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
- Cash -€846,344
down €846,344 (-98.1%), from €862,820 to €16,475
mainly Investment in fixed assets (net) (-€881,333) and Stocks and contracts (-€391,782)
- Tangible fixed assets +€527,771
up €527,771 (+8.3%), from €6.3m to €6.9m
of which Land and buildings: +€503,944
- Stocks and contracts +€391,782
up €391,782 (+4,979%), from €7,869 to €399,651
- Receivables within one year +€192,532
up €192,532 (+5.7%), from €3.4m to €3.6m
of which Trade receivables: +€128,822
- Other debts +€222,938
up €222,938 (+11.3%), from €2.0m to €2.2m
- Financial income -€106,746
down €106,746 (-63.3%), from €168,745 to €61,998
- Gross operating margin -€21,744
down €21,744 (-5.1%), from €430,264 to €408,520
- Taxes -€12,595
down €12,595 (-16.7%), from €75,207 to €62,612
- Depreciation -€9,569
down €9,569 (-2.6%), from €363,131 to €353,562
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 | €11,057,146 | €11,334,080 | +€276,934 | +2.5% |
| Fixed assets | 21/28 | €6,788,677 | €7,316,448 | +€527,771 | +7.8% |
| Tangible fixed assets | 22/27 | €6,334,956 | €6,862,727 | +€527,771 | +8.3% |
| Land and buildings | 22 | €6,298,859 | €6,802,804 | +€503,944 | +8.0% |
| Furniture and vehicles | 24 | €36,097 | €59,924 | +€23,827 | +66.0% |
| Financial fixed assets | 28 | €453,721 | €453,721 | = | 0.0% |
| Current assets | 29/58 | €4,268,469 | €4,017,632 | -€250,837 | -5.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €7,869 | €399,651 | +€391,782 | +4,979% |
| Stocks | 30/36 | €7,869 | €399,651 | +€391,782 | +4,979% |
| Amounts receivable within one year | 40/41 | €3,397,322 | €3,589,855 | +€192,532 | +5.7% |
| Trade receivables | 40 | €268,959 | €397,782 | +€128,822 | +47.9% |
| Other amounts receivable | 41 | €3,128,363 | €3,192,073 | +€63,710 | +2.0% |
| Cash at bank and in hand | 54/58 | €862,820 | €16,475 | -€846,344 | -98.1% |
| Deferred charges and accrued income | 490/1 | €459 | €11,652 | +€11,193 | +2,441% |
| Total equity and liabilities | 10/49 | €11,057,146 | €11,334,080 | +€276,934 | +2.5% |
| Equity | 10/15 | €8,513,956 | €8,566,235 | +€52,279 | +0.6% |
| Contributions | 10/11 | €397,200 | €397,200 | = | 0.0% |
| Reserves | 13 | €8,116,756 | €8,169,035 | +€52,279 | +0.6% |
| Tax-exempt reserves | 132 | €323,196 | €312,588 | -€10,607 | -3.3% |
| Distributable reserves | 133 | €7,793,561 | €7,856,447 | +€62,886 | +0.8% |
| Provisions and deferred taxes | 16 | €145,332 | €141,796 | -€3,536 | -2.4% |
| Provisions for liabilities and charges | 160/5 | €37,600 | €37,600 | = | 0.0% |
| Pensions and similar obligations | 160 | €37,600 | €37,600 | = | 0.0% |
| Deferred taxes | 168 | €107,732 | €104,196 | -€3,536 | -3.3% |
| Amounts payable | 17/49 | €2,397,858 | €2,626,049 | +€228,191 | +9.5% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,383,234 | €2,610,087 | +€226,854 | +9.5% |
| Trade debts | 44 | €392,803 | €396,734 | +€3,930 | +1.0% |
| Suppliers | 440/4 | €392,803 | €396,734 | +€3,930 | +1.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,444 | €18,429 | -€14 | -0.1% |
| Taxes | 450/3 | €18,444 | €18,429 | -€14 | -0.1% |
| Other amounts payable | 47/48 | €1,971,986 | €2,194,924 | +€222,938 | +11.3% |
| Accrued charges and deferred income | 492/3 | €4,625 | €5,962 | +€1,338 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €363,131 | €353,562 | -€9,569 | -2.6% |
| Other operating charges | 640/8 | €2,139 | €3,376 | +€1,237 | +57.8% |
| Gross operating margin | 9900 | €430,264 | €408,520 | -€21,744 | -5.1% |
| Operating profit (loss) | 9901 | €64,995 | €51,582 | -€13,412 | -20.6% |
| Financial income | 75/76B | €168,745 | €61,998 | -€106,746 | -63.3% |
| Recurring financial income | 75 | €168,745 | €61,998 | -€106,746 | -63.3% |
| Financial charges | 65/66B | €1,563 | €2,226 | +€663 | +42.4% |
| Recurring financial charges | 65 | €1,563 | €2,226 | +€663 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | €232,177 | €111,355 | -€120,822 | -52.0% |
| Transfer from deferred taxes | 780 | €3,536 | €3,536 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €75,207 | €62,612 | -€12,595 | -16.7% |
| Profit (loss) for the period | 9904 | €160,505 | €52,279 | -€108,227 | -67.4% |
| Transfer from tax-exempt reserves | 789 | €10,607 | €10,607 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €171,112 | €62,886 | -€108,227 | -63.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.