ACERO-CONSTRUCT: 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.
ACERO-CONSTRUCT
Largest movements
- Cash +€57,091
up €57,091 (+72.0%), from €79,348 to €136,439
mainly Depreciation (+€57,242) and Net result for the year (+€40,250)
- Tangible fixed assets -€50,265
down €50,265 (-13.8%), from €365,026 to €314,761
of which Plant, machinery and equipment: -€44,845
- Stocks and contracts +€14,466
up €14,466 (+13.4%), from €108,350 to €122,817
of which Contracts in progress: +€16,807
- Debts after one year -€53,888
down €53,888 (-26.1%), from €206,076 to €152,188
- Reserves +€40,250
up €40,250 (+10.8%), from €371,687 to €411,936
of which Distributable reserves: +€42,110
- Tax, wage and social debts +€13,833
up €13,833 (+31.9%), from €43,329 to €57,162
of which Taxes: +€11,055
- Trade debts +€10,871
up €10,871 (+20.3%), from €53,510 to €64,381
- Current portion of long-term debt +€9,700
up €9,700 (+15.9%), from €60,894 to €70,594
- Gross operating margin +€56,081
up €56,081 (+21.5%), from €261,072 to €317,153
- Taxes +€15,838
up €15,838 (+264.5%), from €5,988 to €21,827
- Other operating charges +€7,822
up €7,822 (+71.5%), from €10,944 to €18,766
- Financial charges -€4,677
down €4,677 (-26.8%), from €17,437 to €12,760
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 | €758,002 | €783,709 | +€25,707 | +3.4% |
| Fixed assets | 21/28 | €365,026 | €314,761 | -€50,265 | -13.8% |
| Tangible fixed assets | 22/27 | €365,026 | €314,761 | -€50,265 | -13.8% |
| Plant, machinery and equipment | 23 | €338,954 | €294,109 | -€44,845 | -13.2% |
| Furniture and vehicles | 24 | €3,781 | €2,237 | -€1,544 | -40.8% |
| Other tangible fixed assets | 26 | €22,291 | €18,415 | -€3,876 | -17.4% |
| Current assets | 29/58 | €392,976 | €468,948 | +€75,972 | +19.3% |
| Stocks and contracts in progress | 3 | €108,350 | €122,817 | +€14,466 | +13.4% |
| Stocks | 30/36 | €87,444 | €85,103 | -€2,340 | -2.7% |
| Contracts in progress | 37 | €20,907 | €37,713 | +€16,807 | +80.4% |
| Amounts receivable within one year | 40/41 | €205,278 | €209,693 | +€4,414 | +2.2% |
| Trade receivables | 40 | €170,071 | €189,151 | +€19,081 | +11.2% |
| Other amounts receivable | 41 | €35,207 | €20,541 | -€14,666 | -41.7% |
| Cash at bank and in hand | 54/58 | €79,348 | €136,439 | +€57,091 | +72.0% |
| Total equity and liabilities | 10/49 | €758,002 | €783,709 | +€25,707 | +3.4% |
| Equity | 10/15 | €390,287 | €430,536 | +€40,250 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €371,687 | €411,936 | +€40,250 | +10.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €12,337 | €12,337 | = | 0.0% |
| Distributable reserves | 133 | €357,490 | €399,599 | +€42,110 | +11.8% |
| Amounts payable | 17/49 | €367,716 | €353,173 | -€14,543 | -4.0% |
| Amounts payable after more than one year | 17 | €206,076 | €152,188 | -€53,888 | -26.1% |
| Financial debts | 170/4 | €206,076 | €152,188 | -€53,888 | -26.1% |
| Amounts payable within one year | 42/48 | €160,608 | €194,795 | +€34,188 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €60,894 | €70,594 | +€9,700 | +15.9% |
| Trade debts | 44 | €53,510 | €64,381 | +€10,871 | +20.3% |
| Suppliers | 440/4 | €53,510 | €64,381 | +€10,871 | +20.3% |
| Taxes, remuneration and social security | 45 | €43,329 | €57,162 | +€13,833 | +31.9% |
| Taxes | 450/3 | €20,712 | €31,767 | +€11,055 | +53.4% |
| Remuneration and social security | 454/9 | €22,617 | €25,395 | +€2,778 | +12.3% |
| Other amounts payable | 47/48 | €2,874 | €2,659 | -€215 | -7.5% |
| Accrued charges and deferred income | 492/3 | €1,032 | €6,189 | +€5,158 | +500.0% |
| Remuneration, social security and pensions | 62 | €164,078 | €166,625 | +€2,546 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,005 | €57,242 | -€1,764 | -3.0% |
| Other operating charges | 640/8 | €10,944 | €18,766 | +€7,822 | +71.5% |
| Gross operating margin | 9900 | €261,072 | €317,153 | +€56,081 | +21.5% |
| Operating profit (loss) | 9901 | €27,045 | €74,521 | +€47,476 | +175.5% |
| Financial income | 75/76B | €505 | €315 | -€190 | -37.6% |
| Recurring financial income | 75 | €505 | €315 | -€190 | -37.6% |
| Financial charges | 65/66B | €17,437 | €12,760 | -€4,677 | -26.8% |
| Recurring financial charges | 65 | €17,437 | €12,760 | -€4,677 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €10,113 | €62,076 | +€51,963 | +513.8% |
| Income taxes | 67/77 | €5,988 | €21,827 | +€15,838 | +264.5% |
| Profit (loss) for the period | 9904 | €4,125 | €40,250 | +€36,125 | +875.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,125 | €40,250 | +€36,125 | +875.8% |
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 11 October 2026 via checked.be.