ALCEDI: 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.
ALCEDI
Largest movements
- Receivables after one year -€48,207
down €48,207 (-88.1%), from €54,742 to €6,535
- Tangible fixed assets -€36,274
down €36,274 (-9.4%), from €384,631 to €348,357
of which Land and buildings: -€24,501
- Cash -€24,035
down €24,035 (-85.2%), from €28,204 to €4,169
mainly Contributions, distributions and other (-€120,000) and Debts after one year (-€37,049)
- Reserves -€64,447
down €64,447 (-17.0%), from €378,311 to €313,864
- Debts after one year -€37,049
down €37,049 (-18.5%), from €200,696 to €163,648
- Tax, wage and social debts -€10,385
down €10,385 (-24.7%), from €42,093 to €31,708
- Trade debts -€8,498
down €8,498 (-52.2%), from €16,275 to €7,777
- Other debts +€7,111
up €7,111 (+23.3%), from €30,567 to €37,678
- Gross operating margin -€104,880
down €104,880 (-43.8%), from €239,279 to €134,400
- Taxes -€5,201
down €5,201 (-18.1%), from €28,734 to €23,533
- Financial income -€3,255
no longer reported in 2025 (was €3,255)
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 | €704,818 | €592,724 | -€112,094 | -15.9% |
| Fixed assets | 21/28 | €384,656 | €348,382 | -€36,274 | -9.4% |
| Tangible fixed assets | 22/27 | €384,631 | €348,357 | -€36,274 | -9.4% |
| Land and buildings | 22 | €331,875 | €307,374 | -€24,501 | -7.4% |
| Furniture and vehicles | 24 | €52,056 | €40,283 | -€11,773 | -22.6% |
| Other tangible fixed assets | 26 | €700 | €700 | = | 0.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €320,162 | €244,343 | -€75,819 | -23.7% |
| Amounts receivable after more than one year | 29 | €54,742 | €6,535 | -€48,207 | -88.1% |
| Other amounts receivable | 291 | €54,742 | €6,535 | -€48,207 | -88.1% |
| Amounts receivable within one year | 40/41 | €231,893 | €227,161 | -€4,732 | -2.0% |
| Trade receivables | 40 | €126,626 | €155,799 | +€29,174 | +23.0% |
| Other amounts receivable | 41 | €105,267 | €71,362 | -€33,906 | -32.2% |
| Cash at bank and in hand | 54/58 | €28,204 | €4,169 | -€24,035 | -85.2% |
| Deferred charges and accrued income | 490/1 | €5,323 | €6,478 | +€1,155 | +21.7% |
| Total equity and liabilities | 10/49 | €704,818 | €592,724 | -€112,094 | -15.9% |
| Equity | 10/15 | €379,311 | €314,864 | -€64,447 | -17.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €378,311 | €313,864 | -€64,447 | -17.0% |
| Distributable reserves | 133 | €378,311 | €313,864 | -€64,447 | -17.0% |
| Amounts payable | 17/49 | €325,507 | €277,860 | -€47,646 | -14.6% |
| Amounts payable after more than one year | 17 | €200,696 | €163,648 | -€37,049 | -18.5% |
| Financial debts | 170/4 | €200,696 | €163,648 | -€37,049 | -18.5% |
| Amounts payable within one year | 42/48 | €124,810 | €114,213 | -€10,598 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €35,875 | €37,049 | +€1,174 | +3.3% |
| Trade debts | 44 | €16,275 | €7,777 | -€8,498 | -52.2% |
| Suppliers | 440/4 | €16,275 | €7,777 | -€8,498 | -52.2% |
| Taxes, remuneration and social security | 45 | €42,093 | €31,708 | -€10,385 | -24.7% |
| Taxes | 450/3 | €42,093 | €31,708 | -€10,385 | -24.7% |
| Other amounts payable | 47/48 | €30,567 | €37,678 | +€7,111 | +23.3% |
| Non-recurring operating income | 76A | €144,978 | - | -€144,978 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,477 | €39,564 | +€2,086 | +5.6% |
| Other operating charges | 640/8 | €9,731 | €8,939 | -€793 | -8.1% |
| Gross operating margin | 9900 | €239,279 | €134,400 | -€104,880 | -43.8% |
| Operating profit (loss) | 9901 | €192,071 | €85,897 | -€106,173 | -55.3% |
| Financial income | 75/76B | €3,255 | - | -€3,255 | |
| Recurring financial income | 75 | €3,255 | - | -€3,255 | |
| Financial charges | 65/66B | €7,650 | €6,812 | -€838 | -11.0% |
| Recurring financial charges | 65 | €7,650 | €6,812 | -€838 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €187,675 | €79,086 | -€108,590 | -57.9% |
| Income taxes | 67/77 | €28,734 | €23,533 | -€5,201 | -18.1% |
| Profit (loss) for the period | 9904 | €158,941 | €55,553 | -€103,389 | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €158,941 | €55,553 | -€103,389 | -65.0% |
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 3 October 2026 via checked.be.