ACIO: 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.
ACIO
Largest movements
- Receivables within one year +€114,235
up €114,235 (+58.9%), from €193,902 to €308,137
of which Trade receivables: +€114,219
- Stocks and contracts -€108,255
down €108,255 (-88.8%), from €121,905 to €13,650
- Tangible fixed assets -€11,715
down €11,715 (-23.2%), from €50,460 to €38,745
of which Plant, machinery and equipment: -€7,811
- Cash +€4,371
up €4,371 (+13.2%), from €33,235 to €37,606
mainly Stocks and contracts (+€108,255) and Tax, wage and social debts (+€53,942)
- Tax, wage and social debts +€53,942
up €53,942 (+154.6%), from €34,886 to €88,828
of which Taxes: +€33,278
- Debts after one year -€30,067
down €30,067 (-33.4%), from €90,000 to €59,933
- Other debts -€24,827
down €24,827 (-70.7%), from €35,107 to €10,279
- Trade debts -€14,891
down €14,891 (-7.2%), from €205,914 to €191,024
- Current portion of long-term debt +€8,088
new in 2025: €8,088
- Gross operating margin +€149,206
up €149,206 (+86.5%), from €172,433 to €321,640
- Staff costs +€112,312
up €112,312 (+169.0%), from €66,457 to €178,768
- Write-downs +€28,658
up €28,658 (+765.9%), from €3,742 to €32,400
- Financial charges +€20,790
up €20,790 (+579.8%), from €3,586 to €24,376
- Depreciation +€4,045
up €4,045 (+21.0%), from €19,228 to €23,273
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 | €415,697 | €410,776 | -€4,920 | -1.2% |
| Fixed assets | 21/28 | €55,254 | €41,829 | -€13,425 | -24.3% |
| Intangible fixed assets | 21 | €4,794 | €3,084 | -€1,710 | -35.7% |
| Tangible fixed assets | 22/27 | €50,460 | €38,745 | -€11,715 | -23.2% |
| Plant, machinery and equipment | 23 | €15,786 | €7,975 | -€7,811 | -49.5% |
| Furniture and vehicles | 24 | €34,674 | €30,770 | -€3,905 | -11.3% |
| Current assets | 29/58 | €360,443 | €368,948 | +€8,505 | +2.4% |
| Stocks and contracts in progress | 3 | €121,905 | €13,650 | -€108,255 | -88.8% |
| Stocks | 30/36 | €121,905 | €13,650 | -€108,255 | -88.8% |
| Amounts receivable within one year | 40/41 | €193,902 | €308,137 | +€114,235 | +58.9% |
| Trade receivables | 40 | €193,902 | €308,121 | +€114,219 | +58.9% |
| Other amounts receivable | 41 | - | €16 | +€16 | |
| Cash at bank and in hand | 54/58 | €33,235 | €37,606 | +€4,371 | +13.2% |
| Deferred charges and accrued income | 490/1 | €11,401 | €9,555 | -€1,846 | -16.2% |
| Total equity and liabilities | 10/49 | €415,697 | €410,776 | -€4,920 | -1.2% |
| Equity | 10/15 | €44,815 | €50,625 | +€5,810 | +13.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €5,810 | +€5,810 | |
| Distributable reserves | 133 | - | €5,810 | +€5,810 | |
| Profit (loss) carried forward | 14 | €24,815 | €24,815 | = | 0.0% |
| Amounts payable | 17/49 | €370,882 | €360,152 | -€10,730 | -2.9% |
| Amounts payable after more than one year | 17 | €90,000 | €59,933 | -€30,067 | -33.4% |
| Financial debts | 170/4 | €90,000 | €59,933 | -€30,067 | -33.4% |
| Amounts payable within one year | 42/48 | €275,907 | €298,219 | +€22,312 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | - | €8,088 | +€8,088 | |
| Trade debts | 44 | €205,914 | €191,024 | -€14,891 | -7.2% |
| Suppliers | 440/4 | €205,914 | €191,024 | -€14,891 | -7.2% |
| Taxes, remuneration and social security | 45 | €34,886 | €88,828 | +€53,942 | +154.6% |
| Taxes | 450/3 | €18,943 | €52,221 | +€33,278 | +175.7% |
| Remuneration and social security | 454/9 | €15,943 | €36,607 | +€20,664 | +129.6% |
| Other amounts payable | 47/48 | €35,107 | €10,279 | -€24,827 | -70.7% |
| Accrued charges and deferred income | 492/3 | €4,975 | €2,000 | -€2,975 | -59.8% |
| Remuneration, social security and pensions | 62 | €66,457 | €178,768 | +€112,312 | +169.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,228 | €23,273 | +€4,045 | +21.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,742 | €32,400 | +€28,658 | +765.9% |
| Other operating charges | 640/8 | €12,264 | €13,593 | +€1,329 | +10.8% |
| Non-recurring operating charges | 66A | - | €38,870 | +€38,870 | |
| Gross operating margin | 9900 | €172,433 | €321,640 | +€149,206 | +86.5% |
| Operating profit (loss) | 9901 | €70,743 | €34,735 | -€36,008 | -50.9% |
| Financial income | 75/76B | €138 | €367 | +€229 | +166.2% |
| Recurring financial income | 75 | €138 | €367 | +€229 | +166.2% |
| Financial charges | 65/66B | €3,586 | €24,376 | +€20,790 | +579.8% |
| Recurring financial charges | 65 | €3,586 | €24,376 | +€20,790 | +579.8% |
| Profit (loss) for the period before taxes | 9903 | €67,295 | €10,727 | -€56,568 | -84.1% |
| Income taxes | 67/77 | €3,533 | €4,917 | +€1,385 | +39.2% |
| Profit (loss) for the period | 9904 | €63,763 | €5,810 | -€57,953 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,763 | €5,810 | -€57,953 | -90.9% |
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 28 September 2026 via checked.be.