AC MANAGEMENT: what changed
AC MANAGEMENT
Largest movements
- Cash +€13,546
up €13,546 (+4.3%), from €315,206 to €328,752
mainly Net result for the year (+€61,252) and Accrued charges and deferred income (+€9,521)
- Reserves +€61,252
up €61,252 (+47.7%), from €128,282 to €189,534
of which Distributable reserves: +€61,252
- Other debts -€28,348
down €28,348 (-30.4%), from €93,227 to €64,879
- Tax, wage and social debts -€23,156
no longer reported in 2025 (was €23,156)
- Accrued charges and deferred income +€9,521
up €9,521 (+275%), from €3,457 to €12,979
- Financial charges +€38,957
up €38,957 (+857%), from €4,548 to €43,505
of which Financial charges: +€39,559
- Taxes -€13,206
down €13,206 (-30.6%), from €43,156 to €29,950
- Gross operating margin -€6,806
down €6,806 (-4.9%), from €139,819 to €133,013
- Financial income +€2,403
new in 2025: €2,403
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €656,416 | €675,380 | +€18,964 | +2.9% |
| Fixed assets | 21/28 | €340,000 | €340,000 | = | 0.0% |
| Financial fixed assets | 28 | €340,000 | €340,000 | = | 0.0% |
| Current assets | 29/58 | €316,416 | €335,380 | +€18,964 | +6.0% |
| Amounts receivable within one year | 40/41 | €1,170 | €6,603 | +€5,433 | +464% |
| Trade receivables | 40 | €1,089 | - | -€1,089 | |
| Other amounts receivable | 41 | €81 | €6,603 | +€6,522 | +8,072% |
| Cash at bank and in hand | 54/58 | €315,206 | €328,752 | +€13,546 | +4.3% |
| Deferred charges and accrued income | 490/1 | €40 | €25 | -€15 | -37.3% |
| Total equity and liabilities | 10/49 | €656,416 | €675,380 | +€18,964 | +2.9% |
| Equity | 10/15 | €134,482 | €195,734 | +€61,252 | +45.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €128,282 | €189,534 | +€61,252 | +47.7% |
| Tax-exempt reserves | 132 | €36,908 | €36,908 | = | 0.0% |
| Distributable reserves | 133 | €91,374 | €152,626 | +€61,252 | +67.0% |
| Amounts payable | 17/49 | €521,934 | €479,646 | -€42,288 | -8.1% |
| Amounts payable after more than one year | 17 | €400,000 | €400,000 | = | 0.0% |
| Other amounts payable | 178/9 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €118,477 | €66,668 | -€51,809 | -43.7% |
| Trade debts | 44 | €2,094 | €1,789 | -€305 | -14.6% |
| Suppliers | 440/4 | €2,094 | €1,789 | -€305 | -14.6% |
| Taxes, remuneration and social security | 45 | €23,156 | - | -€23,156 | |
| Taxes | 450/3 | €23,156 | - | -€23,156 | |
| Other amounts payable | 47/48 | €93,227 | €64,879 | -€28,348 | -30.4% |
| Accrued charges and deferred income | 492/3 | €3,457 | €12,979 | +€9,521 | +275% |
| Other operating charges | 640/8 | €741 | €709 | -€32 | -4.3% |
| Gross operating margin | 9900 | €139,819 | €133,013 | -€6,806 | -4.9% |
| Operating profit (loss) | 9901 | €139,078 | €132,304 | -€6,774 | -4.9% |
| Financial income | 75/76B | - | €2,403 | +€2,403 | |
| Recurring financial income | 75 | - | €2,403 | +€2,403 | |
| Financial charges | 65/66B | €4,548 | €43,505 | +€38,957 | +857% |
| Recurring financial charges | 65 | €3,946 | €43,505 | +€39,559 | +1,002% |
| Non-recurring financial charges | 66B | €602 | - | -€602 | |
| Profit (loss) for the period before taxes | 9903 | €134,530 | €91,202 | -€43,328 | -32.2% |
| Income taxes | 67/77 | €43,156 | €29,950 | -€13,206 | -30.6% |
| Profit (loss) for the period | 9904 | €91,374 | €61,252 | -€30,122 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,374 | €61,252 | -€30,122 | -33.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.