ACCARDO: 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.
ACCARDO
Largest movements
- Tangible fixed assets +€191,658
up €191,658 (+73.1%), from €262,155 to €453,813
of which Land and buildings: +€163,038
- Cash -€147,862
down €147,862 (-78.1%), from €189,304 to €41,442
mainly Investment in fixed assets (net) (-€238,077) and Other debts (-€15,690)
- Profit (loss) carried forward +€33,619
up €33,619 (+18.5%), from €181,769 to €215,387
- Other debts -€15,690
down €15,690 (-6.8%), from €229,874 to €214,183
- Trade debts +€15,497
up €15,497 (+1,195%), from €1,297 to €16,794
- Current portion of long-term debt +€5,661
up €5,661 (+32.0%), from €17,708 to €23,369
- Gross operating margin +€25,874
up €25,874 (+36.1%), from €71,640 to €97,514
- Depreciation +€11,257
up €11,257 (+32.0%), from €35,162 to €46,419
- Taxes +€1,461
up €1,461 (+52.8%), from €2,770 to €4,231
- Other operating charges +€1,432
up €1,432 (+13.1%), from €10,974 to €12,407
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 | €470,425 | €510,284 | +€39,859 | +8.5% |
| Fixed assets | 21/28 | €262,155 | €453,813 | +€191,658 | +73.1% |
| Tangible fixed assets | 22/27 | €262,155 | €453,813 | +€191,658 | +73.1% |
| Land and buildings | 22 | €213,605 | €376,643 | +€163,038 | +76.3% |
| Plant, machinery and equipment | 23 | €17,358 | €13,462 | -€3,897 | -22.4% |
| Furniture and vehicles | 24 | €26,020 | €58,901 | +€32,881 | +126% |
| Other tangible fixed assets | 26 | €5,171 | €4,807 | -€364 | -7.0% |
| Current assets | 29/58 | €208,270 | €56,471 | -€151,800 | -72.9% |
| Stocks and contracts in progress | 3 | - | €174 | +€174 | |
| Stocks | 30/36 | - | €174 | +€174 | |
| Amounts receivable within one year | 40/41 | €16,084 | €12,662 | -€3,422 | -21.3% |
| Trade receivables | 40 | €9,653 | €2,336 | -€7,317 | -75.8% |
| Other amounts receivable | 41 | €6,431 | €10,326 | +€3,895 | +60.6% |
| Cash at bank and in hand | 54/58 | €189,304 | €41,442 | -€147,862 | -78.1% |
| Deferred charges and accrued income | 490/1 | €2,882 | €2,193 | -€689 | -23.9% |
| Total equity and liabilities | 10/49 | €470,425 | €510,284 | +€39,859 | +8.5% |
| Equity | 10/15 | €190,947 | €224,566 | +€33,619 | +17.6% |
| Contributions | 10/11 | €8,344 | €8,344 | = | 0.0% |
| Reserves | 13 | €834 | €834 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €834 | +€834 | |
| Reserves not available under the articles | 1311 | - | €834 | +€834 | |
| Distributable reserves | 133 | €834 | - | -€834 | |
| Profit (loss) carried forward | 14 | €181,769 | €215,387 | +€33,619 | +18.5% |
| Amounts payable | 17/49 | €279,478 | €285,717 | +€6,240 | +2.2% |
| Amounts payable after more than one year | 17 | €30,598 | €31,371 | +€772 | +2.5% |
| Financial debts | 170/4 | €30,598 | €31,371 | +€772 | +2.5% |
| Amounts payable within one year | 42/48 | €248,879 | €254,347 | +€5,468 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €17,708 | €23,369 | +€5,661 | +32.0% |
| Trade debts | 44 | €1,297 | €16,794 | +€15,497 | +1,195% |
| Suppliers | 440/4 | €1,297 | €16,794 | +€15,497 | +1,195% |
| Other amounts payable | 47/48 | €229,874 | €214,183 | -€15,690 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,162 | €46,419 | +€11,257 | +32.0% |
| Other operating charges | 640/8 | €10,974 | €12,407 | +€1,432 | +13.1% |
| Gross operating margin | 9900 | €71,640 | €97,514 | +€25,874 | +36.1% |
| Operating profit (loss) | 9901 | €25,504 | €38,689 | +€13,185 | +51.7% |
| Financial income | 75/76B | €1,090 | €1,289 | +€199 | +18.2% |
| Recurring financial income | 75 | €1,090 | €1,289 | +€199 | +18.2% |
| Financial charges | 65/66B | €1,919 | €2,128 | +€209 | +10.9% |
| Recurring financial charges | 65 | €1,919 | €2,128 | +€209 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €24,676 | €37,850 | +€13,174 | +53.4% |
| Income taxes | 67/77 | €2,770 | €4,231 | +€1,461 | +52.8% |
| Profit (loss) for the period | 9904 | €21,906 | €33,619 | +€11,713 | +53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,906 | €33,619 | +€11,713 | +53.5% |
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 14 October 2026 via checked.be.