ACEMAL: 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.
ACEMAL
Largest movements
- Cash +€6.2m
up €6.2m (+201.1%), from €3.1m to €9.3m
mainly Current investments (+€4.0m) and Net result for the year (+€2.2m)
- Current investments -€4.0m
down €4.0m (-99.3%), from €4.0m to €26,572
- Receivables within one year -€1.1m
down €1.1m (-62.2%), from €1.8m to €695,698
of which Trade receivables: -€982,856
- Stocks and contracts -€572,223
down €572,223 (-50.2%), from €1.1m to €567,693
of which Contracts in progress: -€457,500
- Tangible fixed assets -€317,648
down €317,648 (-16.5%), from €1.9m to €1.6m
of which Land and buildings: -€174,241
- Profit (loss) carried forward +€2.2m
up €2.2m (+134.5%), from €1.6m to €3.8m
- Advances received -€996,600
down €996,600 (-63.6%), from €1.6m to €570,580
- Debts after one year -€434,000
no longer reported in 2025 (was €434,000)
- Trade debts -€380,325
down €380,325 (-61.6%), from €617,879 to €237,554
- Current portion of long-term debt -€156,298
no longer reported in 2025 (was €156,298)
- Gross operating margin -€2.3m
down €2.3m (-34.6%), from €6.7m to €4.4m
- Taxes -€502,644
down €502,644 (-38.0%), from €1.3m to €821,352
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 | €12,111,942 | €12,223,008 | +€111,067 | +0.9% |
| Fixed assets | 21/28 | €1,936,500 | €1,618,852 | -€317,648 | -16.4% |
| Tangible fixed assets | 22/27 | €1,925,620 | €1,607,972 | -€317,648 | -16.5% |
| Land and buildings | 22 | €1,317,041 | €1,142,799 | -€174,241 | -13.2% |
| Plant, machinery and equipment | 23 | €539,233 | €387,907 | -€151,325 | -28.1% |
| Furniture and vehicles | 24 | €69,347 | €77,265 | +€7,918 | +11.4% |
| Financial fixed assets | 28 | €10,880 | €10,880 | = | 0.0% |
| Current assets | 29/58 | €10,175,441 | €10,604,156 | +€428,715 | +4.2% |
| Stocks and contracts in progress | 3 | €1,139,917 | €567,693 | -€572,223 | -50.2% |
| Stocks | 30/36 | €642,417 | €527,693 | -€114,723 | -17.9% |
| Contracts in progress | 37 | €497,500 | €40,000 | -€457,500 | -92.0% |
| Amounts receivable within one year | 40/41 | €1,838,507 | €695,698 | -€1.1m | -62.2% |
| Trade receivables | 40 | €1,665,852 | €682,996 | -€982,856 | -59.0% |
| Other amounts receivable | 41 | €172,655 | €12,702 | -€159,953 | -92.6% |
| Current investments | 50/53 | €4,029,599 | €26,572 | -€4.0m | -99.3% |
| Cash at bank and in hand | 54/58 | €3,076,812 | €9,262,771 | +€6.2m | +201.1% |
| Deferred charges and accrued income | 490/1 | €90,606 | €51,422 | -€39,184 | -43.2% |
| Total equity and liabilities | 10/49 | €12,111,942 | €12,223,008 | +€111,067 | +0.9% |
| Equity | 10/15 | €2,098,425 | €4,274,589 | +€2.2m | +103.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €417,948 | €417,948 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,122 | €15,122 | = | 0.0% |
| Distributable reserves | 133 | €396,630 | €396,630 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,618,504 | €3,794,668 | +€2.2m | +134.5% |
| Amounts payable | 17/49 | €10,013,516 | €7,948,419 | -€2.1m | -20.6% |
| Amounts payable after more than one year | 17 | €434,000 | - | -€434,000 | |
| Financial debts | 170/4 | €434,000 | - | -€434,000 | |
| Amounts payable within one year | 42/48 | €9,578,516 | €7,932,823 | -€1.6m | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €156,298 | - | -€156,298 | |
| Trade debts | 44 | €617,879 | €237,554 | -€380,325 | -61.6% |
| Suppliers | 440/4 | €617,879 | €237,554 | -€380,325 | -61.6% |
| Advances received on contracts in progress | 46 | €1,567,180 | €570,580 | -€996,600 | -63.6% |
| Taxes, remuneration and social security | 45 | €237,159 | €124,689 | -€112,470 | -47.4% |
| Taxes | 450/3 | €140,529 | €29,863 | -€110,666 | -78.7% |
| Remuneration and social security | 454/9 | €96,630 | €94,826 | -€1,804 | -1.9% |
| Other amounts payable | 47/48 | €7,000,000 | €7,000,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,000 | €15,596 | +€14,596 | +1459.6% |
| Remuneration, social security and pensions | 62 | €1,030,928 | €991,403 | -€39,525 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €289,673 | €325,567 | +€35,894 | +12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,305 | - | -€28,305 | |
| Other operating charges | 640/8 | €32,934 | €34,992 | +€2,058 | +6.3% |
| Operating charges capitalised as restructuring costs | 649 | €0 | €0 | = | |
| Non-recurring operating charges | 66A | - | €15,596 | +€15,596 | |
| Gross operating margin | 9900 | €6,699,106 | €4,378,742 | -€2.3m | -34.6% |
| Operating profit (loss) | 9901 | €5,317,266 | €3,011,185 | -€2.3m | -43.4% |
| Financial income | 75/76B | €12,981 | €10,354 | -€2,627 | -20.2% |
| Recurring financial income | 75 | €12,981 | €10,354 | -€2,627 | -20.2% |
| Financial charges | 65/66B | €44,100 | €24,023 | -€20,077 | -45.5% |
| Recurring financial charges | 65 | €44,100 | €24,023 | -€20,077 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €5,286,146 | €2,997,515 | -€2.3m | -43.3% |
| Income taxes | 67/77 | €1,323,995 | €821,352 | -€502,644 | -38.0% |
| Profit (loss) for the period | 9904 | €3,962,151 | €2,176,164 | -€1.8m | -45.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,962,151 | €2,176,164 | -€1.8m | -45.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.