CHRISTOPHE ACKERMANS: 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.
CHRISTOPHE ACKERMANS
Largest movements
- Tangible fixed assets -€36,421
down €36,421 (-10.7%), from €341,478 to €305,057
of which Land and buildings: -€29,194
- Cash -€13,951
down €13,951 (-5.4%), from €258,355 to €244,404
mainly Contributions, distributions and other (-€148,718) and Debts after one year (-€21,852)
- Reserves -€91,688
down €91,688 (-20.0%), from €457,721 to €366,033
of which Non-distributable reserves: -€91,688
- Other debts +€61,252
up €61,252 (+64.9%), from €94,344 to €155,596
- Debts after one year -€21,852
no longer reported in 2025 (was €21,852)
- Gross operating margin +€49,476
up €49,476 (+62.6%), from €78,992 to €128,468
- Taxes +€14,720
up €14,720 (+159%), from €9,274 to €23,995
- Financial charges -€5,495
down €5,495 (-72.8%), from €7,546 to €2,051
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 | €625,499 | €570,036 | -€55,463 | -8.9% |
| Fixed assets | 21/28 | €341,478 | €305,057 | -€36,421 | -10.7% |
| Tangible fixed assets | 22/27 | €341,478 | €305,057 | -€36,421 | -10.7% |
| Land and buildings | 22 | €330,051 | €300,857 | -€29,194 | -8.8% |
| Furniture and vehicles | 24 | €11,426 | €4,200 | -€7,227 | -63.2% |
| Current assets | 29/58 | €284,022 | €264,980 | -€19,042 | -6.7% |
| Amounts receivable within one year | 40/41 | €21,876 | €18,914 | -€2,962 | -13.5% |
| Trade receivables | 40 | €18,150 | €18,914 | +€764 | +4.2% |
| Other amounts receivable | 41 | €3,726 | - | -€3,726 | |
| Cash at bank and in hand | 54/58 | €258,355 | €244,404 | -€13,951 | -5.4% |
| Deferred charges and accrued income | 490/1 | €3,791 | €1,662 | -€2,129 | -56.2% |
| Total equity and liabilities | 10/49 | €625,499 | €570,036 | -€55,463 | -8.9% |
| Equity | 10/15 | €470,206 | €378,518 | -€91,688 | -19.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €457,721 | €366,033 | -€91,688 | -20.0% |
| Non-distributable reserves | 130/1 | €454,437 | €362,749 | -€91,688 | -20.2% |
| Other | 1319 | €454,437 | €362,749 | -€91,688 | -20.2% |
| Tax-exempt reserves | 132 | €152 | €152 | = | 0.0% |
| Distributable reserves | 133 | €3,132 | €3,132 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86 | €86 | = | 0.0% |
| Amounts payable | 17/49 | €155,293 | €191,518 | +€36,225 | +23.3% |
| Amounts payable after more than one year | 17 | €21,852 | - | -€21,852 | |
| Financial debts | 170/4 | €21,852 | - | -€21,852 | |
| Amounts payable within one year | 42/48 | €128,899 | €191,259 | +€62,360 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €25,270 | €21,852 | -€3,417 | -13.5% |
| Trade debts | 44 | €1,639 | €1,391 | -€247 | -15.1% |
| Suppliers | 440/4 | €1,639 | €1,391 | -€247 | -15.1% |
| Taxes, remuneration and social security | 45 | €7,646 | €12,418 | +€4,772 | +62.4% |
| Taxes | 450/3 | €6,096 | €10,868 | +€4,772 | +78.3% |
| Remuneration and social security | 454/9 | €1,550 | €1,550 | = | 0.0% |
| Other amounts payable | 47/48 | €94,344 | €155,596 | +€61,252 | +64.9% |
| Accrued charges and deferred income | 492/3 | €4,542 | €260 | -€4,282 | -94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,256 | €41,391 | +€135 | +0.3% |
| Other operating charges | 640/8 | €3,662 | €3,938 | +€276 | +7.5% |
| Non-recurring operating charges | 66A | €196 | €63 | -€133 | -67.7% |
| Gross operating margin | 9900 | €78,992 | €128,468 | +€49,476 | +62.6% |
| Operating profit (loss) | 9901 | €33,878 | €83,075 | +€49,198 | +145% |
| Financial income | 75/76B | €6 | €0 | -€6 | -98.0% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -98.0% |
| Financial charges | 65/66B | €7,546 | €2,051 | -€5,495 | -72.8% |
| Recurring financial charges | 65 | €7,546 | €2,051 | -€5,495 | -72.8% |
| Profit (loss) for the period before taxes | 9903 | €26,338 | €81,025 | +€54,687 | +208% |
| Income taxes | 67/77 | €9,274 | €23,995 | +€14,720 | +159% |
| Profit (loss) for the period | 9904 | €17,063 | €57,030 | +€39,967 | +234% |
| Profit (loss) for the period to be appropriated | 9905 | €17,063 | €57,030 | +€39,967 | +234% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.