A.L.S.: 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.
A.L.S.
Largest movements
- Cash +€177,208
up €177,208 (+311.2%), from €56,941 to €234,149
mainly Current investments (+€80,000) and Stocks and contracts (+€63,360)
- Current investments -€80,000
no longer reported in 2025 (was €80,000)
- Stocks and contracts -€63,360
down €63,360 (-12.0%), from €527,452 to €464,093
- Receivables within one year -€57,648
down €57,648 (-31.0%), from €185,811 to €128,163
of which Trade receivables: -€57,654
- Tangible fixed assets -€24,658
down €24,658 (-33.4%), from €73,846 to €49,188
of which Plant, machinery and equipment: -€17,192
- Short-term financial debts -€49,745
down €49,745 (-33.2%), from €150,000 to €100,255
- Reserves +€40,000
up €40,000 (+18.4%), from €217,860 to €257,860
- Other debts -€17,031
down €17,031 (-26.0%), from €65,448 to €48,418
- Debts after one year -€11,200
down €11,200 (-3.2%), from €351,400 to €340,200
of which Financial debts: -€11,200
- Accrued charges and deferred income -€10,098
down €10,098 (-11.3%), from €89,024 to €78,925
- Financial income +€14,651
up €14,651 (+179.5%), from €8,162 to €22,813
of which Non-recurring financial income: +€20,000
- Write-downs +€14,569
up €14,569 (+78.4%), from -€18,576 to -€4,007
- Financial charges -€3,136
down €3,136 (-11.8%), from €26,484 to €23,347
- Depreciation +€2,136
up €2,136 (+9.5%), from €22,495 to €24,631
- Taxes -€1,140
down €1,140 (-8.0%), from €14,212 to €13,073
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.
Cash bridge derived
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 | €928,457 | €879,033 | -€49,424 | -5.3% |
| Fixed assets | 21/28 | €73,846 | €49,188 | -€24,658 | -33.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €73,846 | €49,188 | -€24,658 | -33.4% |
| Plant, machinery and equipment | 23 | €59,654 | €42,461 | -€17,192 | -28.8% |
| Furniture and vehicles | 24 | €14,192 | €6,727 | -€7,465 | -52.6% |
| Current assets | 29/58 | €854,612 | €829,845 | -€24,767 | -2.9% |
| Stocks and contracts in progress | 3 | €527,452 | €464,093 | -€63,360 | -12.0% |
| Stocks | 30/36 | €527,452 | €464,093 | -€63,360 | -12.0% |
| Amounts receivable within one year | 40/41 | €185,811 | €128,163 | -€57,648 | -31.0% |
| Trade receivables | 40 | €185,121 | €127,467 | -€57,654 | -31.1% |
| Other amounts receivable | 41 | €690 | €696 | +€6 | +0.9% |
| Current investments | 50/53 | €80,000 | - | -€80,000 | |
| Cash at bank and in hand | 54/58 | €56,941 | €234,149 | +€177,208 | +311.2% |
| Deferred charges and accrued income | 490/1 | €4,407 | €3,440 | -€966 | -21.9% |
| Total equity and liabilities | 10/49 | €928,457 | €879,033 | -€49,424 | -5.3% |
| Equity | 10/15 | €242,957 | €278,926 | +€35,969 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €217,860 | €257,860 | +€40,000 | +18.4% |
| Distributable reserves | 133 | €217,860 | €257,860 | +€40,000 | +18.4% |
| Profit (loss) carried forward | 14 | €6,497 | €2,466 | -€4,031 | -62.0% |
| Amounts payable | 17/49 | €685,500 | €600,107 | -€85,393 | -12.5% |
| Amounts payable after more than one year | 17 | €351,400 | €340,200 | -€11,200 | -3.2% |
| Financial debts | 170/4 | €22,400 | €11,200 | -€11,200 | -50.0% |
| Other amounts payable | 178/9 | €329,000 | €329,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €245,076 | €180,982 | -€64,095 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €11,200 | €11,200 | = | 0.0% |
| Financial debts | 43 | €150,000 | €100,255 | -€49,745 | -33.2% |
| Credit institutions | 430/8 | €150,000 | €100,255 | -€49,745 | -33.2% |
| Trade debts | 44 | €2,200 | €2,503 | +€302 | +13.7% |
| Suppliers | 440/4 | €2,200 | €2,503 | +€302 | +13.7% |
| Taxes, remuneration and social security | 45 | €16,228 | €18,606 | +€2,378 | +14.7% |
| Taxes | 450/3 | €16,228 | €18,606 | +€2,378 | +14.7% |
| Other amounts payable | 47/48 | €65,448 | €48,418 | -€17,031 | -26.0% |
| Accrued charges and deferred income | 492/3 | €89,024 | €78,925 | -€10,098 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,495 | €24,631 | +€2,136 | +9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€18,576 | -€4,007 | +€14,569 | +78.4% |
| Other operating charges | 640/8 | €1,917 | €2,110 | +€193 | +10.1% |
| Non-recurring operating charges | 66A | €6,300 | - | -€6,300 | |
| Gross operating margin | 9900 | €71,735 | €72,311 | +€576 | +0.8% |
| Operating profit (loss) | 9901 | €59,598 | €49,576 | -€10,022 | -16.8% |
| Financial income | 75/76B | €8,162 | €22,813 | +€14,651 | +179.5% |
| Recurring financial income | 75 | €8,162 | €2,813 | -€5,349 | -65.5% |
| Non-recurring financial income | 76B | - | €20,000 | +€20,000 | |
| Financial charges | 65/66B | €26,484 | €23,347 | -€3,136 | -11.8% |
| Recurring financial charges | 65 | €26,484 | €23,347 | -€3,136 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €41,276 | €49,042 | +€7,765 | +18.8% |
| Income taxes | 67/77 | €14,212 | €13,073 | -€1,140 | -8.0% |
| Profit (loss) for the period | 9904 | €27,064 | €35,969 | +€8,905 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,064 | €35,969 | +€8,905 | +32.9% |
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 11 October 2026 via checked.be.