ALCEDO: 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.
ALCEDO
Largest movements
- Tangible fixed assets +€713,857
up €713,857 (+15.7%), from €4.5m to €5.2m
of which Land and buildings: +€688,103
- Cash -€99,169
down €99,169 (-92.4%), from €107,331 to €8,162
mainly Investment in fixed assets (net) (-€889,467) and Contributions, distributions and other (-€862,375)
- Other debts +€1.3m
up €1.3m (+36.3%), from €3.5m to €4.8m
- Reserves -€421,763
down €421,763 (-86.1%), from €490,061 to €68,298
- Profit (loss) carried forward -€294,494
down €294,494 (-100.0%), from €294,494 to €0
- Financial income -€1.1m
down €1.1m (-73.1%), from €1.5m to €414,723
- Depreciation +€81,982
up €81,982 (+72.0%), from €113,878 to €195,860
- Financial charges +€50,371
up €50,371 (+54.8%), from €91,976 to €142,348
- Gross operating margin +€37,559
up €37,559 (+86.7%), from €43,331 to €80,890
- Other operating charges -€6,021
down €6,021 (-50.7%), from €11,872 to €5,850
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 | €5,446,533 | €6,001,793 | +€555,260 | +10.2% |
| Fixed assets | 21/28 | €5,251,239 | €5,944,846 | +€693,607 | +13.2% |
| Tangible fixed assets | 22/27 | €4,535,670 | €5,249,527 | +€713,857 | +15.7% |
| Land and buildings | 22 | €4,495,309 | €5,183,412 | +€688,103 | +15.3% |
| Plant, machinery and equipment | 23 | €7,842 | €7,205 | -€637 | -8.1% |
| Furniture and vehicles | 24 | €27,161 | €53,551 | +€26,391 | +97.2% |
| Other tangible fixed assets | 26 | €5,357 | €5,357 | = | 0.0% |
| Financial fixed assets | 28 | €715,570 | €695,320 | -€20,250 | -2.8% |
| Current assets | 29/58 | €195,294 | €56,947 | -€138,347 | -70.8% |
| Amounts receivable within one year | 40/41 | €69,811 | €26,358 | -€43,453 | -62.2% |
| Trade receivables | 40 | €25,900 | €26,356 | +€456 | +1.8% |
| Other amounts receivable | 41 | €43,911 | €2 | -€43,909 | -100.0% |
| Cash at bank and in hand | 54/58 | €107,331 | €8,162 | -€99,169 | -92.4% |
| Deferred charges and accrued income | 490/1 | €18,152 | €22,427 | +€4,275 | +23.6% |
| Total equity and liabilities | 10/49 | €5,446,533 | €6,001,793 | +€555,260 | +10.2% |
| Equity | 10/15 | €1,784,556 | €1,068,298 | -€716,257 | -40.1% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €490,061 | €68,298 | -€421,763 | -86.1% |
| Distributable reserves | 133 | €490,061 | €68,298 | -€421,763 | -86.1% |
| Profit (loss) carried forward | 14 | €294,494 | €0 | -€294,494 | -100.0% |
| Amounts payable | 17/49 | €3,661,977 | €4,933,495 | +€1.3m | +34.7% |
| Amounts payable after more than one year | 17 | €98,337 | €101,287 | +€2,950 | +3.0% |
| Other amounts payable | 178/9 | €98,337 | €101,287 | +€2,950 | +3.0% |
| Amounts payable within one year | 42/48 | €3,563,640 | €4,832,208 | +€1.3m | +35.6% |
| Financial debts | 43 | €294 | €255 | -€38 | -13.1% |
| Credit institutions | 430/8 | €294 | €255 | -€38 | -13.1% |
| Trade debts | 44 | €38,493 | €26,450 | -€12,043 | -31.3% |
| Suppliers | 440/4 | €38,493 | €26,450 | -€12,043 | -31.3% |
| Taxes, remuneration and social security | 45 | €9,011 | €14,503 | +€5,492 | +61.0% |
| Taxes | 450/3 | €9,011 | €14,503 | +€5,492 | +61.0% |
| Other amounts payable | 47/48 | €3,515,843 | €4,791,000 | +€1.3m | +36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,878 | €195,860 | +€81,982 | +72.0% |
| Other operating charges | 640/8 | €11,872 | €5,850 | -€6,021 | -50.7% |
| Gross operating margin | 9900 | €43,331 | €80,890 | +€37,559 | +86.7% |
| Operating profit (loss) | 9901 | -€82,419 | -€120,820 | -€38,402 | -46.6% |
| Financial income | 75/76B | €1,539,737 | €414,723 | -€1.1m | -73.1% |
| Recurring financial income | 75 | €1,539,737 | €414,723 | -€1.1m | -73.1% |
| Financial charges | 65/66B | €91,976 | €142,348 | +€50,371 | +54.8% |
| Recurring financial charges | 65 | €91,976 | €142,348 | +€50,371 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €1,365,342 | €151,555 | -€1.2m | -88.9% |
| Income taxes | 67/77 | -€318 | €5,437 | +€5,756 | |
| Profit (loss) for the period | 9904 | €1,365,661 | €146,117 | -€1.2m | -89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,365,661 | €146,117 | -€1.2m | -89.3% |
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 2 October 2026 via checked.be.