ACE Projects: what changed
ACE Projects
Largest movements
- Receivables within one year -€259,998
down €259,998 (-48.3%), from €537,964 to €277,967
of which Trade receivables: -€200,017
- Deferred charges and accrued income +€119,535
up €119,535 (+7,456%), from €1,603 to €121,138
- Stocks and contracts +€95,775
up €95,775 (+34.7%), from €276,133 to €371,908
- Cash +€53,053
up €53,053 (+42.2%), from €125,762 to €178,815
mainly Receivables within one year (+€259,998) and Debts after one year (+€135,400)
- Debts after one year +€135,400
up €135,400 (+32.2%), from €420,058 to €555,458
- Trade debts -€71,844
down €71,844 (-37.0%), from €193,976 to €122,132
- Profit (loss) carried forward -€66,281
down €66,281 (-86.9%), from €76,261 to €9,981
- Other debts +€17,794
up €17,794 (+17.2%), from €103,554 to €121,348
- Gross operating margin -€97,429
down €97,429, from €38,769 to -€58,660
- Write-downs -€28,610
down €28,610, from €14,305 to -€14,305
- Financial charges -€11,818
down €11,818 (-44.5%), from €26,530 to €14,712
- Financial income -€1,994
down €1,994 (-66.5%), from €2,999 to €1,005
of which Financial income: -€2,296
- Taxes -€890
down €890 (-64.0%), from €1,391 to €501
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €953,798 | €959,445 | +€5,648 | +0.6% |
| Fixed assets | 21/28 | €12,335 | €9,618 | -€2,717 | -22.0% |
| Tangible fixed assets | 22/27 | €8,352 | €5,635 | -€2,717 | -32.5% |
| Furniture and vehicles | 24 | €8,352 | €5,635 | -€2,717 | -32.5% |
| Financial fixed assets | 28 | €3,983 | €3,983 | = | 0.0% |
| Current assets | 29/58 | €941,463 | €949,828 | +€8,365 | +0.9% |
| Stocks and contracts in progress | 3 | €276,133 | €371,908 | +€95,775 | +34.7% |
| Contracts in progress | 37 | €276,133 | €371,908 | +€95,775 | +34.7% |
| Amounts receivable within one year | 40/41 | €537,964 | €277,967 | -€259,998 | -48.3% |
| Trade receivables | 40 | €436,403 | €236,386 | -€200,017 | -45.8% |
| Other amounts receivable | 41 | €101,561 | €41,581 | -€59,980 | -59.1% |
| Cash at bank and in hand | 54/58 | €125,762 | €178,815 | +€53,053 | +42.2% |
| Deferred charges and accrued income | 490/1 | €1,603 | €121,138 | +€119,535 | +7,456% |
| Total equity and liabilities | 10/49 | €953,798 | €959,445 | +€5,648 | +0.6% |
| Equity | 10/15 | €206,387 | €140,106 | -€66,281 | -32.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,526 | €111,526 | = | 0.0% |
| Distributable reserves | 133 | €111,526 | €111,526 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,261 | €9,981 | -€66,281 | -86.9% |
| Amounts payable | 17/49 | €747,411 | €819,339 | +€71,928 | +9.6% |
| Amounts payable after more than one year | 17 | €420,058 | €555,458 | +€135,400 | +32.2% |
| Financial debts | 170/4 | €420,058 | €555,458 | +€135,400 | +32.2% |
| Amounts payable within one year | 42/48 | €313,028 | €251,881 | -€61,147 | -19.5% |
| Trade debts | 44 | €193,976 | €122,132 | -€71,844 | -37.0% |
| Suppliers | 440/4 | €193,976 | €122,132 | -€71,844 | -37.0% |
| Taxes, remuneration and social security | 45 | €15,498 | €8,401 | -€7,097 | -45.8% |
| Taxes | 450/3 | €15,498 | €8,401 | -€7,097 | -45.8% |
| Other amounts payable | 47/48 | €103,554 | €121,348 | +€17,794 | +17.2% |
| Accrued charges and deferred income | 492/3 | €14,324 | €12,000 | -€2,324 | -16.2% |
| Non-recurring operating income | 76A | €21,870 | - | -€21,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,717 | €2,717 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,305 | -€14,305 | -€28,610 | |
| Other operating charges | 640/8 | €4,040 | €3,368 | -€672 | -16.6% |
| Non-recurring operating charges | 66A | €1,058 | €1,632 | +€574 | +54.2% |
| Gross operating margin | 9900 | €38,769 | -€58,660 | -€97,429 | |
| Operating profit (loss) | 9901 | €16,649 | -€52,073 | -€68,721 | |
| Financial income | 75/76B | €2,999 | €1,005 | -€1,994 | -66.5% |
| Recurring financial income | 75 | €2,999 | €703 | -€2,296 | -76.5% |
| Non-recurring financial income | 76B | - | €302 | +€302 | |
| Financial charges | 65/66B | €26,530 | €14,712 | -€11,818 | -44.5% |
| Recurring financial charges | 65 | €26,530 | €14,712 | -€11,818 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,882 | -€65,779 | -€58,897 | -856% |
| Income taxes | 67/77 | €1,391 | €501 | -€890 | -64.0% |
| Profit (loss) for the period | 9904 | -€8,273 | -€66,281 | -€58,007 | -701% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,273 | -€66,281 | -€58,007 | -701% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.