11,042 | +13.8% |
| Other operating charges | 640/8 | €10,913 | €10,071 | -€843 | -7.7% |
| Gross operating margin | 9900 | €193,994 | €398,254 | +€204,260 | +105% |
| Operating profit (loss) | 9901 | €102,832 | €296,893 | +€194,061 | +189% |
| Financial income | 75/76B | €1,078,265 | €592,902 | -€485,363 | -45.0% |
| Recurring financial income | 75 | €1,078,265 | €592,902 | -€485,363 | -45.0% |
| Financial charges | 65/66B | €161,300 | €24,884 | -€136,415 | -84.6% |
| Recurring financial charges | 65 | €161,300 | €24,884 | -€136,415 | -84.6% |
| Profit (loss) for the period before taxes | 9903 | €1,019,797 | €864,911 | -€154,887 | -15.2% |
| Transfer from deferred taxes | 780 | €1,605 | €4,304 | +€2,699 | +168% |
| Transfer to deferred taxes | 680 | - | €50,795 | +€50,795 | |
| Income taxes | 67/77 | €292,329 | €189,033 | -€103,297 | -35.3% |
| Profit (loss) for the period | 9904 | €729,073 | €629,387 | -€99,685 | -13.7% |
| Transfer from tax-exempt reserves | 789 | €4,814 | €12,912 | +€8,098 | +168% |
| Transfer to tax-exempt reserves | 689 | - | €152,384 | +€152,384 | |
| Profit (loss) for the period to be appropriated | 9905 | €733,887 | €489,915 | -€243,972 | -33.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.