ACE PACKAGING: 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.
What changed
ACE PACKAGING
NACE 17.120, Manufacture of paper and paper products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.7m
2024 · €5.7m-€946,416
Equity
€30.8m
2024 · €26.1m+€4.7m
Cash
€904,417
2024 · €1.3m-€417,824
Balance sheet total
€38.6m
2024 · €34.4m+€4.2m
Largest movements
Assets
- Receivables within one year +€8.7m
up €8.7m (+81.4%), from €10.7m to €19.4m
of which Other amounts receivable: +€9.2m
- Current investments -€3.5m
no longer reported in 2025 (was €3.5m)
- Financial fixed assets -€2.2m
down €2.2m (-45.4%), from €4.9m to €2.7m
of which Affiliated companies: -€2.3m
- Intangible fixed assets +€1.3m
up €1.3m (+486.4%), from €264,381 to €1.6m
- Cash -€417,824
down €417,824 (-31.6%), from €1.3m to €904,417
mainly Receivables within one year (-€8.7m) and Trade debts (-€480,027)
Equity and liabilities
- Profit (loss) carried forward +€4.8m
up €4.8m (+75.3%), from €6.3m to €11.1m
- Trade debts -€480,027
down €480,027 (-10.1%), from €4.8m to €4.3m
Income statement
- Taxes -€1.8m
down €1.8m (-74.8%), from €2.4m to €614,348
- Financial income -€1.7m
down €1.7m (-77.0%), from €2.2m to €505,603
of which Financial income: -€1.8m
- Turnover -€1.6m
down €1.6m (-2.8%), from €56.9m to €55.3m
- Goods and materials -€1.4m
down €1.4m (-3.4%), from €39.7m to €38.4m
of which Purchases: -€2.4m
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
€5.7m
Turnover
-€1.6m
Other operating income
-€277,666
Goods and materials
+€1.4m
Services and other goods
+€200,405
Staff costs
-€493,128
Depreciation
-€249,334
Write-downs
-€437,472
Provisions
-€920
Other operating charges
+€64,669
Other operating items
+€385,650
Financial income
-€1.7m
Financial charges
-€25,311
Taxes
+€1.8m
Deferred taxes and other
-€14,579
Result 2025
€4.7m
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.
From operations
-€3.7m
Investment
+€3.1m
Financing
+€154,271
Cash 2024
€1.3m
From operations (derived)
-€3.7m
Net result for the year
+€4.7m
Depreciation
+€1.2m
Stocks and contracts
-€416,749
Receivables within one year
-€8.7m
Deferred charges and accrued income
+€143,676
Provisions
+€174,341
Trade debts
-€480,027
Tax, wage and social debts
-€308,955
Advances received
+€41,974
Other debts
-€45,727
Accrued charges and deferred income
-€23,505
Investment (derived)
+€3.1m
Investment in fixed assets (net)
-€420,629
Current investments
+€3.5m
Financing
+€154,271
Debts after one year
+€122,239
Current portion of long-term debt
+€32,032
Cash 2025
€904,417
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €34,393,752 | €38,630,875 | +€4.2m | +12.3% |
| Fixed assets | 21/28 | €8,415,256 | €7,643,894 | -€771,362 | -9.2% |
| Intangible fixed assets | 21 | €264,381 | €1,550,278 | +€1.3m | +486.4% |
| Tangible fixed assets | 22/27 | €3,203,383 | €3,392,591 | +€189,208 | +5.9% |
| Land and buildings | 22 | €234,142 | €207,821 | -€26,321 | -11.2% |
| Plant, machinery and equipment | 23 | €1,669,220 | €2,309,413 | +€640,193 | +38.4% |
| Furniture and vehicles | 24 | €435,163 | €288,550 | -€146,613 | -33.7% |
| Leasing and similar rights | 25 | €47,646 | €210,251 | +€162,605 | +341.3% |
| Other tangible fixed assets | 26 | €367,943 | €306,563 | -€61,380 | -16.7% |
| Assets under construction and advance payments | 27 | €449,269 | €69,993 | -€379,276 | -84.4% |
| Financial fixed assets | 28 | €4,947,492 | €2,701,025 | -€2.2m | -45.4% |
| Affiliated companies | 280/1 | €4,946,438 | €2,696,286 | -€2.3m | -45.5% |
| Participating interests | 280 | €2,253,492 | €3,340 | -€2.3m | -99.9% |
| Amounts receivable | 281 | €2,692,946 | €2,692,946 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,054 | €4,739 | +€3,685 | +349.6% |
| Shares | 284 | €1,054 | €4,739 | +€3,685 | +349.6% |
| Current assets | 29/58 | €25,978,496 | €30,986,981 | +€5.0m | +19.3% |
| Stocks and contracts in progress | 3 | €10,113,097 | €10,529,846 | +€416,749 | +4.1% |
| Stocks | 30/36 | €10,113,097 | €10,529,846 | +€416,749 | +4.1% |
| Raw materials and consumables | 30/31 | €2,301,244 | €2,008,135 | -€293,109 | -12.7% |
| Finished goods | 33 | €480,715 | €604,705 | +€123,990 | +25.8% |
| Goods purchased for resale | 34 | €7,331,138 | €7,917,006 | +€585,868 | +8.0% |
| Amounts receivable within one year | 40/41 | €10,680,902 | €19,372,790 | +€8.7m | +81.4% |
| Trade receivables | 40 | €10,556,233 | €10,076,228 | -€480,005 | -4.5% |
| Other amounts receivable | 41 | €124,669 | €9,296,562 | +€9.2m | +7357.0% |
| Current investments | 50/53 | €3,538,652 | - | -€3.5m | |
| Other investments | 51/53 | €3,538,652 | - | -€3.5m | |
| Cash at bank and in hand | 54/58 | €1,322,241 | €904,417 | -€417,824 | -31.6% |
| Deferred charges and accrued income | 490/1 | €323,604 | €179,928 | -€143,676 | -44.4% |
| Total equity and liabilities | 10/49 | €34,393,752 | €38,630,875 | +€4.2m | +12.3% |
| Equity | 10/15 | €26,080,681 | €30,805,432 | +€4.7m | +18.1% |
| Contributions | 10/11 | €7,629,139 | €7,629,139 | = | 0.0% |
| Capital | 10 | €7,562,319 | €7,562,319 | = | 0.0% |
| Issued capital | 100 | €7,562,319 | €7,562,319 | = | 0.0% |
| Outside capital | 11 | €66,820 | €66,820 | = | 0.0% |
| Share premium | 1100/10 | €66,820 | €66,820 | = | 0.0% |
| Reserves | 13 | €12,113,875 | €12,063,967 | -€49,908 | -0.4% |
| Non-distributable reserves | 130/1 | €757,038 | €757,038 | = | 0.0% |
| Legal reserve | 130 | €757,038 | €757,038 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,066,542 | €1,016,634 | -€49,908 | -4.7% |
| Distributable reserves | 133 | €10,290,295 | €10,290,295 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,337,667 | €11,112,326 | +€4.8m | +75.3% |
| Provisions and deferred taxes | 16 | €130,207 | €304,548 | +€174,341 | +133.9% |
| Provisions for liabilities and charges | 160/5 | - | €190,978 | +€190,978 | |
| Other liabilities and charges | 164/5 | - | €190,978 | +€190,978 | |
| Deferred taxes | 168 | €130,207 | €113,570 | -€16,637 | -12.8% |
| Amounts payable | 17/49 | €8,182,864 | €7,520,895 | -€661,969 | -8.1% |
| Amounts payable after more than one year | 17 | - | €122,239 | +€122,239 | |
| Financial debts | 170/4 | - | €122,239 | +€122,239 | |
| Leasing and similar obligations | 172 | - | €122,239 | +€122,239 | |
| Amounts payable within one year | 42/48 | €8,145,431 | €7,384,728 | -€760,703 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | - | €32,032 | +€32,032 | |
| Financial debts | 43 | €328,008 | €328,008 | = | 0.0% |
| Credit institutions | 430/8 | €328,008 | €328,008 | = | 0.0% |
| Trade debts | 44 | €4,772,480 | €4,292,453 | -€480,027 | -10.1% |
| Suppliers | 440/4 | €4,772,480 | €4,292,453 | -€480,027 | -10.1% |
| Advances received on contracts in progress | 46 | €358,843 | €400,817 | +€41,974 | +11.7% |
| Taxes, remuneration and social security | 45 | €1,162,406 | €853,451 | -€308,955 | -26.6% |
| Taxes | 450/3 | €640,946 | €387,098 | -€253,848 | -39.6% |
| Remuneration and social security | 454/9 | €521,460 | €466,353 | -€55,107 | -10.6% |
| Other amounts payable | 47/48 | €1,523,694 | €1,477,967 | -€45,727 | -3.0% |
| Accrued charges and deferred income | 492/3 | €37,433 | €13,928 | -€23,505 | -62.8% |
| Operating income | 70/76A | €57,308,970 | €55,961,750 | -€1.3m | -2.4% |
| Turnover | 70 | €56,907,341 | €55,319,579 | -€1.6m | -2.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€171,661 | €242,249 | +€413,910 | |
| Other operating income | 74 | €558,510 | €280,844 | -€277,666 | -49.7% |
| Non-recurring operating income | 76A | €14,780 | €119,078 | +€104,298 | +705.7% |
| Operating charges | 60/66A | €51,380,846 | €51,070,096 | -€310,750 | -0.6% |
| Goods for resale, raw materials and consumables | 60 | €39,739,718 | €38,380,630 | -€1.4m | -3.4% |
| Purchases | 600/8 | €41,252,919 | €38,837,079 | -€2.4m | -5.9% |
| Change in stocks: decrease (increase) | 609 | -€1,513,201 | -€456,449 | +€1.1m | +69.8% |
| Services and other goods | 61 | €6,167,543 | €5,967,138 | -€200,405 | -3.2% |
| Remuneration, social security and pensions | 62 | €4,427,092 | €4,920,220 | +€493,128 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €942,657 | €1,191,991 | +€249,334 | +26.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€159,116 | €278,356 | +€437,472 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€920 | - | +€920 | |
| Other operating charges | 640/8 | €263,872 | €199,203 | -€64,669 | -24.5% |
| Non-recurring operating charges | 66A | - | €132,558 | +€132,558 | |
| Operating profit (loss) | 9901 | €5,928,124 | €4,891,654 | -€1.0m | -17.5% |
| Financial income | 75/76B | €2,196,534 | €505,603 | -€1.7m | -77.0% |
| Recurring financial income | 75 | €2,196,493 | €397,584 | -€1.8m | -81.9% |
| Income from current assets | 751 | €2,191,237 | €395,487 | -€1.8m | -82.0% |
| Other financial income | 752/9 | €5,256 | €2,097 | -€3,159 | -60.1% |
| Non-recurring financial income | 76B | €41 | €108,019 | +€107,978 | +263361.0% |
| Financial charges | 65/66B | €49,483 | €74,794 | +€25,311 | +51.2% |
| Recurring financial charges | 65 | €49,483 | €74,642 | +€25,159 | +50.8% |
| Other financial charges | 652/9 | €49,483 | €74,642 | +€25,159 | +50.8% |
| Non-recurring financial charges | 66B | - | €152 | +€152 | |
| Profit (loss) for the period before taxes | 9903 | €8,075,175 | €5,322,463 | -€2.8m | -34.1% |
| Transfer from deferred taxes | 780 | €31,215 | €16,636 | -€14,579 | -46.7% |
| Income taxes | 67/77 | €2,435,223 | €614,348 | -€1.8m | -74.8% |
| Taxes | 670/3 | €2,435,223 | €614,348 | -€1.8m | -74.8% |
| Profit (loss) for the period | 9904 | €5,671,167 | €4,724,751 | -€946,416 | -16.7% |
| Transfer from tax-exempt reserves | 789 | €93,646 | €49,908 | -€43,738 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,764,813 | €4,774,659 | -€990,154 | -17.2% |
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 7 October 2026 via checked.be.