ACH Management: 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.
ACH Management
Largest movements
- Receivables after one year +€438,712
new in 2025: €438,712
- Receivables within one year -€165,075
down €165,075 (-83.5%), from €197,685 to €32,610
of which Other amounts receivable: -€140,090
- Cash -€119,983
down €119,983 (-36.9%), from €325,586 to €205,604
mainly Receivables after one year (-€438,712) and Debts after one year (-€78,529)
- Tangible fixed assets -€76,906
down €76,906 (-22.3%), from €344,528 to €267,622
of which Other tangible fixed assets: -€46,579
- Stocks and contracts +€29,651
up €29,651 (+23.9%), from €123,913 to €153,565
- Reserves +€230,000
up €230,000 (+121.1%), from €190,000 to €420,000
- Debts after one year -€78,529
down €78,529 (-19.8%), from €396,988 to €318,459
of which Financial debts: -€78,529
- Trade debts -€41,508
down €41,508 (-26.6%), from €155,768 to €114,260
- Gross operating margin +€105,212
up €105,212 (+23.5%), from €448,339 to €553,551
- Taxes +€43,878
up €43,878 (+137.1%), from €32,000 to €75,878
- Staff costs +€19,292
up €19,292 (+13.7%), from €141,198 to €160,490
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 | €996,190 | €1,099,050 | +€102,860 | +10.3% |
| Formation expenses | 20 | €616 | €160 | -€456 | -74.1% |
| Fixed assets | 21/28 | €346,437 | €268,401 | -€78,036 | -22.5% |
| Intangible fixed assets | 21 | €1,909 | €779 | -€1,131 | -59.2% |
| Tangible fixed assets | 22/27 | €344,528 | €267,622 | -€76,906 | -22.3% |
| Plant, machinery and equipment | 23 | €72,892 | €50,132 | -€22,760 | -31.2% |
| Furniture and vehicles | 24 | €11,176 | €3,609 | -€7,567 | -67.7% |
| Other tangible fixed assets | 26 | €260,460 | €213,881 | -€46,579 | -17.9% |
| Current assets | 29/58 | €649,137 | €830,490 | +€181,353 | +27.9% |
| Amounts receivable after more than one year | 29 | - | €438,712 | +€438,712 | |
| Other amounts receivable | 291 | - | €438,712 | +€438,712 | |
| Stocks and contracts in progress | 3 | €123,913 | €153,565 | +€29,651 | +23.9% |
| Stocks | 30/36 | €123,913 | €153,565 | +€29,651 | +23.9% |
| Amounts receivable within one year | 40/41 | €197,685 | €32,610 | -€165,075 | -83.5% |
| Trade receivables | 40 | €29,885 | €4,900 | -€24,986 | -83.6% |
| Other amounts receivable | 41 | €167,800 | €27,710 | -€140,090 | -83.5% |
| Cash at bank and in hand | 54/58 | €325,586 | €205,604 | -€119,983 | -36.9% |
| Deferred charges and accrued income | 490/1 | €1,952 | - | -€1,952 | |
| Total equity and liabilities | 10/49 | €996,190 | €1,099,050 | +€102,860 | +10.3% |
| Equity | 10/15 | €295,595 | €528,657 | +€233,062 | +78.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €190,000 | €420,000 | +€230,000 | +121.1% |
| Distributable reserves | 133 | €190,000 | €420,000 | +€230,000 | +121.1% |
| Profit (loss) carried forward | 14 | €5,595 | €8,657 | +€3,062 | +54.7% |
| Amounts payable | 17/49 | €700,595 | €570,393 | -€130,201 | -18.6% |
| Amounts payable after more than one year | 17 | €396,988 | €318,459 | -€78,529 | -19.8% |
| Financial debts | 170/4 | €321,988 | €243,459 | -€78,529 | -24.4% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €303,606 | €251,934 | -€51,672 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €81,760 | €78,529 | -€3,230 | -4.0% |
| Trade debts | 44 | €155,768 | €114,260 | -€41,508 | -26.6% |
| Suppliers | 440/4 | €155,768 | €114,260 | -€41,508 | -26.6% |
| Advances received on contracts in progress | 46 | €2,509 | €2,509 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €62,772 | €56,200 | -€6,572 | -10.5% |
| Taxes | 450/3 | €33,866 | €43,315 | +€9,449 | +27.9% |
| Remuneration and social security | 454/9 | €28,906 | €12,885 | -€16,021 | -55.4% |
| Other amounts payable | 47/48 | €797 | €435 | -€362 | -45.4% |
| Remuneration, social security and pensions | 62 | €141,198 | €160,490 | +€19,292 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,016 | €78,492 | +€1,476 | +1.9% |
| Other operating charges | 640/8 | €1,680 | €3,686 | +€2,006 | +119.4% |
| Gross operating margin | 9900 | €448,339 | €553,551 | +€105,212 | +23.5% |
| Operating profit (loss) | 9901 | €228,445 | €310,883 | +€82,438 | +36.1% |
| Financial income | 75/76B | €15,126 | €14,255 | -€872 | -5.8% |
| Recurring financial income | 75 | €15,126 | €14,255 | -€872 | -5.8% |
| Financial charges | 65/66B | €18,671 | €16,198 | -€2,473 | -13.2% |
| Recurring financial charges | 65 | €18,671 | €16,198 | -€2,473 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €224,901 | €308,940 | +€84,039 | +37.4% |
| Income taxes | 67/77 | €32,000 | €75,878 | +€43,878 | +137.1% |
| Profit (loss) for the period | 9904 | €192,900 | €233,062 | +€40,161 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €192,900 | €233,062 | +€40,161 | +20.8% |
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 2 October 2026 via checked.be.