Alain Albertz: 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.
Alain Albertz
Largest movements
- Receivables after one year -€92,110
no longer reported in 2025 (was €92,110)
- Current investments +€74,374
up €74,374 (+34.2%), from €217,662 to €292,036
- Cash +€62,462
up €62,462 (+53.1%), from €117,619 to €180,082
mainly Receivables after one year (+€92,110) and Net result for the year (+€44,618)
- Receivables within one year -€25,628
down €25,628 (-57.0%), from €44,951 to €19,323
of which Trade receivables: -€18,485
- Reserves +€15,713
up €15,713 (+3.3%), from €481,002 to €496,715
- Gross operating margin -€24,967
down €24,967 (-29.6%), from €84,310 to €59,343
- Financial income +€7,763
up €7,763 (+197%), from €3,934 to €11,697
- Taxes -€4,926
down €4,926 (-22.7%), from €21,732 to €16,806
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 | €514,154 | €526,094 | +€11,939 | +2.3% |
| Fixed assets | 21/28 | €33,455 | €28,820 | -€4,635 | -13.9% |
| Tangible fixed assets | 22/27 | €33,455 | €28,820 | -€4,635 | -13.9% |
| Plant, machinery and equipment | 23 | €495 | €244 | -€250 | -50.6% |
| Furniture and vehicles | 24 | €1,252 | €851 | -€401 | -32.0% |
| Other tangible fixed assets | 26 | €31,709 | €27,724 | -€3,985 | -12.6% |
| Current assets | 29/58 | €480,699 | €497,274 | +€16,575 | +3.4% |
| Amounts receivable after more than one year | 29 | €92,110 | - | -€92,110 | |
| Other amounts receivable | 291 | €92,110 | - | -€92,110 | |
| Amounts receivable within one year | 40/41 | €44,951 | €19,323 | -€25,628 | -57.0% |
| Trade receivables | 40 | €35,909 | €17,424 | -€18,485 | -51.5% |
| Other amounts receivable | 41 | €9,042 | €1,899 | -€7,143 | -79.0% |
| Current investments | 50/53 | €217,662 | €292,036 | +€74,374 | +34.2% |
| Cash at bank and in hand | 54/58 | €117,619 | €180,082 | +€62,462 | +53.1% |
| Deferred charges and accrued income | 490/1 | €8,357 | €5,834 | -€2,523 | -30.2% |
| Total equity and liabilities | 10/49 | €514,154 | €526,094 | +€11,939 | +2.3% |
| Equity | 10/15 | €499,602 | €515,315 | +€15,713 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €481,002 | €496,715 | +€15,713 | +3.3% |
| Distributable reserves | 133 | €481,002 | €496,715 | +€15,713 | +3.3% |
| Amounts payable | 17/49 | €14,552 | €10,779 | -€3,774 | -25.9% |
| Amounts payable within one year | 42/48 | €14,552 | €10,779 | -€3,774 | -25.9% |
| Trade debts | 44 | €1,958 | €894 | -€1,063 | -54.3% |
| Suppliers | 440/4 | €1,958 | €894 | -€1,063 | -54.3% |
| Taxes, remuneration and social security | 45 | €11,728 | €9,052 | -€2,676 | -22.8% |
| Taxes | 450/3 | €10,533 | €9,052 | -€1,481 | -14.1% |
| Remuneration and social security | 454/9 | €1,195 | - | -€1,195 | |
| Other amounts payable | 47/48 | €867 | €833 | -€34 | -3.9% |
| Non-recurring operating income | 76A | €5,644 | €2,642 | -€3,001 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,236 | €4,635 | -€600 | -11.5% |
| Other operating charges | 640/8 | €905 | €904 | -€2 | -0.2% |
| Non-recurring operating charges | 66A | - | €1,958 | +€1,958 | |
| Gross operating margin | 9900 | €84,310 | €59,343 | -€24,967 | -29.6% |
| Operating profit (loss) | 9901 | €78,168 | €51,846 | -€26,322 | -33.7% |
| Financial income | 75/76B | €3,934 | €11,697 | +€7,763 | +197% |
| Recurring financial income | 75 | €3,934 | €11,697 | +€7,763 | +197% |
| Financial charges | 65/66B | €2,757 | €2,119 | -€639 | -23.2% |
| Recurring financial charges | 65 | €2,757 | €2,119 | -€639 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €79,345 | €61,424 | -€17,920 | -22.6% |
| Income taxes | 67/77 | €21,732 | €16,806 | -€4,926 | -22.7% |
| Profit (loss) for the period | 9904 | €57,613 | €44,618 | -€12,995 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,613 | €44,618 | -€12,995 | -22.6% |
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 27 October 2026 via checked.be.