A.C.L.: 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.L.
Largest movements
- Current investments +€432,313
up €432,313 (+70.5%), from €613,120 to €1.0m
- Cash -€353,124
down €353,124 (-55.3%), from €638,022 to €284,898
mainly Current investments (-€432,313) and Receivables within one year (-€9,824)
- Tangible fixed assets -€20,133
down €20,133 (-5.9%), from €339,395 to €319,262
of which Land and buildings: -€19,832
- Reserves +€73,461
up €73,461 (+5.2%), from €1.4m to €1.5m
of which Distributable reserves: +€73,461
- Gross operating margin -€195,761
down €195,761 (-64.7%), from €302,460 to €106,699
- Financial income +€7,960
up €7,960 (+56.2%), from €14,160 to €22,120
- Depreciation -€5,503
down €5,503 (-21.5%), from €25,636 to €20,133
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 | €1,609,825 | €1,678,721 | +€68,896 | +4.3% |
| Fixed assets | 21/28 | €339,395 | €319,262 | -€20,133 | -5.9% |
| Tangible fixed assets | 22/27 | €339,395 | €319,262 | -€20,133 | -5.9% |
| Land and buildings | 22 | €336,386 | €316,554 | -€19,832 | -5.9% |
| Plant, machinery and equipment | 23 | €3,008 | €2,708 | -€301 | -10.0% |
| Current assets | 29/58 | €1,270,431 | €1,359,459 | +€89,029 | +7.0% |
| Amounts receivable within one year | 40/41 | €18,723 | €28,548 | +€9,824 | +52.5% |
| Trade receivables | 40 | €18,723 | €26,007 | +€7,284 | +38.9% |
| Other amounts receivable | 41 | - | €2,541 | +€2,541 | |
| Current investments | 50/53 | €613,120 | €1,045,434 | +€432,313 | +70.5% |
| Cash at bank and in hand | 54/58 | €638,022 | €284,898 | -€353,124 | -55.3% |
| Deferred charges and accrued income | 490/1 | €565 | €580 | +€15 | +2.7% |
| Total equity and liabilities | 10/49 | €1,609,825 | €1,678,721 | +€68,896 | +4.3% |
| Equity | 10/15 | €1,542,048 | €1,615,508 | +€73,461 | +4.8% |
| Contributions | 10/11 | €118,000 | €118,000 | = | 0.0% |
| Reserves | 13 | €1,424,048 | €1,497,508 | +€73,461 | +5.2% |
| Tax-exempt reserves | 132 | €141,927 | €141,927 | = | 0.0% |
| Distributable reserves | 133 | €1,282,121 | €1,355,581 | +€73,461 | +5.7% |
| Provisions and deferred taxes | 16 | €47,309 | €47,309 | = | 0.0% |
| Deferred taxes | 168 | €47,309 | €47,309 | = | 0.0% |
| Amounts payable | 17/49 | €20,469 | €15,904 | -€4,565 | -22.3% |
| Amounts payable within one year | 42/48 | €13,013 | €8,080 | -€4,933 | -37.9% |
| Trade debts | 44 | €3,214 | €1,889 | -€1,325 | -41.2% |
| Suppliers | 440/4 | €3,214 | €1,889 | -€1,325 | -41.2% |
| Taxes, remuneration and social security | 45 | €6,799 | €3,191 | -€3,608 | -53.1% |
| Taxes | 450/3 | €6,799 | €3,191 | -€3,608 | -53.1% |
| Other amounts payable | 47/48 | €3,000 | €3,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,456 | €7,824 | +€368 | +4.9% |
| Non-recurring operating income | 76A | €202,304 | - | -€202,304 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,636 | €20,133 | -€5,503 | -21.5% |
| Other operating charges | 640/8 | €12,513 | €11,056 | -€1,457 | -11.6% |
| Gross operating margin | 9900 | €302,460 | €106,699 | -€195,761 | -64.7% |
| Operating profit (loss) | 9901 | €264,311 | €75,510 | -€188,801 | -71.4% |
| Financial income | 75/76B | €14,160 | €22,120 | +€7,960 | +56.2% |
| Recurring financial income | 75 | €14,160 | €22,120 | +€7,960 | +56.2% |
| Financial charges | 65/66B | €95 | €74 | -€21 | -22.0% |
| Recurring financial charges | 65 | €95 | €74 | -€21 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €278,375 | €97,556 | -€180,819 | -65.0% |
| Transfer to deferred taxes | 680 | €47,309 | - | -€47,309 | |
| Income taxes | 67/77 | €22,523 | €24,095 | +€1,572 | +7.0% |
| Profit (loss) for the period | 9904 | €208,543 | €73,461 | -€135,083 | -64.8% |
| Transfer to tax-exempt reserves | 689 | €141,927 | - | -€141,927 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,616 | €73,461 | +€6,844 | +10.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.