ACDS: 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.
ACDS
Largest movements
- Tangible fixed assets -€67,121
down €67,121 (-14.9%), from €451,410 to €384,289
of which Plant, machinery and equipment: -€57,794
- Receivables within one year -€28,947
down €28,947 (-36.7%), from €78,876 to €49,928
of which Trade receivables: -€32,686
- Cash +€24,269
up €24,269 (+68.0%), from €35,710 to €59,979
mainly Depreciation (+€104,168) and Trade debts (+€33,493)
- Stocks and contracts -€15,278
down €15,278 (-16.5%), from €92,576 to €77,298
- Reserves -€99,389
down €99,389 (-43.2%), from €230,011 to €130,623
- Debts after one year -€35,763
down €35,763 (-24.0%), from €149,300 to €113,537
- Trade debts +€33,493
up €33,493 (+20.5%), from €163,039 to €196,531
- Short-term financial debts +€13,631
new in 2025: €13,631
- Current portion of long-term debt +€8,084
up €8,084 (+18.7%), from €43,212 to €51,296
- Gross operating margin -€248,230
down €248,230 (-23.7%), from €1.0m to €800,203
- Staff costs -€104,706
down €104,706 (-11.8%), from €888,537 to €783,831
- Depreciation +€14,475
up €14,475 (+16.1%), from €89,693 to €104,168
- Taxes -€13,090
down €13,090 (-96.1%), from €13,618 to €528
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 | €674,549 | €588,520 | -€86,029 | -12.8% |
| Fixed assets | 21/28 | €459,085 | €391,964 | -€67,121 | -14.6% |
| Tangible fixed assets | 22/27 | €451,410 | €384,289 | -€67,121 | -14.9% |
| Plant, machinery and equipment | 23 | €371,301 | €313,507 | -€57,794 | -15.6% |
| Furniture and vehicles | 24 | €33,233 | €18,364 | -€14,869 | -44.7% |
| Other tangible fixed assets | 26 | €46,876 | €52,418 | +€5,542 | +11.8% |
| Financial fixed assets | 28 | €7,675 | €7,675 | = | 0.0% |
| Current assets | 29/58 | €215,464 | €196,556 | -€18,908 | -8.8% |
| Stocks and contracts in progress | 3 | €92,576 | €77,298 | -€15,278 | -16.5% |
| Stocks | 30/36 | €92,576 | €77,298 | -€15,278 | -16.5% |
| Amounts receivable within one year | 40/41 | €78,876 | €49,928 | -€28,947 | -36.7% |
| Trade receivables | 40 | €68,129 | €35,443 | -€32,686 | -48.0% |
| Other amounts receivable | 41 | €10,747 | €14,485 | +€3,739 | +34.8% |
| Cash at bank and in hand | 54/58 | €35,710 | €59,979 | +€24,269 | +68.0% |
| Deferred charges and accrued income | 490/1 | €8,303 | €9,351 | +€1,048 | +12.6% |
| Total equity and liabilities | 10/49 | €674,549 | €588,520 | -€86,029 | -12.8% |
| Equity | 10/15 | €248,611 | €149,223 | -€99,389 | -40.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €230,011 | €130,623 | -€99,389 | -43.2% |
| Distributable reserves | 133 | €230,011 | €130,623 | -€99,389 | -43.2% |
| Amounts payable | 17/49 | €425,938 | €439,297 | +€13,360 | +3.1% |
| Amounts payable after more than one year | 17 | €149,300 | €113,537 | -€35,763 | -24.0% |
| Financial debts | 170/4 | €149,300 | €113,537 | -€35,763 | -24.0% |
| Amounts payable within one year | 42/48 | €276,637 | €325,760 | +€49,123 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €43,212 | €51,296 | +€8,084 | +18.7% |
| Financial debts | 43 | - | €13,631 | +€13,631 | |
| Credit institutions | 430/8 | - | €13,631 | +€13,631 | |
| Trade debts | 44 | €163,039 | €196,531 | +€33,493 | +20.5% |
| Suppliers | 440/4 | €163,039 | €196,531 | +€33,493 | +20.5% |
| Taxes, remuneration and social security | 45 | €70,386 | €64,302 | -€6,085 | -8.6% |
| Taxes | 450/3 | €1,114 | €3,235 | +€2,121 | +190.4% |
| Remuneration and social security | 454/9 | €69,272 | €61,067 | -€8,206 | -11.8% |
| Remuneration, social security and pensions | 62 | €888,537 | €783,831 | -€104,706 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,693 | €104,168 | +€14,475 | +16.1% |
| Other operating charges | 640/8 | €1,336 | €3,405 | +€2,069 | +154.9% |
| Gross operating margin | 9900 | €1,048,433 | €800,203 | -€248,230 | -23.7% |
| Operating profit (loss) | 9901 | €68,867 | -€91,201 | -€160,069 | |
| Financial income | 75/76B | - | €45 | +€45 | |
| Recurring financial income | 75 | - | €45 | +€45 | |
| Financial charges | 65/66B | €6,480 | €7,704 | +€1,224 | +18.9% |
| Recurring financial charges | 65 | €6,480 | €7,704 | +€1,224 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €62,387 | -€98,861 | -€161,248 | |
| Income taxes | 67/77 | €13,618 | €528 | -€13,090 | -96.1% |
| Profit (loss) for the period | 9904 | €48,769 | -€99,389 | -€148,158 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,769 | -€99,389 | -€148,158 |
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 30 September 2026 via checked.be.