ACO & O: 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.
ACO & O
Largest movements
- Tangible fixed assets -€22,905
down €22,905 (-6.9%), from €331,592 to €308,687
of which Plant, machinery and equipment: -€47,451
- Cash -€19,171
down €19,171 (-6.8%), from €282,476 to €263,305
mainly Investment in fixed assets (net) (-€40,995) and Other debts (-€30,443)
- Other debts -€30,443
down €30,443 (-11.9%), from €256,443 to €226,001
- Gross operating margin -€57,144
down €57,144 (-28.5%), from €200,835 to €143,691
- Staff costs -€8,121
down €8,121 (-10.8%), from €74,927 to €66,805
- Depreciation +€3,634
up €3,634 (+6.0%), from €60,639 to €64,273
- Taxes +€3,008
up €3,008 (+36.8%), from €8,179 to €11,187
- Other operating charges -€2,392
down €2,392 (-25.8%), from €9,257 to €6,865
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 | €623,883 | €587,218 | -€36,665 | -5.9% |
| Fixed assets | 21/28 | €332,041 | €308,764 | -€23,278 | -7.0% |
| Intangible fixed assets | 21 | €450 | €77 | -€373 | -83.0% |
| Tangible fixed assets | 22/27 | €331,592 | €308,687 | -€22,905 | -6.9% |
| Land and buildings | 22 | €67,946 | €57,006 | -€10,940 | -16.1% |
| Plant, machinery and equipment | 23 | €257,147 | €209,696 | -€47,451 | -18.5% |
| Furniture and vehicles | 24 | €6,499 | €41,985 | +€35,486 | +546.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €291,841 | €278,454 | -€13,387 | -4.6% |
| Amounts receivable within one year | 40/41 | €9,365 | €11,832 | +€2,467 | +26.3% |
| Other amounts receivable | 41 | €9,365 | €11,832 | +€2,467 | +26.3% |
| Cash at bank and in hand | 54/58 | €282,476 | €263,305 | -€19,171 | -6.8% |
| Deferred charges and accrued income | 490/1 | - | €3,318 | +€3,318 | |
| Total equity and liabilities | 10/49 | €623,883 | €587,218 | -€36,665 | -5.9% |
| Equity | 10/15 | €343,417 | €339,094 | -€4,322 | -1.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €317,840 | €317,840 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €315,340 | €315,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | €577 | -€3,746 | -€4,322 | |
| Amounts payable | 17/49 | €280,466 | €248,124 | -€32,342 | -11.5% |
| Amounts payable after more than one year | 17 | €6,000 | €6,000 | = | 0.0% |
| Other amounts payable | 178/9 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €274,466 | €242,124 | -€32,342 | -11.8% |
| Trade debts | 44 | €4,632 | €5,399 | +€767 | +16.6% |
| Suppliers | 440/4 | €4,632 | €5,399 | +€767 | +16.6% |
| Taxes, remuneration and social security | 45 | €13,391 | €10,724 | -€2,667 | -19.9% |
| Taxes | 450/3 | €8,179 | €8,179 | = | 0.0% |
| Remuneration and social security | 454/9 | €5,212 | €2,545 | -€2,667 | -51.2% |
| Other amounts payable | 47/48 | €256,443 | €226,001 | -€30,443 | -11.9% |
| Remuneration, social security and pensions | 62 | €74,927 | €66,805 | -€8,121 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,639 | €64,273 | +€3,634 | +6.0% |
| Other operating charges | 640/8 | €9,257 | €6,865 | -€2,392 | -25.8% |
| Non-recurring operating charges | 66A | €21,243 | - | -€21,243 | |
| Gross operating margin | 9900 | €200,835 | €143,691 | -€57,144 | -28.5% |
| Operating profit (loss) | 9901 | €34,769 | €5,748 | -€29,021 | -83.5% |
| Financial income | 75/76B | €275 | €1,117 | +€842 | +306.3% |
| Recurring financial income | 75 | €275 | €1,117 | +€842 | +306.3% |
| Financial charges | 65/66B | €4 | - | -€4 | |
| Recurring financial charges | 65 | €4 | - | -€4 | |
| Profit (loss) for the period before taxes | 9903 | €35,039 | €6,865 | -€28,174 | -80.4% |
| Income taxes | 67/77 | €8,179 | €11,187 | +€3,008 | +36.8% |
| Profit (loss) for the period | 9904 | €26,860 | -€4,322 | -€31,182 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,860 | -€4,322 | -€31,182 |
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.