ACEF: 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.
ACEF
Largest movements
- Tangible fixed assets +€28,232
up €28,232 (+22.1%), from €127,593 to €155,826
of which Furniture and vehicles: +€38,568
- Cash +€7,079
up €7,079 (+14.8%), from €47,973 to €55,052
mainly Debts after one year (+€23,637) and Depreciation (+€23,468)
- Debts after one year +€23,637
up €23,637 (+34.8%), from €67,911 to €91,547
- Current portion of long-term debt +€10,241
up €10,241 (+78.7%), from €13,013 to €23,253
- Reserves +€7,834
up €7,834 (+21.9%), from €35,822 to €43,656
of which Distributable reserves: +€7,834
- Other debts -€6,967
down €6,967 (-76.2%), from €9,138 to €2,171
- Gross operating margin -€16,100
down €16,100 (-29.3%), from €55,014 to €38,914
- Taxes -€8,246
down €8,246 (-72.2%), from €11,428 to €3,182
- Depreciation +€4,141
up €4,141 (+21.4%), from €19,327 to €23,468
- Financial charges +€700
up €700 (+30.5%), from €2,294 to €2,994
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 | €201,554 | €235,247 | +€33,693 | +16.7% |
| Fixed assets | 21/28 | €127,593 | €155,826 | +€28,232 | +22.1% |
| Tangible fixed assets | 22/27 | €127,593 | €155,826 | +€28,232 | +22.1% |
| Land and buildings | 22 | €45,944 | €40,580 | -€5,364 | -11.7% |
| Plant, machinery and equipment | 23 | €524 | - | -€524 | |
| Furniture and vehicles | 24 | €22,926 | €61,494 | +€38,568 | +168% |
| Other tangible fixed assets | 26 | €58,200 | €53,752 | -€4,448 | -7.6% |
| Current assets | 29/58 | €73,961 | €79,421 | +€5,460 | +7.4% |
| Stocks and contracts in progress | 3 | €500 | €500 | = | 0.0% |
| Stocks | 30/36 | €500 | €500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,421 | €20,153 | -€2,268 | -10.1% |
| Trade receivables | 40 | €18,104 | €11,669 | -€6,436 | -35.5% |
| Other amounts receivable | 41 | €4,317 | €8,484 | +€4,167 | +96.5% |
| Cash at bank and in hand | 54/58 | €47,973 | €55,052 | +€7,079 | +14.8% |
| Deferred charges and accrued income | 490/1 | €3,067 | €3,717 | +€650 | +21.2% |
| Total equity and liabilities | 10/49 | €201,554 | €235,247 | +€33,693 | +16.7% |
| Equity | 10/15 | €97,322 | €105,156 | +€7,834 | +8.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €35,822 | €43,656 | +€7,834 | +21.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €29,672 | €37,506 | +€7,834 | +26.4% |
| Amounts payable | 17/49 | €104,232 | €130,091 | +€25,859 | +24.8% |
| Amounts payable after more than one year | 17 | €67,911 | €91,547 | +€23,637 | +34.8% |
| Financial debts | 170/4 | €67,911 | €91,547 | +€23,637 | +34.8% |
| Amounts payable within one year | 42/48 | €36,321 | €38,543 | +€2,222 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €13,013 | €23,253 | +€10,241 | +78.7% |
| Trade debts | 44 | €7,883 | €6,068 | -€1,815 | -23.0% |
| Suppliers | 440/4 | €7,883 | €6,068 | -€1,815 | -23.0% |
| Taxes, remuneration and social security | 45 | €6,287 | €7,051 | +€764 | +12.2% |
| Taxes | 450/3 | €6,287 | €7,051 | +€764 | +12.2% |
| Other amounts payable | 47/48 | €9,138 | €2,171 | -€6,967 | -76.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,327 | €23,468 | +€4,141 | +21.4% |
| Other operating charges | 640/8 | €1,234 | €869 | -€365 | -29.6% |
| Gross operating margin | 9900 | €55,014 | €38,914 | -€16,100 | -29.3% |
| Operating profit (loss) | 9901 | €34,454 | €14,578 | -€19,876 | -57.7% |
| Financial income | 75/76B | €261 | €266 | +€4 | +1.6% |
| Recurring financial income | 75 | €261 | €266 | +€4 | +1.6% |
| Financial charges | 65/66B | €2,294 | €2,994 | +€700 | +30.5% |
| Recurring financial charges | 65 | €2,294 | €2,994 | +€700 | +30.5% |
| Profit (loss) for the period before taxes | 9903 | €32,421 | €11,849 | -€20,572 | -63.5% |
| Income taxes | 67/77 | €11,428 | €3,182 | -€8,246 | -72.2% |
| Profit (loss) for the period | 9904 | €20,992 | €8,667 | -€12,325 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,992 | €8,667 | -€12,325 | -58.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.