ALARM MUST: what changed
ALARM MUST
Largest movements
- Cash +€23,354
up €23,354 (+40.0%), from €58,379 to €81,733
mainly Depreciation (+€26,743) and Trade debts (+€14,411)
- Tangible fixed assets +€19,628
up €19,628 (+40.8%), from €48,096 to €67,724
of which Furniture and vehicles: +€22,070
- Stocks and contracts -€9,941
down €9,941 (-8.5%), from €116,730 to €106,789
- Receivables within one year -€6,640
down €6,640 (-29.9%), from €22,235 to €15,595
of which Other amounts receivable: -€6,141
- Trade debts +€14,411
new in 2025: €14,411
- Tax, wage and social debts +€10,161
up €10,161 (+81.4%), from €12,483 to €22,644
of which Remuneration and social security: +€13,872
- Purchases and services -€750,815
no longer reported in 2025 (was €750,815)
- Taxes +€6,814
up €6,814 (+116%), from €5,879 to €12,692
- Gross operating margin +€6,423
up €6,423 (+4.0%), from €161,117 to €167,541
- Depreciation +€5,741
up €5,741 (+27.3%), from €21,001 to €26,743
- Staff costs +€2,294
up €2,294 (+1.9%), from €122,598 to €124,892
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €250,381 | €274,558 | +€24,178 | +9.7% |
| Fixed assets | 21/28 | €48,790 | €68,418 | +€19,628 | +40.2% |
| Tangible fixed assets | 22/27 | €48,096 | €67,724 | +€19,628 | +40.8% |
| Plant, machinery and equipment | 23 | €5,987 | €3,546 | -€2,441 | -40.8% |
| Furniture and vehicles | 24 | €42,109 | €64,178 | +€22,070 | +52.4% |
| Financial fixed assets | 28 | €695 | €695 | = | 0.0% |
| Current assets | 29/58 | €201,591 | €206,140 | +€4,549 | +2.3% |
| Stocks and contracts in progress | 3 | €116,730 | €106,789 | -€9,941 | -8.5% |
| Stocks | 30/36 | €116,730 | €106,789 | -€9,941 | -8.5% |
| Amounts receivable within one year | 40/41 | €22,235 | €15,595 | -€6,640 | -29.9% |
| Trade receivables | 40 | €15,491 | €14,992 | -€499 | -3.2% |
| Other amounts receivable | 41 | €6,744 | €603 | -€6,141 | -91.1% |
| Cash at bank and in hand | 54/58 | €58,379 | €81,733 | +€23,354 | +40.0% |
| Deferred charges and accrued income | 490/1 | €4,247 | €2,024 | -€2,223 | -52.3% |
| Total equity and liabilities | 10/49 | €250,381 | €274,558 | +€24,178 | +9.7% |
| Equity | 10/15 | €230,885 | €232,520 | +€1,635 | +0.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Capital | 10 | €40,000 | €40,000 | = | 0.0% |
| Issued capital | 100 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €190,885 | €192,520 | +€1,635 | +0.9% |
| Non-distributable reserves | 130/1 | €3,291 | €3,291 | = | 0.0% |
| Legal reserve | 130 | €3,291 | €3,291 | = | 0.0% |
| Distributable reserves | 133 | €187,594 | €189,229 | +€1,635 | +0.9% |
| Amounts payable | 17/49 | €19,496 | €42,038 | +€22,542 | +116% |
| Amounts payable within one year | 42/48 | €19,496 | €42,038 | +€22,542 | +116% |
| Trade debts | 44 | - | €14,411 | +€14,411 | |
| Suppliers | 440/4 | - | €14,411 | +€14,411 | |
| Taxes, remuneration and social security | 45 | €12,483 | €22,644 | +€10,161 | +81.4% |
| Taxes | 450/3 | €12,483 | €8,772 | -€3,711 | -29.7% |
| Remuneration and social security | 454/9 | - | €13,872 | +€13,872 | |
| Other amounts payable | 47/48 | €7,013 | €4,984 | -€2,029 | -28.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €750,815 | - | -€750,815 | |
| Remuneration, social security and pensions | 62 | €122,598 | €124,892 | +€2,294 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,001 | €26,743 | +€5,741 | +27.3% |
| Other operating charges | 640/8 | €1,588 | €549 | -€1,039 | -65.4% |
| Gross operating margin | 9900 | €161,117 | €167,541 | +€6,423 | +4.0% |
| Operating profit (loss) | 9901 | €15,930 | €15,357 | -€573 | -3.6% |
| Financial income | 75/76B | €688 | €812 | +€123 | +17.9% |
| Recurring financial income | 75 | €688 | €812 | +€123 | +17.9% |
| Financial charges | 65/66B | €2,067 | €1,841 | -€226 | -10.9% |
| Recurring financial charges | 65 | €2,067 | €1,841 | -€226 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €14,552 | €14,328 | -€224 | -1.5% |
| Income taxes | 67/77 | €5,879 | €12,692 | +€6,814 | +116% |
| Profit (loss) for the period | 9904 | €8,674 | €1,635 | -€7,038 | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,674 | €1,635 | -€7,038 | -81.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.