AC-INVEST: 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-INVEST
Largest movements
- Receivables within one year +€82,013
up €82,013 (+525%), from €15,613 to €97,626
of which Trade receivables: +€86,010
- Cash +€8,396
up €8,396 (+482%), from €1,743 to €10,138
mainly Net result for the year (+€50,412) and Tax, wage and social debts (+€29,904)
- Tangible fixed assets -€7,820
down €7,820 (-1.5%), from €530,915 to €523,095
of which Land and buildings: -€6,092
- Reserves +€37,036
new in 2025: €37,036
- Tax, wage and social debts +€29,904
up €29,904 (+997%), from €3,000 to €32,904
- Debts after one year -€25,939
down €25,939 (-5.9%), from €436,430 to €410,491
- Other debts +€22,784
up €22,784 (+28.7%), from €79,352 to €102,136
- Profit (loss) carried forward +€13,376
no longer reported in 2025 (was -€13,376)
- Depreciation -€74,432
down €74,432 (-76.1%), from €97,788 to €23,356
- Gross operating margin -€9,671
down €9,671 (-8.1%), from €118,708 to €109,037
- Taxes +€8,983
new in 2025: €8,983
- Financial charges -€7,957
down €7,957 (-24.8%), from €32,094 to €24,137
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 | €548,461 | €631,185 | +€82,724 | +15.1% |
| Fixed assets | 21/28 | €530,915 | €523,095 | -€7,820 | -1.5% |
| Tangible fixed assets | 22/27 | €530,915 | €523,095 | -€7,820 | -1.5% |
| Land and buildings | 22 | €520,721 | €514,629 | -€6,092 | -1.2% |
| Plant, machinery and equipment | 23 | €10,194 | €8,466 | -€1,728 | -17.0% |
| Current assets | 29/58 | €17,546 | €108,090 | +€90,544 | +516% |
| Amounts receivable within one year | 40/41 | €15,613 | €97,626 | +€82,013 | +525% |
| Trade receivables | 40 | €11,616 | €97,626 | +€86,010 | +740% |
| Other amounts receivable | 41 | €3,997 | - | -€3,997 | |
| Cash at bank and in hand | 54/58 | €1,743 | €10,138 | +€8,396 | +482% |
| Deferred charges and accrued income | 490/1 | €190 | €325 | +€135 | +70.9% |
| Total equity and liabilities | 10/49 | €548,461 | €631,185 | +€82,724 | +15.1% |
| Equity | 10/15 | €1,624 | €52,036 | +€50,412 | +3,104% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | - | €37,036 | +€37,036 | |
| Distributable reserves | 133 | - | €37,036 | +€37,036 | |
| Profit (loss) carried forward | 14 | -€13,376 | - | +€13,376 | |
| Amounts payable | 17/49 | €546,837 | €579,149 | +€32,312 | +5.9% |
| Amounts payable after more than one year | 17 | €436,430 | €410,491 | -€25,939 | -5.9% |
| Financial debts | 170/4 | €436,430 | €410,491 | -€25,939 | -5.9% |
| Amounts payable within one year | 42/48 | €107,700 | €165,811 | +€58,111 | +54.0% |
| Current portion of amounts payable after more than one year | 42 | €24,811 | €25,939 | +€1,128 | +4.5% |
| Trade debts | 44 | €537 | €4,832 | +€4,295 | +799% |
| Suppliers | 440/4 | €537 | €4,832 | +€4,295 | +799% |
| Taxes, remuneration and social security | 45 | €3,000 | €32,904 | +€29,904 | +997% |
| Taxes | 450/3 | €3,000 | €32,904 | +€29,904 | +997% |
| Other amounts payable | 47/48 | €79,352 | €102,136 | +€22,784 | +28.7% |
| Accrued charges and deferred income | 492/3 | €2,707 | €2,848 | +€140 | +5.2% |
| Non-recurring operating income | 76A | - | €387 | +€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,788 | €23,356 | -€74,432 | -76.1% |
| Other operating charges | 640/8 | €2,413 | €2,149 | -€264 | -10.9% |
| Gross operating margin | 9900 | €118,708 | €109,037 | -€9,671 | -8.1% |
| Operating profit (loss) | 9901 | €18,507 | €83,532 | +€65,025 | +351% |
| Financial income | 75/76B | €210 | €0 | -€210 | -100.0% |
| Recurring financial income | 75 | €210 | €0 | -€210 | -100.0% |
| Financial charges | 65/66B | €32,094 | €24,137 | -€7,957 | -24.8% |
| Recurring financial charges | 65 | €32,094 | €24,137 | -€7,957 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,376 | €59,395 | +€72,771 | |
| Income taxes | 67/77 | - | €8,983 | +€8,983 | |
| Profit (loss) for the period | 9904 | -€13,376 | €50,412 | +€63,788 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,376 | €50,412 | +€63,788 |
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 15 October 2026 via checked.be.