ACWV: 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.
ACWV
Largest movements
- Receivables within one year -€49,528
down €49,528 (-65.4%), from €75,744 to €26,216
of which Trade receivables: -€56,199
- Cash +€35,226
up €35,226 (+92.2%), from €38,214 to €73,440
mainly Receivables within one year (+€49,528) and Depreciation (+€36,121)
- Tangible fixed assets -€31,535
down €31,535 (-4.9%), from €646,809 to €615,274
- Debts after one year -€51,679
down €51,679 (-10.2%), from €505,208 to €453,529
- Current portion of long-term debt -€11,038
down €11,038 (-17.6%), from €62,718 to €51,680
- Reserves +€8,710
up €8,710 (+7.6%), from €114,160 to €122,870
of which Distributable reserves: +€11,240
- Trade debts +€8,305
up €8,305 (+157%), from €5,291 to €13,596
- Gross operating margin -€86,549
down €86,549 (-54.5%), from €158,855 to €72,306
- Depreciation -€62,854
down €62,854 (-63.5%), from €98,975 to €36,121
- Financial charges +€11,285
up €11,285 (+122%), from €9,261 to €20,546
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 | €760,767 | €714,930 | -€45,837 | -6.0% |
| Fixed assets | 21/28 | €646,809 | €615,274 | -€31,535 | -4.9% |
| Tangible fixed assets | 22/27 | €646,809 | €615,274 | -€31,535 | -4.9% |
| Land and buildings | 22 | €646,809 | €615,274 | -€31,535 | -4.9% |
| Current assets | 29/58 | €113,958 | €99,656 | -€14,302 | -12.5% |
| Amounts receivable within one year | 40/41 | €75,744 | €26,216 | -€49,528 | -65.4% |
| Trade receivables | 40 | €74,415 | €18,216 | -€56,199 | -75.5% |
| Other amounts receivable | 41 | €1,329 | €8,000 | +€6,671 | +502% |
| Cash at bank and in hand | 54/58 | €38,214 | €73,440 | +€35,226 | +92.2% |
| Total equity and liabilities | 10/49 | €760,767 | €714,930 | -€45,837 | -6.0% |
| Equity | 10/15 | €181,792 | €190,502 | +€8,710 | +4.8% |
| Contributions | 10/11 | €98,500 | €98,500 | = | 0.0% |
| Capital | 10 | €98,500 | €98,500 | = | 0.0% |
| Issued capital | 100 | €98,500 | €98,500 | = | 0.0% |
| Reserves | 13 | €114,160 | €122,870 | +€8,710 | +7.6% |
| Tax-exempt reserves | 132 | €76,333 | €73,803 | -€2,530 | -3.3% |
| Distributable reserves | 133 | €37,827 | €49,067 | +€11,240 | +29.7% |
| Profit (loss) carried forward | 14 | -€30,868 | -€30,868 | -€0 | 0.0% |
| Amounts payable | 17/49 | €578,975 | €524,429 | -€54,546 | -9.4% |
| Amounts payable after more than one year | 17 | €505,208 | €453,529 | -€51,679 | -10.2% |
| Financial debts | 170/4 | €505,208 | €453,529 | -€51,679 | -10.2% |
| Amounts payable within one year | 42/48 | €73,767 | €70,900 | -€2,867 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €62,718 | €51,680 | -€11,038 | -17.6% |
| Trade debts | 44 | €5,291 | €13,596 | +€8,305 | +157% |
| Suppliers | 440/4 | €5,291 | €13,596 | +€8,305 | +157% |
| Taxes, remuneration and social security | 45 | €5,758 | €5,625 | -€133 | -2.3% |
| Taxes | 450/3 | €5,758 | €5,625 | -€133 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,975 | €36,121 | -€62,854 | -63.5% |
| Other operating charges | 640/8 | €4,894 | €5,805 | +€911 | +18.6% |
| Gross operating margin | 9900 | €158,855 | €72,306 | -€86,549 | -54.5% |
| Operating profit (loss) | 9901 | €54,986 | €30,380 | -€24,606 | -44.7% |
| Financial charges | 65/66B | €9,261 | €20,546 | +€11,285 | +122% |
| Recurring financial charges | 65 | €9,261 | €20,546 | +€11,285 | +122% |
| Profit (loss) for the period before taxes | 9903 | €45,725 | €9,834 | -€35,891 | -78.5% |
| Income taxes | 67/77 | €260 | €1,124 | +€864 | +332% |
| Profit (loss) for the period | 9904 | €45,465 | €8,710 | -€36,755 | -80.8% |
| Transfer from tax-exempt reserves | 789 | €330 | €2,530 | +€2,200 | +667% |
| Transfer to tax-exempt reserves | 689 | €76,663 | - | -€76,663 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,868 | €11,240 | +€42,108 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.