ACOFIMA: 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.
ACOFIMA
Largest movements
- Tangible fixed assets -€43,331
down €43,331 (-3.0%), from €1.4m to €1.4m
of which Land and buildings: -€40,650
- Cash -€40,271
down €40,271 (-24.9%), from €161,455 to €121,184
mainly Net result for the year (-€28,054) and Other debts (-€20,936)
- Reserves -€28,054
down €28,054 (-3.3%), from €858,906 to €830,852
of which Tax-exempt reserves: -€32,119
- Other debts -€20,936
down €20,936 (-80.0%), from €26,159 to €5,223
- Debts after one year -€18,184
down €18,184 (-12.7%), from €143,439 to €125,255
of which Financial debts: -€18,184
- Taxes -€62,584
down €62,584 (-95.4%), from €65,571 to €2,987
- Gross operating margin -€41,698
down €41,698 (-57.0%), from €73,146 to €31,448
- Depreciation +€6,434
up €6,434 (+13.7%), from €46,878 to €53,312
- Financial income -€5,133
down €5,133 (-64.6%), from €7,941 to €2,808
- Financial charges -€2,724
down €2,724 (-44.9%), from €6,068 to €3,345
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 | €1,605,701 | €1,513,729 | -€91,972 | -5.7% |
| Fixed assets | 21/28 | €1,434,472 | €1,391,141 | -€43,331 | -3.0% |
| Tangible fixed assets | 22/27 | €1,434,472 | €1,391,141 | -€43,331 | -3.0% |
| Land and buildings | 22 | €1,399,200 | €1,358,550 | -€40,650 | -2.9% |
| Furniture and vehicles | 24 | €35,273 | €32,591 | -€2,681 | -7.6% |
| Current assets | 29/58 | €171,229 | €122,588 | -€48,640 | -28.4% |
| Amounts receivable within one year | 40/41 | €9,773 | €1,404 | -€8,369 | -85.6% |
| Trade receivables | 40 | - | €1,404 | +€1,404 | |
| Other amounts receivable | 41 | €9,773 | - | -€9,773 | |
| Cash at bank and in hand | 54/58 | €161,455 | €121,184 | -€40,271 | -24.9% |
| Total equity and liabilities | 10/49 | €1,605,701 | €1,513,729 | -€91,972 | -5.7% |
| Equity | 10/15 | €1,140,039 | €1,111,985 | -€28,054 | -2.5% |
| Contributions | 10/11 | €144,000 | €144,000 | = | 0.0% |
| Capital | 10 | €144,000 | €144,000 | = | 0.0% |
| Issued capital | 100 | €144,000 | €144,000 | = | 0.0% |
| Revaluation surpluses | 12 | €187,859 | €187,859 | = | 0.0% |
| Reserves | 13 | €858,906 | €830,852 | -€28,054 | -3.3% |
| Non-distributable reserves | 130/1 | €12,011 | €12,011 | = | 0.0% |
| Legal reserve | 130 | €12,011 | €12,011 | = | 0.0% |
| Tax-exempt reserves | 132 | €687,549 | €655,430 | -€32,119 | -4.7% |
| Distributable reserves | 133 | €159,346 | €163,411 | +€4,065 | +2.6% |
| Profit (loss) carried forward | 14 | -€50,725 | -€50,725 | = | 0.0% |
| Provisions and deferred taxes | 16 | €209,888 | €201,656 | -€8,232 | -3.9% |
| Deferred taxes | 168 | €209,888 | €201,656 | -€8,232 | -3.9% |
| Amounts payable | 17/49 | €255,774 | €200,088 | -€55,686 | -21.8% |
| Amounts payable after more than one year | 17 | €143,439 | €125,255 | -€18,184 | -12.7% |
| Financial debts | 170/4 | €140,039 | €121,855 | -€18,184 | -13.0% |
| Other amounts payable | 178/9 | €3,400 | €3,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €111,267 | €72,735 | -€38,532 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €28,735 | €18,184 | -€10,551 | -36.7% |
| Trade debts | 44 | €8,988 | €2,835 | -€6,154 | -68.5% |
| Suppliers | 440/4 | €8,988 | €2,835 | -€6,154 | -68.5% |
| Taxes, remuneration and social security | 45 | €47,384 | €46,493 | -€891 | -1.9% |
| Taxes | 450/3 | €47,384 | €46,493 | -€891 | -1.9% |
| Other amounts payable | 47/48 | €26,159 | €5,223 | -€20,936 | -80.0% |
| Accrued charges and deferred income | 492/3 | €1,068 | €2,098 | +€1,030 | +96.4% |
| Non-recurring operating income | 76A | €64,081 | - | -€64,081 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,878 | €53,312 | +€6,434 | +13.7% |
| Other operating charges | 640/8 | €9,731 | €10,898 | +€1,167 | +12.0% |
| Gross operating margin | 9900 | €73,146 | €31,448 | -€41,698 | -57.0% |
| Operating profit (loss) | 9901 | €16,536 | -€32,762 | -€49,298 | |
| Financial income | 75/76B | €7,941 | €2,808 | -€5,133 | -64.6% |
| Recurring financial income | 75 | €7,941 | €2,808 | -€5,133 | -64.6% |
| Financial charges | 65/66B | €6,068 | €3,345 | -€2,724 | -44.9% |
| Recurring financial charges | 65 | €6,068 | €3,345 | -€2,724 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €18,409 | -€33,299 | -€51,707 | |
| Transfer from deferred taxes | 780 | €54,655 | €8,232 | -€46,422 | -84.9% |
| Income taxes | 67/77 | €65,571 | €2,987 | -€62,584 | -95.4% |
| Profit (loss) for the period | 9904 | €7,493 | -€28,054 | -€35,546 | |
| Transfer from tax-exempt reserves | 789 | €170,755 | €32,119 | -€138,636 | -81.2% |
| Transfer to tax-exempt reserves | 689 | €35,785 | - | -€35,785 | |
| Profit (loss) for the period to be appropriated | 9905 | €142,462 | €4,065 | -€138,397 | -97.1% |
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 6 October 2026 via checked.be.