ACERO: 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.
ACERO
Largest movements
- Current investments +€117,211
up €117,211 (+14.2%), from €825,597 to €942,808
- Receivables within one year -€71,234
down €71,234 (-73.5%), from €96,948 to €25,714
of which Trade receivables: -€96,066
- Cash +€36,513
up €36,513 (+175.0%), from €20,861 to €57,374
mainly Net result for the year (+€92,208) and Receivables within one year (+€71,234)
- Reserves +€92,208
up €92,208 (+9.9%), from €934,997 to €1.0m
- Gross operating margin -€236,066
down €236,066 (-82.0%), from €287,823 to €51,756
- Taxes -€59,971
down €59,971 (-65.3%), from €91,790 to €31,819
- Financial income +€32,211
up €32,211 (+118.6%), from €27,169 to €59,380
- Financial charges -€28,527
down €28,527, from €15,186 to -€13,340
- Other operating charges -€7,139
down €7,139 (-95.1%), from €7,506 to €367
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 | €948,031 | €1,033,253 | +€85,222 | +9.0% |
| Fixed assets | 21/28 | €83 | €0 | -€83 | -100.0% |
| Tangible fixed assets | 22/27 | €83 | €0 | -€83 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €83 | €0 | -€83 | -100.0% |
| Current assets | 29/58 | €947,948 | €1,033,253 | +€85,305 | +9.0% |
| Amounts receivable within one year | 40/41 | €96,948 | €25,714 | -€71,234 | -73.5% |
| Trade receivables | 40 | €96,948 | €882 | -€96,066 | -99.1% |
| Other amounts receivable | 41 | €0 | €24,832 | +€24,832 | |
| Current investments | 50/53 | €825,597 | €942,808 | +€117,211 | +14.2% |
| Cash at bank and in hand | 54/58 | €20,861 | €57,374 | +€36,513 | +175.0% |
| Deferred charges and accrued income | 490/1 | €4,543 | €7,357 | +€2,814 | +61.9% |
| Total equity and liabilities | 10/49 | €948,031 | €1,033,253 | +€85,222 | +9.0% |
| Equity | 10/15 | €934,997 | €1,027,205 | +€92,208 | +9.9% |
| Reserves | 13 | €934,997 | €1,027,205 | +€92,208 | +9.9% |
| Distributable reserves | 133 | €934,997 | €1,027,205 | +€92,208 | +9.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,034 | €6,049 | -€6,986 | -53.6% |
| Amounts payable within one year | 42/48 | €13,002 | €6,049 | -€6,954 | -53.5% |
| Trade debts | 44 | €1,006 | €1,084 | +€77 | +7.7% |
| Suppliers | 440/4 | €1,006 | €1,084 | +€77 | +7.7% |
| Taxes, remuneration and social security | 45 | €7,760 | €4,965 | -€2,795 | -36.0% |
| Taxes | 450/3 | €7,760 | €4,965 | -€2,795 | -36.0% |
| Other amounts payable | 47/48 | €4,236 | €0 | -€4,236 | -100.0% |
| Accrued charges and deferred income | 492/3 | €32 | €0 | -€32 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €796 | €83 | -€713 | -89.6% |
| Other operating charges | 640/8 | €7,506 | €367 | -€7,139 | -95.1% |
| Gross operating margin | 9900 | €287,823 | €51,756 | -€236,066 | -82.0% |
| Operating profit (loss) | 9901 | €279,521 | €51,306 | -€228,214 | -81.6% |
| Financial income | 75/76B | €27,169 | €59,380 | +€32,211 | +118.6% |
| Recurring financial income | 75 | €27,169 | €59,380 | +€32,211 | +118.6% |
| Financial charges | 65/66B | €15,186 | -€13,340 | -€28,527 | |
| Recurring financial charges | 65 | €15,186 | -€13,340 | -€28,527 | |
| Profit (loss) for the period before taxes | 9903 | €291,503 | €124,027 | -€167,477 | -57.5% |
| Income taxes | 67/77 | €91,790 | €31,819 | -€59,971 | -65.3% |
| Profit (loss) for the period | 9904 | €199,714 | €92,208 | -€107,506 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €199,714 | €92,208 | -€107,506 | -53.8% |
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 5 October 2026 via checked.be.