ACSM Holding: 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.
ACSM Holding
Largest movements
- Tangible fixed assets +€561,649
new in 2025: €561,649
- Financial fixed assets +€119,700
up €119,700 (+10.7%), from €1.1m to €1.2m
- Cash +€27,590
new in 2025: €27,590
mainly Other debts (+€306,148) and Debts after one year (+€264,606)
- Reserves +€483,718
new in 2025: €483,718
- Profit (loss) carried forward -€327,938
no longer reported in 2025 (was €327,938)
- Other debts +€306,148
up €306,148 (+366%), from €83,687 to €389,835
- Debts after one year +€264,606
up €264,606 (+51.7%), from €512,042 to €776,647
of which Financial debts: +€261,306
- Short-term financial debts -€43,959
no longer reported in 2025 (was €43,959)
- Financial income +€55,000
up €55,000 (+55.0%), from €100,000 to €155,000
- Gross operating margin +€33,203
up €33,203 (+420%), from €7,909 to €41,112
- Financial charges +€17,310
up €17,310 (+241%), from €7,184 to €24,494
- Depreciation +€10,499
up €10,499 (+389%), from €2,700 to €13,199
- Other operating charges +€2,252
up €2,252 (+582%), from €387 to €2,640
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 | €1,137,021 | €1,845,591 | +€708,570 | +62.3% |
| Fixed assets | 21/28 | €1,120,000 | €1,801,349 | +€681,349 | +60.8% |
| Tangible fixed assets | 22/27 | - | €561,649 | +€561,649 | |
| Land and buildings | 22 | - | €561,649 | +€561,649 | |
| Financial fixed assets | 28 | €1,120,000 | €1,239,700 | +€119,700 | +10.7% |
| Current assets | 29/58 | €17,021 | €44,242 | +€27,221 | +160% |
| Amounts receivable within one year | 40/41 | €17,021 | €16,651 | -€369 | -2.2% |
| Trade receivables | 40 | €6,655 | €7,044 | +€389 | +5.8% |
| Other amounts receivable | 41 | €10,366 | €9,607 | -€758 | -7.3% |
| Cash at bank and in hand | 54/58 | - | €27,590 | +€27,590 | |
| Total equity and liabilities | 10/49 | €1,137,021 | €1,845,591 | +€708,570 | +62.3% |
| Equity | 10/15 | €352,938 | €508,718 | +€155,779 | +44.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €483,718 | +€483,718 | |
| Distributable reserves | 133 | - | €483,718 | +€483,718 | |
| Profit (loss) carried forward | 14 | €327,938 | - | -€327,938 | |
| Amounts payable | 17/49 | €784,082 | €1,336,873 | +€552,791 | +70.5% |
| Amounts payable after more than one year | 17 | €512,042 | €776,647 | +€264,606 | +51.7% |
| Financial debts | 170/4 | €512,042 | €773,347 | +€261,306 | +51.0% |
| Other amounts payable | 178/9 | - | €3,300 | +€3,300 | |
| Amounts payable within one year | 42/48 | €271,756 | €556,584 | +€284,827 | +105% |
| Current portion of amounts payable after more than one year | 42 | €125,254 | €146,762 | +€21,508 | +17.2% |
| Financial debts | 43 | €43,959 | - | -€43,959 | |
| Credit institutions | 430/8 | €43,959 | - | -€43,959 | |
| Trade debts | 44 | €15,420 | €19,987 | +€4,566 | +29.6% |
| Suppliers | 440/4 | €15,420 | €19,987 | +€4,566 | +29.6% |
| Taxes, remuneration and social security | 45 | €3,436 | - | -€3,436 | |
| Taxes | 450/3 | €3,436 | - | -€3,436 | |
| Other amounts payable | 47/48 | €83,687 | €389,835 | +€306,148 | +366% |
| Accrued charges and deferred income | 492/3 | €285 | €3,642 | +€3,358 | +1,180% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,700 | €13,199 | +€10,499 | +389% |
| Other operating charges | 640/8 | €387 | €2,640 | +€2,252 | +582% |
| Non-recurring operating charges | 66A | €10,650 | - | -€10,650 | |
| Gross operating margin | 9900 | €7,909 | €41,112 | +€33,203 | +420% |
| Operating profit (loss) | 9901 | -€5,828 | €25,273 | +€31,101 | |
| Financial income | 75/76B | €100,000 | €155,000 | +€55,000 | +55.0% |
| Recurring financial income | 75 | €100,000 | €155,000 | +€55,000 | +55.0% |
| Financial charges | 65/66B | €7,184 | €24,494 | +€17,310 | +241% |
| Recurring financial charges | 65 | €7,184 | €24,494 | +€17,310 | +241% |
| Profit (loss) for the period before taxes | 9903 | €86,988 | €155,779 | +€68,792 | +79.1% |
| Profit (loss) for the period | 9904 | €86,988 | €155,779 | +€68,792 | +79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,988 | €155,779 | +€68,792 | +79.1% |
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 21 October 2026 via checked.be.