ACSE: 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.
ACSE
Largest movements
- Tangible fixed assets -€73,552
down €73,552 (-23.0%), from €319,566 to €246,014
- Current investments +€42,520
up €42,520 (+9.6%), from €444,925 to €487,445
- Receivables within one year +€26,491
up €26,491 (+42.8%), from €61,858 to €88,349
of which Trade receivables: +€28,455
- Cash -€21,907
down €21,907 (-5.7%), from €383,173 to €361,266
mainly Contributions, distributions and other (-€164,370) and Current investments (-€42,520)
- Reserves -€28,463
down €28,463 (-2.6%), from €1.1m to €1.1m
of which Non-distributable reserves: -€979,734
- Other debts +€26,971
up €26,971 (+285%), from €9,454 to €36,425
- Tax, wage and social debts -€19,487
down €19,487 (-30.5%), from €63,980 to €44,493
- Gross operating margin -€165,664
down €165,664 (-39.5%), from €419,174 to €253,510
- Taxes -€54,508
down €54,508 (-48.3%), from €112,914 to €58,406
- Financial income +€11,473
up €11,473 (+88.9%), from €12,906 to €24,379
- Depreciation -€5,755
down €5,755 (-7.3%), from €79,307 to €73,552
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 | €1,218,476 | €1,191,764 | -€26,711 | -2.2% |
| Fixed assets | 21/28 | €319,566 | €246,076 | -€73,490 | -23.0% |
| Tangible fixed assets | 22/27 | €319,566 | €246,014 | -€73,552 | -23.0% |
| Land and buildings | 22 | €40,448 | €35,376 | -€5,072 | -12.5% |
| Plant, machinery and equipment | 23 | €40,897 | €29,956 | -€10,942 | -26.8% |
| Furniture and vehicles | 24 | €34,581 | €9,371 | -€25,210 | -72.9% |
| Leasing and similar rights | 25 | €203,640 | €171,312 | -€32,328 | -15.9% |
| Financial fixed assets | 28 | - | €62 | +€62 | |
| Current assets | 29/58 | €898,910 | €945,688 | +€46,779 | +5.2% |
| Amounts receivable within one year | 40/41 | €61,858 | €88,349 | +€26,491 | +42.8% |
| Trade receivables | 40 | €56,144 | €84,598 | +€28,455 | +50.7% |
| Other amounts receivable | 41 | €5,714 | €3,750 | -€1,963 | -34.4% |
| Current investments | 50/53 | €444,925 | €487,445 | +€42,520 | +9.6% |
| Cash at bank and in hand | 54/58 | €383,173 | €361,266 | -€21,907 | -5.7% |
| Deferred charges and accrued income | 490/1 | €8,954 | €8,629 | -€326 | -3.6% |
| Total equity and liabilities | 10/49 | €1,218,476 | €1,191,764 | -€26,711 | -2.2% |
| Equity | 10/15 | €1,103,734 | €1,075,270 | -€28,463 | -2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,085,134 | €1,056,670 | -€28,463 | -2.6% |
| Non-distributable reserves | 130/1 | €981,594 | €1,860 | -€979,734 | -99.8% |
| Reserves not available under the articles | 1311 | €981,594 | €1,860 | -€979,734 | -99.8% |
| Distributable reserves | 133 | €103,540 | €1,054,810 | +€951,270 | +919% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €114,742 | €116,494 | +€1,752 | +1.5% |
| Amounts payable within one year | 42/48 | €111,893 | €116,494 | +€4,601 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €20,306 | €28,480 | +€8,175 | +40.3% |
| Trade debts | 44 | €18,153 | €7,095 | -€11,057 | -60.9% |
| Suppliers | 440/4 | €18,153 | €7,095 | -€11,057 | -60.9% |
| Taxes, remuneration and social security | 45 | €63,980 | €44,493 | -€19,487 | -30.5% |
| Taxes | 450/3 | €63,980 | €44,493 | -€19,487 | -30.5% |
| Other amounts payable | 47/48 | €9,454 | €36,425 | +€26,971 | +285% |
| Accrued charges and deferred income | 492/3 | €2,849 | €0 | -€2,849 | -100% |
| Remuneration, social security and pensions | 62 | €2,450 | €321 | -€2,129 | -86.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,307 | €73,552 | -€5,755 | -7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €500 | +€500 | |
| Other operating charges | 640/8 | €3,734 | €5,331 | +€1,597 | +42.8% |
| Gross operating margin | 9900 | €419,174 | €253,510 | -€165,664 | -39.5% |
| Operating profit (loss) | 9901 | €333,683 | €173,807 | -€159,876 | -47.9% |
| Financial income | 75/76B | €12,906 | €24,379 | +€11,473 | +88.9% |
| Recurring financial income | 75 | €12,906 | €24,379 | +€11,473 | +88.9% |
| Financial charges | 65/66B | €5,531 | €3,874 | -€1,657 | -30.0% |
| Recurring financial charges | 65 | €5,531 | €3,874 | -€1,657 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €341,059 | €194,312 | -€146,746 | -43.0% |
| Income taxes | 67/77 | €112,914 | €58,406 | -€54,508 | -48.3% |
| Profit (loss) for the period | 9904 | €228,145 | €135,907 | -€92,239 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €228,145 | €135,907 | -€92,239 | -40.4% |
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 13 October 2026 via checked.be.