ALADIN II: 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.
What changed
ALADIN II
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.5m
2024 · €1.2m+€2.3m
Equity
€113.6m
2024 · €110.1m+€3.5m
Cash
€11.3m
2024 · €648,446+€10.6m
Balance sheet total
€183.5m
2024 · €204.9m-€21.4m
Largest movements
Assets
- Current investments -€16.9m
down €16.9m (-9.7%), from €173.1m to €156.2m
- Financial fixed assets -€15.2m
down €15.2m (-84.2%), from €18.0m to €2.8m
- Cash +€10.6m
up €10.6m (+1,642%), from €648,446 to €11.3m
mainly Current investments (+€16.9m) and Investment in fixed assets (net) (+€15.2m)
Equity and liabilities
- Debts after one year -€19.9m
down €19.9m (-22.3%), from €89.1m to €69.2m
of which Financial debts: -€19.3m
- Accrued charges and deferred income -€5.1m
down €5.1m (-91.8%), from €5.6m to €455,698
- Profit (loss) carried forward +€3.3m
up €3.3m (+93.7%), from €3.6m to €6.9m
Income statement
- Financial income +€3.1m
up €3.1m (+65.6%), from €4.7m to €7.8m
of which Non-recurring financial income: +€3.5m
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
€1.2m
Other operating charges
+€47,564
Other operating items
-€168,368
Financial income
+€3.1m
Financial charges
-€723,742
Taxes
+€81,435
Result 2025
€3.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.5m
Investment
+€32.0m
Financing
-€19.9m
Cash 2024
€648,446
From operations (derived)
-€1.5m
Net result for the year
+€3.5m
Smaller working-capital items
+€22,490
Trade debts
+€53,962
Accrued charges and deferred income
-€5.1m
Investment (derived)
+€32.0m
Investment in fixed assets (net)
+€15.2m
Current investments
+€16.9m
Financing
-€19.9m
Debts after one year
-€19.9m
Cash 2025
€11.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €204,882,134 | €183,473,031 | -€21.4m | -10.4% |
| Fixed assets | 21/28 | €18,023,700 | €2,844,410 | -€15.2m | -84.2% |
| Financial fixed assets | 28 | €18,023,700 | €2,844,410 | -€15.2m | -84.2% |
| Affiliated companies | 280/1 | €18,023,700 | €2,844,410 | -€15.2m | -84.2% |
| Participating interests | 280 | €18,023,700 | €2,844,410 | -€15.2m | -84.2% |
| Current assets | 29/58 | €186,858,434 | €180,628,621 | -€6.2m | -3.3% |
| Amounts receivable after more than one year | 29 | €13,066,683 | €13,066,683 | = | 0.0% |
| Other amounts receivable | 291 | €13,066,683 | €13,066,683 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €88,581 | €69,841 | -€18,740 | -21.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €88,581 | €69,841 | -€18,740 | -21.2% |
| Current investments | 50/53 | €173,054,725 | €156,198,329 | -€16.9m | -9.7% |
| Other investments | 51/53 | €173,054,725 | €156,198,329 | -€16.9m | -9.7% |
| Cash at bank and in hand | 54/58 | €648,446 | €11,293,769 | +€10.6m | +1,642% |
| Total equity and liabilities | 10/49 | €204,882,134 | €183,473,031 | -€21.4m | -10.4% |
| Equity | 10/15 | €110,129,522 | €113,641,144 | +€3.5m | +3.2% |
| Contributions | 10/11 | €104,858,506 | €104,858,506 | = | 0.0% |
| Capital | 10 | €88,314,375 | €88,314,375 | = | 0.0% |
| Issued capital | 100 | €88,314,375 | €88,314,375 | = | 0.0% |
| Contributions outside capital | 11 | €16,544,131 | €16,544,131 | = | 0.0% |
| Share premium | 1100/10 | €16,544,131 | €16,544,131 | = | 0.0% |
| Reserves | 13 | €1,712,508 | €1,888,089 | +€175,581 | +10.3% |
| Non-distributable reserves | 130/1 | €830,987 | €1,006,569 | +€175,581 | +21.1% |
| Legal reserve | 130 | €830,987 | €1,006,569 | +€175,581 | +21.1% |
| Tax-exempt reserves | 132 | €881,520 | €881,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,558,508 | €6,894,549 | +€3.3m | +93.7% |
| Amounts payable | 17/49 | €94,752,612 | €69,831,888 | -€24.9m | -26.3% |
| Amounts payable after more than one year | 17 | €89,104,224 | €69,242,360 | -€19.9m | -22.3% |
| Financial debts | 170/4 | €73,504,224 | €54,242,360 | -€19.3m | -26.2% |
| Other loans | 174 | €73,504,224 | €54,242,360 | -€19.3m | -26.2% |
| Other amounts payable | 178/9 | €15,600,000 | €15,000,000 | -€600,000 | -3.8% |
| Amounts payable within one year | 42/48 | €76,119 | €133,830 | +€57,712 | +75.8% |
| Trade debts | 44 | €76,119 | €130,080 | +€53,962 | +70.9% |
| Suppliers | 440/4 | €76,119 | €130,080 | +€53,962 | +70.9% |
| Taxes, remuneration and social security | 45 | - | €3,750 | +€3,750 | |
| Taxes | 450/3 | - | €617 | +€617 | |
| Remuneration and social security | 454/9 | - | €3,133 | +€3,133 | |
| Accrued charges and deferred income | 492/3 | €5,572,269 | €455,698 | -€5.1m | -91.8% |
| Operating charges | 60/66A | €747,829 | €868,633 | +€120,804 | +16.2% |
| Services and other goods | 61 | €682,259 | €850,627 | +€168,368 | +24.7% |
| Other operating charges | 640/8 | €65,570 | €18,006 | -€47,564 | -72.5% |
| Operating profit (loss) | 9901 | -€747,829 | -€868,633 | -€120,804 | -16.2% |
| Financial income | 75/76B | €4,710,375 | €7,798,462 | +€3.1m | +65.6% |
| Recurring financial income | 75 | €4,710,375 | €4,298,751 | -€411,624 | -8.7% |
| Income from current assets | 751 | €1,550,457 | €2,048,332 | +€497,875 | +32.1% |
| Other financial income | 752/9 | €3,159,918 | €2,250,419 | -€909,499 | -28.8% |
| Non-recurring financial income | 76B | - | €3,499,710 | +€3.5m | |
| Financial charges | 65/66B | €2,312,988 | €3,036,730 | +€723,742 | +31.3% |
| Recurring financial charges | 65 | €2,312,988 | €3,036,730 | +€723,742 | +31.3% |
| Debt charges | 650 | €600,000 | €600,000 | = | 0.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€244,493 | €599,975 | +€844,468 | |
| Other financial charges | 652/9 | €1,957,481 | €1,836,754 | -€120,726 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €1,649,558 | €3,893,099 | +€2.2m | +136% |
| Income taxes | 67/77 | €462,913 | €381,477 | -€81,435 | -17.6% |
| Taxes | 670/3 | €465,300 | €381,477 | -€83,823 | -18.0% |
| Tax adjustments and reversals of tax provisions | 77 | €2,387 | €0 | -€2,387 | -100% |
| Profit (loss) for the period | 9904 | €1,186,646 | €3,511,622 | +€2.3m | +196% |
| Profit (loss) for the period to be appropriated | 9905 | €1,186,646 | €3,511,622 | +€2.3m | +196% |
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 29 October 2026 via checked.be.