ALTERATIO
Annual accounts 2025
abbreviated format, filed on 29-07-2026, 2 days before the deadlineGross margin
€88,466
▲ 81.5%
Operating result
€82,300
▲ 118%
EBITDA
€86,370
▲ 83.3%
Cash flow
€73,157
▲ 104%
Solvency
61.3%
▼ 13.5 percentage points
Current ratio
2.57
▼ 1.27
Money flows
no detail for 2025Balance sheet
balance sheet total €226,734 on 31-12-2025What the company ownsHow it is paid for
Change in equityin euro
Change in cashin euro
Position in the sector
Solvency61.3%
Higher than 63% of 3,396 companies in 2025.
Current ratio2.57
Higher than 62% of 3,258 companies in 2025.
Return on assets30.5%
Higher than 84% of 3,306 companies in 2025.
ALTERATIO
Middle half of the sector
80% of the sector
Abbreviated accounts in computer programming and consultancy (NACE 62)
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
Total assets20/58 |
226,734 | 146,904 | 165,879 | 111,640 | 90,255 | 45,574 | |
Fixed assets21/28 |
1,045 | 5,115 | 12,866 | 4,546 | 3,211 | 4,649 | |
Tangible fixed assets22/27 |
1,045 | 5,115 | 12,866 | 4,546 | 3,211 | 4,649 | |
Furniture and vehicles24 |
1,045 | 5,115 | 12,866 | 4,546 | 3,211 | 4,649 | |
Current assets29/58 |
225,689 | 141,789 | 153,013 | 107,094 | 87,044 | 40,924 | |
Amounts receivable within one year40/41 |
104,862 | 60,276 | 75,977 | 57,527 | 13,165 | 864 | |
Trade receivables40 |
65,862 | 28,941 | 55,283 | 49,102 | 13,165 | 635 | |
Other amounts receivable41 |
39,000 | 31,335 | 20,694 | 8,425 | - | 229 | |
Cash at bank and in hand54/58 |
120,827 | 81,513 | 77,036 | 49,567 | 73,879 | 40,061 | |
| Balance sheet: equity and liabilities | |||||||
Total equity and liabilities10/49 |
226,734 | 146,904 | 165,879 | 111,640 | 90,255 | 45,574 | |
Equity10/15 |
139,084 | 109,997 | 103,529 | 92,406 | 49,636 | 30,817 | |
Contributions10/11 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
Capital10 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | - | |
Issued capital100 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
Profit (loss) carried forward14 |
129,084 | 99,997 | 93,529 | 82,406 | 39,636 | 20,817 | |
Amounts payable17/49 |
87,650 | 36,907 | 62,351 | 19,235 | 40,619 | 14,757 | |
Amounts payable within one year42/48 |
87,650 | 36,868 | 62,351 | 19,235 | 40,619 | 14,757 | |
Trade debts44 |
5,918 | 8,759 | 40,367 | 3,571 | 14,347 | 1,301 | |
Suppliers440/4 |
5,918 | 8,759 | 40,367 | 3,571 | 14,347 | 1,301 | |
Taxes, remuneration and social security45 |
15,725 | 8,108 | 1,984 | 14,577 | 26,272 | 13,456 | |
Taxes450/3 |
15,725 | 8,108 | - | - | 12,785 | 4,638 | |
Remuneration and social security454/9 |
- | - | 1,984 | 14,577 | 13,487 | 8,818 | |
Other amounts payable47/48 |
66,008 | 20,000 | 20,000 | 1,086 | - | - | |
Accrued charges and deferred income492/3 |
- | 40 | - | - | - | - | |
| Income statement | |||||||
Turnover70 |
- | - | - | - | 189,655 | 72,393 | |
Gross operating margin9900 |
88,466 | 48,740 | 49,269 | 65,011 | 44,960 | 26,651 | |
Goods, raw materials, services and sundry goods60/61 |
- | - | - | - | 144,695 | 45,742 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
4,070 | 9,387 | 6,680 | 3,475 | 2,829 | 1,546 | |
Other operating charges640/8 |
2,096 | 1,621 | 2,415 | 2,269 | 9,496 | 668 | |
Operating profit (loss)9901 |
82,300 | 37,733 | 40,174 | 59,267 | 32,635 | 24,437 | |
Financial income75/76B |
45 | 42 | 2 | - | 7 | - | |
Recurring financial income75 |
45 | 42 | 2 | - | - | - | |
Non-recurring financial income76B |
- | - | - | - | 7 | - | |
Financial charges65/66B |
138 | 22 | 0 | 12,667 | 9,652 | 3,620 | |
Recurring financial charges65 |
138 | 22 | 0 | 12,667 | 9,652 | 3,620 | |
Profit (loss) for the period before taxes9903 |
82,206 | 37,752 | 40,175 | 46,600 | 22,990 | 20,817 | |
Income taxes67/77 |
13,119 | 11,284 | 9,052 | 3,830 | 4,170 | - | |
Profit (loss) for the period9904 |
69,087 | 26,468 | 31,123 | 42,770 | 18,819 | 20,817 | |
Profit (loss) for the period to be appropriated9905 |
69,087 | 26,468 | 31,123 | 42,770 | 18,819 | 20,817 | |
| Appropriation of the result | |||||||
Profit (loss) to be appropriated9906 |
169,084 | 119,997 | 113,529 | 82,406 | 39,636 | 20,817 | |
Profit (loss) brought forward from the previous period14P |
99,997 | 93,529 | 82,406 | 39,636 | 20,817 | - | |
Profit to be distributed694/7 |
40,000 | 20,000 | 20,000 | - | - | - | |
Return on contributions (dividend)694 |
40,000 | 20,000 | 20,000 | - | - | - | |
| Social balance sheet | |||||||
Hours worked1013 |
- | - | 0 | - | - | - | |
| Document | |||||||
The notes to these accounts have 3 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 29-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00345786 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00312056 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00382018 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00304114 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20186851 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-35000220 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| EBITDA | 86,370 | 47,119 | 46,854 | 62,742 | 35,464 | 25,983 | |
| Cash flow | 73,157 | 35,855 | 37,803 | 46,245 | 21,648 | 22,362 | |
| Investment in fixed assets (approximation) | 0 | 1,636 | 15,000 | 4,810 | 1,391 | 6,195 | |
| Change in cash | 39,314 | 4,477 | 27,469 | -24,313 | 33,819 | - | |
| Working capital | 138,039 | 104,921 | 90,662 | 87,859 | 46,425 | 26,167 | |
| EBIT margin | - | - | - | - | 17.2% | 33.8% | |
| Solvency | 61.3% | 74.9% | 62.4% | 82.8% | 55.0% | 67.6% | |
| Current ratio | 2.57 | 3.85 | 2.45 | 5.57 | 2.14 | 2.77 | |
| Debt to equity | 0.63 | 0.34 | 0.60 | 0.21 | 0.82 | 0.48 | |
| ROE | 49.7% | 24.1% | 30.1% | 46.3% | 37.9% | 67.6% | |
| ROA | 30.5% | 18.0% | 18.8% | 38.3% | 20.9% | 45.7% | |
| Interest coverage | over 100 | over 100 | over 100 | 4.95 | 3.67 | - | |
| Customer credit | - | - | - | - | 25 days | 3 days | |
| Supplier credit | - | - | - | - | 36 days | 10 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2023 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,636 | €15,000 | €4,810 | €1,391 |
| Depreciation and write-downs of the year | €4,070 | €9,387 | €6,680 | €3,475 | €2,829 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on ALTERATIO
The operating result for 2025 is 118% higher than in 2024 and the highest since 2020. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 25.1% to 38.7%. Equity and debt are higher.