ALADIN: what changed
Two fiscal 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.
What changed
ALADIN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€17.2m
2024 · €273,418-€17.4m
Equity
€42.5m
2024 · €59.7m-€17.2m
Cash
€29,608
2024 · €73,899-€44,291
Balance sheet total
€46.2m
2024 · €63.3m-€17.1m
Largest movements
Assets
- Receivables after one year -€17.3m
down €17.3m (-43.0%), from €40.3m to €23.0m
Equity and liabilities
- Profit (loss) carried forward -€17.2m
down €17.2m (-75.8%), from €22.7m to €5.5m
Income statement
- Financial charges +€17.2m
up €17.2m, from -€189,569 to €17.0m
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.
Result 2024
€273,418
Depreciation
-€92,531
Other operating charges
+€306
Other operating items
-€7,197
Financial income
-€163,320
Financial charges
-€17.2m
Result 2025
-€17.2m
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.
From operations
+€142,488
Investment
-€311,516
Financing
+€124,737
Cash 2024
€73,899
From operations (derived)
+€142,488
Net result for the year
-€17.2m
Depreciation
+€104,144
Receivables after one year
+€17.3m
Smaller working-capital items
-€51,357
Trade debts
-€66,975
Investment (derived)
-€311,516
Investment in fixed assets (net)
-€311,516
Financing
+€124,737
Debts after one year
+€124,737
Cash 2025
€29,608
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,314,979 | €46,172,708 | -€17.1m | -27.1% |
| Fixed assets | 21/28 | €22,847,424 | €23,054,797 | +€207,372 | +0.9% |
| Tangible fixed assets | 22/27 | €7,847,424 | €8,054,797 | +€207,372 | +2.6% |
| Land and buildings | 22 | €761,345 | €6,764,254 | +€6.0m | +788.5% |
| Assets under construction and advance payments | 27 | €7,086,079 | €1,290,543 | -€5.8m | -81.8% |
| Financial fixed assets | 28 | €15,000,000 | €15,000,000 | = | 0.0% |
| Affiliated companies | 280/1 | €15,000,000 | €15,000,000 | = | 0.0% |
| Participating interests | 280 | €15,000,000 | €15,000,000 | = | 0.0% |
| Current assets | 29/58 | €40,467,555 | €23,117,911 | -€17.3m | -42.9% |
| Amounts receivable after more than one year | 29 | €40,277,261 | €22,953,937 | -€17.3m | -43.0% |
| Other amounts receivable | 291 | €40,277,261 | €22,953,937 | -€17.3m | -43.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €116,396 | €125,206 | +€8,811 | +7.6% |
| Trade receivables | 40 | €6,006 | €5,000 | -€1,006 | -16.7% |
| Other amounts receivable | 41 | €110,390 | €120,206 | +€9,816 | +8.9% |
| Cash at bank and in hand | 54/58 | €73,899 | €29,608 | -€44,291 | -59.9% |
| Deferred charges and accrued income | 490/1 | - | €9,160 | +€9,160 | |
| Total equity and liabilities | 10/49 | €63,314,979 | €46,172,708 | -€17.1m | -27.1% |
| Equity | 10/15 | €59,656,920 | €42,490,274 | -€17.2m | -28.8% |
| Contributions | 10/11 | €35,064,887 | €35,064,887 | = | 0.0% |
| Capital | 10 | €35,064,887 | €35,064,887 | = | 0.0% |
| Issued capital | 100 | €35,064,887 | €35,064,887 | = | 0.0% |
| Reserves | 13 | €1,939,940 | €1,939,940 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,780,416 | €1,780,416 | = | 0.0% |
| Legal reserve | 130 | €1,780,416 | €1,780,416 | = | 0.0% |
| Tax-exempt reserves | 132 | €159,524 | €159,524 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,652,093 | €5,485,447 | -€17.2m | -75.8% |
| Amounts payable | 17/49 | €3,658,059 | €3,682,435 | +€24,376 | +0.7% |
| Amounts payable after more than one year | 17 | €3,505,267 | €3,630,004 | +€124,737 | +3.6% |
| Other amounts payable | 178/9 | €3,505,267 | €3,630,004 | +€124,737 | +3.6% |
| Amounts payable within one year | 42/48 | €151,480 | €50,807 | -€100,673 | -66.5% |
| Trade debts | 44 | €113,437 | €46,462 | -€66,975 | -59.0% |
| Suppliers | 440/4 | €113,437 | €46,462 | -€66,975 | -59.0% |
| Taxes, remuneration and social security | 45 | €37,967 | €4,345 | -€33,623 | -88.6% |
| Taxes | 450/3 | €37,967 | €4,345 | -€33,623 | -88.6% |
| Other amounts payable | 47/48 | €76 | €0 | -€76 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,312 | €1,624 | +€312 | +23.8% |
| Operating charges | 60/66A | €198,725 | €298,147 | +€99,422 | +50.0% |
| Services and other goods | 61 | €179,184 | €186,381 | +€7,197 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,613 | €104,144 | +€92,531 | +796.8% |
| Other operating charges | 640/8 | €7,928 | €7,622 | -€306 | -3.9% |
| Operating profit (loss) | 9901 | -€198,725 | -€298,147 | -€99,422 | -50.0% |
| Financial income | 75/76B | €282,574 | €119,255 | -€163,320 | -57.8% |
| Recurring financial income | 75 | €282,574 | €119,255 | -€163,320 | -57.8% |
| Income from current assets | 751 | €4,019 | €10,059 | +€6,039 | +150.3% |
| Other financial income | 752/9 | €278,555 | €109,196 | -€169,359 | -60.8% |
| Financial charges | 65/66B | -€189,569 | €16,987,754 | +€17.2m | |
| Recurring financial charges | 65 | -€189,569 | €16,987,754 | +€17.2m | |
| Debt charges | 650 | €127,681 | €126,657 | -€1,024 | -0.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€320,000 | €16,860,000 | +€17.2m | |
| Other financial charges | 652/9 | €2,750 | €1,097 | -€1,653 | -60.1% |
| Profit (loss) for the period before taxes | 9903 | €273,418 | -€17,166,647 | -€17.4m | |
| Profit (loss) for the period | 9904 | €273,418 | -€17,166,647 | -€17.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €273,418 | -€17,166,647 | -€17.4m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.