ALAN: 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.
ALAN
Largest movements
- Current investments +€276,250
up €276,250 (+311.7%), from €88,620 to €364,870
- Cash -€122,915
down €122,915 (-69.1%), from €177,889 to €54,974
mainly Current investments (-€276,250) and Contributions, distributions and other (-€168,125)
- Stocks and contracts -€60,000
no longer reported in 2025 (was €60,000)
- Tangible fixed assets +€14,805
up €14,805 (+3.2%), from €465,890 to €480,695
of which Plant, machinery and equipment: +€43,129
- Receivables within one year -€13,209
down €13,209 (-12.2%), from €107,980 to €94,771
of which Other amounts receivable: -€7,599
- Other debts +€210,830
up €210,830 (+1659.3%), from €12,706 to €223,536
- Reserves -€86,250
down €86,250 (-11.4%), from €754,409 to €668,159
of which Distributable reserves: -€77,994
- Debts after one year -€24,713
down €24,713 (-37.0%), from €66,805 to €42,092
- Gross operating margin -€108,664
down €108,664 (-33.6%), from €323,764 to €215,100
- Other operating charges -€46,874
down €46,874 (-93.8%), from €49,968 to €3,094
- Write-downs +€32,600
up €32,600 (+119.0%), from €27,400 to €60,000
- Taxes -€29,608
down €29,608 (-44.0%), from €67,238 to €37,630
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €901,419 | €996,756 | +€95,337 | +10.6% |
| Fixed assets | 21/28 | €465,890 | €480,695 | +€14,805 | +3.2% |
| Tangible fixed assets | 22/27 | €465,890 | €480,695 | +€14,805 | +3.2% |
| Land and buildings | 22 | €397,049 | €385,452 | -€11,597 | -2.9% |
| Plant, machinery and equipment | 23 | €2,325 | €45,454 | +€43,129 | +1855.0% |
| Furniture and vehicles | 24 | €66,516 | €49,789 | -€16,727 | -25.1% |
| Current assets | 29/58 | €435,529 | €516,061 | +€80,532 | +18.5% |
| Stocks and contracts in progress | 3 | €60,000 | - | -€60,000 | |
| Contracts in progress | 37 | €60,000 | - | -€60,000 | |
| Amounts receivable within one year | 40/41 | €107,980 | €94,771 | -€13,209 | -12.2% |
| Trade receivables | 40 | €82,750 | €77,140 | -€5,610 | -6.8% |
| Other amounts receivable | 41 | €25,230 | €17,631 | -€7,599 | -30.1% |
| Current investments | 50/53 | €88,620 | €364,870 | +€276,250 | +311.7% |
| Cash at bank and in hand | 54/58 | €177,889 | €54,974 | -€122,915 | -69.1% |
| Deferred charges and accrued income | 490/1 | €1,040 | €1,446 | +€406 | +39.0% |
| Total equity and liabilities | 10/49 | €901,419 | €996,756 | +€95,337 | +10.6% |
| Equity | 10/15 | €786,956 | €700,805 | -€86,151 | -10.9% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €754,409 | €668,159 | -€86,250 | -11.4% |
| Tax-exempt reserves | 132 | €242,909 | €234,653 | -€8,256 | -3.4% |
| Distributable reserves | 133 | €511,500 | €433,506 | -€77,994 | -15.2% |
| Profit (loss) carried forward | 14 | €1,560 | €1,659 | +€99 | +6.3% |
| Amounts payable | 17/49 | €114,463 | €295,951 | +€181,488 | +158.6% |
| Amounts payable after more than one year | 17 | €66,805 | €42,092 | -€24,713 | -37.0% |
| Financial debts | 170/4 | €66,805 | €42,092 | -€24,713 | -37.0% |
| Amounts payable within one year | 42/48 | €40,837 | €250,953 | +€210,116 | +514.5% |
| Current portion of amounts payable after more than one year | 42 | €23,590 | €24,479 | +€889 | +3.8% |
| Trade debts | 44 | €178 | - | -€178 | |
| Suppliers | 440/4 | €178 | - | -€178 | |
| Taxes, remuneration and social security | 45 | €4,363 | €2,938 | -€1,425 | -32.7% |
| Taxes | 450/3 | €4,363 | €2,938 | -€1,425 | -32.7% |
| Other amounts payable | 47/48 | €12,706 | €223,536 | +€210,830 | +1659.3% |
| Accrued charges and deferred income | 492/3 | €6,821 | €2,906 | -€3,915 | -57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,684 | €28,761 | -€1,923 | -6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,400 | €60,000 | +€32,600 | +119.0% |
| Other operating charges | 640/8 | €49,968 | €3,094 | -€46,874 | -93.8% |
| Gross operating margin | 9900 | €323,764 | €215,100 | -€108,664 | -33.6% |
| Operating profit (loss) | 9901 | €215,712 | €123,245 | -€92,467 | -42.9% |
| Financial charges | 65/66B | €3,100 | €3,641 | +€541 | +17.5% |
| Recurring financial charges | 65 | €3,100 | €3,641 | +€541 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €212,612 | €119,604 | -€93,008 | -43.7% |
| Income taxes | 67/77 | €67,238 | €37,630 | -€29,608 | -44.0% |
| Profit (loss) for the period | 9904 | €145,374 | €81,974 | -€63,400 | -43.6% |
| Transfer from tax-exempt reserves | 789 | €8,256 | €8,256 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,630 | €90,230 | -€63,400 | -41.3% |
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 29 September 2026 via checked.be.