ACERTA: 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
ACERTA
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5.6m
2024 · €8.7m-€3.1m
Equity
€48.7m
2024 · €46.4m+€2.3m
Cash
€6.8m
2024 · €12.5m-€5.7m
Balance sheet total
€137.4m
2024 · €143.8m-€6.4m
Largest movements
Assets
- Financial fixed assets +€9.5m
up €9.5m (+28.6%), from €33.0m to €42.5m
of which Companies linked by participating interests: +€9.5m
- Deferred charges and accrued income -€8.4m
down €8.4m (-60.6%), from €13.8m to €5.4m
- Cash -€5.7m
down €5.7m (-45.8%), from €12.5m to €6.8m
mainly Debts after one year (-€37.4m) and Investment in fixed assets (net) (-€19.5m)
- Receivables within one year -€5.1m
down €5.1m (-28.3%), from €18.0m to €12.9m
of which Trade receivables: -€3.4m
- Intangible fixed assets +€3.3m
up €3.3m (+14.4%), from €23.2m to €26.5m
Equity and liabilities
- Debts after one year -€37.4m
down €37.4m (-88.5%), from €42.3m to €4.9m
- Current portion of long-term debt +€37.4m
new in 2025: €37.4m
- Advances received -€7.1m
down €7.1m (-57.5%), from €12.3m to €5.2m
- Trade debts -€2.7m
down €2.7m (-13.9%), from €19.5m to €16.8m
- Profit (loss) carried forward +€2.3m
up €2.3m (+9.2%), from €24.5m to €26.8m
Income statement
- Services and other goods +€11.9m
up €11.9m (+16.9%), from €70.2m to €82.1m
- Other operating income +€7.6m
up €7.6m (+5.8%), from €131.1m to €138.7m
- Staff costs +€5.2m
up €5.2m (+13.5%), from €38.4m to €43.6m
- Other operating charges -€3.0m
down €3.0m (-39.2%), from €7.6m to €4.6m
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
€8.7m
Staff costs
-€5.2m
Depreciation
+€563,880
Provisions
+€627,947
Other operating charges
+€3.0m
Other operating items
-€3.1m
Financial income
-€100,385
Financial charges
-€131,135
Taxes
+€1.3m
Result 2025
€5.6m
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
+€17.1m
Investment
-€19.5m
Financing
-€3.4m
Cash 2024
€12.5m
From operations (derived)
+€17.1m
Net result for the year
+€5.6m
Depreciation
+€6.7m
Receivables within one year
+€5.1m
Deferred charges and accrued income
+€8.4m
Provisions
+€131,333
Trade debts
-€2.7m
Tax, wage and social debts
+€815,784
Advances received
-€7.1m
Smaller working-capital items
+€162,481
Investment (derived)
-€19.5m
Investment in fixed assets (net)
-€19.5m
Financing
-€3.4m
Debts after one year
-€37.4m
Current portion of long-term debt
+€37.4m
Contributions, distributions and other
-€3.4m
Cash 2025
€6.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €143,837,360 | €137,413,114 | -€6.4m | -4.5% |
| Fixed assets | 21/28 | €89,520,712 | €102,272,028 | +€12.8m | +14.2% |
| Intangible fixed assets | 21 | €23,193,424 | €26,526,702 | +€3.3m | +14.4% |
| Tangible fixed assets | 22/27 | €33,313,602 | €33,279,965 | -€33,637 | -0.1% |
| Land and buildings | 22 | €23,769,657 | €23,040,649 | -€729,008 | -3.1% |
| Plant, machinery and equipment | 23 | €3,514,434 | €3,499,865 | -€14,570 | -0.4% |
| Furniture and vehicles | 24 | €1,798,628 | €2,019,357 | +€220,729 | +12.3% |
| Other tangible fixed assets | 26 | €4,230,883 | €4,720,094 | +€489,211 | +11.6% |
| Financial fixed assets | 28 | €33,013,686 | €42,465,361 | +€9.5m | +28.6% |
| Affiliated companies | 280/1 | €4,930,375 | €4,930,375 | = | 0.0% |
| Participating interests | 280 | €4,930,375 | €4,930,375 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €28,080,281 | €37,532,381 | +€9.5m | +33.7% |
| Participating interests | 282 | €16,676,300 | €25,843,300 | +€9.2m | +55.0% |
| Amounts receivable | 283 | €11,403,981 | €11,689,081 | +€285,100 | +2.5% |
| Other financial fixed assets | 284/8 | €3,031 | €2,606 | -€425 | -14.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,031 | €2,606 | -€425 | -14.0% |
| Current assets | 29/58 | €54,316,648 | €35,141,085 | -€19.2m | -35.3% |
| Amounts receivable within one year | 40/41 | €17,966,663 | €12,888,939 | -€5.1m | -28.3% |
| Trade receivables | 40 | €14,091,200 | €10,719,316 | -€3.4m | -23.9% |
| Other amounts receivable | 41 | €3,875,463 | €2,169,623 | -€1.7m | -44.0% |
| Current investments | 50/53 | €10,050,000 | €10,050,000 | = | 0.0% |
| Other investments | 51/53 | €10,050,000 | €10,050,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,458,424 | €6,753,811 | -€5.7m | -45.8% |
| Deferred charges and accrued income | 490/1 | €13,841,561 | €5,448,335 | -€8.4m | -60.6% |
| Total equity and liabilities | 10/49 | €143,837,360 | €137,413,114 | -€6.4m | -4.5% |
| Equity | 10/15 | €46,434,059 | €48,690,142 | +€2.3m | +4.9% |
| Contributions | 10/11 | €21,635,560 | €21,635,560 | = | 0.0% |
| Reserves | 13 | €284,512 | €284,512 | = | 0.0% |
| Non-distributable reserves | 130/1 | €46,529 | €46,529 | = | 0.0% |
| Reserves not available under the articles | 1311 | €46,529 | €46,529 | = | 0.0% |
| Distributable reserves | 133 | €237,983 | €237,983 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,513,987 | €26,770,069 | +€2.3m | +9.2% |
| Provisions and deferred taxes | 16 | €6,451,224 | €6,582,557 | +€131,333 | +2.0% |
| Provisions for liabilities and charges | 160/5 | €6,451,224 | €6,582,557 | +€131,333 | +2.0% |
| Other liabilities and charges | 164/5 | €6,451,224 | €6,582,557 | +€131,333 | +2.0% |
| Amounts payable | 17/49 | €90,952,078 | €82,140,416 | -€8.8m | -9.7% |
| Amounts payable after more than one year | 17 | €42,250,000 | €4,850,000 | -€37.4m | -88.5% |
| Financial debts | 170/4 | €42,250,000 | €4,850,000 | -€37.4m | -88.5% |
| Unsubordinated bonds | 171 | €37,400,000 | - | -€37.4m | |
| Other loans | 174 | €4,850,000 | €4,850,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €47,705,393 | €76,215,860 | +€28.5m | +59.8% |
| Current portion of amounts payable after more than one year | 42 | - | €37,400,000 | +€37.4m | |
| Trade debts | 44 | €19,453,882 | €16,750,872 | -€2.7m | -13.9% |
| Suppliers | 440/4 | €19,453,882 | €16,750,872 | -€2.7m | -13.9% |
| Advances received on contracts in progress | 46 | €12,320,726 | €5,233,810 | -€7.1m | -57.5% |
| Taxes, remuneration and social security | 45 | €10,763,563 | €11,579,347 | +€815,784 | +7.6% |
| Taxes | 450/3 | €2,012,926 | €2,490,859 | +€477,933 | +23.7% |
| Remuneration and social security | 454/9 | €8,750,637 | €9,088,488 | +€337,851 | +3.9% |
| Other amounts payable | 47/48 | €5,167,222 | €5,251,832 | +€84,610 | +1.6% |
| Accrued charges and deferred income | 492/3 | €996,685 | €1,074,556 | +€77,871 | +7.8% |
| Operating income | 70/76A | €141,334,034 | €145,630,714 | +€4.3m | +3.0% |
| Own construction capitalised | 72 | €1,882,877 | €6,917,114 | +€5.0m | +267.4% |
| Other operating income | 74 | €131,128,210 | €138,713,600 | +€7.6m | +5.8% |
| Non-recurring operating income | 76A | €8,322,947 | - | -€8.3m | |
| Operating charges | 60/66A | €128,787,315 | €137,178,876 | +€8.4m | +6.5% |
| Services and other goods | 61 | €70,228,735 | €82,082,295 | +€11.9m | +16.9% |
| Remuneration, social security and pensions | 62 | €38,416,792 | €43,608,970 | +€5.2m | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,278,673 | €6,714,793 | -€563,880 | -7.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €759,280 | €131,333 | -€627,947 | -82.7% |
| Other operating charges | 640/8 | €7,638,141 | €4,641,485 | -€3.0m | -39.2% |
| Non-recurring operating charges | 66A | €4,465,694 | - | -€4.5m | |
| Operating profit (loss) | 9901 | €12,546,720 | €8,451,838 | -€4.1m | -32.6% |
| Financial income | 75/76B | €1,032,704 | €932,318 | -€100,385 | -9.7% |
| Recurring financial income | 75 | €1,032,704 | €932,318 | -€100,385 | -9.7% |
| Income from current assets | 751 | €1,031,712 | €931,237 | -€100,475 | -9.7% |
| Other financial income | 752/9 | €992 | €1,082 | +€90 | +9.0% |
| Financial charges | 65/66B | €1,647,922 | €1,779,058 | +€131,135 | +8.0% |
| Recurring financial charges | 65 | €1,647,922 | €1,779,058 | +€131,135 | +8.0% |
| Debt charges | 650 | €1,514,977 | €1,676,394 | +€161,416 | +10.7% |
| Other financial charges | 652/9 | €132,945 | €102,664 | -€30,281 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €11,931,501 | €7,605,098 | -€4.3m | -36.3% |
| Income taxes | 67/77 | €3,232,044 | €1,964,890 | -€1.3m | -39.2% |
| Taxes | 670/3 | €3,484,731 | €2,092,300 | -€1.4m | -40.0% |
| Tax adjustments and reversals of tax provisions | 77 | €252,688 | €127,411 | -€125,277 | -49.6% |
| Profit (loss) for the period | 9904 | €8,699,457 | €5,640,209 | -€3.1m | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,699,457 | €5,640,209 | -€3.1m | -35.2% |
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 1 October 2026 via checked.be.