AC FUSION: 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.
AC FUSION
Largest movements
- Tangible fixed assets -€44,174
down €44,174 (-7.1%), from €620,900 to €576,726
of which Land and buildings: -€44,355
- Deferred charges and accrued income -€10,307
down €10,307 (-81.3%), from €12,683 to €2,376
- Stocks and contracts +€8,396
up €8,396 (+17.5%), from €48,098 to €56,494
- Other debts +€45,913
up €45,913 (+93.8%), from €48,939 to €94,852
- Debts after one year -€43,697
down €43,697 (-13.6%), from €322,093 to €278,396
- Profit (loss) carried forward -€31,729
down €31,729 (-51.0%), from -€62,207 to -€93,936
- Trade debts +€23,316
up €23,316 (+10.7%), from €216,983 to €240,298
- Accrued charges and deferred income -€17,435
down €17,435 (-74.0%), from €23,545 to €6,110
- Gross operating margin +€13,581
up €13,581 (+9.7%), from €139,494 to €153,075
- Staff costs +€12,635
up €12,635 (+13.0%), from €96,979 to €109,614
- Financial charges -€10,009
down €10,009 (-42.4%), from €23,588 to €13,579
- Depreciation -€4,737
down €4,737 (-9.0%), from €52,655 to €47,918
- Other operating charges +€4,714
up €4,714 (+124%), from €3,798 to €8,511
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 | €715,011 | €672,879 | -€42,132 | -5.9% |
| Fixed assets | 21/28 | €623,405 | €579,231 | -€44,174 | -7.1% |
| Tangible fixed assets | 22/27 | €620,900 | €576,726 | -€44,174 | -7.1% |
| Land and buildings | 22 | €612,984 | €568,629 | -€44,355 | -7.2% |
| Plant, machinery and equipment | 23 | €453 | €0 | -€453 | -100% |
| Furniture and vehicles | 24 | €7,463 | €6,005 | -€1,458 | -19.5% |
| Assets under construction and advance payments | 27 | - | €2,091 | +€2,091 | |
| Financial fixed assets | 28 | €2,505 | €2,505 | = | 0.0% |
| Current assets | 29/58 | €91,606 | €93,648 | +€2,043 | +2.2% |
| Stocks and contracts in progress | 3 | €48,098 | €56,494 | +€8,396 | +17.5% |
| Stocks | 30/36 | €48,098 | €56,494 | +€8,396 | +17.5% |
| Amounts receivable within one year | 40/41 | €8,469 | €10,313 | +€1,844 | +21.8% |
| Trade receivables | 40 | - | €5,052 | +€5,052 | |
| Other amounts receivable | 41 | €8,469 | €5,261 | -€3,208 | -37.9% |
| Cash at bank and in hand | 54/58 | €22,356 | €24,465 | +€2,110 | +9.4% |
| Deferred charges and accrued income | 490/1 | €12,683 | €2,376 | -€10,307 | -81.3% |
| Total equity and liabilities | 10/49 | €715,011 | €672,879 | -€42,132 | -5.9% |
| Equity | 10/15 | €33,503 | €1,774 | -€31,729 | -94.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,110 | €77,110 | = | 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% |
| Distributable reserves | 133 | €75,250 | €75,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,207 | -€93,936 | -€31,729 | -51.0% |
| Amounts payable | 17/49 | €681,508 | €671,105 | -€10,403 | -1.5% |
| Amounts payable after more than one year | 17 | €322,093 | €278,396 | -€43,697 | -13.6% |
| Financial debts | 170/4 | €322,093 | €278,396 | -€43,697 | -13.6% |
| Amounts payable within one year | 42/48 | €335,870 | €386,599 | +€50,729 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €44,366 | €44,541 | +€175 | +0.4% |
| Trade debts | 44 | €216,983 | €240,298 | +€23,316 | +10.7% |
| Suppliers | 440/4 | €216,983 | €240,298 | +€23,316 | +10.7% |
| Advances received on contracts in progress | 46 | €15,035 | €0 | -€15,035 | -100% |
| Taxes, remuneration and social security | 45 | €10,547 | €6,908 | -€3,639 | -34.5% |
| Taxes | 450/3 | €316 | €0 | -€316 | -100% |
| Remuneration and social security | 454/9 | €10,231 | €6,908 | -€3,323 | -32.5% |
| Other amounts payable | 47/48 | €48,939 | €94,852 | +€45,913 | +93.8% |
| Accrued charges and deferred income | 492/3 | €23,545 | €6,110 | -€17,435 | -74.0% |
| Remuneration, social security and pensions | 62 | €96,979 | €109,614 | +€12,635 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,655 | €47,918 | -€4,737 | -9.0% |
| Other operating charges | 640/8 | €3,798 | €8,511 | +€4,714 | +124% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €139,494 | €153,075 | +€13,581 | +9.7% |
| Operating profit (loss) | 9901 | -€13,938 | -€12,969 | +€970 | +7.0% |
| Financial income | 75/76B | €530 | €344 | -€186 | -35.2% |
| Recurring financial income | 75 | €530 | €344 | -€186 | -35.2% |
| Financial charges | 65/66B | €23,588 | €13,579 | -€10,009 | -42.4% |
| Recurring financial charges | 65 | €23,588 | €13,579 | -€10,009 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | -€36,996 | -€26,204 | +€10,792 | +29.2% |
| Income taxes | 67/77 | €6,350 | €5,525 | -€825 | -13.0% |
| Profit (loss) for the period | 9904 | -€43,346 | -€31,729 | +€11,617 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,346 | -€31,729 | +€11,617 | +26.8% |
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 19 October 2026 via checked.be.