ACpath: 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.
ACpath
Largest movements
- Cash -€117,051
down €117,051 (-77.8%), from €150,415 to €33,365
mainly Contributions, distributions and other (-€180,000) and Investment in fixed assets (net) (-€73,933)
- Tangible fixed assets +€72,862
up €72,862 (+10112.5%), from €721 to €73,582
of which Furniture and vehicles: +€71,079
- Intangible fixed assets -€57,800
down €57,800 (-25.0%), from €231,200 to €173,400
- Current investments +€39,519
up €39,519 (+193.0%), from €20,481 to €60,000
- Deferred charges and accrued income -€11,440
down €11,440 (-11.8%), from €97,222 to €85,781
- Other debts -€57,840
down €57,840 (-21.3%), from €271,792 to €213,952
- Tax, wage and social debts -€17,007
no longer reported in 2025 (was €17,007)
- Profit (loss) carried forward +€5,760
up €5,760 (+3.1%), from €187,359 to €193,119
- Taxes -€6,042
down €6,042 (-9.7%), from €62,007 to €55,965
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 | €500,039 | €431,449 | -€68,590 | -13.7% |
| Fixed assets | 21/28 | €231,921 | €246,982 | +€15,062 | +6.5% |
| Intangible fixed assets | 21 | €231,200 | €173,400 | -€57,800 | -25.0% |
| Tangible fixed assets | 22/27 | €721 | €73,582 | +€72,862 | +10112.5% |
| Plant, machinery and equipment | 23 | - | €738 | +€738 | |
| Furniture and vehicles | 24 | €721 | €71,799 | +€71,079 | +9865.0% |
| Other tangible fixed assets | 26 | - | €1,045 | +€1,045 | |
| Current assets | 29/58 | €268,118 | €184,466 | -€83,652 | -31.2% |
| Amounts receivable within one year | 40/41 | - | €5,320 | +€5,320 | |
| Trade receivables | 40 | - | €1,090 | +€1,090 | |
| Other amounts receivable | 41 | - | €4,230 | +€4,230 | |
| Current investments | 50/53 | €20,481 | €60,000 | +€39,519 | +193.0% |
| Cash at bank and in hand | 54/58 | €150,415 | €33,365 | -€117,051 | -77.8% |
| Deferred charges and accrued income | 490/1 | €97,222 | €85,781 | -€11,440 | -11.8% |
| Total equity and liabilities | 10/49 | €500,039 | €431,449 | -€68,590 | -13.7% |
| Equity | 10/15 | €207,819 | €213,579 | +€5,760 | +2.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €187,359 | €193,119 | +€5,760 | +3.1% |
| Amounts payable | 17/49 | €292,220 | €217,870 | -€74,350 | -25.4% |
| Amounts payable within one year | 42/48 | €290,250 | €217,870 | -€72,381 | -24.9% |
| Trade debts | 44 | €1,452 | €3,918 | +€2,466 | +169.8% |
| Suppliers | 440/4 | €1,452 | €3,918 | +€2,466 | +169.8% |
| Taxes, remuneration and social security | 45 | €17,007 | - | -€17,007 | |
| Taxes | 450/3 | €17,007 | - | -€17,007 | |
| Other amounts payable | 47/48 | €271,792 | €213,952 | -€57,840 | -21.3% |
| Accrued charges and deferred income | 492/3 | €1,970 | - | -€1,970 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,050 | €58,871 | +€821 | +1.4% |
| Other operating charges | 640/8 | €1,269 | €706 | -€563 | -44.4% |
| Gross operating margin | 9900 | €303,771 | €301,339 | -€2,432 | -0.8% |
| Operating profit (loss) | 9901 | €244,453 | €241,763 | -€2,690 | -1.1% |
| Financial income | 75/76B | €690 | €220 | -€470 | -68.2% |
| Recurring financial income | 75 | €690 | €220 | -€470 | -68.2% |
| Financial charges | 65/66B | €212 | €257 | +€46 | +21.6% |
| Recurring financial charges | 65 | €212 | €257 | +€46 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €244,931 | €241,725 | -€3,206 | -1.3% |
| Income taxes | 67/77 | €62,007 | €55,965 | -€6,042 | -9.7% |
| Profit (loss) for the period | 9904 | €182,924 | €185,760 | +€2,836 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €182,924 | €185,760 | +€2,836 | +1.6% |
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.