A.L.V.B.: 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.V.B.
Largest movements
- Deferred charges and accrued income +€187,139
up €187,139 (+1,872%), from €9,999 to €197,138
- Tangible fixed assets -€168,975
down €168,975 (-16.8%), from €1.0m to €833,946
of which Leasing and similar rights: -€205,904
- Receivables within one year -€67,284
down €67,284 (-25.5%), from €263,923 to €196,639
of which Trade receivables: -€84,404
- Cash +€18,430
up €18,430 (+93.9%), from €19,637 to €38,067
mainly Depreciation (+€192,460) and Receivables within one year (+€67,284)
- Stocks and contracts +€18,268
up €18,268 (+10.9%), from €168,034 to €186,302
- Other debts +€46,598
up €46,598 (+119%), from €39,173 to €85,771
- Trade debts -€39,428
down €39,428 (-23.6%), from €167,410 to €127,982
- Short-term financial debts -€36,100
down €36,100 (-16.6%), from €217,100 to €181,000
- Reserves -€36,000
down €36,000 (-26.3%), from €136,860 to €100,860
of which Distributable reserves: -€36,000
- Debts after one year +€33,195
up €33,195 (+6.8%), from €487,318 to €520,513
- Gross operating margin -€78,135
down €78,135 (-10.4%), from €749,500 to €671,365
- Write-downs -€35,000
no longer reported in 2025 (was €35,000)
- Other operating charges +€33,512
up €33,512 (+419%), from €7,998 to €41,510
- Depreciation -€32,526
down €32,526 (-14.5%), from €224,986 to €192,460
- Financial charges -€14,145
down €14,145 (-21.9%), from €64,544 to €50,399
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 | €1,464,921 | €1,452,499 | -€12,422 | -0.8% |
| Fixed assets | 21/28 | €1,003,328 | €834,353 | -€168,975 | -16.8% |
| Tangible fixed assets | 22/27 | €1,002,921 | €833,946 | -€168,975 | -16.8% |
| Land and buildings | 22 | €341,332 | €338,355 | -€2,977 | -0.9% |
| Plant, machinery and equipment | 23 | €185,296 | €144,774 | -€40,522 | -21.9% |
| Furniture and vehicles | 24 | €84,370 | €164,798 | +€80,428 | +95.3% |
| Leasing and similar rights | 25 | €391,923 | €186,019 | -€205,904 | -52.5% |
| Financial fixed assets | 28 | €407 | €407 | = | 0.0% |
| Current assets | 29/58 | €461,593 | €618,146 | +€156,553 | +33.9% |
| Stocks and contracts in progress | 3 | €168,034 | €186,302 | +€18,268 | +10.9% |
| Stocks | 30/36 | €168,034 | €186,302 | +€18,268 | +10.9% |
| Amounts receivable within one year | 40/41 | €263,923 | €196,639 | -€67,284 | -25.5% |
| Trade receivables | 40 | €249,509 | €165,105 | -€84,404 | -33.8% |
| Other amounts receivable | 41 | €14,414 | €31,534 | +€17,120 | +119% |
| Cash at bank and in hand | 54/58 | €19,637 | €38,067 | +€18,430 | +93.9% |
| Deferred charges and accrued income | 490/1 | €9,999 | €197,138 | +€187,139 | +1,872% |
| Total equity and liabilities | 10/49 | €1,464,921 | €1,452,499 | -€12,422 | -0.8% |
| Equity | 10/15 | €292,217 | €257,177 | -€35,040 | -12.0% |
| Contributions | 10/11 | €6,324 | €6,324 | = | 0.0% |
| Reserves | 13 | €136,860 | €100,860 | -€36,000 | -26.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €135,000 | €99,000 | -€36,000 | -26.7% |
| Profit (loss) carried forward | 14 | €149,033 | €149,993 | +€960 | +0.6% |
| Amounts payable | 17/49 | €1,172,704 | €1,195,322 | +€22,618 | +1.9% |
| Amounts payable after more than one year | 17 | €487,318 | €520,513 | +€33,195 | +6.8% |
| Financial debts | 170/4 | €487,318 | €520,513 | +€33,195 | +6.8% |
| Amounts payable within one year | 42/48 | €685,386 | €674,809 | -€10,577 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €205,229 | €231,489 | +€26,260 | +12.8% |
| Financial debts | 43 | €217,100 | €181,000 | -€36,100 | -16.6% |
| Credit institutions | 430/8 | €217,100 | €181,000 | -€36,100 | -16.6% |
| Trade debts | 44 | €167,410 | €127,982 | -€39,428 | -23.6% |
| Suppliers | 440/4 | €167,410 | €127,982 | -€39,428 | -23.6% |
| Taxes, remuneration and social security | 45 | €56,474 | €48,567 | -€7,907 | -14.0% |
| Taxes | 450/3 | €24,479 | €14,957 | -€9,522 | -38.9% |
| Remuneration and social security | 454/9 | €31,995 | €33,610 | +€1,615 | +5.0% |
| Other amounts payable | 47/48 | €39,173 | €85,771 | +€46,598 | +119% |
| Remuneration, social security and pensions | 62 | €338,430 | €350,612 | +€12,182 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,986 | €192,460 | -€32,526 | -14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €35,000 | - | -€35,000 | |
| Other operating charges | 640/8 | €7,998 | €41,510 | +€33,512 | +419% |
| Gross operating margin | 9900 | €749,500 | €671,365 | -€78,135 | -10.4% |
| Operating profit (loss) | 9901 | €143,086 | €86,783 | -€56,303 | -39.3% |
| Financial income | 75/76B | €8,592 | €5,130 | -€3,462 | -40.3% |
| Recurring financial income | 75 | €8,592 | €5,130 | -€3,462 | -40.3% |
| Financial charges | 65/66B | €64,544 | €50,399 | -€14,145 | -21.9% |
| Recurring financial charges | 65 | €64,544 | €50,399 | -€14,145 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €87,134 | €41,514 | -€45,620 | -52.4% |
| Income taxes | 67/77 | €13,326 | €11,554 | -€1,772 | -13.3% |
| Profit (loss) for the period | 9904 | €73,808 | €29,960 | -€43,848 | -59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €73,808 | €29,960 | -€43,848 | -59.4% |
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 21 October 2026 via checked.be.