51N4E Acte: 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.
51N4E Acte
Largest movements
- Receivables within one year -€445,126
down €445,126 (-52.2%), from €852,165 to €407,039
of which Trade receivables: -€422,339
- Cash +€237,837
up €237,837 (+128%), from €185,883 to €423,720
mainly Receivables within one year (+€445,126) and Stocks and contracts (+€163,039)
- Stocks and contracts -€163,039
down €163,039 (-15.9%), from €1.0m to €860,185
- Deferred charges and accrued income +€32,121
up €32,121 (+102,523%), from €31 to €32,152
- Trade debts -€278,107
down €278,107 (-20.2%), from €1.4m to €1.1m
- Tax, wage and social debts -€81,975
down €81,975 (-63.7%), from €128,660 to €46,685
of which Taxes: -€82,553
- Gross operating margin -€180,916
down €180,916 (-70.3%), from €257,384 to €76,468
- Taxes -€52,386
down €52,386 (-76.3%), from €68,667 to €16,281
- Staff costs -€6,085
down €6,085 (-53.1%), from €11,463 to €5,378
- Depreciation +€3,111
up €3,111 (+26.7%), from €11,635 to €14,745
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 | €2,162,406 | €1,837,104 | -€325,302 | -15.0% |
| Fixed assets | 21/28 | €25,388 | €38,294 | +€12,906 | +50.8% |
| Intangible fixed assets | 21 | €1,675 | €892 | -€783 | -46.8% |
| Tangible fixed assets | 22/27 | €19,138 | €19,357 | +€218 | +1.1% |
| Furniture and vehicles | 24 | €19,138 | €19,357 | +€218 | +1.1% |
| Financial fixed assets | 28 | €4,575 | €18,045 | +€13,470 | +294% |
| Current assets | 29/58 | €2,137,018 | €1,798,810 | -€338,208 | -15.8% |
| Stocks and contracts in progress | 3 | €1,023,224 | €860,185 | -€163,039 | -15.9% |
| Contracts in progress | 37 | €1,023,224 | €860,185 | -€163,039 | -15.9% |
| Amounts receivable within one year | 40/41 | €852,165 | €407,039 | -€445,126 | -52.2% |
| Trade receivables | 40 | €803,597 | €381,258 | -€422,339 | -52.6% |
| Other amounts receivable | 41 | €48,569 | €25,781 | -€22,788 | -46.9% |
| Current investments | 50/53 | €75,714 | €75,714 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €185,883 | €423,720 | +€237,837 | +128% |
| Deferred charges and accrued income | 490/1 | €31 | €32,152 | +€32,121 | +102,523% |
| Total equity and liabilities | 10/49 | €2,162,406 | €1,837,104 | -€325,302 | -15.0% |
| Equity | 10/15 | €504,722 | €523,832 | +€19,110 | +3.8% |
| Contributions | 10/11 | €41,100 | €41,100 | = | 0.0% |
| Reserves | 13 | €463,622 | €482,732 | +€19,110 | +4.1% |
| Non-distributable reserves | 130/1 | €75,714 | €75,714 | = | 0.0% |
| Own shares acquired | 1312 | €75,714 | €75,714 | = | 0.0% |
| Distributable reserves | 133 | €387,908 | €407,017 | +€19,110 | +4.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,657,684 | €1,313,272 | -€344,412 | -20.8% |
| Amounts payable within one year | 42/48 | €1,652,100 | €1,313,272 | -€338,828 | -20.5% |
| Trade debts | 44 | €1,378,511 | €1,100,404 | -€278,107 | -20.2% |
| Suppliers | 440/4 | €1,378,511 | €1,100,404 | -€278,107 | -20.2% |
| Taxes, remuneration and social security | 45 | €128,660 | €46,685 | -€81,975 | -63.7% |
| Taxes | 450/3 | €128,660 | €46,107 | -€82,553 | -64.2% |
| Remuneration and social security | 454/9 | - | €578 | +€578 | |
| Other amounts payable | 47/48 | €144,928 | €166,183 | +€21,255 | +14.7% |
| Accrued charges and deferred income | 492/3 | €5,584 | €0 | -€5,584 | -100% |
| Remuneration, social security and pensions | 62 | €11,463 | €5,378 | -€6,085 | -53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,635 | €14,745 | +€3,111 | +26.7% |
| Other operating charges | 640/8 | - | €1,659 | +€1,659 | |
| Gross operating margin | 9900 | €257,384 | €76,468 | -€180,916 | -70.3% |
| Operating profit (loss) | 9901 | €234,286 | €54,685 | -€179,602 | -76.7% |
| Financial income | 75/76B | €1,735 | €0 | -€1,735 | -100.0% |
| Recurring financial income | 75 | €1,735 | €0 | -€1,735 | -100.0% |
| Financial charges | 65/66B | €954 | €2,607 | +€1,654 | +173% |
| Recurring financial charges | 65 | €954 | €2,607 | +€1,654 | +173% |
| Profit (loss) for the period before taxes | 9903 | €235,068 | €52,077 | -€182,990 | -77.8% |
| Income taxes | 67/77 | €68,667 | €16,281 | -€52,386 | -76.3% |
| Profit (loss) for the period | 9904 | €166,401 | €35,796 | -€130,604 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €166,401 | €35,796 | -€130,604 | -78.5% |
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 30 October 2026 via checked.be.