AL4S: 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.
AL4S
Largest movements
- Stocks and contracts -€64,872
down €64,872 (-49.6%), from €130,762 to €65,890
- Profit (loss) carried forward -€47,535
down €47,535 (-80.4%), from -€59,130 to -€106,665
- Financial charges -€20,399
down €20,399 (-29.3%), from €69,602 to €49,203
- Taxes +€15,137
no longer reported in 2025 (was -€15,137)
- Gross operating margin +€5,968
up €5,968, from -€3,156 to €2,811
- Other operating charges -€366
down €366 (-24.2%), from €1,508 to €1,143
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 | €1,533,461 | €1,472,110 | -€61,351 | -4.0% |
| Current assets | 29/58 | €1,533,461 | €1,472,110 | -€61,351 | -4.0% |
| Stocks and contracts in progress | 3 | €130,762 | €65,890 | -€64,872 | -49.6% |
| Stocks | 30/36 | €130,762 | €65,890 | -€64,872 | -49.6% |
| Amounts receivable within one year | 40/41 | €1,402,113 | €1,405,949 | +€3,836 | +0.3% |
| Trade receivables | 40 | - | €48,400 | +€48,400 | |
| Other amounts receivable | 41 | €1,402,113 | €1,357,549 | -€44,564 | -3.2% |
| Cash at bank and in hand | 54/58 | €586 | €271 | -€315 | -53.7% |
| Total equity and liabilities | 10/49 | €1,533,461 | €1,472,110 | -€61,351 | -4.0% |
| Equity | 10/15 | €639,775 | €592,241 | -€47,535 | -7.4% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €638,906 | €638,906 | = | 0.0% |
| Distributable reserves | 133 | €638,906 | €638,906 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,130 | -€106,665 | -€47,535 | -80.4% |
| Amounts payable | 17/49 | €893,686 | €879,869 | -€13,817 | -1.5% |
| Amounts payable within one year | 42/48 | €765,217 | €765,286 | +€69 | 0.0% |
| Financial debts | 43 | €620,000 | €620,000 | = | 0.0% |
| Other loans | 439 | €620,000 | €620,000 | = | 0.0% |
| Trade debts | 44 | €188 | €566 | +€379 | +202% |
| Suppliers | 440/4 | €188 | €566 | +€379 | +202% |
| Taxes, remuneration and social security | 45 | €309 | - | -€309 | |
| Taxes | 450/3 | €309 | - | -€309 | |
| Other amounts payable | 47/48 | €144,720 | €144,720 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €128,469 | €114,583 | -€13,886 | -10.8% |
| Other operating charges | 640/8 | €1,508 | €1,143 | -€366 | -24.2% |
| Gross operating margin | 9900 | -€3,156 | €2,811 | +€5,968 | |
| Operating profit (loss) | 9901 | -€4,665 | €1,669 | +€6,334 | |
| Financial charges | 65/66B | €69,602 | €49,203 | -€20,399 | -29.3% |
| Recurring financial charges | 65 | €69,602 | €49,203 | -€20,399 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | -€74,267 | -€47,535 | +€26,733 | +36.0% |
| Income taxes | 67/77 | -€15,137 | - | +€15,137 | |
| Profit (loss) for the period | 9904 | -€59,130 | -€47,535 | +€11,596 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,130 | -€47,535 | +€11,596 | +19.6% |
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 19 October 2026 via checked.be.