ACIBEL: 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
ACIBEL
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · €11.5m-€8.8m
Equity
€10,000
2024 · €10,000
Cash
€729,147
2024 · €701,266+€27,881
Balance sheet total
€11.2m
2024 · €16.5m-€5.3m
Largest movements
Assets
- Stocks and contracts -€5.3m
down €5.3m (-36.9%), from €14.4m to €9.1m
Equity and liabilities
- Debts after one year -€4.7m
down €4.7m (-31.4%), from €15.0m to €10.3m
of which Financial debts: -€4.5m
- Tax, wage and social debts -€535,347
down €535,347 (-69.3%), from €772,086 to €236,739
of which Taxes: -€521,710
Income statement
- Turnover -€27.3m
down €27.3m (-67.2%), from €40.6m to €13.3m
- Goods and materials -€14.5m
down €14.5m (-61.4%), from €23.5m to €9.1m
of which Change in stocks: decrease (increase): -€9.8m
- Taxes -€3.0m
down €3.0m (-77.8%), from €3.8m to €855,327
- Services and other goods -€1.1m
down €1.1m (-65.2%), from €1.7m to €591,651
- Other operating income -€951,484
down €951,484 (-47.4%), from €2.0m to €1.1m
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
€11.5m
Turnover
-€27.3m
Other operating income
-€951,484
Goods and materials
+€14.5m
Services and other goods
+€1.1m
Other operating charges
+€191,897
Other operating items
+€20,576
Financial income
-€22
Financial charges
+€663,600
Taxes
+€3.0m
Result 2025
€2.7m
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
+€7.4m
Investment
+€81,590
Financing
-€7.4m
Cash 2024
€701,266
From operations (derived)
+€7.4m
Net result for the year
+€2.7m
Stocks and contracts
+€5.3m
Receivables within one year
-€104,902
Smaller working-capital items
+€21,693
Tax, wage and social debts
-€535,347
Other debts
-€28,777
Investment (derived)
+€81,590
Investment in fixed assets (net)
+€81,590
Financing
-€7.4m
Debts after one year
-€4.7m
Contributions, distributions and other
-€2.7m
Cash 2025
€729,147
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,468,390 | €11,200,436 | -€5.3m | -32.0% |
| Fixed assets | 21/28 | €205,893 | €124,303 | -€81,590 | -39.6% |
| Financial fixed assets | 28 | €205,893 | €124,303 | -€81,590 | -39.6% |
| Other financial fixed assets | 284/8 | €205,893 | €124,303 | -€81,590 | -39.6% |
| Amounts receivable and cash guarantees | 285/8 | €205,893 | €124,303 | -€81,590 | -39.6% |
| Current assets | 29/58 | €16,262,497 | €11,076,132 | -€5.2m | -31.9% |
| Stocks and contracts in progress | 3 | €14,402,088 | €9,091,963 | -€5.3m | -36.9% |
| Stocks | 30/36 | €14,402,088 | €9,091,963 | -€5.3m | -36.9% |
| Property held for sale | 35 | €14,402,088 | €9,091,963 | -€5.3m | -36.9% |
| Amounts receivable within one year | 40/41 | €1,150,120 | €1,255,022 | +€104,902 | +9.1% |
| Trade receivables | 40 | €276,323 | €188,000 | -€88,323 | -32.0% |
| Other amounts receivable | 41 | €873,798 | €1,067,023 | +€193,225 | +22.1% |
| Cash at bank and in hand | 54/58 | €701,266 | €729,147 | +€27,881 | +4.0% |
| Deferred charges and accrued income | 490/1 | €9,023 | €0 | -€9,023 | -100.0% |
| Total equity and liabilities | 10/49 | €16,468,390 | €11,200,436 | -€5.3m | -32.0% |
| Equity | 10/15 | €10,000 | €10,000 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €16,458,390 | €11,190,436 | -€5.3m | -32.0% |
| Amounts payable after more than one year | 17 | €15,018,757 | €10,302,257 | -€4.7m | -31.4% |
| Financial debts | 170/4 | €14,531,390 | €10,019,390 | -€4.5m | -31.1% |
| Other loans | 174 | €14,531,390 | €10,019,390 | -€4.5m | -31.1% |
| Other amounts payable | 178/9 | €487,367 | €282,867 | -€204,500 | -42.0% |
| Amounts payable within one year | 42/48 | €1,439,634 | €888,179 | -€551,455 | -38.3% |
| Trade debts | 44 | €637,910 | €650,580 | +€12,669 | +2.0% |
| Suppliers | 440/4 | €637,910 | €650,580 | +€12,669 | +2.0% |
| Taxes, remuneration and social security | 45 | €772,086 | €236,739 | -€535,347 | -69.3% |
| Taxes | 450/3 | €757,622 | €235,912 | -€521,710 | -68.9% |
| Remuneration and social security | 454/9 | €14,464 | €827 | -€13,637 | -94.3% |
| Other amounts payable | 47/48 | €29,638 | €861 | -€28,777 | -97.1% |
| Operating income | 70/76A | €42,566,437 | €14,362,602 | -€28.2m | -66.3% |
| Turnover | 70 | €40,558,759 | €13,296,564 | -€27.3m | -67.2% |
| Other operating income | 74 | €2,007,010 | €1,055,526 | -€951,484 | -47.4% |
| Non-recurring operating income | 76A | €668 | €10,512 | +€9,843 | +1472.8% |
| Operating charges | 60/66A | €25,773,744 | €10,006,773 | -€15.8m | -61.2% |
| Goods for resale, raw materials and consumables | 60 | €23,546,399 | €9,090,751 | -€14.5m | -61.4% |
| Purchases | 600/8 | €8,441,049 | €3,780,627 | -€4.7m | -55.2% |
| Change in stocks: decrease (increase) | 609 | €15,105,350 | €5,310,124 | -€9.8m | -64.8% |
| Services and other goods | 61 | €1,700,344 | €591,651 | -€1.1m | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €515,767 | €323,870 | -€191,897 | -37.2% |
| Non-recurring operating charges | 66A | €11,233 | €500 | -€10,733 | -95.5% |
| Operating profit (loss) | 9901 | €16,792,694 | €4,355,829 | -€12.4m | -74.1% |
| Financial income | 75/76B | €61 | €39 | -€22 | -35.9% |
| Recurring financial income | 75 | €61 | €39 | -€22 | -35.9% |
| Other financial income | 752/9 | €61 | €39 | -€22 | -35.9% |
| Financial charges | 65/66B | €1,446,755 | €783,155 | -€663,600 | -45.9% |
| Recurring financial charges | 65 | €1,446,755 | €783,155 | -€663,600 | -45.9% |
| Debt charges | 650 | €1,420,746 | €781,703 | -€639,043 | -45.0% |
| Other financial charges | 652/9 | €26,009 | €1,452 | -€24,557 | -94.4% |
| Profit (loss) for the period before taxes | 9903 | €15,346,000 | €3,572,713 | -€11.8m | -76.7% |
| Income taxes | 67/77 | €3,849,275 | €855,327 | -€3.0m | -77.8% |
| Taxes | 670/3 | €3,849,275 | €855,327 | -€3.0m | -77.8% |
| Profit (loss) for the period | 9904 | €11,496,725 | €2,717,386 | -€8.8m | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,496,725 | €2,717,386 | -€8.8m | -76.4% |
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 7 October 2026 via checked.be.