ACF: 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.
ACF
Largest movements
- Tangible fixed assets -€85,995
down €85,995 (-3.3%), from €2.6m to €2.5m
of which Land and buildings: -€76,552
- Receivables within one year -€62,564
down €62,564 (-52.1%), from €120,137 to €57,573
of which Trade receivables: -€46,027
- Cash -€46,524
down €46,524 (-36.9%), from €126,072 to €79,549
mainly Tax, wage and social debts (-€154,585) and Debts after one year (-€138,516)
- Tax, wage and social debts -€154,585
down €154,585 (-88.1%), from €175,422 to €20,837
of which Taxes: -€154,585
- Debts after one year -€138,516
down €138,516 (-9.7%), from €1.4m to €1.3m
- Reserves +€68,424
up €68,424 (+6.1%), from €1.1m to €1.2m
- Gross operating margin -€549,312
down €549,312 (-61.0%), from €899,857 to €350,545
- Taxes -€133,817
down €133,817 (-63.1%), from €212,165 to €78,348
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 | €2,882,945 | €2,685,130 | -€197,815 | -6.9% |
| Fixed assets | 21/28 | €2,631,171 | €2,545,175 | -€85,995 | -3.3% |
| Tangible fixed assets | 22/27 | €2,631,171 | €2,545,175 | -€85,995 | -3.3% |
| Land and buildings | 22 | €2,602,960 | €2,526,408 | -€76,552 | -2.9% |
| Plant, machinery and equipment | 23 | €10,418 | €8,022 | -€2,395 | -23.0% |
| Furniture and vehicles | 24 | €2,528 | €888 | -€1,641 | -64.9% |
| Other tangible fixed assets | 26 | €15,265 | €9,857 | -€5,408 | -35.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €251,774 | €139,954 | -€111,820 | -44.4% |
| Amounts receivable within one year | 40/41 | €120,137 | €57,573 | -€62,564 | -52.1% |
| Trade receivables | 40 | €82,998 | €36,971 | -€46,027 | -55.5% |
| Other amounts receivable | 41 | €37,139 | €20,602 | -€16,537 | -44.5% |
| Cash at bank and in hand | 54/58 | €126,072 | €79,549 | -€46,524 | -36.9% |
| Deferred charges and accrued income | 490/1 | €5,565 | €2,833 | -€2,732 | -49.1% |
| Total equity and liabilities | 10/49 | €2,882,945 | €2,685,130 | -€197,815 | -6.9% |
| Equity | 10/15 | €1,133,436 | €1,201,860 | +€68,424 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,114,836 | €1,183,260 | +€68,424 | +6.1% |
| Distributable reserves | 133 | €1,114,836 | €1,183,260 | +€68,424 | +6.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,749,510 | €1,483,270 | -€266,239 | -15.2% |
| Amounts payable after more than one year | 17 | €1,425,629 | €1,287,113 | -€138,516 | -9.7% |
| Financial debts | 170/4 | €1,425,629 | €1,287,113 | -€138,516 | -9.7% |
| Amounts payable within one year | 42/48 | €323,880 | €195,657 | -€128,223 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €137,637 | €138,821 | +€1,184 | +0.9% |
| Financial debts | 43 | €0 | €201 | +€201 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | - | €201 | +€201 | |
| Trade debts | 44 | €2,002 | €5,758 | +€3,756 | +187.7% |
| Suppliers | 440/4 | €2,002 | €5,758 | +€3,756 | +187.7% |
| Taxes, remuneration and social security | 45 | €175,422 | €20,837 | -€154,585 | -88.1% |
| Taxes | 450/3 | €175,422 | €20,837 | -€154,585 | -88.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,819 | €30,039 | +€21,220 | +240.6% |
| Accrued charges and deferred income | 492/3 | - | €500 | +€500 | |
| Non-recurring operating income | 76A | €706 | €5,356 | +€4,650 | +659.1% |
| Remuneration, social security and pensions | 62 | €1,505 | €0 | -€1,505 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,172 | €79,977 | -€3,194 | -3.8% |
| Other operating charges | 640/8 | €3,018 | €2,704 | -€314 | -10.4% |
| Non-recurring operating charges | 66A | - | €331 | +€331 | |
| Gross operating margin | 9900 | €899,857 | €350,545 | -€549,312 | -61.0% |
| Operating profit (loss) | 9901 | €812,162 | €267,533 | -€544,630 | -67.1% |
| Financial income | 75/76B | €1,661 | €0 | -€1,661 | -100.0% |
| Recurring financial income | 75 | €1,661 | €0 | -€1,661 | -100.0% |
| Financial charges | 65/66B | €11,820 | €10,760 | -€1,060 | -9.0% |
| Recurring financial charges | 65 | €11,820 | €10,760 | -€1,060 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €802,003 | €256,772 | -€545,231 | -68.0% |
| Income taxes | 67/77 | €212,165 | €78,348 | -€133,817 | -63.1% |
| Profit (loss) for the period | 9904 | €589,838 | €178,424 | -€411,414 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €589,838 | €178,424 | -€411,414 | -69.8% |
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 8 October 2026 via checked.be.