A&L: what changed
What changed
A&L
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€44,243
2024 · €1,596+€42,647
Equity
€299,996
2024 · €255,753+€44,243
Cash
€1,418
2024 · €1,773-€355
Balance sheet total
€980,813
2024 · €923,593+€57,220
Largest movements
Assets
- Deferred charges and accrued income +€48,633
up €48,633 (+7,326%), from €664 to €49,296
Equity and liabilities
- Reserves +€63,786
up €63,786 (+46.8%), from €136,211 to €199,996
- Other debts +€40,771
up €40,771 (+17.7%), from €230,579 to €271,350
- Debts after one year -€36,004
down €36,004 (-9.7%), from €369,833 to €333,829
- Profit (loss) carried forward -€19,543
no longer reported in 2025 (was €19,543)
- Tax, wage and social debts +€12,872
up €12,872 (+89.7%), from €14,344 to €27,216
Income statement
- Gross operating margin +€46,626
up €46,626 (+174%), from €26,852 to €73,479
- Taxes +€16,044
up €16,044 (+877%), from €1,830 to €17,873
- Financial charges -€12,166
down €12,166 (-56.2%), from €21,654 to €9,488
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.
Result 2024
€1,596
Gross operating margin
+€46,626
Other operating charges
-€84
Financial income
-€17
Financial charges
+€12,166
Taxes
-€16,044
Result 2025
€44,243
raises the resultlowers the result
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.
From operations
+€34,803
Investment
€0
Financing
-€35,157
Cash 2024
€1,773
From operations (derived)
+€34,803
Net result for the year
+€44,243
Receivables within one year
-€8,942
Deferred charges and accrued income
-€48,633
Trade debts
+€5,505
Tax, wage and social debts
+€12,872
Other debts
+€40,771
Accrued charges and deferred income
-€11,013
Financing
-€35,157
Debts after one year
-€36,004
Current portion of long-term debt
+€847
Cash 2025
€1,418
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €923,593 | €980,813 | +€57,220 | +6.2% |
| Fixed assets | 21/28 | €920,773 | €920,773 | = | 0.0% |
| Tangible fixed assets | 22/27 | €621,948 | €621,948 | = | 0.0% |
| Land and buildings | 22 | €621,948 | €621,948 | = | 0.0% |
| Financial fixed assets | 28 | €298,825 | €298,825 | = | 0.0% |
| Current assets | 29/58 | €2,820 | €60,040 | +€57,220 | +2,029% |
| Amounts receivable within one year | 40/41 | €384 | €9,326 | +€8,942 | +2,331% |
| Trade receivables | 40 | - | €8,868 | +€8,868 | |
| Other amounts receivable | 41 | €384 | €457 | +€73 | +19.2% |
| Cash at bank and in hand | 54/58 | €1,773 | €1,418 | -€355 | -20.0% |
| Deferred charges and accrued income | 490/1 | €664 | €49,296 | +€48,633 | +7,326% |
| Total equity and liabilities | 10/49 | €923,593 | €980,813 | +€57,220 | +6.2% |
| Equity | 10/15 | €255,753 | €299,996 | +€44,243 | +17.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €136,211 | €199,996 | +€63,786 | +46.8% |
| Distributable reserves | 133 | €136,211 | €199,996 | +€63,786 | +46.8% |
| Profit (loss) carried forward | 14 | €19,543 | - | -€19,543 | |
| Amounts payable | 17/49 | €667,840 | €680,817 | +€12,977 | +1.9% |
| Amounts payable after more than one year | 17 | €369,833 | €333,829 | -€36,004 | -9.7% |
| Financial debts | 170/4 | €369,833 | €333,829 | -€36,004 | -9.7% |
| Amounts payable within one year | 42/48 | €285,842 | €345,836 | +€59,994 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €35,157 | €36,004 | +€847 | +2.4% |
| Trade debts | 44 | €5,761 | €11,266 | +€5,505 | +95.5% |
| Suppliers | 440/4 | €5,761 | €11,266 | +€5,505 | +95.5% |
| Taxes, remuneration and social security | 45 | €14,344 | €27,216 | +€12,872 | +89.7% |
| Taxes | 450/3 | €14,344 | €27,216 | +€12,872 | +89.7% |
| Other amounts payable | 47/48 | €230,579 | €271,350 | +€40,771 | +17.7% |
| Accrued charges and deferred income | 492/3 | €12,165 | €1,152 | -€11,013 | -90.5% |
| Other operating charges | 640/8 | €1,800 | €1,884 | +€84 | +4.7% |
| Gross operating margin | 9900 | €26,852 | €73,479 | +€46,626 | +174% |
| Operating profit (loss) | 9901 | €25,052 | €71,595 | +€46,543 | +186% |
| Financial income | 75/76B | €27 | €10 | -€17 | -63.6% |
| Recurring financial income | 75 | €27 | €10 | -€17 | -63.6% |
| Financial charges | 65/66B | €21,654 | €9,488 | -€12,166 | -56.2% |
| Recurring financial charges | 65 | €21,654 | €9,488 | -€12,166 | -56.2% |
| Profit (loss) for the period before taxes | 9903 | €3,425 | €62,117 | +€58,691 | +1,713% |
| Income taxes | 67/77 | €1,830 | €17,873 | +€16,044 | +877% |
| Profit (loss) for the period | 9904 | €1,596 | €44,243 | +€42,647 | +2,673% |
| Profit (loss) for the period to be appropriated | 9905 | €1,596 | €44,243 | +€42,647 | +2,673% |
Next steps
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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 8 November 2026 via checked.be.