A.C.O.: what changed
Two fiscal 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.O.
Largest movements
- Stocks and contracts -€34,040
down €34,040 (-44.5%), from €76,509 to €42,469
- Tangible fixed assets -€21,974
down €21,974 (-34.4%), from €63,817 to €41,844
of which Furniture and vehicles: -€13,987
- Cash -€13,774
down €13,774 (-8.8%), from €156,366 to €142,592
mainly Debts after one year (-€159,790) and Other debts (-€60,110)
- Debts after one year -€159,790
down €159,790 (-70.2%), from €227,752 to €67,962
- Trade debts +€83,699
up €83,699 (+120.8%), from €69,282 to €152,981
- Other debts -€60,110
down €60,110 (-72.6%), from €82,847 to €22,738
- Current portion of long-term debt +€30,603
up €30,603 (+99.2%), from €30,835 to €61,438
- Tax, wage and social debts +€28,732
new in 2025: €28,732
- Depreciation -€11,777
down €11,777 (-30.6%), from €38,540 to €26,763
- Staff costs -€11,391
down €11,391 (-4.7%), from €240,020 to €228,629
- Gross operating margin +€9,066
up €9,066 (+3.3%), from €276,612 to €285,678
- Other operating charges +€6,107
up €6,107 (+214.6%), from €2,846 to €8,953
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.
Cash bridge derived
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 | €501,984 | €433,168 | -€68,816 | -13.7% |
| Fixed assets | 21/28 | €63,817 | €41,844 | -€21,974 | -34.4% |
| Tangible fixed assets | 22/27 | €63,817 | €41,844 | -€21,974 | -34.4% |
| Land and buildings | 22 | €3,875 | €3,459 | -€415 | -10.7% |
| Plant, machinery and equipment | 23 | €22,729 | €15,157 | -€7,571 | -33.3% |
| Furniture and vehicles | 24 | €37,214 | €23,227 | -€13,987 | -37.6% |
| Current assets | 29/58 | €438,166 | €391,324 | -€46,842 | -10.7% |
| Stocks and contracts in progress | 3 | €76,509 | €42,469 | -€34,040 | -44.5% |
| Stocks | 30/36 | €76,509 | €42,469 | -€34,040 | -44.5% |
| Amounts receivable within one year | 40/41 | €205,291 | €206,263 | +€972 | +0.5% |
| Trade receivables | 40 | €156,216 | €202,309 | +€46,093 | +29.5% |
| Other amounts receivable | 41 | €49,075 | €3,955 | -€45,121 | -91.9% |
| Cash at bank and in hand | 54/58 | €156,366 | €142,592 | -€13,774 | -8.8% |
| Total equity and liabilities | 10/49 | €501,984 | €433,168 | -€68,816 | -13.7% |
| Equity | 10/15 | €91,267 | €99,317 | +€8,050 | +8.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €89,030 | €89,030 | = | 0.0% |
| Distributable reserves | 133 | €89,030 | €89,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,763 | -€9,713 | +€8,050 | +45.3% |
| Amounts payable | 17/49 | €410,717 | €333,851 | -€76,866 | -18.7% |
| Amounts payable after more than one year | 17 | €227,752 | €67,962 | -€159,790 | -70.2% |
| Financial debts | 170/4 | €227,752 | €67,962 | -€159,790 | -70.2% |
| Amounts payable within one year | 42/48 | €182,965 | €265,889 | +€82,924 | +45.3% |
| Current portion of amounts payable after more than one year | 42 | €30,835 | €61,438 | +€30,603 | +99.2% |
| Trade debts | 44 | €69,282 | €152,981 | +€83,699 | +120.8% |
| Suppliers | 440/4 | €69,282 | €152,981 | +€83,699 | +120.8% |
| Taxes, remuneration and social security | 45 | - | €28,732 | +€28,732 | |
| Taxes | 450/3 | - | €28,732 | +€28,732 | |
| Other amounts payable | 47/48 | €82,847 | €22,738 | -€60,110 | -72.6% |
| Remuneration, social security and pensions | 62 | €240,020 | €228,629 | -€11,391 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,540 | €26,763 | -€11,777 | -30.6% |
| Other operating charges | 640/8 | €2,846 | €8,953 | +€6,107 | +214.6% |
| Gross operating margin | 9900 | €276,612 | €285,678 | +€9,066 | +3.3% |
| Operating profit (loss) | 9901 | -€4,794 | €21,333 | +€26,127 | |
| Financial income | 75/76B | €879 | €307 | -€572 | -65.0% |
| Recurring financial income | 75 | €879 | €307 | -€572 | -65.0% |
| Financial charges | 65/66B | €13,849 | €11,698 | -€2,151 | -15.5% |
| Recurring financial charges | 65 | €13,849 | €11,698 | -€2,151 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€17,763 | €9,943 | +€27,706 | |
| Income taxes | 67/77 | - | €1,893 | +€1,893 | |
| Profit (loss) for the period | 9904 | -€17,763 | €8,050 | +€25,813 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,763 | €8,050 | +€25,813 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.