ACORD MANAGEMENT: what changed
Two financial 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.
ACORD MANAGEMENT
Largest movements
- Cash -€82,633
down €82,633 (-98.6%), from €83,821 to €1,188
mainly Net result for the year (-€73,886) and Receivables within one year (-€32,395)
- Receivables within one year +€32,395
up €32,395 (+72.7%), from €44,544 to €76,940
of which Trade receivables: +€58,549
- Tangible fixed assets -€25,093
down €25,093 (-13.0%), from €192,601 to €167,509
- Reserves -€70,000
down €70,000 (-77.8%), from €90,000 to €20,000
- Other debts +€29,355
up €29,355 (+178%), from €16,500 to €45,855
- Debts after one year -€28,432
down €28,432 (-22.5%), from €126,084 to €97,653
- Tax, wage and social debts +€9,004
up €9,004 (+73.2%), from €12,304 to €21,308
of which Remuneration and social security: +€6,229
- Trade debts -€8,574
down €8,574 (-32.6%), from €26,291 to €17,717
- Gross operating margin +€75,559
up €75,559, from -€40,281 to €35,278
- Staff costs +€23,187
up €23,187 (+47.4%), from €48,934 to €72,121
- Financial charges -€5,344
down €5,344 (-38.5%), from €13,868 to €8,524
- Depreciation -€4,524
down €4,524 (-18.6%), from €24,367 to €19,843
- Other operating charges +€1,118
up €1,118 (+24.8%), from €4,502 to €5,620
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.
Derived cash bridge
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 | €331,485 | €256,644 | -€74,841 | -22.6% |
| Fixed assets | 21/28 | €202,544 | €176,351 | -€26,193 | -12.9% |
| Intangible fixed assets | 21 | €9,737 | €8,637 | -€1,100 | -11.3% |
| Tangible fixed assets | 22/27 | €192,601 | €167,509 | -€25,093 | -13.0% |
| Land and buildings | 22 | €170,883 | €159,794 | -€11,089 | -6.5% |
| Plant, machinery and equipment | 23 | €10,237 | €6,215 | -€4,023 | -39.3% |
| Furniture and vehicles | 24 | €4,828 | €14 | -€4,813 | -99.7% |
| Leasing and similar rights | 25 | €6,653 | €1,485 | -€5,168 | -77.7% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €128,941 | €80,293 | -€48,648 | -37.7% |
| Amounts receivable within one year | 40/41 | €44,544 | €76,940 | +€32,395 | +72.7% |
| Trade receivables | 40 | €7,393 | €65,942 | +€58,549 | +792% |
| Other amounts receivable | 41 | €37,151 | €10,997 | -€26,154 | -70.4% |
| Current investments | 50/53 | €156 | €157 | +€1 | +0.6% |
| Cash at bank and in hand | 54/58 | €83,821 | €1,188 | -€82,633 | -98.6% |
| Deferred charges and accrued income | 490/1 | €419 | €2,009 | +€1,589 | +379% |
| Total equity and liabilities | 10/49 | €331,485 | €256,644 | -€74,841 | -22.6% |
| Equity | 10/15 | €116,780 | €42,894 | -€73,886 | -63.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €90,000 | €20,000 | -€70,000 | -77.8% |
| Distributable reserves | 133 | €90,000 | €20,000 | -€70,000 | -77.8% |
| Profit (loss) carried forward | 14 | €8,180 | €4,294 | -€3,886 | -47.5% |
| Amounts payable | 17/49 | €214,705 | €213,750 | -€954 | -0.4% |
| Amounts payable after more than one year | 17 | €126,084 | €97,653 | -€28,432 | -22.5% |
| Financial debts | 170/4 | €126,084 | €97,653 | -€28,432 | -22.5% |
| Amounts payable within one year | 42/48 | €87,925 | €115,487 | +€27,562 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €32,829 | €30,607 | -€2,223 | -6.8% |
| Trade debts | 44 | €26,291 | €17,717 | -€8,574 | -32.6% |
| Suppliers | 440/4 | €26,291 | €17,717 | -€8,574 | -32.6% |
| Taxes, remuneration and social security | 45 | €12,304 | €21,308 | +€9,004 | +73.2% |
| Taxes | 450/3 | €1,696 | €4,471 | +€2,775 | +164% |
| Remuneration and social security | 454/9 | €10,608 | €16,837 | +€6,229 | +58.7% |
| Other amounts payable | 47/48 | €16,500 | €45,855 | +€29,355 | +178% |
| Accrued charges and deferred income | 492/3 | €696 | €611 | -€84 | -12.1% |
| Remuneration, social security and pensions | 62 | €48,934 | €72,121 | +€23,187 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,367 | €19,843 | -€4,524 | -18.6% |
| Other operating charges | 640/8 | €4,502 | €5,620 | +€1,118 | +24.8% |
| Non-recurring operating charges | 66A | €17,177 | €3,507 | -€13,670 | -79.6% |
| Gross operating margin | 9900 | -€40,281 | €35,278 | +€75,559 | |
| Operating profit (loss) | 9901 | -€135,260 | -€65,812 | +€69,449 | +51.3% |
| Financial income | 75/76B | €851 | €744 | -€107 | -12.5% |
| Recurring financial income | 75 | €851 | €744 | -€107 | -12.5% |
| Financial charges | 65/66B | €13,868 | €8,524 | -€5,344 | -38.5% |
| Recurring financial charges | 65 | €13,868 | €8,524 | -€5,344 | -38.5% |
| Profit (loss) for the period before taxes | 9903 | -€148,277 | -€73,592 | +€74,686 | +50.4% |
| Income taxes | 67/77 | €305 | €295 | -€10 | -3.2% |
| Profit (loss) for the period | 9904 | -€148,582 | -€73,886 | +€74,695 | +50.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,582 | -€73,886 | +€74,695 | +50.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.