ACED: 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.
ACED
Largest movements
- Financial fixed assets +€648,399
up €648,399 (+9.5%), from €6.8m to €7.5m
- Debts after one year -€642,857
down €642,857 (-22.1%), from €2.9m to €2.3m
- Reserves +€522,952
up €522,952 (+20.2%), from €2.6m to €3.1m
- Other debts +€512,296
up €512,296 (+2,561%), from €20,000 to €532,296
- Trade debts +€260,157
up €260,157 (+95.3%), from €272,958 to €533,116
- Financial income -€224,352
down €224,352 (-34.3%), from €653,739 to €429,387
- Gross operating margin -€75,801
down €75,801 (-21.8%), from €348,360 to €272,559
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 | €6,969,936 | €7,654,338 | +€684,403 | +9.8% |
| Fixed assets | 21/28 | €6,820,369 | €7,468,768 | +€648,399 | +9.5% |
| Financial fixed assets | 28 | €6,820,369 | €7,468,768 | +€648,399 | +9.5% |
| Current assets | 29/58 | €149,566 | €185,570 | +€36,004 | +24.1% |
| Amounts receivable within one year | 40/41 | €142,398 | €109,842 | -€32,555 | -22.9% |
| Trade receivables | 40 | €108,900 | €108,900 | = | 0.0% |
| Other amounts receivable | 41 | €33,498 | €942 | -€32,555 | -97.2% |
| Cash at bank and in hand | 54/58 | €5,721 | €74,276 | +€68,555 | +1,198% |
| Deferred charges and accrued income | 490/1 | €1,448 | €1,452 | +€4 | +0.3% |
| Total equity and liabilities | 10/49 | €6,969,936 | €7,654,338 | +€684,403 | +9.8% |
| Equity | 10/15 | €3,111,843 | €3,634,794 | +€522,952 | +16.8% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Reserves | 13 | €2,586,843 | €3,109,794 | +€522,952 | +20.2% |
| Distributable reserves | 133 | €2,586,843 | €3,109,794 | +€522,952 | +20.2% |
| Amounts payable | 17/49 | €3,858,093 | €4,019,544 | +€161,451 | +4.2% |
| Amounts payable after more than one year | 17 | €2,910,714 | €2,267,857 | -€642,857 | -22.1% |
| Financial debts | 170/4 | €2,910,714 | €2,267,857 | -€642,857 | -22.1% |
| Amounts payable within one year | 42/48 | €947,279 | €1,751,682 | +€804,403 | +84.9% |
| Current portion of amounts payable after more than one year | 42 | €642,857 | €642,857 | = | 0.0% |
| Financial debts | 43 | - | €15,162 | +€15,162 | |
| Credit institutions | 430/8 | - | €15,162 | +€15,162 | |
| Trade debts | 44 | €272,958 | €533,116 | +€260,157 | +95.3% |
| Suppliers | 440/4 | €272,958 | €533,116 | +€260,157 | +95.3% |
| Taxes, remuneration and social security | 45 | €11,463 | €28,251 | +€16,788 | +146% |
| Taxes | 450/3 | €11,463 | €28,251 | +€16,788 | +146% |
| Other amounts payable | 47/48 | €20,000 | €532,296 | +€512,296 | +2,561% |
| Accrued charges and deferred income | 492/3 | €100 | €5 | -€95 | -95.0% |
| Other operating charges | 640/8 | €580 | €1,073 | +€493 | +85.0% |
| Gross operating margin | 9900 | €348,360 | €272,559 | -€75,801 | -21.8% |
| Operating profit (loss) | 9901 | €347,780 | €271,485 | -€76,295 | -21.9% |
| Financial income | 75/76B | €653,739 | €429,387 | -€224,352 | -34.3% |
| Recurring financial income | 75 | €653,739 | €429,387 | -€224,352 | -34.3% |
| Financial charges | 65/66B | €125,665 | €128,863 | +€3,197 | +2.5% |
| Recurring financial charges | 65 | €125,665 | €128,863 | +€3,197 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €875,853 | €572,009 | -€303,844 | -34.7% |
| Income taxes | 67/77 | €51,463 | €49,058 | -€2,405 | -4.7% |
| Profit (loss) for the period | 9904 | €824,390 | €522,952 | -€301,438 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €824,390 | €522,952 | -€301,438 | -36.6% |
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 1 November 2026 via checked.be.