AC/TC: 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.
AC/TC
Largest movements
- Tangible fixed assets -€915,199
down €915,199 (-3.4%), from €27.1m to €26.1m
of which Land and buildings: -€898,609
- Debts after one year -€1.1m
down €1.1m (-5.3%), from €19.7m to €18.7m
of which Financial debts: -€1.1m
- Other debts -€389,393
down €389,393 (-14.4%), from €2.7m to €2.3m
- Reserves +€288,111
up €288,111 (+26.9%), from €1.1m to €1.4m
of which Distributable reserves: +€288,111
- Gross operating margin +€331,930
up €331,930 (+16.0%), from €2.1m to €2.4m
- Financial charges +€196,002
up €196,002 (+30.9%), from €634,971 to €830,972
- Depreciation +€173,620
up €173,620 (+24.6%), from €706,045 to €879,665
- Taxes +€70,081
up €70,081 (+252.7%), from €27,736 to €97,817
- Staff costs +€37,809
up €37,809 (+19.0%), from €199,512 to €237,321
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 | €27,741,692 | €26,761,210 | -€980,482 | -3.5% |
| Fixed assets | 21/28 | €27,068,775 | €26,151,247 | -€917,528 | -3.4% |
| Intangible fixed assets | 21 | €4,589 | €2,442 | -€2,147 | -46.8% |
| Tangible fixed assets | 22/27 | €27,063,454 | €26,148,255 | -€915,199 | -3.4% |
| Land and buildings | 22 | €26,982,150 | €26,083,541 | -€898,609 | -3.3% |
| Plant, machinery and equipment | 23 | €16,407 | €11,615 | -€4,792 | -29.2% |
| Furniture and vehicles | 24 | €64,897 | €53,099 | -€11,798 | -18.2% |
| Financial fixed assets | 28 | €732 | €550 | -€182 | -24.9% |
| Current assets | 29/58 | €672,917 | €609,963 | -€62,954 | -9.4% |
| Amounts receivable within one year | 40/41 | €406,905 | €332,852 | -€74,053 | -18.2% |
| Trade receivables | 40 | €161,305 | €127,247 | -€34,057 | -21.1% |
| Other amounts receivable | 41 | €245,601 | €205,604 | -€39,996 | -16.3% |
| Cash at bank and in hand | 54/58 | €220,363 | €220,131 | -€232 | -0.1% |
| Deferred charges and accrued income | 490/1 | €45,649 | €56,980 | +€11,331 | +24.8% |
| Total equity and liabilities | 10/49 | €27,741,692 | €26,761,210 | -€980,482 | -3.5% |
| Equity | 10/15 | €3,802,838 | €4,090,950 | +€288,111 | +7.6% |
| Contributions | 10/11 | €2,730,111 | €2,730,111 | = | 0.0% |
| Reserves | 13 | €1,072,727 | €1,360,839 | +€288,111 | +26.9% |
| Tax-exempt reserves | 132 | €336,800 | €336,800 | = | 0.0% |
| Distributable reserves | 133 | €735,927 | €1,024,039 | +€288,111 | +39.1% |
| Amounts payable | 17/49 | €23,938,854 | €22,670,260 | -€1.3m | -5.3% |
| Amounts payable after more than one year | 17 | €19,746,367 | €18,695,148 | -€1.1m | -5.3% |
| Financial debts | 170/4 | €19,719,619 | €18,668,400 | -€1.1m | -5.3% |
| Other amounts payable | 178/9 | €26,748 | €26,748 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,822,005 | €3,506,506 | -€315,499 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €1,021,336 | €1,051,219 | +€29,884 | +2.9% |
| Trade debts | 44 | €57,300 | €87,418 | +€30,119 | +52.6% |
| Suppliers | 440/4 | €57,300 | €87,418 | +€30,119 | +52.6% |
| Taxes, remuneration and social security | 45 | €40,073 | €53,965 | +€13,892 | +34.7% |
| Taxes | 450/3 | €12,234 | €17,825 | +€5,591 | +45.7% |
| Remuneration and social security | 454/9 | €27,839 | €36,140 | +€8,301 | +29.8% |
| Other amounts payable | 47/48 | €2,703,296 | €2,313,904 | -€389,393 | -14.4% |
| Accrued charges and deferred income | 492/3 | €370,482 | €468,606 | +€98,125 | +26.5% |
| Remuneration, social security and pensions | 62 | €199,512 | €237,321 | +€37,809 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €706,045 | €879,665 | +€173,620 | +24.6% |
| Other operating charges | 640/8 | €112,309 | €84,166 | -€28,142 | -25.1% |
| Non-recurring operating charges | 66A | €320,544 | €0 | -€320,544 | -100.0% |
| Gross operating margin | 9900 | €2,077,137 | €2,409,068 | +€331,930 | +16.0% |
| Operating profit (loss) | 9901 | €738,727 | €1,207,915 | +€469,188 | +63.5% |
| Financial income | 75/76B | €1,025 | €8,986 | +€7,961 | +776.6% |
| Recurring financial income | 75 | €1,025 | €8,986 | +€7,961 | +776.6% |
| Financial charges | 65/66B | €634,971 | €830,972 | +€196,002 | +30.9% |
| Recurring financial charges | 65 | €634,971 | €830,972 | +€196,002 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €104,782 | €385,929 | +€281,147 | +268.3% |
| Income taxes | 67/77 | €27,736 | €97,817 | +€70,081 | +252.7% |
| Profit (loss) for the period | 9904 | €77,045 | €288,111 | +€211,066 | +274.0% |
| Transfer to tax-exempt reserves | 689 | €168,400 | €0 | -€168,400 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€91,355 | €288,111 | +€379,466 |
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 7 October 2026 via checked.be.