A4C: 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.
A4C
Largest movements
- Intangible fixed assets -€91,362
down €91,362 (-29.4%), from €310,607 to €219,245
- Receivables within one year -€85,795
down €85,795 (-29.8%), from €287,546 to €201,750
of which Trade receivables: -€85,361
- Deferred charges and accrued income -€11,358
down €11,358 (-18.6%), from €61,078 to €49,720
- Tangible fixed assets -€9,500
down €9,500 (-25.0%), from €37,955 to €28,455
of which Furniture and vehicles: -€5,692
- Tax, wage and social debts -€204,083
down €204,083 (-75.1%), from €271,657 to €67,574
of which Taxes: -€141,976
- Profit (loss) carried forward +€50,462
up €50,462 (+390.2%), from €12,933 to €63,394
- Short-term financial debts -€48,427
down €48,427 (-24.4%), from €198,427 to €150,000
- Debts after one year +€37,924
up €37,924 (+53.3%), from €71,171 to €109,096
- Trade debts -€12,675
down €12,675 (-19.8%), from €64,129 to €51,454
- Write-downs -€37,148
down €37,148, from €18,574 to -€18,574
- Staff costs -€36,472
down €36,472 (-7.8%), from €465,520 to €429,048
- Financial charges -€20,902
down €20,902 (-42.2%), from €49,582 to €28,680
- Gross operating margin -€16,870
down €16,870 (-2.6%), from €639,643 to €622,772
- Other operating charges +€8,568
up €8,568 (+67.7%), from €12,659 to €21,227
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 | €736,444 | €547,755 | -€188,690 | -25.6% |
| Fixed assets | 21/28 | €355,119 | €254,507 | -€100,612 | -28.3% |
| Intangible fixed assets | 21 | €310,607 | €219,245 | -€91,362 | -29.4% |
| Tangible fixed assets | 22/27 | €37,955 | €28,455 | -€9,500 | -25.0% |
| Land and buildings | 22 | €20,756 | €15,779 | -€4,978 | -24.0% |
| Plant, machinery and equipment | 23 | - | €1,170 | +€1,170 | |
| Furniture and vehicles | 24 | €17,198 | €11,506 | -€5,692 | -33.1% |
| Financial fixed assets | 28 | €6,557 | €6,807 | +€250 | +3.8% |
| Current assets | 29/58 | €381,325 | €293,247 | -€88,078 | -23.1% |
| Stocks and contracts in progress | 3 | €29,278 | €36,024 | +€6,746 | +23.0% |
| Stocks | 30/36 | €29,278 | €36,024 | +€6,746 | +23.0% |
| Amounts receivable within one year | 40/41 | €287,546 | €201,750 | -€85,795 | -29.8% |
| Trade receivables | 40 | €278,107 | €192,746 | -€85,361 | -30.7% |
| Other amounts receivable | 41 | €9,439 | €9,004 | -€435 | -4.6% |
| Cash at bank and in hand | 54/58 | €3,424 | €5,753 | +€2,329 | +68.0% |
| Deferred charges and accrued income | 490/1 | €61,078 | €49,720 | -€11,358 | -18.6% |
| Total equity and liabilities | 10/49 | €736,444 | €547,755 | -€188,690 | -25.6% |
| Equity | 10/15 | €56,012 | €112,036 | +€56,025 | +100.0% |
| Contributions | 10/11 | €39,400 | €45,400 | +€6,000 | +15.2% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,933 | €63,394 | +€50,462 | +390.2% |
| Investment grants | 15 | €1,819 | €1,382 | -€437 | -24.0% |
| Amounts payable | 17/49 | €680,433 | €435,718 | -€244,714 | -36.0% |
| Amounts payable after more than one year | 17 | €71,171 | €109,096 | +€37,924 | +53.3% |
| Financial debts | 170/4 | €71,171 | €109,096 | +€37,924 | +53.3% |
| Amounts payable within one year | 42/48 | €609,261 | €326,623 | -€282,639 | -46.4% |
| Current portion of amounts payable after more than one year | 42 | €43,270 | €34,634 | -€8,636 | -20.0% |
| Financial debts | 43 | €198,427 | €150,000 | -€48,427 | -24.4% |
| Credit institutions | 430/8 | €198,427 | €150,000 | -€48,427 | -24.4% |
| Trade debts | 44 | €64,129 | €51,454 | -€12,675 | -19.8% |
| Suppliers | 440/4 | €64,129 | €51,454 | -€12,675 | -19.8% |
| Taxes, remuneration and social security | 45 | €271,657 | €67,574 | -€204,083 | -75.1% |
| Taxes | 450/3 | €181,833 | €39,858 | -€141,976 | -78.1% |
| Remuneration and social security | 454/9 | €89,824 | €27,717 | -€62,107 | -69.1% |
| Other amounts payable | 47/48 | €31,778 | €22,960 | -€8,818 | -27.7% |
| Remuneration, social security and pensions | 62 | €465,520 | €429,048 | -€36,472 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,090 | €104,755 | +€7,665 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,574 | -€18,574 | -€37,148 | |
| Other operating charges | 640/8 | €12,659 | €21,227 | +€8,568 | +67.7% |
| Gross operating margin | 9900 | €639,643 | €622,772 | -€16,870 | -2.6% |
| Operating profit (loss) | 9901 | €45,800 | €86,317 | +€40,517 | +88.5% |
| Financial income | 75/76B | €440 | €613 | +€174 | +39.6% |
| Recurring financial income | 75 | €440 | €613 | +€174 | +39.6% |
| Financial charges | 65/66B | €49,582 | €28,680 | -€20,902 | -42.2% |
| Recurring financial charges | 65 | €49,582 | €28,680 | -€20,902 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,342 | €58,250 | +€61,592 | |
| Income taxes | 67/77 | €2,823 | €7,789 | +€4,965 | +175.9% |
| Profit (loss) for the period | 9904 | -€6,165 | €50,462 | +€56,627 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,165 | €50,462 | +€56,627 |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.