ACE: 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.
ACE
Largest movements
- Cash -€173,766
down €173,766 (-72.4%), from €240,095 to €66,329
mainly Current investments (-€116,682) and Trade debts (-€53,272)
- Current investments +€116,682
up €116,682 (+208%), from €56,105 to €172,787
- Receivables within one year +€33,211
up €33,211 (+21.5%), from €154,375 to €187,585
of which Trade receivables: +€50,941
- Reserves +€77,296
up €77,296 (+20.6%), from €375,478 to €452,773
- Trade debts -€53,272
down €53,272 (-54.7%), from €97,347 to €44,074
- Tax, wage and social debts -€39,275
down €39,275 (-23.3%), from €168,209 to €128,934
of which Remuneration and social security: -€39,824
- Short-term financial debts -€9,770
down €9,770 (-63.8%), from €15,304 to €5,535
- Staff costs -€331,996
down €331,996 (-39.0%), from €850,795 to €518,799
- Gross operating margin -€319,472
down €319,472 (-35.2%), from €908,832 to €589,360
- Financial income +€39,810
up €39,810 (+4,590%), from €867 to €40,678
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 | €674,938 | €649,917 | -€25,021 | -3.7% |
| Fixed assets | 21/28 | €222,374 | €221,592 | -€781 | -0.4% |
| Tangible fixed assets | 22/27 | €1,038 | €257 | -€781 | -75.3% |
| Plant, machinery and equipment | 23 | €1,038 | €257 | -€781 | -75.3% |
| Financial fixed assets | 28 | €221,336 | €221,336 | = | 0.0% |
| Current assets | 29/58 | €452,564 | €428,324 | -€24,240 | -5.4% |
| Amounts receivable within one year | 40/41 | €154,375 | €187,585 | +€33,211 | +21.5% |
| Trade receivables | 40 | €135,589 | €186,530 | +€50,941 | +37.6% |
| Other amounts receivable | 41 | €18,786 | €1,055 | -€17,731 | -94.4% |
| Current investments | 50/53 | €56,105 | €172,787 | +€116,682 | +208% |
| Cash at bank and in hand | 54/58 | €240,095 | €66,329 | -€173,766 | -72.4% |
| Deferred charges and accrued income | 490/1 | €1,990 | €1,623 | -€366 | -18.4% |
| Total equity and liabilities | 10/49 | €674,938 | €649,917 | -€25,021 | -3.7% |
| Equity | 10/15 | €394,078 | €471,373 | +€77,296 | +19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €375,478 | €452,773 | +€77,296 | +20.6% |
| Distributable reserves | 133 | €375,478 | €452,773 | +€77,296 | +20.6% |
| Amounts payable | 17/49 | €280,860 | €178,543 | -€102,317 | -36.4% |
| Amounts payable within one year | 42/48 | €280,860 | €178,543 | -€102,317 | -36.4% |
| Financial debts | 43 | €15,304 | €5,535 | -€9,770 | -63.8% |
| Credit institutions | 430/8 | €15,304 | €5,535 | -€9,770 | -63.8% |
| Trade debts | 44 | €97,347 | €44,074 | -€53,272 | -54.7% |
| Suppliers | 440/4 | €97,347 | €44,074 | -€53,272 | -54.7% |
| Taxes, remuneration and social security | 45 | €168,209 | €128,934 | -€39,275 | -23.3% |
| Taxes | 450/3 | €18,612 | €19,161 | +€549 | +3.0% |
| Remuneration and social security | 454/9 | €149,598 | €109,773 | -€39,824 | -26.6% |
| Remuneration, social security and pensions | 62 | €850,795 | €518,799 | -€331,996 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,791 | €232 | -€2,559 | -91.7% |
| Other operating charges | 640/8 | €1,120 | €2,007 | +€887 | +79.2% |
| Gross operating margin | 9900 | €908,832 | €589,360 | -€319,472 | -35.2% |
| Operating profit (loss) | 9901 | €54,127 | €68,323 | +€14,197 | +26.2% |
| Financial income | 75/76B | €867 | €40,678 | +€39,810 | +4,590% |
| Recurring financial income | 75 | €867 | €40,678 | +€39,810 | +4,590% |
| Financial charges | 65/66B | €11,340 | €9,752 | -€1,587 | -14.0% |
| Recurring financial charges | 65 | €11,340 | €9,752 | -€1,587 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €43,654 | €99,249 | +€55,594 | +127% |
| Income taxes | 67/77 | €19,814 | €21,953 | +€2,138 | +10.8% |
| Profit (loss) for the period | 9904 | €23,840 | €77,296 | +€53,456 | +224% |
| Profit (loss) for the period to be appropriated | 9905 | €23,840 | €77,296 | +€53,456 | +224% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.