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 +€94,207
up €94,207 (+23.9%), from €393,689 to €487,896
of which Trade receivables: +€146,903
- Cash -€87,181
down €87,181 (-53.5%), from €163,064 to €75,883
mainly Receivables within one year (-€94,207) and Trade debts (-€71,668)
- Profit (loss) carried forward +€97,454
up €97,454 (+46.1%), from €211,596 to €309,050
- Trade debts -€71,668
down €71,668 (-19.7%), from €363,451 to €291,782
- Tax, wage and social debts +€25,228
up €25,228 (+29.9%), from €84,260 to €109,489
of which Taxes: +€23,464
- Short-term financial debts -€21,840
no longer reported in 2025 (was €21,840)
- Debts after one year -€13,699
down €13,699 (-15.3%), from €89,563 to €75,864
- Gross operating margin +€74,624
up €74,624 (+22.6%), from €330,004 to €404,628
- Other operating charges -€34,074
down €34,074 (-84.1%), from €40,509 to €6,435
- Taxes +€28,794
up €28,794 (+119.4%), from €24,121 to €52,915
- Provisions +€16,365
no longer reported in 2025 (was -€16,365)
- Financial income +€5,703
up €5,703 (+3662.1%), from €156 to €5,859
of which Non-recurring financial income: +€5,288
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 | €897,363 | €903,831 | +€6,468 | +0.7% |
| Fixed assets | 21/28 | €30,309 | €22,863 | -€7,446 | -24.6% |
| Tangible fixed assets | 22/27 | €21,309 | €13,863 | -€7,446 | -34.9% |
| Land and buildings | 22 | €1,849 | €1,597 | -€252 | -13.6% |
| Plant, machinery and equipment | 23 | €10,806 | €5,230 | -€5,576 | -51.6% |
| Furniture and vehicles | 24 | €8,655 | €7,037 | -€1,618 | -18.7% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €867,054 | €880,968 | +€13,914 | +1.6% |
| Stocks and contracts in progress | 3 | €309,747 | €312,590 | +€2,843 | +0.9% |
| Stocks | 30/36 | €309,747 | €312,590 | +€2,843 | +0.9% |
| Amounts receivable within one year | 40/41 | €393,689 | €487,896 | +€94,207 | +23.9% |
| Trade receivables | 40 | €245,872 | €392,775 | +€146,903 | +59.7% |
| Other amounts receivable | 41 | €147,818 | €95,121 | -€52,696 | -35.6% |
| Cash at bank and in hand | 54/58 | €163,064 | €75,883 | -€87,181 | -53.5% |
| Deferred charges and accrued income | 490/1 | €553 | €4,599 | +€4,046 | +731.2% |
| Total equity and liabilities | 10/49 | €897,363 | €903,831 | +€6,468 | +0.7% |
| Equity | 10/15 | €314,413 | €411,866 | +€97,454 | +31.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €27,817 | €27,817 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €7,500 | +€7,500 | |
| Other | 1319 | €7,500 | - | -€7,500 | |
| Distributable reserves | 133 | €20,317 | €20,317 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,596 | €309,050 | +€97,454 | +46.1% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €582,950 | €491,965 | -€90,986 | -15.6% |
| Amounts payable after more than one year | 17 | €89,563 | €75,864 | -€13,699 | -15.3% |
| Financial debts | 170/4 | €89,563 | €75,864 | -€13,699 | -15.3% |
| Amounts payable within one year | 42/48 | €489,207 | €416,101 | -€73,106 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €14,580 | €14,830 | +€250 | +1.7% |
| Financial debts | 43 | €21,840 | - | -€21,840 | |
| Credit institutions | 430/8 | €21,840 | - | -€21,840 | |
| Trade debts | 44 | €363,451 | €291,782 | -€71,668 | -19.7% |
| Suppliers | 440/4 | €363,451 | €291,782 | -€71,668 | -19.7% |
| Taxes, remuneration and social security | 45 | €84,260 | €109,489 | +€25,228 | +29.9% |
| Taxes | 450/3 | €56,594 | €80,058 | +€23,464 | +41.5% |
| Remuneration and social security | 454/9 | €27,667 | €29,431 | +€1,764 | +6.4% |
| Other amounts payable | 47/48 | €5,076 | - | -€5,076 | |
| Accrued charges and deferred income | 492/3 | €4,181 | - | -€4,181 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €229,352 | €231,893 | +€2,540 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,124 | €7,446 | +€322 | +4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,196 | €1,815 | -€5,381 | -74.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€16,365 | - | +€16,365 | |
| Other operating charges | 640/8 | €40,509 | €6,435 | -€34,074 | -84.1% |
| Non-recurring operating charges | 66A | €11,771 | - | -€11,771 | |
| Gross operating margin | 9900 | €330,004 | €404,628 | +€74,624 | +22.6% |
| Operating profit (loss) | 9901 | €50,416 | €157,039 | +€106,623 | +211.5% |
| Financial income | 75/76B | €156 | €5,859 | +€5,703 | +3662.1% |
| Recurring financial income | 75 | €156 | €571 | +€416 | +266.9% |
| Non-recurring financial income | 76B | - | €5,288 | +€5,288 | |
| Financial charges | 65/66B | €16,668 | €12,592 | -€4,076 | -24.5% |
| Recurring financial charges | 65 | €16,668 | €8,995 | -€7,674 | -46.0% |
| Non-recurring financial charges | 66B | - | €3,598 | +€3,598 | |
| Profit (loss) for the period before taxes | 9903 | €33,904 | €150,305 | +€116,402 | +343.3% |
| Income taxes | 67/77 | €24,121 | €52,915 | +€28,794 | +119.4% |
| Profit (loss) for the period | 9904 | €9,782 | €97,390 | +€87,608 | +895.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,782 | €97,390 | +€87,608 | +895.6% |
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 3 October 2026 via checked.be.