ACCORBEX - 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.
What changed
ACCORBEX - INVEST
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€11,092
2024 · -€50,813+€39,721
Equity
€407,559
2024 · €422,011-€14,452
Cash
€4,350
2024 · €55,871-€51,521
Balance sheet total
€4.2m
2024 · €5.0m-€722,380
Largest movements
Assets
- Stocks and contracts -€606,599
down €606,599 (-16.6%), from €3.6m to €3.0m
- Tangible fixed assets -€88,722
down €88,722 (-8.5%), from €1.0m to €955,341
- Cash -€51,521
down €51,521 (-92.2%), from €55,871 to €4,350
mainly Short-term financial debts (-€655,625) and Debts after one year (-€49,505)
Equity and liabilities
- Short-term financial debts -€655,625
down €655,625 (-28.4%), from €2.3m to €1.7m
Income statement
- Other operating charges -€41,481
down €41,481 (-75.3%), from €55,101 to €13,620
- Financial charges -€31,271
down €31,271 (-15.2%), from €205,316 to €174,045
- Gross operating margin -€21,980
down €21,980 (-7.1%), from €309,510 to €287,530
- Depreciation +€10,840
up €10,840 (+10.7%), from €101,650 to €112,490
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.
Result 2024
-€50,813
Gross operating margin
-€21,980
Depreciation
-€10,840
Other operating charges
+€41,481
Financial charges
+€31,271
Taxes
-€212
Result 2025
-€11,092
raises the resultlowers the result
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.
From operations
+€681,183
Investment
-€23,767
Financing
-€708,937
Cash 2024
€55,871
From operations (derived)
+€681,183
Net result for the year
-€11,092
Depreciation
+€112,490
Stocks and contracts
+€606,599
Receivables within one year
-€27,779
Deferred charges and accrued income
+€3,317
Provisions
-€2,009
Smaller working-capital items
-€342
Investment (derived)
-€23,767
Investment in fixed assets (net)
-€23,767
Financing
-€708,937
Debts after one year
-€49,505
Current portion of long-term debt
-€447
Short-term financial debts
-€655,625
Contributions, distributions and other
-€3,360
Cash 2025
€4,350
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,971,133 | €4,248,753 | -€722,380 | -14.5% |
| Fixed assets | 21/28 | €1,044,063 | €955,341 | -€88,722 | -8.5% |
| Tangible fixed assets | 22/27 | €1,044,063 | €955,341 | -€88,722 | -8.5% |
| Land and buildings | 22 | €577,377 | €533,573 | -€43,803 | -7.6% |
| Plant, machinery and equipment | 23 | €6,961 | €6,402 | -€559 | -8.0% |
| Furniture and vehicles | 24 | €127,457 | €98,445 | -€29,012 | -22.8% |
| Other tangible fixed assets | 26 | €332,269 | €316,921 | -€15,348 | -4.6% |
| Current assets | 29/58 | €3,927,070 | €3,293,412 | -€633,658 | -16.1% |
| Stocks and contracts in progress | 3 | €3,648,980 | €3,042,382 | -€606,599 | -16.6% |
| Stocks | 30/36 | €3,648,980 | €3,042,382 | -€606,599 | -16.6% |
| Amounts receivable within one year | 40/41 | €213,750 | €241,528 | +€27,779 | +13.0% |
| Trade receivables | 40 | €9,000 | €9,890 | +€890 | +9.9% |
| Other amounts receivable | 41 | €204,749 | €231,638 | +€26,889 | +13.1% |
| Cash at bank and in hand | 54/58 | €55,871 | €4,350 | -€51,521 | -92.2% |
| Deferred charges and accrued income | 490/1 | €8,469 | €5,152 | -€3,317 | -39.2% |
| Total equity and liabilities | 10/49 | €4,971,133 | €4,248,753 | -€722,380 | -14.5% |
| Equity | 10/15 | €422,011 | €407,559 | -€14,452 | -3.4% |
| Contributions | 10/11 | €274,368 | €274,368 | = | 0.0% |
| Capital | 10 | €274,368 | €274,368 | = | 0.0% |
| Issued capital | 100 | €274,368 | €274,368 | = | 0.0% |
| Reserves | 13 | €147,643 | €133,191 | -€14,452 | -9.8% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,969 | €3,941 | -€6,028 | -60.5% |
| Distributable reserves | 133 | €130,237 | €121,813 | -€8,423 | -6.5% |
| Provisions and deferred taxes | 16 | €3,323 | €1,314 | -€2,009 | -60.5% |
| Deferred taxes | 168 | €3,323 | €1,314 | -€2,009 | -60.5% |
| Amounts payable | 17/49 | €4,545,799 | €3,839,880 | -€705,919 | -15.5% |
| Amounts payable after more than one year | 17 | €2,120,840 | €2,071,336 | -€49,505 | -2.3% |
| Financial debts | 170/4 | €739,919 | €649,736 | -€90,183 | -12.2% |
| Other amounts payable | 178/9 | €1,380,921 | €1,421,599 | +€40,679 | +2.9% |
| Amounts payable within one year | 42/48 | €2,422,117 | €1,765,195 | -€656,922 | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €90,450 | €90,003 | -€447 | -0.5% |
| Financial debts | 43 | €2,309,397 | €1,653,772 | -€655,625 | -28.4% |
| Credit institutions | 430/8 | €2,309,397 | €1,653,772 | -€655,625 | -28.4% |
| Trade debts | 44 | €6,527 | €5,315 | -€1,211 | -18.6% |
| Suppliers | 440/4 | €6,527 | €5,315 | -€1,211 | -18.6% |
| Taxes, remuneration and social security | 45 | €8,063 | €8,425 | +€361 | +4.5% |
| Taxes | 450/3 | €8,063 | €8,425 | +€361 | +4.5% |
| Other amounts payable | 47/48 | €7,680 | €7,680 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,842 | €3,350 | +€508 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,650 | €112,490 | +€10,840 | +10.7% |
| Other operating charges | 640/8 | €55,101 | €13,620 | -€41,481 | -75.3% |
| Gross operating margin | 9900 | €309,510 | €287,530 | -€21,980 | -7.1% |
| Operating profit (loss) | 9901 | €152,758 | €161,420 | +€8,661 | +5.7% |
| Financial charges | 65/66B | €205,316 | €174,045 | -€31,271 | -15.2% |
| Recurring financial charges | 65 | €205,316 | €174,045 | -€31,271 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | -€52,558 | -€12,625 | +€39,933 | +76.0% |
| Transfer from deferred taxes | 780 | €2,009 | €2,009 | = | 0.0% |
| Income taxes | 67/77 | €265 | €476 | +€212 | +79.9% |
| Profit (loss) for the period | 9904 | -€50,813 | -€11,092 | +€39,721 | +78.2% |
| Transfer from tax-exempt reserves | 789 | €6,028 | €6,028 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,785 | -€5,064 | +€39,721 | +88.7% |
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 1 November 2026 via checked.be.