AC 2010: 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.
AC 2010
Largest movements
- Stocks and contracts +€578,865
up €578,865 (+120%), from €481,843 to €1.1m
- Tangible fixed assets -€284,334
down €284,334 (-27.1%), from €1.1m to €765,917
of which Land and buildings: -€175,819
- Receivables within one year +€39,593
up €39,593 (+29.5%), from €134,268 to €173,861
of which Trade receivables: +€46,719
- Short-term financial debts +€251,829
up €251,829 (+85.7%), from €293,695 to €545,524
- Debts after one year -€80,872
down €80,872 (-18.3%), from €440,817 to €359,945
- Trade debts +€70,208
up €70,208 (+63.6%), from €110,342 to €180,550
- Profit (loss) carried forward +€41,271
up €41,271 (+4.2%), from €973,730 to €1.0m
- Tax, wage and social debts +€31,187
up €31,187 (+175%), from €17,849 to €49,036
of which Taxes: +€23,650
- Gross operating margin -€97,786
down €97,786 (-12.9%), from €756,091 to €658,305
- Taxes -€15,509
down €15,509 (-38.3%), from €40,473 to €24,964
- Staff costs -€14,859
down €14,859 (-3.9%), from €378,589 to €363,730
- Financial charges +€14,346
up €14,346 (+47.6%), from €30,128 to €44,474
of which Financial charges: +€14,096
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 | €1,988,933 | €2,295,158 | +€306,225 | +15.4% |
| Fixed assets | 21/28 | €1,113,973 | €826,103 | -€287,870 | -25.8% |
| Intangible fixed assets | 21 | €286 | - | -€286 | |
| Tangible fixed assets | 22/27 | €1,050,251 | €765,917 | -€284,334 | -27.1% |
| Land and buildings | 22 | €542,098 | €366,279 | -€175,819 | -32.4% |
| Plant, machinery and equipment | 23 | €362,757 | €310,591 | -€52,166 | -14.4% |
| Furniture and vehicles | 24 | €145,396 | €89,047 | -€56,349 | -38.8% |
| Financial fixed assets | 28 | €63,436 | €60,186 | -€3,250 | -5.1% |
| Current assets | 29/58 | €874,960 | €1,469,055 | +€594,095 | +67.9% |
| Stocks and contracts in progress | 3 | €481,843 | €1,060,708 | +€578,865 | +120% |
| Stocks | 30/36 | €481,843 | €1,060,708 | +€578,865 | +120% |
| Amounts receivable within one year | 40/41 | €134,268 | €173,861 | +€39,593 | +29.5% |
| Trade receivables | 40 | €86,867 | €133,586 | +€46,719 | +53.8% |
| Other amounts receivable | 41 | €47,401 | €40,275 | -€7,126 | -15.0% |
| Cash at bank and in hand | 54/58 | €254,379 | €231,771 | -€22,608 | -8.9% |
| Deferred charges and accrued income | 490/1 | €4,470 | €2,715 | -€1,755 | -39.3% |
| Total equity and liabilities | 10/49 | €1,988,933 | €2,295,158 | +€306,225 | +15.4% |
| Equity | 10/15 | €1,037,785 | €1,075,452 | +€37,667 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,017 | €20,017 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,157 | €18,157 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €973,730 | €1,015,001 | +€41,271 | +4.2% |
| Investment grants | 15 | €25,438 | €21,834 | -€3,604 | -14.2% |
| Amounts payable | 17/49 | €951,148 | €1,219,706 | +€268,558 | +28.2% |
| Amounts payable after more than one year | 17 | €440,817 | €359,945 | -€80,872 | -18.3% |
| Financial debts | 170/4 | €440,817 | €359,945 | -€80,872 | -18.3% |
| Amounts payable within one year | 42/48 | €510,331 | €859,761 | +€349,430 | +68.5% |
| Current portion of amounts payable after more than one year | 42 | €86,029 | €83,371 | -€2,658 | -3.1% |
| Financial debts | 43 | €293,695 | €545,524 | +€251,829 | +85.7% |
| Credit institutions | 430/8 | €293,695 | €545,524 | +€251,829 | +85.7% |
| Trade debts | 44 | €110,342 | €180,550 | +€70,208 | +63.6% |
| Suppliers | 440/4 | €110,342 | €180,550 | +€70,208 | +63.6% |
| Taxes, remuneration and social security | 45 | €17,849 | €49,036 | +€31,187 | +175% |
| Taxes | 450/3 | €6,949 | €30,599 | +€23,650 | +340% |
| Remuneration and social security | 454/9 | €10,900 | €18,437 | +€7,537 | +69.1% |
| Other amounts payable | 47/48 | €2,416 | €1,280 | -€1,136 | -47.0% |
| Remuneration, social security and pensions | 62 | €378,589 | €363,730 | -€14,859 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,472 | €124,472 | -€5,000 | -3.9% |
| Other operating charges | 640/8 | €19,273 | €11,917 | -€7,356 | -38.2% |
| Non-recurring operating charges | 66A | €32,930 | €5,143 | -€27,787 | -84.4% |
| Gross operating margin | 9900 | €756,091 | €658,305 | -€97,786 | -12.9% |
| Operating profit (loss) | 9901 | €195,827 | €153,043 | -€42,784 | -21.8% |
| Financial income | 75/76B | €4,194 | €3,809 | -€385 | -9.2% |
| Recurring financial income | 75 | €4,194 | €3,809 | -€385 | -9.2% |
| Financial charges | 65/66B | €30,128 | €44,474 | +€14,346 | +47.6% |
| Recurring financial charges | 65 | €30,128 | €44,224 | +€14,096 | +46.8% |
| Non-recurring financial charges | 66B | - | €250 | +€250 | |
| Profit (loss) for the period before taxes | 9903 | €169,893 | €112,378 | -€57,515 | -33.9% |
| Income taxes | 67/77 | €40,473 | €24,964 | -€15,509 | -38.3% |
| Profit (loss) for the period | 9904 | €129,420 | €87,414 | -€42,006 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €129,420 | €87,414 | -€42,006 | -32.5% |
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 20 October 2026 via checked.be.