A.C.: 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.
A.C.
Largest movements
- Receivables within one year +€364,400
up €364,400 (+28.3%), from €1.3m to €1.7m
of which Trade receivables: +€371,416
- Stocks and contracts -€191,985
down €191,985 (-71.0%), from €270,537 to €78,552
- Tangible fixed assets -€138,108
down €138,108 (-14.5%), from €954,187 to €816,079
of which Furniture and vehicles: -€90,590
- Cash -€123,265
down €123,265 (-69.8%), from €176,529 to €53,264
mainly Trade debts (-€667,038) and Provisions (-€659,884)
- Other debts +€1.3m
up €1.3m (+1,909%), from €65,756 to €1.3m
- Trade debts -€667,038
down €667,038 (-62.2%), from €1.1m to €404,916
- Provisions -€659,884
no longer reported in 2025 (was €659,884)
- Debts after one year -€157,385
down €157,385 (-43.0%), from €366,263 to €208,878
- Profit (loss) carried forward +€106,174
up €106,174 (+53.8%), from €197,349 to €303,522
- Gross operating margin +€644,267
up €644,267 (+79.2%), from €813,869 to €1.5m
- Depreciation -€96,767
down €96,767 (-36.5%), from €265,202 to €168,434
- Staff costs +€90,080
up €90,080 (+25.7%), from €349,895 to €439,974
- Write-downs -€43,419
down €43,419 (-52.8%), from €82,302 to €38,884
- Other operating charges +€37,460
up €37,460 (+80.6%), from €46,449 to €83,909
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 | €2,758,729 | €2,662,459 | -€96,270 | -3.5% |
| Fixed assets | 21/28 | €957,236 | €829,128 | -€128,108 | -13.4% |
| Tangible fixed assets | 22/27 | €954,187 | €816,079 | -€138,108 | -14.5% |
| Plant, machinery and equipment | 23 | €644,715 | €623,226 | -€21,489 | -3.3% |
| Furniture and vehicles | 24 | €226,569 | €135,978 | -€90,590 | -40.0% |
| Leasing and similar rights | 25 | €1,512 | €56,874 | +€55,362 | +3,662% |
| Other tangible fixed assets | 26 | €81,391 | - | -€81,391 | |
| Financial fixed assets | 28 | €3,049 | €13,049 | +€10,000 | +328% |
| Current assets | 29/58 | €1,801,494 | €1,833,331 | +€31,837 | +1.8% |
| Stocks and contracts in progress | 3 | €270,537 | €78,552 | -€191,985 | -71.0% |
| Stocks | 30/36 | €270,537 | €78,552 | -€191,985 | -71.0% |
| Amounts receivable within one year | 40/41 | €1,287,514 | €1,651,914 | +€364,400 | +28.3% |
| Trade receivables | 40 | €1,276,362 | €1,647,777 | +€371,416 | +29.1% |
| Other amounts receivable | 41 | €11,153 | €4,137 | -€7,016 | -62.9% |
| Cash at bank and in hand | 54/58 | €176,529 | €53,264 | -€123,265 | -69.8% |
| Deferred charges and accrued income | 490/1 | €66,913 | €49,601 | -€17,312 | -25.9% |
| Total equity and liabilities | 10/49 | €2,758,729 | €2,662,459 | -€96,270 | -3.5% |
| Equity | 10/15 | €352,856 | €459,030 | +€106,174 | +30.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €135,507 | €135,507 | = | 0.0% |
| Tax-exempt reserves | 132 | €131,578 | €131,578 | = | 0.0% |
| Distributable reserves | 133 | €3,929 | €3,929 | = | 0.0% |
| Profit (loss) carried forward | 14 | €197,349 | €303,522 | +€106,174 | +53.8% |
| Provisions and deferred taxes | 16 | €659,884 | - | -€659,884 | |
| Provisions for liabilities and charges | 160/5 | €659,884 | - | -€659,884 | |
| Other liabilities and charges | 164/5 | €659,884 | - | -€659,884 | |
| Amounts payable | 17/49 | €1,745,990 | €2,203,429 | +€457,440 | +26.2% |
| Amounts payable after more than one year | 17 | €366,263 | €208,878 | -€157,385 | -43.0% |
| Financial debts | 170/4 | €366,263 | €208,878 | -€157,385 | -43.0% |
| Amounts payable within one year | 42/48 | €1,346,361 | €1,994,552 | +€648,191 | +48.1% |
| Current portion of amounts payable after more than one year | 42 | €160,245 | €136,424 | -€23,821 | -14.9% |
| Trade debts | 44 | €1,071,953 | €404,916 | -€667,038 | -62.2% |
| Suppliers | 440/4 | €1,071,953 | €404,916 | -€667,038 | -62.2% |
| Taxes, remuneration and social security | 45 | €48,407 | €132,078 | +€83,671 | +173% |
| Taxes | 450/3 | €880 | €45,976 | +€45,096 | +5,122% |
| Remuneration and social security | 454/9 | €47,526 | €86,102 | +€38,575 | +81.2% |
| Other amounts payable | 47/48 | €65,756 | €1,321,134 | +€1.3m | +1,909% |
| Accrued charges and deferred income | 492/3 | €33,366 | - | -€33,366 | |
| Non-recurring operating income | 76A | - | €256,428 | +€256,428 | |
| Remuneration, social security and pensions | 62 | €349,895 | €439,974 | +€90,080 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €265,202 | €168,434 | -€96,767 | -36.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €82,302 | €38,884 | -€43,419 | -52.8% |
| Other operating charges | 640/8 | €46,449 | €83,909 | +€37,460 | +80.6% |
| Non-recurring operating charges | 66A | €4,706 | €62,256 | +€57,551 | +1,223% |
| Gross operating margin | 9900 | €813,869 | €1,458,135 | +€644,267 | +79.2% |
| Operating profit (loss) | 9901 | €65,316 | €664,678 | +€599,363 | +918% |
| Financial income | 75/76B | €2,918 | €1,136 | -€1,782 | -61.1% |
| Recurring financial income | 75 | €1,363 | €1,136 | -€227 | -16.6% |
| Non-recurring financial income | 76B | €1,555 | - | -€1,555 | |
| Financial charges | 65/66B | €74,196 | €70,582 | -€3,615 | -4.9% |
| Recurring financial charges | 65 | €74,196 | €70,582 | -€3,615 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,963 | €595,233 | +€601,196 | |
| Income taxes | 67/77 | €348 | €12,873 | +€12,525 | +3,600% |
| Profit (loss) for the period | 9904 | -€6,311 | €582,360 | +€588,670 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,311 | €582,360 | +€588,670 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.