ACPA: 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.
ACPA
Largest movements
- Stocks and contracts -€53,220
down €53,220 (-10.2%), from €521,517 to €468,297
- Cash +€47,782
up €47,782 (+532%), from €8,988 to €56,770
mainly Depreciation (+€53,647) and Stocks and contracts (+€53,220)
- Tangible fixed assets -€34,135
down €34,135 (-6.0%), from €567,788 to €533,653
of which Plant, machinery and equipment: -€35,116
- Receivables within one year -€20,283
down €20,283 (-12.1%), from €167,421 to €147,138
of which Other amounts receivable: -€10,755
- Debts after one year -€79,246
down €79,246 (-33.2%), from €238,336 to €159,090
- Tax, wage and social debts -€44,566
no longer reported in 2025 (was €44,566)
- Trade debts +€27,360
up €27,360 (+16.6%), from €165,152 to €192,512
- Current portion of long-term debt +€24,672
up €24,672 (+44.0%), from €56,038 to €80,709
- Reserves +€21,923
up €21,923 (+6.6%), from €332,302 to €354,225
of which Distributable reserves: +€21,923
- Gross operating margin -€70,669
down €70,669 (-35.0%), from €202,022 to €131,353
- Taxes -€23,789
down €23,789 (-65.2%), from €36,460 to €12,670
- Depreciation +€5,702
up €5,702 (+11.9%), from €47,945 to €53,647
- Financial charges -€2,664
down €2,664 (-15.4%), from €17,325 to €14,661
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 | €1,266,799 | €1,211,079 | -€55,720 | -4.4% |
| Fixed assets | 21/28 | €568,873 | €534,738 | -€34,135 | -6.0% |
| Tangible fixed assets | 22/27 | €567,788 | €533,653 | -€34,135 | -6.0% |
| Land and buildings | 22 | €473,620 | €481,950 | +€8,330 | +1.8% |
| Plant, machinery and equipment | 23 | €77,074 | €41,957 | -€35,116 | -45.6% |
| Furniture and vehicles | 24 | €17,094 | €9,745 | -€7,349 | -43.0% |
| Financial fixed assets | 28 | €1,085 | €1,085 | = | 0.0% |
| Current assets | 29/58 | €697,926 | €676,342 | -€21,584 | -3.1% |
| Stocks and contracts in progress | 3 | €521,517 | €468,297 | -€53,220 | -10.2% |
| Stocks | 30/36 | €521,517 | €468,297 | -€53,220 | -10.2% |
| Amounts receivable within one year | 40/41 | €167,421 | €147,138 | -€20,283 | -12.1% |
| Trade receivables | 40 | €127,435 | €117,907 | -€9,528 | -7.5% |
| Other amounts receivable | 41 | €39,986 | €29,231 | -€10,755 | -26.9% |
| Cash at bank and in hand | 54/58 | €8,988 | €56,770 | +€47,782 | +532% |
| Deferred charges and accrued income | 490/1 | - | €4,136 | +€4,136 | |
| Total equity and liabilities | 10/49 | €1,266,799 | €1,211,079 | -€55,720 | -4.4% |
| Equity | 10/15 | €394,302 | €416,225 | +€21,923 | +5.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €332,302 | €354,225 | +€21,923 | +6.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €326,102 | €348,025 | +€21,923 | +6.7% |
| Amounts payable | 17/49 | €872,497 | €794,854 | -€77,643 | -8.9% |
| Amounts payable after more than one year | 17 | €238,336 | €159,090 | -€79,246 | -33.2% |
| Financial debts | 170/4 | €238,336 | €159,090 | -€79,246 | -33.2% |
| Amounts payable within one year | 42/48 | €630,353 | €633,628 | +€3,275 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €56,038 | €80,709 | +€24,672 | +44.0% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €165,152 | €192,512 | +€27,360 | +16.6% |
| Suppliers | 440/4 | €165,152 | €192,512 | +€27,360 | +16.6% |
| Taxes, remuneration and social security | 45 | €44,566 | - | -€44,566 | |
| Taxes | 450/3 | €44,566 | - | -€44,566 | |
| Other amounts payable | 47/48 | €264,597 | €260,407 | -€4,190 | -1.6% |
| Accrued charges and deferred income | 492/3 | €3,809 | €2,137 | -€1,672 | -43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,945 | €53,647 | +€5,702 | +11.9% |
| Other operating charges | 640/8 | €29,232 | €29,173 | -€60 | -0.2% |
| Gross operating margin | 9900 | €202,022 | €131,353 | -€70,669 | -35.0% |
| Operating profit (loss) | 9901 | €124,844 | €48,533 | -€76,311 | -61.1% |
| Financial income | 75/76B | €786 | €721 | -€65 | -8.3% |
| Recurring financial income | 75 | €786 | €721 | -€65 | -8.3% |
| Financial charges | 65/66B | €17,325 | €14,661 | -€2,664 | -15.4% |
| Recurring financial charges | 65 | €17,325 | €14,661 | -€2,664 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €108,305 | €34,593 | -€73,712 | -68.1% |
| Income taxes | 67/77 | €36,460 | €12,670 | -€23,789 | -65.2% |
| Profit (loss) for the period | 9904 | €71,846 | €21,923 | -€49,923 | -69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €71,846 | €21,923 | -€49,923 | -69.5% |
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 16 October 2026 via checked.be.