Ace: 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.
Ace
Largest movements
- Receivables within one year +€347,963
up €347,963 (+77.8%), from €447,161 to €795,125
of which Other amounts receivable: +€210,447
- Cash -€180,473
down €180,473 (-77.5%), from €232,951 to €52,478
mainly Receivables within one year (-€347,963) and Tax, wage and social debts (-€42,641)
- Receivables after one year +€33,892
up €33,892 (+18.4%), from €183,750 to €217,642
- Tangible fixed assets -€28,744
down €28,744 (-24.3%), from €118,227 to €89,483
of which Land and buildings: -€25,617
- Financial fixed assets +€22,440
up €22,440 (+12.9%), from €173,925 to €196,365
- Reserves +€201,450
up €201,450 (+21.7%), from €927,904 to €1.1m
of which Distributable reserves: +€201,450
- Other debts +€45,650
new in 2025: €45,650
- Tax, wage and social debts -€42,641
down €42,641 (-32.1%), from €132,731 to €90,090
- Financial income -€272,476
down €272,476 (-77.7%), from €350,602 to €78,125
of which Financial income: -€271,599
- Gross operating margin +€52,797
up €52,797 (+21.7%), from €242,939 to €295,736
- Financial charges +€5,031
up €5,031 (+555.7%), from €905 to €5,936
- Taxes -€4,083
down €4,083 (-4.0%), from €101,466 to €97,383
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 | €1,162,018 | €1,357,350 | +€195,331 | +16.8% |
| Fixed assets | 21/28 | €292,152 | €285,848 | -€6,304 | -2.2% |
| Tangible fixed assets | 22/27 | €118,227 | €89,483 | -€28,744 | -24.3% |
| Land and buildings | 22 | €107,687 | €82,070 | -€25,617 | -23.8% |
| Plant, machinery and equipment | 23 | €3,721 | €2,965 | -€756 | -20.3% |
| Furniture and vehicles | 24 | €6,819 | €4,449 | -€2,371 | -34.8% |
| Financial fixed assets | 28 | €173,925 | €196,365 | +€22,440 | +12.9% |
| Current assets | 29/58 | €869,866 | €1,071,501 | +€201,635 | +23.2% |
| Amounts receivable after more than one year | 29 | €183,750 | €217,642 | +€33,892 | +18.4% |
| Other amounts receivable | 291 | €183,750 | €217,642 | +€33,892 | +18.4% |
| Amounts receivable within one year | 40/41 | €447,161 | €795,125 | +€347,963 | +77.8% |
| Trade receivables | 40 | €189,340 | €326,856 | +€137,516 | +72.6% |
| Other amounts receivable | 41 | €257,821 | €468,268 | +€210,447 | +81.6% |
| Current investments | 50/53 | €85 | €80 | -€5 | -6.0% |
| Cash at bank and in hand | 54/58 | €232,951 | €52,478 | -€180,473 | -77.5% |
| Deferred charges and accrued income | 490/1 | €5,918 | €6,177 | +€259 | +4.4% |
| Total equity and liabilities | 10/49 | €1,162,018 | €1,357,350 | +€195,331 | +16.8% |
| Equity | 10/15 | €1,014,666 | €1,216,116 | +€201,450 | +19.9% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Capital | 10 | €86,763 | €86,763 | = | 0.0% |
| Issued capital | 100 | €86,763 | €86,763 | = | 0.0% |
| Reserves | 13 | €927,904 | €1,129,354 | +€201,450 | +21.7% |
| Non-distributable reserves | 130/1 | €8,676 | €8,676 | = | 0.0% |
| Legal reserve | 130 | €8,676 | €8,676 | = | 0.0% |
| Distributable reserves | 133 | €919,227 | €1,120,677 | +€201,450 | +21.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €147,352 | €141,233 | -€6,118 | -4.2% |
| Amounts payable within one year | 42/48 | €147,352 | €141,233 | -€6,118 | -4.2% |
| Trade debts | 44 | €14,621 | €5,494 | -€9,127 | -62.4% |
| Suppliers | 440/4 | €14,621 | €5,494 | -€9,127 | -62.4% |
| Taxes, remuneration and social security | 45 | €132,731 | €90,090 | -€42,641 | -32.1% |
| Taxes | 450/3 | €132,731 | €90,090 | -€42,641 | -32.1% |
| Other amounts payable | 47/48 | - | €45,650 | +€45,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,626 | €28,744 | +€118 | +0.4% |
| Other operating charges | 640/8 | €2,837 | €3,348 | +€511 | +18.0% |
| Gross operating margin | 9900 | €242,939 | €295,736 | +€52,797 | +21.7% |
| Operating profit (loss) | 9901 | €211,477 | €263,644 | +€52,167 | +24.7% |
| Financial income | 75/76B | €350,602 | €78,125 | -€272,476 | -77.7% |
| Recurring financial income | 75 | €340,813 | €69,214 | -€271,599 | -79.7% |
| Non-recurring financial income | 76B | €9,788 | €8,911 | -€877 | -9.0% |
| Financial charges | 65/66B | €905 | €5,936 | +€5,031 | +555.7% |
| Recurring financial charges | 65 | €905 | €5,936 | +€5,031 | +555.7% |
| Profit (loss) for the period before taxes | 9903 | €561,173 | €335,833 | -€225,340 | -40.2% |
| Income taxes | 67/77 | €101,466 | €97,383 | -€4,083 | -4.0% |
| Profit (loss) for the period | 9904 | €459,707 | €238,450 | -€221,257 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €459,707 | €238,450 | -€221,257 | -48.1% |
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 8 October 2026 via checked.be.